Average Debt By Age In Canada (2026)

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Priyanka Correia
Associate Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices. Expertise:
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Caitlin
Reviewed By:
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Caitlin Wood
Editor-in-Chief at Loans Canada
Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:
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Updated On: October 8, 2026
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Debt changes shape as you move through life. A student in their twenties, a parent with a mortgage in their forties, and a retiree in their seventies all carry very different balances, for very different reasons. This guide breaks down the average debt in Canada by age using the most recent data from Equifax, Statistics Canada, and the Office of the Superintendent of Bankruptcy, so you can see how your situation compares and where you sit relative to others at your stage of life.

Key Points

1. The average Canadian carries about $22,321 in non-mortgage debt (credit cards, loans, lines of credit, and car loans), based on Equifax data for the third quarter of 2025.

2. Non-mortgage debt peaks between ages 46 and 55, at roughly $34,987, then falls as people pay down balances heading into retirement.

3. Younger Canadians carry smaller balances but are missing payments the fastest, with those aged 26 to 35 showing the highest delinquency rate.

4. When you add mortgages, families headed by someone aged 35 to 44 carry the heaviest debt load, but their net worth also climbs steadily with age.


What Is The Average Debt In Canada By Age?

The average Canadian holds about $22,321 in non-mortgage debt, according to Equifax data for the third quarter of 20251. That figure covers the debt most people manage month to month, such as credit cards, personal loans, lines of credit, and car loans, but not mortgages. It also varies widely by age. Balances start small in your early twenties, climb through your working years, peak in your late forties and early fifties, and then fall as you approach retirement.

$22,321
The average non-mortgage debt per consumer in Canada as of the third quarter of 2025, part of a record $2.62 trillion in total consumer debt.
Source: Equifax Canada Market Pulse, Q3 20251

Average Non-Mortgage Debt By Age

Here is how average non-mortgage debt breaks down across age groups, along with how many of those borrowers are falling behind. The delinquency rate shows the share of balances that are 90 or more days past due, a useful signal of financial stress.

Age GroupAverage Non-Mortgage Debt (Q3 2025)90+ Day Delinquency Rate
18 to 25$8,6352.11%
26 to 35$17,6032.45%
36 to 45$27,2631.97%
46 to 55$34,9871.43%
56 to 65$29,7721.16%
65 and older$15,1211.13%
Canada (average)$22,3211.63%

Source: Equifax Canada Market Pulse, Q3 2025 Quarterly Consumer Credit Trends.

The pattern is a clear arc. Debt rises with income and spending through your thirties and forties, peaks for the 46 to 55 group at $34,987, then drops sharply in retirement as car loans and lines of credit get paid off and new borrowing slows.

Source: Equifax Canada Market Pulse, Q3 2025 Quarterly Consumer Credit Trends.


Who Is Actually Struggling With Debt?

The size of a balance only tells part of the story. What matters just as much is whether people can keep up with their payments, and here the picture flips.

In the third quarter of 2025, about 1.45 million Canadians missed a credit payment, more than 46,000 more than the quarter before1. The national 90-day delinquency rate reached 1.63%, up roughly 14% from a year earlier. Most of that stress is concentrated among younger borrowers, even though they carry the smallest balances. Among 26 to 35 year olds, the delinquency rate hit 2.45%, up more than 20% year over year, while 18 to 25 year olds sat at 2.11%. Older Canadians saw much smaller increases.

Note: Small Balances, Big Pressure

Younger Canadians owe the least in dollar terms but are the most likely to fall behind. This usually comes down to lower and less stable early-career income, higher rent, and student loans competing for the same paycheque. If you are early in your career, the goal is less about the size of your balance and more about never missing a payment, since payment history is the biggest factor in your credit score.


Average Debt By Age When You Include Mortgages

The Equifax figures above leave out mortgages, which is why they look modest. Once you add home loans, the numbers change dramatically. Statistics Canada's most recent Survey of Financial Security, from 2023, measures debt at the family level and tells the fuller story2.

Among families that carry any debt, the average total debt (including mortgages) peaks between ages 35 and 44, then declines with age as mortgages get paid down.

Age Group (Major Income Earner)Share With Any DebtAverage Total Debt (Among Those With Debt)Average Mortgage (Among Mortgage Holders)
Under 3578.3%$186,600$316,900
35 to 4484.1%$287,200$359,600
45 to 5483.6%$273,000$328,400
55 to 6468.1%$199,400$278,400
65 and older44.2%$91,400$176,700

Source: Statistics Canada, Survey of Financial Security 2023 (Table 11-10-0016-01), in 2023 constant dollars.

A quick note on how to read these averages. They describe families that actually hold that type of debt, not everyone in the age group. For example, the $359,600 average mortgage for the 35 to 44 group applies to the 58.5% of those families who have a mortgage, not to the whole group. That is why you cannot simply add the mortgage, consumer, and student loan averages together to get a household total. Doing so would badly overstate the real figure, since most families do not carry all three at once.

