Household debt hits record level
Finance professor Louis Gagnon is available to discuss today’s Statistics Canada report that says the ratio of household credit market debt-to-personal disposable income reached a record 148.1 per cent in the third quarter.
"Household debt levels as measured by the debt-to-personal disposable ratio have been on the rise for all too long. While there is no telling when Canadians will reach their breaking point, uncertain economic prospects in the U.S., Europe, and Asia may put further downward pressure on disposable income in the coming months,” says Dr. Gagnon. “Furthermore, the prospect of rising mid- to long-term interest rates south of the border and beyond may ultimately undermine Canadians' ability to service their mounting debt load going forward."
Dr. Gagnon (who speaks French and English) is an expert on debt and risk management. He developed risk-management methodologies and policies during his stint in senior management at the Royal Bank of Canada.
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