While Canadians may be wary of the outlook for the economy, as shown by recent polls, it’s done little to dampen the appetite for debt. The Royal Bank
of Canada says that household debt grew in November by an annualized rate of 4.5 per cent, marking a 2-year high. Residential mortgages accounted for the biggest slice of the growth, rising 5.2 per cent, while other credit increased by 3 per cent. RBC predicts that the losses from the oil industry will balance out elsewhere with exports increasing due to the weaker loonie and savings at the pumps being spent elsewhere or used to reduce debts.