Friday, February 18, 2011

Canadian Household Debt Hits 150%

Olive: The Danger In Our Savings Shortfall
And yesterday’s alarming report from the authoritative Vanier Institute of the Family confirms our national dilemma. We’re saving too little, for our own sake and our country’s....The average Canadian household is saddled with about $100,000 in debt, a record level, up 78 per cent since 1990’s $58,000. ...The average household’s debt-to-income rate has shot to 150 per cent, up from 93 per cent in 1990. Which means that for every $1,000 we generate in income, we’re burdened with $1,500 in debt.

Mortgage Delinquencies Up 50%
The report suggested the number of households behind in their mortgage payments by three or more months climbed to 17,400 in the fall of 2010, up nearly 50 per cent since the recession began.And credit card delinquency and bankruptcy rates also remained higher than pre-recessionary levels.

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