Statistics Canada announced this month that per capita household debt increased to $46,700 for the quarter ending December 2011. This represents an increase in household debt of 4.94% versus a year earlier ($44,500). Although (due to household income growth) the debt-to-income ratio for the fourth quarter of 2011 fell to 152.9 versus 154.2 the quarter previous what are the majority of Canadians most likely to shed first; income or debt? I guess it depends if you are an optimist, pessimist or realist. Nonetheless, I don’t like the 1:2 odds of where this is leading us.