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lebiez piranaj

Canada's Income Inequality: What Is It, And How Bad? - 1 views

www.huffingtonpost.ca/...lity-by-numbers_n_1545900.html

poverty canada income inequality growing

shared by lebiez piranaj on 17 Jan 13 - No Cached
  • income inequality could be “the new global warming.”
  • in the last three decades income for the richest Canadians has increased far faster than it has for the poorest
  • As the income gap widens and rich neighbourhoods become unaffordable for middle- and low-income families, good schools become less accessible
  • ...6 more annotations...
  • As of 2009, the average Canadian family had an after-tax income of $60,000, an increase of 16 per cent from the Canadian average of $52,000 in 1980
  • the top 10 per cent have pulled ahead of the pack
  • The average income that families in the bottom 20 per cent make from employment has decreased by 60 per cent since 1980, whereas the average earnings in the top 10 per cent has grown by 45 per cent
  • Canada’s Gini was estimated to be 0.32 – a middling value
  • More telling is that in the past decade, Canada’s Gini has risen faster than all but five of the OECD’s 34 countries
  • Wilkinson says that as the income gap widens, problems related to social status increase
  • lebiez piranaj on 17 Jan 13
     
    The article talks about how income inequality is increasing in Canada. It talks about how the rich are getting a bigger income over the years then the poor. 
Erica Yeo

Canada's income gap widens, report says - Canada - CBC News - 0 views

www.cbc.ca/...p-canada-conference-board.html

inequality canada income gap report cbc news challenges

shared by Erica Yeo on 16 Jan 13 - No Cached
  • The income gap between rich and poor in Canada widened in the period from 1993 to 2009
  • The average income of the poorest Canadians rose from $12,400 in 1976 to $14,500 in 2009.
  • the gap between the real average income of the richest 20 per cent of Canadians and the poorest 20 per cent widened from $92,300 in 1976 to $117,500 in 2009.
  • ...5 more annotations...
  • high inequality can diminish economic growth if it means that the country is not fully using the skills and capabilities of all its citizens or if it undermines social cohesion, leading to increased social tensions.
  • high inequality raises a moral question about fairness and social justice.
  • The average income in 1976 was $51,100. By 2009, it had increased by 17 per cent to $59,700, even after adjusting for inflation.
  • 32 per cent of the country's national income would need to be redistributed in order to have complete equality of income.
  • The study found inequality is rising worldwide, but that two countries most similar with Canada in terms of per capita income had narrower gaps. Austria's was 0.265 and Denmark's was 0.232.
tyler wiliams

Broadbent Institute makes income inequality its first focus - 0 views

www.cbc.ca/...itute-first-policy-report.html

income inequality canada plan

shared by tyler wiliams on 18 Jan 13 - No Cached
  • tyler wiliams on 18 Jan 13
     
    Most of the income gains of the past three decades, the report argues, were realized by only wealthy Canadians. The paper suggests that social and economic rights be added to the Charter of Rights and Freedoms alongside Canadians' political and civil rights, in order to fulfil its "security of the person" provision. For every dollar increase in national earnings over the last 20 years more than 30 cents have gone to the top one per cent while the remaining 70 cents have been shared across the other 99 per cent of Canadians. The final section of the report is prescriptive, outlining several ways to combat growing income equality: -Good jobs: changes to economic policies to promote the growth of middle-class jobs, including trade and foreign investment policies that protect labour rights and environmental standards and strong investments in child care, public education and skills training. -Income supports: changes to the government programs targeted at low-income Canadians and those in short-term need, such as employment insurance, Old Age Security, the Canada Pension Plan, provincial welfare systems and other income supports and tax benefits targeted at low-income families with children and the working poor. -Expanding public services: the report argues that for the majority of Canadians public services are a good deal; The value of education, health care, child care and other public services annually exceeds the taxes paid by middle-class and low-income Canadians. At the same time, some reforms are needed, it acknowledges. -Fair taxes: changes to Canada's tax system are necessary, it argues, pointing out Canada's taxes as a share of national income (31 per cent) are below the average of the world's industrialized countries (34 per cent), squeezing funding for public services.
lebiez piranaj

