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US consumers have worked off a good chunk of their debt since the credit bubble blew up. On average, they owe less than 140% of disposable income now, down from 165% in 2008.
But Canadian households just kept going through the crunch, as Canada's economy largely shrugged it off. But record household debt means there is little scope for consumers to bolster overall growth if money from exporting commodities such as oil falls away.
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Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
