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HOW BINGE BORROWING RAISES CANADA’S HOUSEHOLD DEBT BURDEN


Binge borrowing raises Canada s household debt burden We worry about binge eating and binge drinking, but it appears that we are not paying enough attention to Canada’s latest problem – binge borrowing. Incredibly low interest rates and sky high house prices have contributed to this trend. The Bank of Canada, the federal government and many economists have long been concerned that consumers who have been binge borrowing are now exposed to risk in the event of an economic shock or significant downturn. Just when we thought Canada s household debt burden couldn t go higher! Just when we thought that Canada’s household debt burden was at its peak, in the third quarter of 2015 Canada’s household debt burden hit another record high. This means that Canadian’s debts grew faster than their incomes. According to Statistics Canada: • The ratio of household credit-market debt to disposable income rose to 163.7% in the three months ended September 30, up from 162.7% in the second qua
http://www.irasmithinc.com/blog/household-debt-burden/

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