Consumer debt hits record high

Peterborough, ON, Canada / (CHEXTV)
Consumer debt hits record high

In the final quarter of 2016, Canadians owed $2-trillion in consumer debt (credit, mortgage and non-mortgage loans). The ratio of debt to disposable income rose to 166.8%.  That means for ever $1 Canadians have for spending, they owe $1.67 in debt.

65% of this debt is tied to mortgages.

This is being fueled by low lending rates and a red-hot housing market.

According to a survey by Equifax Canada, 46% of consumers are paying down their debt, while 37% are borrowing more.

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