[Dion]

http://www.canada.com/calgaryherald/...7bacc9&k=98775

But others warn that by using money from the equity in their homes to pay off debt, more spending is encouraged and more of people's financial health is tied up in their homes. All say there will be trouble in the months or years ahead if the economy takes a downturn or interest rates increase.

"Calgary is an expensive place to live and (people) are spending more than they make every month to try to keep their house going, and car payments and kids going," said David Smith, a trustee in bankruptcy at Bromwich & Smith Inc. "There's an uneasy sense of what is going to happen in the next few months to a year."


"People are on a financial treadmill. They're keeping their payments up-to-date but they're not paying the debt down," said Alberto Rosati, manager of the personal restructuring services group at Deloitte & Touche.

The Office of the Superintendent of Bankruptcy reports that Canadian consumers are continuing to incur debt at a faster rate than their incomes are increasing.