On weekend Henry Enchen called debt, not the deficit, the proverbial elephant in the room. But the challenge is not just there on Parliament Hill; its in your home and mine. Residing in our homes is a credit bill hidden on the table by a habit of denial created by the discrepancy between earnings in the wallet and expectations in the heart. Carla Wilson reports that the average Canadian household debt is now over $90,000.
Average household debt rose to more than $90,000 in 2008, Clarence Lochhead told a recent meeting of Victoria’s Association of Family Serving Agencies. The Vanier Institute is a non-profit agency promoting the well-being of Canadian families.
The total debt-to-disposable income ratio rose to 140% last year, Mr. Lochhead said, referring to the Institute’s report, The Current State of Canadian Family Finances.
I find the few suggestions in the article from Mr. Lochhead of the Vanier Institute on how to help middle and lower income families during a recession something that I am have not heard anywhere else in regard to the “stimulus packages” proposed.