Canadians’ personal debt is a record $992 billion, which works out to about $30,600 for every man, woman and child in Canada. However, this is offset by household debt’s decline relative to net worth.
The Province newspaper reported in a May 16, 2006 article by Jim Jamieson that Canadians’ personal debt is a record $992 billion, which works out to about $30,600 for every man, woman and child in Canada. Canadians’ ability to service that debt is being further challenged, as it represents 109 percent of personal disposable income.
A report released yesterday by TD Bank Financial Group urges Canadians to manage their liabilities the way they manage their assets.
Although the debt burden is high for Canadians the interest payment burden isn’t as high as it was in the 1990s. Wealth is greater because Canadian have bought a lot of appreciating assets.
“Wealth has actually been rising faster than debt,” said Craig Alexander, a TD Financial Group economist.
