At 1.1%, the Canadian savings rate is today near all-time lows, while Canadian debt is at all-time highs, and unemployment is set to move higher. Years of reckless financial policies have driven Canada to the point of hard return. This one is gonna hurt.

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As observed by Canadian consumer credit expert Scott Terrio this morning:

No savings. Nothing to absorb any kind of financial shock – job loss, reduced hours, separation/divorce, illness, selloviction/renoviction, etc. It’s been my theory for while now from what I see every day at work – there is a whole segment of people living on the financial edge.