There’s a lot of talk in the media about Canadians carrying too much debt. We’re getting hammered with messages of ‘record high personal debt levels’. It’s true. Our mortgage balances are higher, car loans are higher, student loans are higher, personal loans and lines of credit balances are higher.
Is this a problem? Are Canadians in trouble? Is this a reason to panic? Let’s try to answer…
Well, here’s one very interesting stat that might crush that statement once and for all. Canadians, on average, spend 14% of after-tax income on personal debt.
Did I surprise you? I’ll bet most people thought that number would be way higher given all the negative reports in the media. Read the rest of this entry »