I'm OK, Debt's OK

As American’s are curbing spending and trying to find ways to reduce debt, a Bank of Montreal study shows that Canadians feel alright about taking on increasing debt loads, according to the Toronto Star.

Canadian homeowners, like many Americans, use their home to build credit—55% have a line of equity credit and say they feel good about it, because they are using it for prudent expenses such as home repair. Those who do have equity credit are more likely to have consumer credit as well. Apparently, confidence is high in Canada due to low unemployment, tax cuts and lower interest rates.

While things may be fine for now, it looks like Canadians may be setting themselves up for risk. What do you think? Can other countries learn from our debt mistakes? [Toronto Star]