MORE ZOOMERS TOOK ON EXTRA DEBT IN 2012, SAYS TD BANK STUDY

Feb 14, 2013

By Jane Brown

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Some zoomer Canadians may not be getting the message to avoid taking on too much debt.  A new TD Bank study shows Canadian household debt levels grew last year by the smallest amount since 2003.  But it also shows Canadians 65-plus gained an average of six-thousand dollars in new debt last year — up 15 per cent over 2011. Most of that higher debt came from consumer spending.

The report says the average Canadian senior carries a debt of almost 48-thousand dollars.  The good news is that’s the lowest debt level of any Canadian age group.
But, on the negative side, older people are seen as more financially vulnerable because many are on fixed incomes.

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