Canada’s household debt is now bigger than its GDP, for the first time

The ratio of household credit market debt to disposable income climbed to 167.6 per cent in the second quarter compared with 165.2 per cent in the first quarter.

OTTAWA — The appetite of Canadians for debt continues to grow to record levels.

The ratio of household credit market debt to disposable income climbed to 167.6 per cent between April and June, compared with 165.2 per cent in the first quarter, Statistics Canada said Thursday.

That means that households now owe about $1.68 in credit market debt for every dollar of disposable income.

Put another way, household debt now exceeds the country’s gross domestic product for the first time.

To read more, click on the link: Canada’s household debt is now bigger than its GDP, for the first time | Financial Post

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