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Mortgage Broker News | 21 Mar 2016, 08:15 AM Agree 0
Households now have $1.65 in debt for each $1 in disposable income, the latest numbers from Statistics Canada indicated
  • LanceH | 21 Mar 2016, 10:25 AM Agree 0
    Is 14% (13.8) that bad? 35/42 = 7% of GROSS income. What does that translate into when talking disposable income??? (just asking)
  • Josh | 21 Mar 2016, 12:58 PM Agree 0
    No, Lance, using 13.8% of your income to service debt doesn't sound very bad, and it wouldn't be if that number represented reality. A lot of surveys are revealing that over 20% of Canadians can only afford to make the minimum payments on the credit card debt they are carrying. That's alarming and very unhealthy for the economy since it's only getting worse. But you can never see this reality - and others - whenever you look at the numbers that lump everyone's finances together.
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