A report by the Certified General Accountants Association of Canada today concludes that Canadians are the most indebted people living in advanced countries. Here’s what the report found:
• Canadians have an average debt of $41,740 each – which is the worst
A report by the Certified General Accountants Association of Canada today concludes that Canadians are the most indebted people living in advanced countries. Here’s what the report found:
• Canadians have an average debt of $41,740 each – which is the worst among 20 advanced countries in the OECD – with household debt reaching at total $1.41 trillion in December 2009.
• The report also warns that with higher interest rates expected, Canadians will need to tighten their belts if mortgage rates rise even by just two percentage points.
• That means mid-income and higher-income households would have to cut their budgets on discretionary expenses by between nine and 11 per cent to maintain the same levels of spending on the necessities of shelter, food and transportation.
Rising debt will also make it harder for Canadian families to inves