The average family debt-to-income ratio in Canada has now hit a record 150 per cent, the Vanier Institute of the Family said Thursday.
That means for every $1,000 in after-tax income, Canadian families owe $1,500, the institute said, while releasing its 12th annual assessment of Canadian family finances.
It found the average family borrowing — including mortgage debt — now totals $100,000.
The Ottawa-based institute, which describes itself as a national research and educational organization committed to the well-being of families in Canada, said the debt-to-income ratio has been steadily climbing for the past 20 years. Read More…
Welcome to the debt generation!
I guess cutting up my credit cards (i have 5) won’t help much since i also have LOCs, HELOC, and other types i have lost track of.
If our di ratio is this bad one can only imagine what the average America’s must be like. Ouch!
This in no way represents the average canadian This study is BS. If most of Canada was like this we would be thrusted into the state of what India is in — 3rd-world poverty.
This is very frightening to knwow that on average a Canadian family is setting themselves up for bankruptcy. This is very sad!
Why i cant understand is why we are so much in debt? Does no one pay their bills anymore? Maybe i’m the only one that took the crazy pill.
I’ve seen Max-Out way too many times to know that people, regardless of country, is adicted to debt.
No surprises here. Move along.