Average Family Debt Rises To $96,000 in 2009

A Canadian study on family finances says the average household debt has climbed to $96,000 in 2009.

The number of mortgage payments that were at least 90 days late was up 50 per cent compared with 2008. There was also a 40 per cent increase in the number of credit card holders who were at least three months behind in their payments.

The finance minister has announced changes to the home buying process in an attempt to bring this personal debt down. With low interest rates, people have been over extending themselves to get into the housing market. This has left many Canadians house poor and living off credit. As a result, many are unable to afford their mortgage payments along with their escalating credit card bills.