Canadians are falling deeper into debt: Statistics Canada

New data from Statistics Canada showed the average Canadian owed $1.82 for every dollar of disposable income.

The national balance sheet and financial flow accounts released Monday, found the credit market debt to disposable income ratio climbed to 181.66 in the second quarter, which is up from 179.71 the previous quarter.

This means the average Canadian owed $1.82 for every dollar of disposable income.

Overall net worth plunged by a record 6.1 per cent in the second quarter, as weakening housing, bond and equity markets weighed on Canadians’ wallets.