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Sask. has highest percentage of debt-free families: Statistics Canada

Sask. has highest percentage of debt-free families: Statistics Canada
From CBC - December 7, 2017

A new report from Statistics Canada says Saskatchewan has the highest percentage of debt-free families in Canada, with 32.8 per cent of households free of debt in 2016.

StatsCan's Survey of Financial Security, published Thursday,contrasts with a quarterly report from the consumer credit reporting agencyTransUnion released in November.

That report said Saskatchewan families were mired in debt, with higher-than-average amounts of non-mortgage debt compared to the rest of Canada, and the worst delinquency rates in the country.

The TransUnionreport said Saskatchewan residents have an average non-mortgage debt amount of $24,783 per consumer, while the national average sits at $22,413.

It also said nearly 6.9 per cent of consumers in the province are 90 days or more past due for debt paymentson things like car loans, lines of credit and credit cards.

Meanwhile, Stats Can says the province not only hadthe highest percentage of debt-free households in 2016, but the fourth-highest median net worth in Canada, at $293,500. That's behind B.C., Ontario and Manitoba, but ahead of Alberta, Quebec and the Maritime provinces.

Debt extremes

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