For richer, for poorer | The Economist - 1 views

www.economist.com/21564414

gini coefficient disparities inequality income distribution

shared by lebiez piranaj on 16 Jan 13 - No Cached
  • the share of national income going to the richest 1% of Americans has doubled since 1980
  • rise in disparities all along the income distribution
  • best-known way of measuring inequality is the Gini coefficient
  • ...15 more annotations...
  • global inequality has started to fall even as inequality within many countries has risen
  • inequality rises in the early stages of industrialisation as people leave the land
  • inequality has been on the rise for three decades
  • people at the bottom and even in the middle of the income distribution are falling behind not just in relative but also in absolute terms
  • Too often high-tax welfare states turned out to be inefficient and unsustainable
  • Europe France’s new president, François Hollande, wants a top income-tax rate of 75%
  • The mainstream consensus has long been that a growing economy raises all boats
  • of the tendencies that are harmful to sound economics, the most seductive and…poisonous is to focus on questions of distribution
  • Some societies are more concerned about equality of opportunity
  • The unstable history of Latin America, long the continent with the biggest income gaps, suggests that countries run by entrenched wealthy elites do not do very well
  • America’s presidential election is largely being fought over questions such as whether taxes should rise at the top
  • a big driver of today’s income distributions is government policy
  • a lot of today’s inequality is inefficient
  • reflects market and government failures that also reduce growth
  • it is about attacking cronyism and investing in the young
  • lebiez piranaj on 16 Jan 13
     
    The article talks about how inequality may have decreased worldwide but it is increasing more and more in specific countries, Canada has fairly high inequality and there are propositions to tax the rich or redistribute income using other strategies. 
tyler wiliams

Income Inequality In Canada: Ed Broadbent Wants To Give Tories 'A Good Shake' - 1 views

www.huffingtonpost.ca/...da-ed-broadbent_n_1949906.html

income gap canadian challenges policies

shared by tyler wiliams on 18 Jan 13 - No Cached
  • tyler wiliams on 18 Jan 13
     
    most people don't realize that income inequality effects us all and not just the poor. Our market-driven ideology has lead to the increasing income gap and needs to be changed. The reductions of income tax. Not only reductions of income tax and the disproportionate benefits to upper-income [individuals] takes away the money that's needed for post-secondary education, for health care, for Canada pensions, worsening the income gap.
lebiez piranaj

Canada Income Inequality: Governments Effective In Softening Wage Gap, Study Says - 2 views

www.huffingtonpost.ca/...lity-government_n_1918093.html

canada income inequality governments wage gap study

shared by lebiez piranaj on 17 Jan 13 - No Cached
  • Researchers at the Ottawa-based Centre for the Study of Living Standards looked at how much taxes and government benefits helped to even things out between the rich and the poor in Canada over the past three decades
  • They found that taxes and spending have persistently dampened inequality, but not enough to stop the increase in inequality over time
  • before-tax income inequality rose 19.4 per cent over three decades
  • ...5 more annotations...
  • income inequality was 44 per cent less severe than it would have been if governments had not intervened.
  • Transfer payments – such as old-age benefits or family benefits — were responsible for most of this dampening effect, while taxation accounted for about 30 per cent of the reduction
  • Governments were most active in redistribution of income in 1994, they found. If they had kept up that level of redistribution, they would have eliminated half of the rise in inequality over three decades
  • Canada ranks 24th out of 35 countries in terms of equality in the late 2000s
  • Canada was one of the least active countries in terms of using tax or transfer policy to redistribute income, ranking 25th out of 30 countries.
  • lebiez piranaj on 18 Jan 13
     
    This article talks about how the government is doing very good with reducing the inequality with the tax cuts and all but that they could be more aggressive. It's suggesting that we need a new redistribution plan but mainly focuses on what it counts to be the most important thing in getting rid of the debt, the governments role in all this. Asks questions like what if the government had made different decisions. 
Erica Yeo

