Canadians continued to rack up debt in the second quarter of the year as they took advantage of low interest rates, Statistics Canada said Tuesday.
The ratio of credit market debt to personal disposable income crept to 148.7 per cent in the July-September period, topping the old record of 147.3 set in the previous quarter. Credit market debt includes mortgages and consumer loans.
Statistics Canada said the ratio increased as the expansion in credit debt surpassed growth in disposable income. Read More…
Despite the rising debt you can be assured no one in government will do anything to prevent it. Just all talk. Yes interest rates will rise a tad but for the most part it wont be enough to cover teh skyrocketing debt.
Wow household average income is nearly $200,000. I dont make anywhere near that 🙁
This is why we need to raise taxes not lower them. I am a debt hawk and want to see the debt as low as possible. The only way that is going to happen is to put the NDP in charge.
Countries everywhere will always having growing debt as the years go by. Nothing to see here. Move along.
Is the article alluding to personal indebtedness through credit card borrowing as one of the sources of the Canada-wide debt? I’m lost.
With historically low interest rates and with no sign of it increasing in the future the debt will be a growing problem for us.
And we were niavely thinking the Conservatives would reduce the debt based on their poor track record.
This is only the beginning.