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Canadians spend their way to top of debt heap, report says

Canadians are among the most profligate spenders in the developed world, a new report says.

Helped by rock-bottom interest rates, consumers have been borrowing at unprecedented levels and now owe a record $1.41-trillion, putting Canada in the number one spot among OECD nations in terms of consumer debt to financial assets, says a study by the Certified General Accountants Association of Canada.

That equates to $41,740 for every individual man, woman and child, or about 2.5 times the level of debt in 1989.

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