For those with more than $5000 of debt, are you trying to eliminate it efficiently? Avoiding the use of your credit cards, unless necessary?
This peak into Cdn spending suggests we may have reached the peak of our spending and are reining it back in.
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Household debt-to-income ratio edges lower: Canadians now owe $1.70 for every $1 earned
Total household credit market debt, which includes consumer credit, mortgage and non-mortgage loans, amounted to $2.13 trillion
OTTAWA — The ratio of Canadian household debt relative to income edged down slightly in the fourth quarter of last year, raising speculation that the growth in debt may have turned a corner.
Statistics Canada said Thursday household credit market debt as a proportion of household disposable income was 170.4 per cent in the fourth quarter.
In other words, there was $1.70 in credit market debt for every dollar of household disposable income.
That compared with 170.5 per cent in the previous quarter, which was revised down from an earlier reading of 171.1 per cent.
“While it’s too early to tell, we just might have seen the peak in the debt ratio in Q3, as Q1 will no doubt see a sizeable decline due to seasonality,” said Benjamin Reitzes, Canadian rates and macro strategist at the Bank of Montreal.
Household debt-to-income ratio edges lower: Canadians now owe $1.70 for every $1 earned | Financial Post
This peak into Cdn spending suggests we may have reached the peak of our spending and are reining it back in.
---
Household debt-to-income ratio edges lower: Canadians now owe $1.70 for every $1 earned
Total household credit market debt, which includes consumer credit, mortgage and non-mortgage loans, amounted to $2.13 trillion
OTTAWA — The ratio of Canadian household debt relative to income edged down slightly in the fourth quarter of last year, raising speculation that the growth in debt may have turned a corner.
Statistics Canada said Thursday household credit market debt as a proportion of household disposable income was 170.4 per cent in the fourth quarter.
In other words, there was $1.70 in credit market debt for every dollar of household disposable income.
That compared with 170.5 per cent in the previous quarter, which was revised down from an earlier reading of 171.1 per cent.
“While it’s too early to tell, we just might have seen the peak in the debt ratio in Q3, as Q1 will no doubt see a sizeable decline due to seasonality,” said Benjamin Reitzes, Canadian rates and macro strategist at the Bank of Montreal.
Household debt-to-income ratio edges lower: Canadians now owe $1.70 for every $1 earned | Financial Post