Monday, March 3, 2008

Local News Canadians are heavily in debt new report says


A new report by the Vanier Institute of the Family says Canadians are buried in record debt averaging $80,000 per household. It's a perfect financial storm of flat earnings, increased spending and plummeting savings.

Author Roger Sauve says total debt is now 131 per cent of household income after income tax and benefits - up from 91 per cent in 1990.

Many Canadians have borrowed cash at lower interest rates to buy more expensive homes. But credit-card debt has almost doubled since 1990 to $22,500 from $12,000.


Bankruptcies and proposals that allow partial debt repayment soared to more than 100,000 last year from 43,000 in 1990.

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