ENVIRONICS SAYS HIGHER INTEREST FEES ARE SQUEEZING DISCRETIONARY SPENDING

Sep 17, 2018

By Michael Kramer

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Environics Analytics is reporting that the average interest-expense-to-income ratio for Canadians rose last year – for the first time in a decade.

The research firm says the ratio rose 40 basis points to 6.4 per cent – as Canadians paid about nine-billion dollars more in interest charges – than in 2016.

That works out to $544-dollars for the average household.

The firm says Canadians’ average net worth rose by 8.5 per cent to almost $808-thousand dollars last year – while debt climbed by 4.5 per cent.

It says rising housing prices are inflating the net worth of the average Canadian – but higher interest rates and debt are putting pressure on discretionary spending.

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