Statistics Canada says the amount Canadians owe relative to their income in the first quarter edged lower as growth in household disposable income outpaced the growth in debt.
A new report from TransUnion has found younger Canadians are facing mounting debt, with Millennials now surpassing Baby Boomers for the first time for the largest share participating in the credit market. They also share largest share of debt. So what can younger Canadians do to manage and avoid racking up debt amid cost of living pressures? Sean Previl reports.
The agency says household credit market debt as a proportion of household disposable income was 176.4 per cent in the first three months of the year on a seasonally adjusted basis.In other words, there was $1.76 in credit market debt for every dollar of household disposable income in the first quarter of 2024.
Meanwhile, the household debt service ratio, measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income, was 14.91 per cent in the first quarter of 2024 compared with 14.98 per cent in the fourth quarter of 2023.
Debt To Income Ratio Household Income Canada Economy Money
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Statistics Canada says Canadian household debt relative to income down in Q1OTTAWA — Statistics Canada says the amount Canadians owe relative to their income in the first quarter edged lower compared with the fourth quarter of 2023 as growth in household disposable income outpaced the growth in debt.
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Statistics Canada says Canadian household debt relative to income down in Q1OTTAWA — Statistics Canada says the amount Canadians owe relative to their income in the first quarter edged lower compared with the fourth quarter of 2023...
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