Canada's wage gap at record high: OECD - The Globe and Mail - 1 views

www.theglobeandmail.com/...article4099041

inequality canada challenges globeandmail skillsgap

shared by Erica Yeo on 23 Nov 12 - No Cached
  • gap between Canada’s rich and poor is growing
  • the income gap in Canada is well above the 34-country average, though still not as extreme as in the United States
  • Countries with greater income inequality tend to see shorter, less sustained periods of economic growth
  • ...21 more annotations...
  • Greater inequality raises economic, political and ethical challenges as it risks leaving a growing number of people behind in an ever-changing economy
  • the top federal marginal income tax rates tumbled – to 29 per cent in 2010 from 43 per cent in 1981
  • Canada’s growing gap: a widening disparity in labour earnings between high- and low-paid workers, and less redistribution.
  • Taxes and benefits reduce inequality less in Canada than in most OECD countries
  • Shifts in the labour market are a key reason why the gap is widening
  • Technological progress has been more beneficial to high-skilled workers, while the gap in men’s earnings in particular is growing ever wider
  • annual hours of low-wage workers in Canada have fallen to 1,100 hours from 1,300 hours, while those of higher-wage workers fell by less, to 2,100 from 2,200 hours
  • Rising self-employment
  • the self-employed typically earn less than other full-time workers
  • Taxation
  • Canada’s tax-benefit system was as effective as those of the Nordic countries in stabilizing equality, offsetting more than 70 per cent of the rise of market-income inequality
  • taxes and benefits now offset less than 40 per cent of the rise in inequality
  • inequality has been rising more rapidly in Canada than in the U.S.
  • social implications
  • income inequality with poor health outcomes
  • 11-year difference in life expectancy between men who live in its poorest neighbourhood and those its richest
  • Taxing the rich
  • closing loopholes
  • compliance with tax rules
  • education, skills training and job retraining programs
  • More and better jobs, enabling people to escape poverty and offering real career prospects, is the most important challenge
  • burmangabriel on 23 Nov 12
     
    1) What do you think are possible solutions for the rising inequality? 2) Since the rich are taking a higher percent of overall income and Canada is in debt, do you agree with lowering their taxes?
lebiez piranaj

Canada must address growing income inequality: Broadbent Institute - 1 views

www.vancouversun.com/...story.html

inequality canada income growing poverty address

shared by lebiez piranaj on 17 Jan 13 - No Cached
  • Canada is moving in the wrong direction and must address its extreme and growing income inequality, according to a new discussion paper from the Broadbent Institute
  • affordable housing, improvements to Employment Insurance, “fair” taxes and a national prescription drug program — is needed to address the problem.
  • “It’s not as if we don’t have the wealth, but it’s the distribution of the wealth that really matters.”
  • ...5 more annotations...
  • between the mid-1990s and the late 2000s, Canada had the fourth-largest increase in income inequality out of 17 peer countries. Canada was ranked 12th out of those countries, a slip to “below the average.”
  • a commitment to equality must come from all levels of government, leadership must come from the feds,
  • There is no “single magic bullet,” to achieve greater equality
  • Most Canadians grew up with the expectations that their son or daughter could be whatever they want to be, whether it’s a hockey player or a brain surgeon … now the reality is, if you want to live the ‘American dream’, you should move to Sweden
  • The federal government has many of the key levers — especially income security programs, a progressive tax system, and transfers to the province — needed to combat inequality,
Erica Yeo

Federal Budget 2012: It's time to address income inequality, think-tank says - thestar.com - 0 views

www.thestar.com/...ome-inequality-think-tank-says

inequality canada income gap challenges star

shared by Erica Yeo on 16 Jan 13 - No Cached
  • Income inequality in Canada is at a 30-year high, rising at a faster pace than in the U.S.
  • The group urges the government to tackle this situation with wide-ranging reforms to the tax system.
  • to address poverty through improved education, pension, affordable housing and pharmacare programs. It also urges Ottawa to adopt a national child care plan.
  • ...2 more annotations...
  • The CCPA’s proposals include raising the income tax rate for those making more than $250,000 a year, repealing corporate income tax cuts, reducing capital gains tax breaks
  • scrap costly programs like new prisons and fighter jets that don’t reflect the priorities of mainstream Canada.”
tyler wiliams

Income inequality rising quickly in Canada - 1 views

www.theglobeandmail.com/...article618311

income inequality canada challenges

shared by tyler wiliams on 18 Jan 13 - No Cached
  • tyler wiliams on 18 Jan 13
     
    From the mid 1990's - late 2000's Canada had the fourth largest increase in income inequality among it's peers. Income inequality, along with corruption, were named as the two most serious challenges facing the world at this year's World Economic Forum in Davos. the impact of the growing income gap has gather little attention in Canada market forces and globalization are increasing disparity, along with institutional shifts such as dwindling unionization rates and stagnating minimum wages.
ShiyuandCristina SC

