Canadian household debt greater than GDP in second quarter this year
Canadian household debt's ratio to household income rose to a record high in the second quarter according to statistics just released by Statistics Canada.
|The report is likely to raise concerns that Canadian consumers are overborrowing. Statistics show that the ratio of household debt to disposable household income rose to 169.85 percent from 167.37 percent in the first quarter. For every dollar of disposable income, Canadians are spending $1.70. The ratio of household debt to gross domestic product rose to 100,54 per cent compared to 98.7 percent in the first quarter. This means the total household debt during the quarter was slightly greater than the value of GDP during the quarter.|