​Canadians resolve to pay down debt

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As we head into 2015 Canadians are making a resolution to tackle their household debt. An annual survey by CIBC shows that paying down debt is the top financial priority for Canadians for the fifth year in a row. Building up savings and planning for retirement are also important along with paying bills and keeping up with day to day expenses. Christina Kramer, Executive Vice President, Retail and Business Banking, says: "While it is encouraging that paying down debt is important to Canadians, it is also important not to lose sight of longer term goals like retirement planning." The poll also showed that 45 per cent of Canadians had consulted a financial advisor this year.

  • Tony on 2014-12-31 10:15:19 AM

    I wonder where are all these Canadians getting the extra cash at $160 plus debt ratio to tackle their household debt. Annual survey seems nothing more than new year wish with 45% of Canadians consulting financial advisers prior to filing for financial relieve.

  • Sue on 2014-12-31 10:34:21 AM

    These articles sound more like motivational speeches rather than newscast.

  • Derik on 2015-01-02 9:20:35 AM

    That's why I help my clients not only get into a mortgage - but with my software I actually spend the time to educate them on how to get out of one! The referrals you get from this simple tactic are unbelievable and turn the motivational talk above into reality.

  • Sue on 2015-01-03 11:43:03 AM

    Derick, how does one get out of the financial crunch at 160% debt? At those numbers, credit cards serve only as a supplemental income causing accumulation of debt that will get repaid by equity take out only. Condition for this model is that our Immigration Department will keep on providing enough ignorant buyer who is prepared to sign on a bottom line at 30%+ overrated real estate values only to deliver comparable for the rest of the market. Take away those cards and your client becomes insolvent, hungry, cold and naked and with market correction, also casualty of financial illiteracy no matter what software you have at your disposal. Conditions are simply unsustainable.

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