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Canadians have begun to react to fears about record debt levels with household debt rising at its lowest rate in 15 years in November. But while growth has slowed significantly, it is yet to reverse the rising trend, meaning the record-breaking run of mounting debt continues.

The good news is that Canadians are starting to take better care of their finances. Benjamin Tal, deputy chief economist at CIBC, said household credit, once adjusted for inflation, rose by only 0.27 per cent in November. Meanwhile, data for the third quarter of last year showed that household credit rose at its slowest pace since 2001. The number of unpaid credit card bills has also stabilized at below one per cent.

Despite the improvement, Mr. Tal says there are still some concerning developments in Canada's debt situation.