In the Canadian economy, personal income has grown. What has happened to personal debt?

Name: In the Canadian economy, personal income has grown. What has happened to personal debt?
Brand: Quizplus
Rating: 4.8 (54 reviews)

Question

Quizplus · Accepted Answer

Generally, as personal income grows, so does personal debt. This is because people tend to spend more as their income increases, often taking out loans or using credit to do so. Therefore, it is likely that personal debt has grown more rapidly than personal income in the Canadian economy.

In the Canadian Economy, Personal Income Has Grown