More than three-quarters of the Canadian economy relies on the sale of mortgages, credit cards and other forms of debt, according to a report by the Canadian Credit Association.
While the total amount of debt held by Canadians is relatively low, it is growing.
The CCA says the country’s average debt load is $1,086.
The report, which was prepared by the group in partnership with Credit Suisse, says that number is expected to rise to $2,711 in 2035.
In 2015, Canada’s total debt was $3.3 trillion.
As of April, the debt of households was $6.5 trillion, according the report.
With files from The Canadian Press