Household debt in Canada has reached $3 trillion, with Canadians owing $1.76 for each dollar of disposable income they earn, Statistics Canada says.
“By 2024, in August, household debt had reached nearly $3 trillion though the relative debt level slightly decreased to $1.76 for every dollar of disposable income reflecting higher income growth,” StatCan assistant chief statistician Jennifer Withington told the House of Commons Industry Committee on Nov. 7, as first covered by Blacklock’s Reporter.
Withington said outstanding debt among Canadian households reached nearly $2.4 trillion in 2019, representing a debt level of $1.80 for every dollar of disposable income. Credit card debt comprised one-tenth of all borrowings from banks through lines of credit, with home equity lines of credit accounting for nearly half of the total, she said….