According to the Financial Post, Household debt hits a new record with Canadians owing $2 trillion by the end of 2016. Canadian household debt as a share of income rose ….
According to the Financial Post, Household debt hits a new record with Canadians owing $2 trillion by the end of 2016.
Canadian household debt as a share of income rose to a fresh record in the fourth quarter, data from Statistics Canada showed on Wednesday in a report likely to underscore concerns consumers are becoming overly indebted.
The ratio of debt to disposable income rose to 167.3 per cent from an adjusted 166.8 per cent in the third quarter. That meant Canadians owed $1.67 for every dollar of disposable income.
Total household credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, totalled nearly $2.029 trillion in the final quarter of last year.
Years of low interest rates since the global financial crisis, as well as rising home prices, have prompted Canadians to steadily increase their debt.
Article by Financial Post
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