The Globe and Mail nicely sums up the current Canadian obsession with taking on household debt. This infographic has all the pretty charts related to the current situation in which current debt totals a record $1.8 trillion. Just over a trillion of that is Mortgage debt, with the other big growth seen in lines of credit and car loans.
One Trillion is a big number and it can be hard to visualize. Here’s one way to put it into perspective:
If you spent $1-million every day, it would take you 2,740 years to spend $1-trillion.
Albertans carry the largest debt to income ratio followed by BC. It seems the nation loves debt, but the west loves it best.
Read the full article here.