We're outspending what we make. Not exactly a revelation but a new Statistics Canada report is trying to paint a picture of how bad Canadians are at handing their debt.

The report shows we spend $1.71 for every one dollar that we make, creating $2.1 trillion in total debt. Aaron Ruston from Purposed Financial says it's getting out of control.

"People are drawing down on equity from their homes, home value has gone up. Even though for a while they curtailed some of their borrowing and they're looking to incorporate some things here in January of 2018 that will hopefully for the sake of some people stop the borrowing, its our continuous borrowing and our continuous spending that's driving us to the edge".

Ruston says if you do find yourself in a situation with some fluid cash; paying of debt, rather than looking for an investment is the best course of action right now.

"If interest rates start to rise, and they will, we saw the US raise interest rates. Its coming, and when that does come there will unfortunately be a lot of people caught in very compromising positions".