Sep 15, 2016

By Bob Komsic

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Maybe you don’t need a government agency to tell you this – how much Canadians owe compared with how much they earn was higher in the spring.
Statistic Canada’s ratio of debt to disposable income rose slightly in April through June, eclipsing last year’s record.
The country’s balance sheet report shows households owed $1.68 for every dollar of disposable income.
TD bank senior economist Leslie Preston says, ”Canadians love debt and with interest rates this low, why wouldn’t they.”
She adds it may be reassuring to point out that the pace of debt accumulation was below its pace before the recession of 2008, however, ”the trouble is, so is income growth.”
While Statistics Canada says the amount of mortgage principal paid had increased because of the low rates, one consumer group warns they won’t stay there forever.
The Credit Counselling Society says even though it’s tempting to take out loans now, we must remember interest rates will rise eventually.
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