Canadian household debt level rises

On average we owe $1.64 for every dollar of disposable income

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OTTAWA – The amount that Canadians owe compared with their disposable income rose in the third quarter.

Statistics Canada says the amount of household debt compared with disposable income rose to 163.7 per cent compared with 162.7 per cent in the second quarter.

That means the average household has roughly $1.64 in debt for every dollar of disposable income.

The increase came as disposable income increased 0.8 per cent, while household credit market debt grew 1.4.

Total household credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, reached $1.892 trillion.

Consumer credit debt was $572.3 billion, while mortgage debt stood at $1.234 trillion.

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