Rich-poor gap could spark financial crisis in Canada: Report | Money | Toronto Sun - 1 views

www.torontosun.com/...ancial-crisis-in-canada-report

income inequality gap canada shiyu luo

shared by ShiyuandCristina SC on 14 Jan 13 - No Cached
  • The gap between the rich and the poor in Canada is getting wider and could eventually lead to an economic collapse, according to a new report by a left-wing think-tank.
  • Income for middle-class Canadians has remained stagnate since the 1980s, while the income of the richest 1% has increased dramatically
  • When the rising savings of the rich are parked in the financial markets, but everyone else falls deeper into debt, a house of cards is created, producing the kind of economic instability that led to the 1929 financial sector crash and the market meltdown of 2008."
  • ...1 more annotation...
  • As a result, Canada's income inequality has reached a level not seen since the 1920s, says Canadian Centre for Policy Alternatives.
  • ShiyuandCristina SC on 14 Jan 13
     
    The problems created by income inequality in Canada could possibly lead to a financial crisis. 
Nikita Klyuev

David Rosenberg's 5 reasons Canada's household debt panic is overblown - 0 views

business.financialpost.com/...sehold-debt-panic-is-overblown

canada consumer debt credit advice

shared by Nikita Klyuev on 17 Jan 13 - No Cached
  • Nikita Klyuev on 17 Jan 13
     
    Canadian debt/income ratio isn't as bad as it looks. Because Canadians pay for their health care through their taxes, their disposable income is distorted relative to the U.S. In terms of personal income, the ratio is actually closer to 118%, rather the scary 165%. Canadian household debt relative to assets (19%) and net worth (24%) is below prior peaks of 20% and 25%, respectively. Rosenberg estimates Canada would need to see a 20% drop in the housing market to get net worth/income ratio down to the U.S. level. Canadians have more equity in their homes - 69% of the value compared with 43% in the U.S. "This equity gap is a prime reason why Canadian household net worth/income ratio (at over 500%) is some 35 percentage points above U.S. levels," Rosenberg writes. Canadians are better able to service their debts. Canadian wage growth at 4% a year is about double what it is in the U.S. - a rise that pretty much matches the average interest rate they are paying. The debt-servicing ratio in Canadian households is now just over 7% - a level it has only been below in the past 15% of the time. So even though Canadian interest rates are 75 basis points higher than in U.S, it is not hampering our ability to handle debt.
S C

Household debt - Wikipedia, the free encyclopedia - 0 views

en.wikipedia.org/...Household_debt

household debt

shared by S C on 17 Jan 13 - No Cached
  • Household debt soared in the years leading up to the Great Recession
  • Twenty years ago, the average American household’s debt was 83 percent of its income; by a decade ago, that had crept up to 92 percent; but by late 2007, debts were 130 percent of income
  • All this borrowing took place both because banks had abandoned any notion of sound lending and because everyone assumed that house prices would never fall. And then the bubble burst
  • ...3 more annotations...
  • Household debt can be challenging to reduce. Major approaches include: 1) Paying down debt over time from income or accumulated savings, if available; 2) Debt write-down or refinancing via negotiation, bankruptcy or government bailout; and 3) Inflation.
  • Debt can be reduced via negotiation with creditors or a legal bankruptcy process
  • If wages increase due to inflation, but debts remain fixed, the debts can be more easily retired
  • S C on 17 Jan 13
     
    Household debt contributes to recessions and depressions, one major cause is banks lowering their lending requirements to make more money. Household debt can be reduced through income and savings, debt negotiations and inflation.
lebiez piranaj

Ontario Income Inequality: Canada's Largest Province Facing Growing Poverty, Cuts To So... - 4 views

www.huffingtonpost.ca/...equality-report_n_1839075.html

growing poverty cuts inequality canada income

shared by lebiez piranaj on 17 Jan 13 - No Cached
  • "Ontario's budgets for the last 15 years have repeatedly prioritized tax cuts while casting concomitant cuts to social programs as necessities rather than choices,"
  • there is a growing income gap among Ontarians
  • between 1981 and 2009, Ontario had the country's second highest increase in the poverty rate
  • ...2 more annotations...
  • the percentage of Ontarians living below the low income measure rising from 9.4 per cent in 1981
  • It blames tax cuts coupled with reductions in social programs for many of the problems it outlines."Ontario's budgets for the last 15 years have repeatedly prioritized tax cuts while casting concomitant cuts to social programs as necessities rather than choices," the report states.
  • lebiez piranaj on 18 Jan 13
     
