The Certified General Accountants Association of Canada (CGAAC) says that Canadian household debt rose to an all-time high of $1.3 trillion in 2008; that works out to close to $40,000 for each man, woman, and child in the country.
“Lines of credit and credit cards,” says the Association, “account for the largest proportion of consumer debt, with 85 percent of indebted Canadians reporting that they have outstanding debt on a credit card.”
This information and much more besides is contained in a May 2009 report, “Where has the Money Gone?" published by the CGAAC. It was based on a survey of 2,000 people taken in November 2008.
