Canadian Household Debt Continues to Rise

Mar 12, 2018 | 12:51 PM

PRINCE GEORGE – An international financial group is sounding an early warning that the country’s banking system is at risk from rising debt levels. 

Equifax Canada reporting household debt rose six percent year-over-year to 1.8-trillion-dollars in the fourth quarter of 2017.

About 37 percent of Canadians added to their debt load to push the average amount to $22,837 per person, which does not include mortgages.

Locally licensed insolvency trustee Melody Desmarais says we are not a generation of savers like our parents were,  and she recommends making sure we make a payment plan before borrowing money to finance purchases.