AM 930 Blog

We're neck deep in debt!

OTTAWA (Reuters) - Canadian households continued to dig themselves further into debt in the first quarter as more people took out mortgages at ultra-low rates, according to Statistics Canada data released today.

The ratio of household credit market debt, which includes mortgages, consumer credit and loans, to disposable income rose to 147.3 percent in the first quarter from a revised 146.2 percent in the fourth quarter of 2010.

Stats can said consumer credit grew at a slower rate than before as Canadians spent less on consumer goods, but mortgage debt advanced, "reflecting relatively stable borrowing costs as well as higher housing resale and renovation activities".

Comments

1. Verle
   Jul 14, 2011 02:11 pm
   There’s nothing like the relief of finding what you’re lokiong for.