(Ottawa) Statistics Canada says the amount Canadians owed relative to their income in the first quarter decreased slightly compared to the fourth quarter of 2023, as growth in household disposable income outpaced growth in debt.
The agency says household credit market debt as a proportion of household disposable income was 176.4% in the first three months of the year, on a seasonally adjusted basis.
This is down from 178.0% in the fourth quarter of 2023.
In other words, there was $1.76 of credit market debt for every dollar of household disposable income in the first quarter of 2024.
Meanwhile, the household debt service ratio, measured as the total mandatory principal and interest payments on debt in the credit market as a proportion of household disposable income, was 14.91% in the first quarter, compared to 14.98% in Q4 2023.
Household disposable income increased by 1.9%, while debt repayments increased by 1.4%.
