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A Snapshot of Canadian Household Debt

By Mich

The burden of Canadian debt has hit a record high, with no foreseeable deceleration in sight. Canadians now owe 1.68$ worth of debt for every 1$ of income, with a 2% rise in debt outpacing only a 0.5% rise in income. This imbalance makes Canadians particularly vulnerable to unpredictable financial shock, like a sudden loss of income or a mortgage crisis.

Years of accessible low interest rates and booming housing markets have increased the country’s mortgage debt to 1.29 trillion. Consumer credit is in an even worse state at 1.97 trillion owed. For the first time ever, Canadian debt has surpassed the national GDP.

With the strain of personal debt affecting everyday life, what can the average Canadian do to reduce their debt? Check out the infographic below to learn more about the state of the household debt in Canada and discover a few helpful tips to change your spending habits.

Sourced from https://loanandgo.ca/resources-center/householddebt/

 

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Filed Under: Paying Down Debt

About Mich

Mich is your typical middle class guy with a house and 2 kids minus the dog. He works in the IT industry and likes to muse about how to achieve more for less when it comes to money.

About Invest It Wisely

Invest It Wisely is about evaluating the choices that each of us face everyday. It’s about investing your time, your money, and your energy wisely, in order to achieve your goals. The end goal is maximizing your life expectation, and exploring the ways to get there.

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