According to a HuffPo article, it seems our friends in Canada are beginning to worry a bit more about their personal debt levels. Data by Google shows the search term Pay Off Debt has been trending for Canadian searchers.
From the looks of the chart though it is an on again, off again interest for Canadians who have hit a record high level of household debt at nearly 163% of household income. Granted, the trend is increasing.
But according to industry experts, Canadians are not yet done with their personal debt surge. According to FICO, 42 percent of risk managers see a growing trend in consumer desire to take on even more debt.
And now that the Bank of Canada is going to slash interest rates, borrowing could become even cheaper at the moment to help drive the economy.
Pay Off Debt a Larger Concern
In an even more interesting twist, while debt relief companies in the United States have seen a tremendous slowdown in consumers turning to them for help, the number of Google searches in the U.S. for Pay Off Debt is accelerating as well as in Canada.
And as you can see, the trend in the United States looks as if it is exploding to a record high level but yet the traditional debt relief company that handles revolving debt is experiencing a slowdown in demand.
So the real question is what is driving the desire to pay off debt when consumer revolving debt has been growing at relatively low levels.
The answer may lie in the growing levels of crushing student loan debt and nonrevolving debt that have been the largest sector of debt to grow and typically not the type of debt addressed by debt relief companies.
At the very least, what we do know for certain is that in both counties where the economy is fueled by consumer consumption, there is a growing interest in how to pay off debt. But will that concern stop consumers from taking on more debt?
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