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Topics Financial / News & Markets / Strategy

Credit crunched

By Jacqueline Nelson | June 09, 2011

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(Photo: D. Philips/Redux)

The Canadian consumer’s thirst for credit seems to be abating. A new report from TD Economics indicates that annual personal credit growth slowed down to 6.4% in April of this year from the blistering pace of 10.9% during 2004 to 2008. Along with reining in that debt accumulation, consumers are also benefiting from a levelling off of secured and unsecured debt growth. The TD report says this “reflects the soft-landing in real estate activity,” and “suggests that Canadians have responded to the calls for greater prudence in managing their debt.”

But all this effort has left consumers exhausted and cash strapped. Because of this, the report suggests that rising interest rates remain a real concern, and it emphasizes the need for exports and business investment to be the engines of economic growth to take some pressure off the individual consumer.

Canada’s first quarter was strong, but few believe that momentum can be maintained through the second quarter, and Finance Minister Jim Flaherty is predicting more modest growth for the rest of the year. That means that the investments in sectors like plants and equipment, which have been increasing for the past five quarters (and rose 3.2% in the first quarter), must continue so as to ensure Canada remains competitive and efficient.

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Topics Financial / News & Markets / Strategy

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