Statistics on Canadians’ debt load

August 25, 2011 by
Filed under: debt relief, Statistics 

You are not alone!

Here are some interesting numbers from Statistics Canada.

  • Falling interest rates and growing household income since 1984 have enabled Canadians to take on more debt.
  • Between 1984 and 2009, household debt in Canada more than doubled. As a result, the debt-to-after-tax income ratio for households in general had increased to 148% in 2009.
  • Although the debt-to-asset ratio was relatively constant between 1990 and 2007, it rose between 2007 and 2008 by 2 percentage points to 19.6%, the highest level in 35 years.
  • Debt-to-income ratio climbed more than 55 percentage points between 1990 and 2009
  • Older Canadians have less debt
  • 76% of Canadians had household debt. Among those with debt, the average debt was about $119,000.
  • Younger Canadians (aged 19 to 34 or aged 35 to 49) were more likely to have debt than Canadians aged 50 to 64.
  • Canadians in lone-parent families more likely to have high debt-to-asset ratios. Among family types, lone-parent families with children had the highest debt-to-income ratio. Lone parent families had a debt-to-income ratio of 227% compared to 170% for couple families with children.

Visit this specific Statistics Canada website for more detailed information.

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