So it is no secret that as Canadians our average personal debt load continues to grow…
To put it in perspective, according to debt monitoring firm Equifax, the average Canadian now owes $22,081 in consumer debt, a figure that doesn’t include any mortgages. This is an increase of 3.6 per from the previous year.
It seems fitting as a result that an annual opinion survey for CIBC has revealed that a top prioirity for Canadians is getting rid of their debt. The Toronto-based bank says debt reduction or elimination was the top priority for 25 per cent of the poll respondents while paying bills or just getting by were the top goals for about 15 per cent of respondents.
By comparison, 13 per cent said their top priority was growing wealth or investments.
Lower on the list of financial goals were saving for a vacation (eight per cent), retirement (seven per cent), or for a house or renovation (six per cent).
The online survey was conducted Dec. 11 and 12 by Angus Reid Forum, using a statistically weighted sample of 1,524 adults in Canada.
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