Latest Posts
Home > Debt Articles > International Debt > Canada > Consumer Debt in Canada Reaches Record Levels

Consumer Debt in Canada Reaches Record Levels

While consumers in America have been reducing the amount of consumer debt they are carrying, Canadians have been loading up on new debt.

A reader and tipster (send in your tips here) just sent me an article that shows overall Canadian household debt is at $1.5 trillion and it states people earning under $50,000 often have to borrow just to be able to afford daily expenses.

The Certified General Accountants Association of Canada study found if household debt was spread evenly among all Canadians, a family with two children would owe an estimated $176,461.

The survey also found more Canadians carrying debt into retirement, with one-third of retired households carrying a debt of $60,000 and 17 per cent in debt $100,000 or more.

Canadians were saving as much as 18 per cent of their disposable income about 30 years ago, while Canadians saved just more than 4.5 per cent last year.

Fifty-seven per cent of indebted respondents said daily living expenses are the main cause of their increasing debt.

The debt-to-income ratio in households reached a record high of 146.9 per cent in the first quarter of 2011, compared to 144 per cent in late 2009.

Twenty-seven per cent of non-retired Canadians are not saving, even for retirement. – Source

Consumer Debt in Canada Reaches Record Levels
Get Out of Debt Guy – Twitter, G+, Facebook

Consumer Debt in Canada Reaches Record Levels by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.