Average Canadian now owes more than $22,000 on top of their mortgage...And still increasing

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CBC has the news report today, and I found this:

The typical Canadian between 18 and 25 owes just $8,565, Equifax says, but that figure has grown by four per cent in the past year. Baby boomers between 56 and 65, meanwhile, on average owe more than three times that much, $27,709. But they are adding to their debt half as fast.

Owing money does not seem like something odd in Canada, but if you don't pay for your debt on time, this could hurt your credit score. I will write more about the tips to keep your credit score high while owing money later on. 


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