Statistics Canada says household debt ratio edged lower in second quarter

OTTAWA — Statistics Canada says household income grew slightly faster than debt in the second quarter, resulting in a slightly lower debt-to-income ratio.The agency says credit market debt as a proportion of household disposable income edged down to 177.1 per cent on a seasonally adjusted basis, compared with about 177.5 per cent in the first quarter.In other words, Canadians owed roughly $1.77 in credit market debt, which includes consumer credit, mortgages and non-mortgage loans, for every dollar of household disposable income.On a seasonally adjusted basis, total credit market borrowing increased to $23.5 billion from $18.9 billion in the previous quarter.Credit market debt totalled $2.25 trillion in the second quarter including nearly $1.47 trillion in mortgage debt and $782.9 billion in consumer credit and non-mortgage loans.The household debt service ratio, measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income, edged up to 14.93 per cent in the second quarter. The Canadian Press read more

Ford recalls 230000 minivans to fix rust problem that can cause rear

Ford recalls 230,000 minivans to fix rust problem that can cause rear seats to come loose by The Associated Press Posted Mar 7, 2013 12:19 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email DETROIT – Ford is recalling 230,000 minivans in 20 cold-weather states and Washington, D.C., to fix rust problems that can cause the third-row seats to come loose.The company says the recall affects Ford Freestar and Mercury Monterey minivans from the 2004 through 2007 model years. They were sold mainly in Canada and U.S. states where salt is used to clear roads in the winter.The recall covers 196,500 minivans in the U.S. and another 33,500 outside the U.S., mainly in Canada.Ford said Thursday that rust can weaken the mounting brackets that hold the removable seats to the van floor. The company says no crashes or injuries have been reported from the problem.Dealers will install new seat mounting brackets, placing them outside of the area that can rust. They’ll also install panels above the rear wheels to prevent water from entering, Ford spokeswoman Kelli Felker said. Owners will be notified of the recall by letter during the last week of March.“The panels will protect that area so that it won’t get any other exposure to corrosive elements,” Felker said.The U.S. National Highway Traffic Safety Administration began investigating the vans from the 2004 model year in December, and added 2005 through 2007 to the probe in April because they all have similar seat designs.Vans in Connecticut, Iowa, Minnesota, Ohio, Wisconsin, Delaware, Maine, Missouri, Pennsylvania, Maryland, New Hampshire, Rhode Island, Illinois, Massachusetts, New Jersey, Vermont, Indiana, Michigan, New York, West Virginia and Washington, D.C., are being recalled. read more