Shomporko Desk:-Statistics Canada says a key proportion of household debt rose within the first quarter as the COVID-19 pandemic started to take preserve of the economy.
The agency says that household credit market debt as an extent of family extra cash rose to 176.9 percent from 175.6 percent.
In other words, there was $1.77 in credit market debt for every dollar of household disposable income.
Statistics Canada added that annual trends show that lower-income households tended to have a higher debt to disposable income ratio.
Overall, it says credit market debt totalled $2.33 trillion at the end of the quarter including $1.53 trillion in mortgage debt and $802.1 billion in consumer credit and non-mortgage loans.
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 — fell to 14.67 per cent from 14.81 per cent.
Photo Credit: Burnabynow
