The Central Bank of Canada published data showing that younger Canadians are more debt-strapped than Canadians of the same age were just over a decade earlier (10 years ago). In 2010, the bank said the mean real debt load of a typical household led by people aged 31-35 was $120,000, up from $75,000 in 1999.
Yikes, it would seem like people in their 30’s are almost twice as indebted than the same group 10 years ago…not good. If the economy slows down there will be a lot of people hurting, trying to make their debt payments if they lose their jobs or when housing prices fall.
At least the Bank of Canada warns Canadians about excessive household debt levels. The American government on the other hand promotes their U.S citizens to use more debt. I remember watching a video of President Bush Jr. telling Americans to go out and spend more.
Bank of Canada issues fresh warning on debt
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