Even after witnessing the follies of accruing large amounts of debt as a way to leverage assets and really a part of life in the United States, Canadians are now being warned by the Bank of Canada that growing household debt is now the greatest risk to our economy.

The bank said, "although Canadian household debt as a share of personal disposable income is lower than in the United States and the United Kingdom, its upward trend implies that households have a growing vulnerability to additional adverse shocks."

The bank added that while the risk is not extremely high that future defaults on household debt payments could poison the financial markets, they indicated that the rising trend line on the personal debt of Canadians is something to consider when interests rate do go up later next year.

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