The Globe and Mail reports in its Thursday edition that Canadians are directing a record portion of their disposable income to debt payments. The Globe's Matt Lundy writes that household debt service ratio -- debt payments as a proportion of disposable income -- rose to 15.22 per cent in the third quarter, said Statistics Canada in a report Wednesday. Put another way, the average household is spending around 15 cents of every after-tax dollar to service their debt. The latest figure is up from 15.08 per cent in the second quarter and marks the highest ratio in records that date back to 1990. It is likely that the financial strain on Canadian households will worsen, given that many homeowners have yet to renew their mortgages at higher interest rates. However, these low rates, combined with a housing shortage, fuelled a massive appreciation in home prices across the country, with buyers forced to take on ever increasing amounts of mortgage debt. In addition, consumer spending has effectively stalled over the past two quarters. TD economist Maria Solovieva said Wednesday, "The combination of high debt levels and slower income growth will create an enduring drag on consumption and broader economic growth in turn."