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Canadians Have A Big Appetite For Debt

By Debt.ca on June 21, 2012 No Comments

A recent survey has revealed that a large number of Canadians are comfortable with going into debt in order to achieve some of the fine things in life. Most Canadians confirmed that they will be okay with getting into debt for accomplishments such as weddings, honeymoons, buying homes as well as paying school fees.

The results of the survey, dubbed the “TD Canada Trust Report”, demonstrates that approximately 40 per cent of the Canadians interviewed find it very challenging to save money and yet live enjoyable lifestyles. So a good number of them will not mind getting into debt in order to keep enjoying life to the fullest. The study indicates that about 60 per cent of Canadians acknowledge that they will be okay with taking loans in order to secure high end items such as homes which demand substantial down payments.  A record 57 per cent testified that they will happily get into debt in order to buy a car, 54 per cent confirmed they will get into debt to finance post secondary education, 46 per cent revealed that getting into debt in order to start a family is quite in order. Not to mention that a strong 38 per cent will happily get loans to fund their weddings and honeymoon expenses.

Managing Debt

While the statistics show that Canadians have a big appetite for debt, many people are able to control their debt and pay it off in a realistic time-frame. Of those surveyed, 34 per cent said they would utilize savings to settle debts, 32 per cent will take the option of debt consolidation, 29 per cent said they would go for asset selling, 27 per cent said they would rather look for a second job while only 10 per cent said they will turn to their family and close friends.

These findings are particularly interesting because they demonstrate the true perceptions of Canadians on debt. Apparently it seems that many Canadians view going into debt as a path they can choose when faced with certain financial challenges that can easily prevent them from reaping the full benefits of a good life. Indeed undertakings such as buying a car or even organizing a wedding can be especially challenging in the current economy. But it is encouraging to see that most Canadians are aware of the important factors to consider when taking on debt. It is also encouraging to see that most Canadians understand the necessary steps to get out of debt at the earliest instance.

The study was undertaken online between the 23rd to the 27th of January 2012, with a one on one survey that involved over 1000 Canadian residents, aged 18 and above.  Most importantly, the survey seems to indicate that most Canadians feel confident that they can get into debt to improve their lives but still get out of debt through the various debt relief options in Canada.

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