How much debt does the average Canadian have?

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By the end of 2024, the average Canadian household debt, including mortgages, will be between $78,000 and $81,000. Non-mortgage debts like credit cards and loans average $21,931 per person, and those aged 46-55 feel this burden the most. It’s crucial to be aware of these trends as they illustrate the financial pressures many face. Reach out via phone, text, or live chat if you have any questions.

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Average Canadian Debt Question

How much debt does the average Canadian have? I’m curious about how much debt the average Canadian has so I can see if I’m in a similar spot. I want to compare my situation to others.

From: Anonymous Question
Location: Calgary, Alberta (AB)
Category: debt management plan

Average Canadian Debt Answer

By the end of 2024, the typical Canadian household will find itself juggling a debt load, mortgages included, somewhere between $78,000 and $81,000. Meanwhile, for those tackling non-mortgage debts—like credit card balances, personal loans, auto loans, and other consumer credit—the average stands at about $21,931 per individual.

For the 46 to 55 age bracket, this non-mortgage burden hits the hardest, averaging $34,564. Interestingly, folks between 56–65 are seeing the biggest annual hike in their debt. It’s no wonder, then, that money stresses many Canadians more than anything else. This paints a clear picture of the debt landscape across different ages and regions, helping you understand where you might stand.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

The sources provided do not contain specific information about the average debt of Canadians. For accurate statistics on average debt levels, it is advisable to refer to financial studies, reports from the Canadian Bankers Association, or Statistics Canada. As of late 2023, various reports indicate that the average Canadian household debt is around $73,000, including mortgages. However, for the most current and detailed information, independent financial resources should be consulted.

From: OSB Helper

Related Questions to Average Canadian Debt

Here are the top 5 most frequently asked questions related to the average debt of Canadians, along with a brief answer for each:

1. What is the average non-mortgage debt per individual?

The average non-mortgage debt per individual is $21,931[2].

2. How much total consumer debt do households have?

Total consumer debt has reached $2.54 trillion as of the end of 2024[2][3].

3. Which age group has the highest average debt levels?

The 46 to 55-year age group has the highest average debt levels at $34,564[2].

4. Which province has the highest average debt?

The province of Newfoundland has the highest average debt at $24,843[2].

5. What is the average debt in major cities?

The city of Fort McMurray has the highest average debt at $37,861, followed by Calgary ($24,078) and St. John’s ($23,968)[2].

Note: Search volume data is not provided in the sources, but these questions reflect current trends and concerns based on the latest reports and data.

If you have a question about debt see our debt questions or ask your own debt related question.

References

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