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Making sense of the markets this week: November 23 Nov 20th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
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What’s Russell Peters doing now? Investing, and it’s a laugh + MORE Jul 15th
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Who’s afraid of big, bad debt?
– moneysense.ca
While intergenerational debate continues over who’s had the toughest time, financially speaking, Manulife Bank has just released the results of a survey that looks at Canadians’ attitudes towards debt. Of the 2,000 or so people surveyed, 94% believe “the average Canadian household is in too much debt.” What’s more, 67% of respondents admit to being in debt, and 20% of that group “doubt they will ever be debt-free in their lifetime.”
There are plenty of stats to back up their pessimism. Canada’s household debt service ratio stands at 14.93% of household disposable income, as of the second quarter of 2019. In other words, after income tax has been deducted from earnings, $14.93 out of every $100 goes to debt payments. That’s a record high, and not the kind of record any of us wants to brag about.
“The amount of debt held by Canadian households has been rising for about 30 years, not just in absolute terms but also relative to the size of the economy,” the Bank of Canada’s Governor, Stephen S…
There are plenty of stats to back up their pessimism. Canada’s household debt service ratio stands at 14.93% of household disposable income, as of the second quarter of 2019. In other words, after income tax has been deducted from earnings, $14.93 out of every $100 goes to debt payments. That’s a record high, and not the kind of record any of us wants to brag about.
“The amount of debt held by Canadian households has been rising for about 30 years, not just in absolute terms but also relative to the size of the economy,” the Bank of Canada’s Governor, Stephen S…
