Canadian debt levels are the highest they’ve ever been and high housing prices have been a driving factor
Study finds young adults are more likely to start investing than older non-investors
The increase came as household income increased 1.2% while household credit market debt rose 1.9%.
Increased payments on mortgages and other debts could hit the economy as people have less disposable income to spend elsewhere
The results underscore the need for spending less and saving more every day, for emergencies and for retirement
However, the delinquency rate for non-mortgage consumer debt fell during the quarter
Canadian households were adding debt at the fastest pace since October 2011 in July, pushing total household debt to almost $2.1 trillion
The ratings agency will be closely watching Alberta and Saskatchewan for signs of increased delinquencies
Rising interest rates threaten to make it harder for Canadians to pay down their debt
But 50% of Canadians surveyed for a Natixis report believe an inheritance is an important part of retirement income and 45% expect to receive one
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