Canadians are worrying about debt all wrong: CIBC
Canadian household debt is very high by almost any measure.
One of the most common ways of looking at it is through the debt-to-income ratio, which measures people’s debt against their disposable income.
The latest numbers from Statistics Canada indicate that household debt now stands at 167.3 per cent of disposable income, a record high. This suggests that, on average, Canadians owe $1.67 for every $1 of disposable income.
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The debt-to-income ratio is “likely the most quoted economic number out there,” CIBC economist Benjamin Tal said in a report last week.
But how seriously should Canadians take that measure as a cause for concern? Not very, if you ask him. In a brief report titled, “On the Fallacy of the Debt-to-Income Ratio,” Tal wrote that the debt-to-income ratio is “probably the most useless economic indicator out there.”
There’s little question that the measure is simple.
“But as we all know, the cost of simplicity is, at times, very high,” Tal added.
For example: a person isn’t required to pay off their mortgage in a single year, he said.
At the same time, the debt-to-income ratio measures the debt of people who owe money, relative to the earnings of people who owe it or don’t.
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