Saskatoon Mortgage Broker shares article on household debt

Nation’s household debt burden hits record 163%

Article by David Parkinson, The Globe and Mail, March 12, 2015

“Canadians’ household debt burden hit another record high in the final quarter of 2014, as debts grew faster than the sluggish pace of disposable income.

Statistics Canada reported that the ratio of household credit-market debt (mortgages, loans and credit cards) to disposable income, the key measure of consumers’ debt burden, was a record 163.3 per cent in the fourth quarter, up from 162.7 per cent in the third quarter. Statscan said credit market debt grew 1.1 per cent in the quarter, slower than the 1.5 per cent reported in the previous quarter. But disposable income grew by only 0.5 per cent in the quarter, the third straight quarter in which debt growth outpaced disposable-income growth.”

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