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AVERAGE HOUSEHOLD DEBT IN CANADA: CANADIANS LOVE TO MAKE IT CONTINUALLY RISE!

average household debt in canada, canadian household debt, household debt, mortgage debt, trustee, financial plan, retirement income, household debt in canada, ira smith trustee, consumer debt, credit card debt, canada, carney talks canada’s household debt, mark carney, finance, saving, savings, bankruptcy canda videos., bank of canada, national debt, canada's debt, talks canada household, canada's-public-debt, household debt has been, td bank" "household debt, and mail" debt "household, canada's household debt hits, canada's household debt risesWhat is average household debt in Canada?

Average household debt in Canada: the average of the amount of money that all Canadian adults in the household owe financial institutions.

Statistics Canada said that total household consumer debt, which includes consumer credit card and mortgage and non-mortgage loans, increased 1.2 per cent to $1.923 trillion at the end of last year. The total included $573.6 billion in consumer credit debt, including credit card debt, and $1.262 trillion in mortgage debt.

The growth helped drive the ratio of household debt to disposable income to a new peak of 165.4 per cent in the fourth quarter of 2015, up from 164.5 per cent in the third quarter.

It’s unbelievable but true – average household debt in Canada continues to rise! Unfortunately it seems that nothing has so far been able to stem this tide, particularly as already sky-high housing prices continue to reach new heights. We’ve reported on this very alarming situation in a series of blogs and the situation continues to worsen.

Video – Household Debt In Canada Crisis

How Binge Borrowing Raises Canada’s Household Debt Burden

Canadian Household Debt: We Seem To Love It!

Household Debt; Canadian Levels Sound Alarm Bells

How is it affecting Canadians?

According to a ManuLife Bank survey:

  • 33% of homeowners have been “caught short” at least once in the past year and didn’t have enough money to cover expenses
  • 60% lack confidence that they’ll have enough savings for retirement
  • Average mortgage debt increased to $181,000 since last fall
  • 25% of homeowners predict that their home equity will make up 80% or more of their household wealth when they retire

What are the options available to Canadian homeowners with limited retirement income?

  • Delay retirement and keep working as long as possible
  • Work part-time
  • Move to a less expensive home and use the money to fund retirement
  • Sell the home and use the money to fund retirement
  • Borrow against the home equity

What is the top financial priority for Canadian home owners?

More than anything, Canadian home owners want their average household debt in Canada at a manageable amount and ultimately zero; i.e. be debt free. If you’re like many Canadian home owners struggling with alarming levels of household debt, seek help as soon as possible. A professional trustee can help you deal with your debt problems, and believe me they are not insurmountable. With immediate action and the right financial plan the Ira Smith Team can help you realize your dream of living a debt free life Starting Over, Starting Now. We’re only a phone call away. Book your free consultation today.

Call a Trustee Now!