Flaherty says Canadians paying off household debt

Fri Nov 25, 2011 2:37pm EST
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TORONTO (Reuters) - Finance Minister Jim Flaherty said on Friday there were signs Canadian households were paying off their debts, but repeated his reminder to be careful when taking out loans because financing costs will rise.

"We have seen some significant number of Canadians paying down their household debt, and in particular paying down their mortgages on their own homes. I'm all for that," Flaherty told reporters following a speech in Toronto.

"Canadians, particularly with respect to residential mortgages, should be mindful that interest rates are historically low right now. They're not going to stay there forever," he said.

(Reporting by Claire Sibonney; Writing by Louise Egan; editing by Peter Galloway)