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Aug 26, 2022

Canada Ranks Number One For Debt Problems

Canada has the biggest overall debt problems in the OECD, with a debt score of 8.42 out of 10, says research from Invezz, a financial consultant company. In second place is the UK, with a score of 7.92, while in third place is the U.S., having received a score of 7.75. Perhaps not surprisingly, Canada also has the highest rate of credit card ownership in the OECD at 82.74 per cent, meaning fewer than one in five Canadians don’t own one. It is followed by Japan and Switzerland with ownership rates of 69.66 per cent and 69.21 per cent respectively. The research shows Canada ranks fifth for most debt conscious citizens with over 800 searchers for debt and credit-related terms per 100,000 people. Canada ranked ninth for highest proportional household debt at 185.62 per cent of disposable income. This means people in Canada owe over 1.8 times the amount of money they have available for general household expenditures.

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