Canadian Households Face Huge COVID-19 Debt Crisis
Source: David Akin, globalnews.ca, June 08, 2020
Deferrals won’t last forever, and eventually, the bills will come again.
The coronavirus pandemic that began as a public health crisis then metastasized into an economic crisis is likely to finish as a debt crisis that could end up swamping not only some governments but also hundreds of thousands — if not millions — of Canadian households.
The growing accumulation of debt at the household level combined with reduced incomes to service that debt — two phenomena characteristic of this pandemic — also threatens to slow the recovery.
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