Scotiabank today released the results of a recent poll looking at consumer debt levels and practices, and how Canadians are feeling about their debt.
The study was conducted by Harris/Decima and assessed the borrowing habits of Canadians. More than half of Canadians (56%) feel their level of debt is manageable and an additional 27%. A smaller number of Canadians (17%) reported feeling overwhelmed by their debt, and many of these people carry a credit card or line of credit balance.
“We know that a majority of Canadians are interested in having a plan that looks at their overall financial health and helps them make the most of their money,” said Mike Henry, Senior Vice President of Retail Payments, Deposits and Lending at Scotiabank. “Whether it’s renovating their home, funding a child’s education or planning for retirement, having a financial plan with a manageable borrowing strategy will help Canadians plan for and manage the role that debt plays in reaching their life and financial goals.”
Many Canadians do not currently have an outstanding balance on their credit card or on their line of credit (56% and 40% respectively). In fact, four-in-ten (41%) respondents never carry a balance on their credit card and one-third (31%) never carry a balance on their line of credit. An additional one-in-five only use their credit card or line of credit (18% and 22% respectively) in the case of an emergency.