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OTTAWA, Dec 14 (Reuters) - Canadian household debt as a share of income hit a record high in the third quarter, Statistics Canada said on Thursday in a report likely to reinforce concerns that consumers could run into trouble as interest rates rise.
The ratio of debt to disposable income rose to 171.1 percent from an upwardly revised 170.1 percent in the second quarter.
On a seasonally adjusted basis, households borrowed C$23.4 billion ($18.3 billion) in the third quarter, down from C$28.7 billion in the preceding quarter.
The Bank of Canada - which regularly expresses concerns about Canadians’ debt levels - has twice raised interest rates this year and says more hikes are inevitable. Governor Stephen Poloz is due to give a speech later on Thursday.
Mortgage borrowing decreased to C$16.2 billion from C$17.0 billion, the second consecutive decline.
The debt service ratio, which measures debt principal and interest payments as a proportion of income, was relatively flat at 13.9 percent.
Reporting by David Ljunggren; Editing by Bernadette Baum