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OTTAWA - A new study on Canadian family finances says the average household debt climbed to $96,000 last year.

 

That puts the debt-to-income ratio at 145 per cent - the highest level ever recorded by the annual study, now in its 11th year. The study conducted for the Vanier Institute of the Family also found there was a dramatic increase in late debt payments.

 

The number of mortgage payments that were at least 90 days late was up 50 per cent compared with 2008.

 

There was also a 40 per cent increase in the number of credit card holders who were at least three months behind in their payments.

 

(Courtesy of The Canadian Press via. Canadian Business)

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Are you sure about that? Cause if it's the case, then I'd say 96,000$ is not much! I'm at twice that amount!

 

Ya - ofcourse I'm sure. I read the report. :silly:

 

96,080 (total debt) = 27,250 (consumer credit) + 59,920 (mortgage) + 8,910 (other)

 

Other includes mortgages on non-residential buildings, small business lines of credit, etc.

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I don't look forward to going into debt when I buy my first house or condo in a few years... I absolutely hate the thought of owing people a large amount of money. If only there were another way...

 

Yeah, but you have to make sure that the debt you have is on things that will retain their value or even increase in Value (ie: House, Condo, Appartement building, Chalet) and not on everyday expenses like the groceries, credit cards, clothes etc.

 

You might have a 170,000$ mortgage on your home, but if your house is worth 185,000$ then you are golden!!!

Edited by Habsfan
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