More Canadian families are highly indebted, Statscan finds

With Statistics Canada reporting that the 12% of households (1 in 8 households) with the highest debt-to-income ratio are carrying 40% of overall household debt now is the time to take my 60-Second Financial Check-up.

The Latest More Canadian families are highly indebted, Statscan finds

Here is a link to The Globe and Mail article about the recent statistics from Statistics Canada on household debt.

The 12% of households (1 in 8 households) with the highest debt-to-income ratio are carrying 40% of overall household debt.

Diagnose your debt with my 60-Second Financial Check-up

And click here for more of the details from Statistics Canada.

Did You Know?

In 2017 there were 125,807 insolvencies in Canada. source
In 2017 there were 1,390 bankruptcies and 1,125 proposals in Newfoundland and Labrador. source
Many people who file for bankruptcy get to stay in their home.
In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

Many people who file for bankruptcy are able to keep their vehicle.
In NL in 2017 there was 36 business insolvencies and 2,479 consumer insolvencies. source
Most bankruptcies are NOT published in the newspaper.
Student loans can be included in a bankruptcy if they are more than seven (7) years old.

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.
In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]