Trent Ernst, Editor
Common wisdom states that the best way to prepare for the future is to spend less than you earn and to put aside a portion of your income as savings for the future, be it for retirement, vacation or other.
But try telling that to the common man. According to new research from Transunion, Canadians are doing exactly the opposite, and spending more than they make. In the last three months, the debt load of Canadians has grown 4.6 percent, to an average of $26,768. And that figure doesn’t even include mortgages.
British Columbians have the highest level of consumer debt of any province, with an average debt load of $38,837, an increase of 6.2 percent over last year.
Much of that is being driven by auto loans, which grew by 11 percent to about 19,000, on average. The good news, though, is that BCers are good at paying those loans back, with a delinquency rate of only .06 percent.