Each age section below includes a breakdown of how that group's debt splits across the three categories. Each one averages the debt across every family in the group, including those who carry none of it, so the slices add up to the total. Next to the average, we also show the typical (median) debt of families who carry any, which runs lower because a minority with large mortgages pull the average up.


Debt Is Only Half The Balance Sheet

It is easy to focus on what people owe and forget what they own. The same Statistics Canada data shows that net worth, which is total assets minus total debt, rises steadily with age even as debt falls. The median net worth of Canadian families climbs from about $159,100 for those under 35 to $873,400 for those aged 55 to 642. In other words, the heavy mortgage debt of your thirties and forties is usually paired with a growing asset (your home) on the other side of the ledger.


Average Debt By Age: Under 35

Young adults carry the smallest non-mortgage balances, at about $8,635 for those 18 to 25 and $17,603 for those 26 to 35. Most of this is a mix of student loans, a first car loan, and early credit card use. Student loans weigh most heavily here, with 26.6% of under-35 families carrying them, the highest share of any age group.

This is the stage to focus on building creditworthiness and stable income so you can qualify for lower interest rates later. If a first home is on your radar, it helps to understand how to get pre-approved for a mortgage, and if you are still establishing credit, the right credit cards for building credit can move you forward faster.

Debt Breakdown: Under 35

MortgageConsumerStudent

Average debt per family: $146,129
Typical (median) family with debt: $80,000

Source: Loans Canada analysis of Statistics Canada, Survey of Financial Security 2023.


Average Debt By Age: 35 To 44

This is the heaviest-debt stage once mortgages are included. Among families headed by someone 35 to 44, average total debt reaches $287,200, and 58.5% carry a mortgage, averaging $359,600. Non-mortgage debt also climbs, to about $27,263 for the 36 to 45 group, as families juggle homes, vehicles, and young children.

Student loans have usually dropped off by now, down to an average of $16,300 among the shrinking share who still have them. With a mortgage as the main expense, this is the stage where it pays to understand how mortgage renewals work so you can negotiate a competitive rate, and where a debt consolidation loan can help if higher-interest balances are piling up.

Debt Breakdown: 35 To 44

MortgageConsumerStudent

Average debt per family: $241,417
Typical (median) family with debt: $190,000

Source: Loans Canada analysis of Statistics Canada, Survey of Financial Security 2023.


Average Debt By Age: 45 To 54

Non-mortgage debt peaks in this group, at about $34,987 for the 46 to 55 range, the highest of any age band. Family total debt among those with debt is $273,000, still high but starting to ease as mortgages get paid down. Lines of credit and vehicle loans make up a large share of the borrowing here.

Because this group carries the most non-mortgage debt, it is also where reducing high-interest balances matters most. One option is to tap built-up home equity through a home equity loan or line of credit to consolidate more expensive debt, though it is worth weighing the trade-offs carefully.

Debt Breakdown: 45 To 54

MortgageConsumerStudent

Average debt per family: $228,340
Typical (median) family with debt: $160,800

Source: Loans Canada analysis of Statistics Canada, Survey of Financial Security 2023.


Average Debt By Age: 55 To 64

As retirement nears, debt starts to fall. Non-mortgage debt drops to about $29,772 for the 56 to 65 group, and the share of families with any debt falls to 68.1%. Average mortgage debt among those who still have one is $278,400, often reflecting a downsized home or a mortgage nearing its final years.

This is the stage to get aggressive about becoming debt-free before your income drops. Strategies such as lump-sum payments, refinancing, or downsizing can all lighten the load heading into retirement.

Debt Breakdown: 55 To 64

MortgageConsumerStudent

Average debt per family: $135,787
Typical (median) family with debt: $88,000

Source: Loans Canada analysis of Statistics Canada, Survey of Financial Security 2023.


Average Debt By Age: 65 And Older

Debt keeps shrinking in retirement. Non-mortgage debt averages about $15,121, and only 44.2% of families in this group carry any debt at all. Average total debt among those who do is $91,400, with mortgages averaging $176,700 for the 15.9% who still have one.

Some retirees use strategies like a reverse mortgage to access home equity without selling, while most focus on keeping expenses low and clearing any remaining balances on a fixed income.

Debt Breakdown: 65 And Older

MortgageConsumerStudent

Average debt per family: $40,403
Typical (median) family with debt: $28,000

Source: Loans Canada analysis of Statistics Canada, Survey of Financial Security 2023.


When Debt Becomes Too Much: The Insolvency Picture

For some Canadians, debt reaches a point where it can no longer be managed. The Office of the Superintendent of Bankruptcy tracks these cases, and its 2024 Consumer Debtor Profile offers a sobering look at what unmanageable debt looks like3.

