High personal debt? You’re not the only one…
Canadian personal debt is at very high levels…This financial post article brings out some stats about personal debt levels and how Canadians may be deceiving themselves, thinking their financial situation is better then that of Americans…
“Canadian families’ average debt has hit six figures for the first time — and what they owe now amounts to one and a half times what they make, according to the latest family finance checkup from the Vanier Institute of the Family.
The Ottawa-based think-tank’s 12th annual report, released Thursday, finds that average family debt, including mortgage, has hit $100,000 and the debt-to-income ratio is 150%, meaning that for every $1,000 in after-tax income they make, Canadian families owe $1,500.
“The fact that so many families are still reporting very shaky economic prospects, I think, reveals the disparities that are growing,” says Katherine Scott, director of programs and research. “Sometimes I think we get hung up on the good story or the aggregate numbers, so we don’t look below to see that a significant number of families do continue to struggle economically….”"
Read full post:
http://www.financialpost.com/Average+family+debt+Canada+hits+figures/4298862/story.html
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