Consumer debt grew substantially in Québec

Québec, June 2, 2015 – The ratio of debt to disposable income of Québec families carrying debts reached 162% in 2012. When mortgage debt is excluded and only consumer debt is considered, the debt ratio stands at 45%. This ratio is now similar to the rest of Canada, whereas it was lower in 1999 (28% versus 35%). These results come from an article published today by the Institut de la statistique du Québec in the bulletin Données sociodémographiques en bref, based on data from Statistics Canada’s Survey of Financial Security.

Increased proportion of families with a high consumer debt ratio

The significant rise in the proportion of households with a high debt ratio (80% or more) confirms the increased use of credit. This proportion rose from nearly 10% in 1999 to 16% 13 years later. It must also be noted that families with a disposable income under $25,000 were more likely to have a high consumer debt ratio (89% in 2012).

Consumer debt ratio now higher among homeowner families than renter families

While the consumer debt rate of owner families was lower than that of non-owner families in 1999 (26% versus 33%), by 2012, the situation had reversed due to a stronger increase in the debt rate of owner families. The debt rate of non-owner families remained roughly the same in 2012 (36%), while that of homeowner families rose to 47%. A similar pattern was observed in the rest of Canada over the study period.

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