Canadians taking extra steps to tackle debt load
Article by theglobeandmail.com
Most are in debt, but nearly half are trying to pay off their dues ahead of schedule, according to CIBC survey. The majority of Canadians are in debt but nearly half of them are trying to pay off their dues ahead of schedule, according to a survey conducted for a major bank.
The study, commissioned by CIBC, found that 72 per cent of respondents said they held some form of debt such as a mortgage, student loan or credit card.
However, about 49 per cent of those responding to a phone survey conducted for CIBC said they’ve made an extra lump sum payment in the last year to try and bring down what they owed.
“Debt management is top of mind for Canadians, and these poll results show that many Canadians are taking steps towards reducing their debt,” said Christina Kramer, CIBC executive vice-president of retail distribution.
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