Older Canadians have less debt, for example. Those who are younger must take on more debt to own a home and then steadily pay it off, reasoned the study. Canadians have also taken on more debt as interest rates have dropped since 1984.
Those who avoided family life also took on less debt.
“This may be partly explained by the fact that unattached individuals are less likely to own their residence and have debt associated with home ownership,” said the study.
Among Canadians with debt, unattached individuals had a total average debt of about $69,000, compared to $102,000 for lone parents, and $147,000 for Canadians in couples with children.
Lone parents had a more difficult time paying off the debt, however. Some 9.6% of lone-parent families had a high debt load, compared to 3.8% of Canadian couples with children.
Immigrants were another profile with a higher debt load. People born in Canada had 60% lower odds of having a high total debt service ratio compared to immigrants, according to the survey.
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