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Canadians paid $9 billion more in interest charges in 2017 than in 2016

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Canadians owed $1.69 in credit market debt for every dollar of household disposable income

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Half of respondents in debt said they are stressed about their level of indebtedness

Worried Young Couple Lying On Carpet Calculating Their savings, planning future, retirement fund

Higher interest rates appear to have slowed household borrowings

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The 1.68-percentage point decline marks the biggest improvement on record

Worried Young Couple Lying On Carpet Calculating Their savings, planning future, retirement fund

Worries about the amount Canadians owe have begun to pull back

white piggy bank with change canadian scattered around

More than a quarter of Canadians surveyed said they would rather leave their money sitting in cash

  • By: IE Staff
  • May 29, 2018 May 29, 2018
  • 15:00
Man with smart phone and credit card with online shopping and payment.

The Bank of Canada has concerns about the ability of households to keep paying down their high levels of debt when interest rates continue their rise

Worried Young Couple Lying On Carpet Calculating Their savings, planning future, retirement fund

The latest figure for the household debt ratio shows Canadians’ burdens have remained in record-breaking territory at 170.4%

Office buildings in Toronto’s financial district

Canada’s banks now are holding more capital as a safety buffer than they were 10 years ago