Canadians really do face some challenges with their debt. I see it in my practice. There’s plenty of blame to go around and I find the headline today over at BNN quite interesting – “Macklem Puts Dangerously Over-Leveraged Canadians on Notice”.

During the “pandemic” (let’s not be reticent in using the term despite your interpretation of COVID-19) governments have intervened to restrict commerce. There have been consequences and responses. Bankers have been forced to the table with an accommodating disposition. However; they have not been burdened by any new government regulation to restrict interest charged on debt through usury legislation. The federal liberal government has been slap happy at burdening industry with regulation but when it comes to the banking industry they’ve been absent. I should not be processing credit card transactions for my clients right now which have listed interest rates of 19.90 per cent when the Bank of Canada rate is 0.25 per cent irrespective of the credit rating of such taxpayer. Your federal liberal government has been burdening your grandchildren with excessive poorly managed public debt through this pandemic. Canadians want to pay their debt and expect banking sector shareholders to share in the financial pain elicited through economic contraction.