The average household debt climbed to $96,000 last year, a new study on Canadian family finances, a new study revealed.
That placed the debt-to-income ratio at 145 per cent — the highest level ever recorded by the annual study, now in its 11th year.
The study conducted for the Vanier Institute of the Family also found there was a dramatic increase in late debt payments.
The number of mortgage payments that were at least 90 days late was up 50 per cent compared with 2008.
There was also a 40 per cent increase in the number of credit card holders who were at least three months behind in their payments.