Canadians Household Debt Hits $1.8 Trillion, Agencies Issue Domestic Risk Warnings

Canadians Household Debt Hits $1.8 Trillion, Agencies Issue Domestic Risk Warnings
Equifax Canada and the Bank of International Settlements both issued warnings on the debt loads Canadians are carrying Fotolia / Shutterstock
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TORONTO—Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels.

Equifax Canada said in a new report Monday that Canadian consumers now owe $1.821 trillion including mortgages as of the fourth-quarter of 2017, marking a 6 percent increase from a year earlier.