Report shows average household debt has hit a record high

VANCOUVER (NEWS1130) - The Accountants Association says the average Canadian household debt is nearly $42,000 a person, that's two and a half times greater than 20 years ago. Scott Hannah from the Canadian Credit Counselling Society is not shocked to hear that.

Hannah says his average client has piled up $10,000 to $15,000 more on top of the debt they owed just a couple of years ago. He adds most do not realize how much they're paying to service their debt. "Perhaps over the course of an average year, they're paying out five to $8,000 in interest alone and how expensive that is just to manage."

Hannah says shockingly, 16 per cent of us say winning a lottery is part of our retirement plan.