Rest assured that if you have debt – you’re not even close to alone. In fact, Canada has the highest household debt level among G7 countries1. Yes, our country’s debt level makes the threat of recession and inflation much risker in general. However, as an individual, not all debt is bad. While it’s clearly normal to have debt, it’s also natural to wonder how your financial situation compares to others. Let’s explore the average debt levels of Canadians. And we’ll provide tips on what to do if your debt is higher than average. What is the average debt level in Canada? According to Equifax, at the end of 2020 the average Canadian owed $72,950 in debt, excluding mortgages. This included: credit card debt, lines of credit, car loans, and personal loans. Credit card debt is the most common type of debt in Canada. The average Canadian owes $3,929 on their credit cards. This is a concerning number, as credit cards often have high-interest rates, making it difficult to pay off the balance. Con...