Profile Of An Insolvent Canadian (2024)

137,295 consumer insolvencies were filed in 2024.

$53,997 was the median total amount owed, against just $15,142 in median assets.

46 was the average age of a debtor who filed.

-$175 was the typical monthly shortfall, with median income of $3,089 against $3,264 in expenses.

The leading cause was a loss of income (45%), followed by medical reasons (20%).

Source: Office of the Superintendent of Bankruptcy Canada, Consumer Debtor Profile 2024.

The takeaway is that insolvency is rarely about reckless spending. It is usually triggered by an income shock on top of an already tight budget. That is why building even a small emergency buffer, and acting early when payments get hard, matters so much.


Evaluating Good Debt Versus Bad Debt

Not all debt is equal. Some debt helps you build wealth or earning power over time, while other debt only costs you money. Knowing the difference helps you decide what to pay down first.

Good DebtBad Debt
MortgagesCredit card balances
Student loansPayday loans
Business loansHigh-interest car loans

Good debt is money borrowed to buy something that tends to grow in value or boost your income, such as a home, an education, or a business. Managed well, it builds your net worth over time.

Bad debt is money borrowed for things that lose value, such as everyday purchases, vacations, or discretionary spending put on a credit card. It does not generate income and chips away at your net worth, especially at today's interest rates.


How To Reduce Your Debt In Five Steps

If your balances are above the averages for your age, that is a signal to build a plan, not a reason to panic. These five steps work at any life stage.

  1. Create a budget. Map your income against your expenses so you can see where money is going and free up room for payments.
  2. Prioritize and consolidate. Target the highest-interest balances first, and consider rolling them into a lower-rate option such as a debt consolidation loan or a balance transfer credit card.
  3. Increase your cash flow. Look for ways to add income or trim recurring costs, and direct the difference straight to your debt.
  4. Negotiate with your creditors. Many lenders will discuss a lower rate or a more manageable payment plan if you reach out before you fall behind.
  5. Get professional help. If the balances feel unmanageable, a credit counsellor can help you build a personalized repayment plan.

These related guides can help you put your own debt in context.


Bottom Line

Debt is a normal part of financial life, and how much is "normal" depends heavily on your age. Non-mortgage balances build through your working years and peak in your late forties and early fifties, while family debt that includes a mortgage peaks a decade earlier. What matters most is not hitting an exact number but staying on top of your payments and making sure your debt is building toward something. Wherever you land against these averages, small and consistent steps, budgeting, watching your interest rates, and acting early when things get tight, are what keep debt working for you rather than against you.

Average Debt In Canada By Age FAQs

How much debt does the average Canadian have?

The average Canadian carries about $22,321 in non-mortgage debt, based on Equifax data for the third quarter of 2025. That covers credit cards, personal loans, lines of credit, and car loans, but not mortgages. The figure rises with age, peaking at about $34,987 for those aged 46 to 55.

What age group has the most debt in Canada?

It depends on whether you count mortgages. For non-mortgage debt, the 46 to 55 group carries the most, at about $34,987 on average. Once mortgages are included, families headed by someone aged 35 to 44 carry the heaviest total debt, averaging $287,200 among those with debt.

How much credit card debt is normal?

Credit card balances vary with income and age. Among Canadians who became insolvent in 2024, median credit card debt ranged from about $9,229 for those under 35 to $16,481 for those 65 and older, according to the Office of the Superintendent of Bankruptcy. Carrying a balance is common, but paying it off in full each month avoids high interest charges.

Which age group is struggling most with debt?

Younger Canadians. Even though they carry the smallest balances, those aged 26 to 35 had the highest share of payments 90 or more days overdue in late 2025, at 2.45%, up more than 20% from the year before. Lower early-career income and student loans are common reasons.

How much debt is too much?

There is no single number, since it depends on your income, assets, and stage of life. A better test is whether you can comfortably make your payments. If you are only covering minimums, missing payments, or borrowing to cover basics, that is a sign to build a repayment plan or speak with a credit counsellor.

References

  1. Equifax Canada. (2025, December). Market Pulse: Q3 2025 quarterly consumer credit trends. https://www.equifax.ca/about-equifax/newsroom/
  2. Statistics Canada. (2024). Survey of Financial Security, 2023: Assets and debts held by economic family type, by age group (Table 11-10-0016-01). https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110001601
  3. Office of the Superintendent of Bankruptcy Canada. (2024). Canadian consumer debtor profile 2024. https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-20
Priyanka Correia avatar on Loans Canada
Priyanka Correia

Priyanka, a senior member of the Loans Canada team, is a personal finance expert in debt management, credit strategy, and financial literacy. With years of experience and a BA in business, she applies her knowledge to provide practical guidance on financial challenges Canadians face. Passionate about accessible financial knowledge, she continually expands her expertise and simplifies complex topics into actionable strategies, helping Canadians feel informed and confident.

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