Paul Martin's Business Update - November 21st

Nov 21, 2013, 07:09 PM, Regina, SK, Canada

Paul Martin's Business Update - November 21st

All the talk that consumers are getting too deeply in debt is not the case in Saskatchewan.

A new analysis of provincial data compiled by the editorial team at SaskTrends Monitor has turned up a different perspective on the issue of consumer debt. It turns out Saskatchewan folks are doing pretty well. The amount people are spending on interest is actually going down while income levels as well as disposable income are rising.

The only place where we’re seeing an increase in spending on interest is in the mortgage market which largely is a reflection of the fact that home prices are rising. But on the consumer or non-mortgage debt front, we’re doing well…number three in the country actually.

In the five years ended in 2012, household incomes in the province rose by 4.1 per cent after inflation and disposable income went up even more because taxes were reduced. Yet, the amount of money directed to finance debt payments declined by a full percentage point in that period. In other words, debt service costs down while incomes up.

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