Household debt to income ratio has risen yet again.
Canada’s already record high, and dangerous, levels of household debt are rising once again, another sign that Canadians are struggling in this economy.
According to Statistics Canada, the debt to income ratio is now 174%, up from Q1 of 2019 when it was 173%.
Even worse, BNN Bloomberg notes that the cost of servicing that household debt is also rising:
“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, edged up to a record 14.93 per cent of household disposable income in the second quarter compared with 14.87 per cent in the first quarter.”
As many have pointed out, Canadians are falling further and further in debt just to try and hold on to our standard of living, which is a clear sign that the cost of living is surging out of control, and is rising much faster than the government claims.
So, while government connected elites may be doing well, the vast majority of Canadians are struggling.
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