Household debt in this country climbed to a record in relation to disposable income in the spring.

Credit market debt, such as mortgages rose by nearly 2% in the second quarter (Apr-June) while disposable income grew by just under 1%.

Putting it another way, Canadians owed almost $1.65 for every dollar of disposable income.

Total Canadian household debt reached $1.87-trillion.

This underlines what the Bank of Canada has called a key vulnerability in the economy.

The central bank said Wednesday risks to financial stability are evolving as expected.

Governor Stephen Poloz has said there’s no housing bubble.

The Bank of Canada has twice trimmed its key interest rate to 0.5% and mortgage rates, which follow that rate, are at their lowest in decades, making it easier for Canadians to buy homes.

And low borrowing costs have also made it easier for Canadians to take care of debts.

Interest payments made up 6.3% of disposable income, keeping it at historic lows.