We like to talk about how our governments are piling up debt at a steady rate but they’re not the only ones. In fact, our politicians might just be doing as we do.
The volume of debt being carried by the average household in this country continues to rise month after month.
The latest report on household finances shows that in the past six months, debt levels have gone up rather steadily across Canada. And how we are managing that debt is pretty much on the same track – going up monthly.
In total, Canadian households carry debt worth $3.3 trillion on their books. It went up between $10 billion and $20 billion every month since March. Much of that is attached to property – mortgage debt rose between $6 and $12 billion a month over that period. Home equity lines rose as well but at a slower pace.
About the only place we made any progress is on credit cards. After increasing for most of the year, it made some progress in July – the first month that saw a decline in month-end balances in half a year.