    There is a widening gap in terms of inequality in Canada and it goes on to say that its being blamed on tax cuts for such inequalities, the article goes on to state that the inequality may be the reason for the province to be facing this growing poverty. 
tyler wiliams

Canada's Income Inequality: What Is It, And How Bad? - 1 views

www.huffingtonpost.ca/...lity-by-numbers_n_1545900.html

income inequality canada

shared by tyler wiliams on 18 Jan 13 - No Cached
  • tyler wiliams on 18 Jan 13
     
    The average income that families in the bottom 20 per cent make from employment has decreased by 60 per cent since 1980, whereas the average earnings in the top 10 per cent has grown by 45 per cent. Using data from 23 countries, British economist Richard Wilkinson has linked inequality to 10 social indicators like life expectancy, teenage births, obesity, homicides, imprisonment and infant mortality rates.
burmangabriel

Fiscal cliff: Obama, Boehner trade proposals - 1 views

www.abc15.com/...-obama-boehner-trade-proposals

Gabriel Ami trade proposals obama cliff

shared by burmangabriel on 12 Dec 12 - No Cached
  • prevent economy-damaging tax increases on the middle class at year's end, conferring by phone after a secretive exchange of proposals.
  • to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion
  • The longer the White House slow-walks this process, the closer our economy gets to the fiscal cliff," he said, declaring that Obama had yet to identify specific cuts to government benefit programs that as part of an agreement that also would raise federal tax revenue
  • ...14 more annotations...
  • attempts to avert a "fiscal cliff," across-the-board tax increases and cuts in defense and domestic programs that economists say could send the economy into recession
  • numerous proposals Obama has made to cut spending, including recommendations to cull $340 billion from Medicare over a decade and an additional $250 billion from other government benefit programs
  • Republicans "sent the White House a counteroffer that would achieve tax and entitlement reform to solve our looming debt crisis and create more American jobs
  • a deal to prevent damage to the economy,
  • Republicans struggle with Obama's demands to raise taxes, but Reid has privately told his rank and file they could soon be feeling the same distress if discussions grow serious on cuts to benefit programs
  • we need to strengthen Social Security, we need to strengthen Medicare for future generations, the current path is not sustainable because we've got an aging population and health care costs are shooting up so quickly
  • Republicans want to curtail annual cost-of-living benefits for Social Security and other government benefits, as well as raise the age of eligibility for Medicare from 65 to 67 beginning at some point in the future
  • president seems to think that if all he talks about are taxes, and that's all reporters write about, somehow the rest of us will magically forget that government spending is completely out of control and that he himself has been insisting on balance,
  • Obama's plan would raise $1.6 trillion in revenue over 10 years, in part by raising tax rates on incomes over $200,000 for individuals and $250,000 for couples. He has recommended $400 billion in spending cuts over a decade.
  • seeking extension of the Social Security payroll tax cut due to expire on Jan. 1, a continuation in long-term unemployment benefits and steps to help hard-pressed homeowners and doctors who treat Medicare patients
  • Obama last year signed legislation to cut more than $1 trillion from government programs over a decade, and was proposing $600 billion in additional savings from benefit programs.
  • health care law that Obama signed into law showed savings of $100 billion. Much or all of that funding came from Medicare, even though Obama's aides insisted during his successful campaign for re-election that he had not made any cuts in that program
  • Boehner's plan, in addition to calling for $800 billion in new revenue, envisions $600 billion in savings over a decade from Medicare, Medicaid and other government health programs as well as $300 billion from other benefit programs and another $300 billion from other domestic programs.
  • It would trim annual increases in Social Security payments to beneficiaries, and it calls for gradually raising the eligibility age for Medicare from 65 to 67, beginning in a decade
  • burmangabriel on 12 Dec 12
     
    1) Which proposal do you think is better? More cuts or more taxes 2) Do you think that going off the "cliff" is less detrimental than picking the other parties proposal?
  • Aron Joshua Tolentino on 14 Dec 12
     
