Canada is facing an extreme contraction in credit ...Middle East

Much of the Canadian economy has been fuelled by an expansion in credit -- especially housing credit -- in the past 20 years. With rates now at high levels, the bill is due and the economy is broadly deleveraging.National Bank yesterday highlighted data from Statistics Canada that show a significant slowdown in household credit growth, marking a 3% increase in the year to September - the slowest in over three decades. When adjusted for inflation, consumer credit actually fell by 1%.National Bank highlights a grim outlook, noting that the tough recession in Canada in the 1990s was the last time it was this bad and that was due to 14% rates and unemployment at 12%. There is simply no preceden

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