Canadians’ debt-to-income ratio hits 1.63 per cent in 2013, according to the credit agency Transunion as cited in a report filed by The Province
The figure is nothing to sneeze at as it indicates that a typical Canadian household has a debt of $1.63 for every dollar earns. The ratio includes mortgage and other housing-related debts.
The annual non-mortgage debt of the average Canadian household in 2013 was $27,365 and is estimated to rise to $29,000 in 2014.
British Columbia tops all provinces in holding non-mortgage debts with $38,682 in late 2013.
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