By Jeromy Corrigan

Debt

Canadians continue to spend more than they earn

Sep 14, 2019 | 9:52 AM

Second-quarter numbers are out from Statistics Canada when it comes to debt in the Country, and despite the actual number going down slightly during that time frame, Canadians continue to spend more than they actually have.

Canadians owe roughly $1.77 in debt for every dollar of disposable income.

This includes credit cards, mortgages, and non-mortgage loans.

The President of the New Westminster-based Credit Counselling Society revealed he wasn’t surprised by these numbers.

Scott Hannah shared that they hear frequently from families who are struggling with the increasing cost of living without relying on credit.

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43% of employed Canadians are currently living paycheque to paycheque.

Many of these carry an average debt load of $30,000.