Statistics Canada is reporting for every dollar of Canadians’ disposable income, they owe almost $1.67 in debt.
The debt to income ratio inched up to 167.3-percent, a new high.
At the end of 2016, Canadian households owed a little over $2 trillion.
Of that number, $1.3 trillion is mortgage debt, with the remaining $596.5 billion as consumer debt, such as credit cards.
In good news, Canadians are saving slightly more as the rate ticked up 0.3% to 5.8%
