New data from Statistics Canada reveals Canadians are falling further into debt this year.<\/p>\n
According to the national balance sheet released Monday, the household credit card debt to disposable income ratio rose to 181.7% in Q2 2022. This is up from 179.7% in Q1.<\/p>\n
In other words, the average Canadian now owes $1.82 for every dollar of household disposable income. It may not sound like a lot, but keep in mind this number is just the average.<\/p>\n
This should come as no surprise since Canada has broken a four-decade record with yearly inflation peaking at 7.7%.<\/p>\n
Stat Can says household credit market debt (consumer credit, and mortgage and non-mortgage loans) grew 2.1% to $2,760.3 billion in the second quarter. Canadian households added a near-record $56.3 billion of debt, while $48.7 billion of that was fuelled by mortgages.<\/p>\n
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