More than eight in 10 Canadians aren’t worried about their level of personal debt, finds a new CIBC poll.
That’s because the vast majority (85%) are taking steps to reduce their debts.
“Debt repayment has been [a top] priority for four years running, and we are now seeing some results,” says Christina Kramer, executive vice-president of Retail and Business Banking at CIBC.
Other key findings include:
- only 16% of Canadians are concerned they have too much debt, while almost a quarter (24%) are comfortable with the amount of debt they have;
- a third says they would like to have less debt but what they have is manageable;
- about a quarter (24%) of those polled say they’re debt-free;
- among Canadians with debt, the poll finds 34% are working hard to pay off their debts as quickly as possible, and 51% are making a reasonable effort; and
- that compares to 8% who are making minimal payments, and 3% who are missing or behind on payments.
When asked about when they’ll be able to pay off debts, more than one third of respondents (35%) predicted they could do so in the next two years. An equal number (36%) expect to erase debt in the next two to five years, and 24% say it will take more than five years.