Cdn households taking on more debt

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VANCOUVER (NEWS1130) – Statistics Canada says households across the country continue to pile on debt at record levels.

The average debt compared to disposable income climbed to an all-time high of 153 per cent in the third quarter, almost three points higher than the previous quarter.

Credit market debt, another measure of household finances, also hit a record of 150.8 per cent, two points higher than in the previous period.  It expanded in the third quarter as mortgage debt and consumer credit debt increased to $1 trillion and $448 billion, respectively.

The agency says household net worth declined by 2.1 per cent to $180,100 from $184,700 due to the declining value of equity investments and pension assets.

One of the few pieces of good news in the report was that national worth, which includes firms, increased by one per cent to $6.5 trillion.

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