Canadians’ household debt climbs to highest in G7 in world-beating borrowing spree – FINANCIAL NEWS-ecozik.com
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Canadians’ household debt climbs to highest in G7 in world-beating borrowing spree

Canadian households could soon be carrying the heaviest debt-to-income loads in history, reaching 174% later this year, according to a new report by Canada's budget watchdog.

OTTAWA – Canadian households are carrying the largest debt-to-income loads within the Group of Seven, the federal budget watchdog says – and that burden is likely to get even heavier.

Canadians have piled up the largest increase in debt-to-income within the G7 since 2000, based on a brand new report by the Parliamentary Budget Officer, released Tuesday.

In fact, in the third quarter of 2015, household debt reached 171 per cent of disposable income. Quite simply, for each $100 of disposable income, households had debt obligations of $171.

“This may be the highest level recorded since 1990,” the PBO said in its report, the very first through the government agency to concentrate on the household-debt issue.

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