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NET WORTH RISES ALONG WITH HOUSEHOLD DEBT

Tavia Grant wrote an article in Dec 14th Globe and Mail stating that Canadians' net worth in the third quarter of 2009 rose, but house debt rose also. Canadians' net worth swelled in the third quarter, riding the crest of rising equity markets. But debt levels rose too, sending the household debt-to-income ratio to a record high. Household net worth climbed 2.3 per cent in the quarter, as Canada's benchmark stock index ( TSX-I 11,530.88106.950.94%) gained 10 per cent, Statistics Canada said Monday. Net worth hit $5.7-trillion, marking two quarters of gains after three straight drops. Debt, too, is rising. Household debt, as measured by mortgages and consumer credit swelled 1.6 per cent as low borrowing costs caused Canadians to buy more homes and renovate them. They also bought more cars, sparking a further increase in consumer credit, the agency said. Personal debt has been steadily rising in Canada since 1982. “Falling mortgage rates, along with increased sales of existin