We’re neck deep in debt!

(Reuters) – Canadian households continued to dig themselves further into debt
in the first quarter as more people took out mortgages at ultra-low rates,
according to Statistics Canada data released today.

ratio of household credit market debt, which includes mortgages, consumer
credit and loans, to disposable income rose to 147.3 percent in the first
quarter from a revised 146.2 percent in the fourth quarter of 2010.

can said consumer credit grew at a slower rate than before as Canadians spent
less on consumer goods, but mortgage debt advanced, "reflecting relatively
stable borrowing costs as well as higher housing resale and renovation