The debt hang-over will suppress saving and spending ability for an extended period in Canada (and other countries), even if rates don’t move higher from here.

Laurie Campbell, CEO of Credit Canada discusses how indebted Canadians can manage their debt as the Bank of Canada gets set to hike rates.Here is a direct video link.

Video length: 00:07:13

MeanwhileUS creditors are already reporting the highest defaults and lowest collection rates since the 2008 contraction, as shown here.This is the stuff recessions are made of.