In debt but not worried

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Canadians may be in debt but many are not concerned. Following reports by the Bank of Canada and ratings agency Fitch concerning the high levels of debt carried by many households, a poll from CIBC found that only 16 per cent of Canadians are worried that they have too much debt. Better than that, 71 per cent say they will be debt free in 5 years and 85 per cent say they are taking steps to reduce their debt. CIBC’s Christina Kramers commented: “Annual research on financial priorities for Canadians shows that debt repayment has been their number one priority for four years running, and we are now seeing some results from those good intentions."

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