The state of Canadian household debt

August 15, 2011 by
Filed under: Statistics 

The Certified General Accountants Association of Canada (CGA) released a study in 2010 on Canadians and their debt. The Globe and Mail summarized it as follows:

Sometimes, recessions can breed a hunker-down-and-save mentality.

Not so this time. Canadian household debt – a perennial worry in recent years – has ballooned to a point where it’s now more than double 1989 levels – just as rising borrowing costs are set to squeeze budgets, a national report cautioned Tuesday.

Household debt in Canada reached a record $1.41-trillion in December. If that was spread among all Canadians, each person would carry more than $41,740 in outstanding debt – an amount 2.5 times greater than 1989 after adjusting for inflation and population growth, according to a report by the Certified General Accountants Association of Canada.

And Canadians are okay with taking on still more debt.

You can access the full report for yourself here. It’s a 134 pages long, so grab yourself a cuppajava before you get started. And, er, have fun.

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