    1.) More taxes because people in the lower bracket income won't get affected as much. Thus, not further hardening their way of life. 2.) No. they believe the measures negatively affect them. It would affect defense spending, domestic spending and taxes negatively. All the citizens of america will get affected. No exceptions.
  • Samson Luong on 17 Dec 12
     
    1. I believe more taxes would benefit the economy more because it would be geared more towards the higher income earners that have the foundation to deal with the taxes opposed to the lower incomes earners that already struggle. 2. Not exactly because going off the "cliff" affects several important factors such as federal tax, boarder tax, domestic spending, etc. Thus, it would seem that going off the "cliff" serves the economy and citizens more negatively than siding with the other parties' proposal.
Erica Yeo

Household debt in Canada - 3 views

www.statcan.gc.ca/...11636-eng.htm

consumer debt canada challenges statistics

shared by Erica Yeo on 17 Jan 13 - No Cached
  • In 1980, the ratio of household debt to personal disposable income was 66%; that ratio recently passed the 150% figure (Statistics Canada 2011). This means that, in aggregate, households owed more than $1.50 for every dollar of disposable income.
  • It also examines whether the relationships between debt and financial capability persist when other characteristics like income and educational attainment are taken into account.
  • younger people and parents with children at home were more likely to hold debt. Individuals under 45 made up 45% of the population, but 54% of borrowers. Similarly, married people with children accounted for 30% of the overall population, but 39% of debtors. They were also more likely to have higher levels of debt. Couples with children held one-half of all household debt, with an average debt of $144,600, higher than the overall average of $114,400. Similarly, individuals under 45 held 61% of household debt, $129,200 on average.
  • ...1 more annotation...
  • Higher education levels were also associated with an increased probability of holding debt and higher average debt. Individuals with at least some postsecondary education comprised about one-half of the population but almost 60% of those with debt. And university graduates had an average debt that was 60% higher than those with less than postsecondary education—$145,400 compared to $90,900.
Nikita Klyuev

Calculating the optimal debt load - 0 views

business.financialpost.com/...how-much-debt-is-too-much

canada consumer debt credit

shared by Nikita Klyuev on 17 Jan 13 - No Cached
  • Nikita Klyuev on 17 Jan 13
     
    From 84% in 1990 to 164.6% today - it's an alarming leap, a dramatic number that may actually have scared some of us into doing something about our debt load. Someone with a $300,000 mortgage and after-tax household income of $100,000, for example, really shouldn't be in a full-fledged panic because they have a debt-to-income ratio of 300%. That's a normal scenario in today's market and not cause for alarm by itself. Still more relevant to consider might be your debt servicing costs and then what they would be if interest rates went up two percentage points. On average, Canadian households pay about 7.6% of their after-tax income on interest payments. That number was 8.8% in 2000 and consumers were able to handle the load, says Mr. Tal
Brijesh Patel

Canadian consumer debt soars 53 per cent - 1 views

ca.finance.yahoo.com/...ars-53-per-cent-155008666.html

consumer debt

shared by Brijesh Patel on 26 Nov 12 - No Cached
  • Brijesh Patel on 26 Nov 12
     
    - In the past 5 years, consumer debt has increased by 53% - The most borrowing occurring in the two years right after the global financial crisis. - Canada's household debt to income ration jumped to 163.4% - Canada's debt-to-income ratio has now reached a record high, topping levels seen in the U.S - Currently, the Canadian housing market is in a state of decline, with home sales dropping 15 per cent in September.
  • Brijesh Patel on 27 Nov 12
     
    #2 what is causing the debt ratio to increase drastically ?
Brijesh Patel

Watch Your Debt Level - 0 views

www2.macleans.ca/...nadians-watch-your-debt-levels

credit levels increased

shared by Brijesh Patel on 18 Jan 13 - No Cached
  • Brijesh Patel on 18 Jan 13
     
    For every dollar of after-tax income Canadians bring home, they're borrowing more than $1.64. Statistics Canada said that between July and September of this year, households borrowed $27.3 billion Consumer credit levels increased by $7 billion to $474 billion.
  • Brijesh Patel on 18 Jan 13
     
    For every dollar of after-tax income Canadians bring home, they're borrowing more than $1.64. Statistics Canada said that between July and September of this year, households borrowed $27.3 billion Consumer credit levels increased by $7 billion to $474 billion.
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