Unfortunately, it seems Canada isn’t quite yet in the clear. According to TransUnion, Canadian debt is increasing at a rate 400% higher than inflation over the last five years, and non-mortgage debt increased in the second quarter of this year. Experts speculate that this is due to a lack of alarming headlines; Europe’s bad news have started to dissipate, and the U.S. is reporting job growth. So people have to started to buy new cars and luxuries again, but if the spending doesn’t stop soon, Canada will face an economic downturn again.

Source:  http://business.financialpost.com/2012/11/14/canadians-debt-loads-grew-at-fastest-pace-in-two-years-during-summer-spending-spree/