Canadians Carrying Record Amounts of Debt
Canadians have set a new record...for the amount of debt we carry.
Stats Can says the new ratio of debt to disposable income if 152-percent -- for every dollar you have to spend, you OWE a dollar and 52-cents.
Economist Richard Goyder says the stats compare the size of the debt to the amount of income, when really what you have to look at is the COST of servicing that debt.
Goyder says the statistics also show that household net worth rose and interest rates remain low, so while we're all coping well with the debt we're carrying for the most part -- once those rates go up, or the economy slows some of us could be in for a nasty shock.
He adds that's why having a financial plan and sticking with it is so important.
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