This is a good article from the Economist. Check it out!
It amazes me that Canadians still run around with lines of credit secured against their homes. In effect, often irrespective of security of income, consumers frequently run up credit card bills against the equity in their real estate.
Sooner or later austerity will catchup with indebted Canadian consumers, in my view. If experience in many parts of Europe is anything to go by, it promises to be painful for many Canadians.