A recent study by the Bank of Montreal showed that more Canadians now admit to being in debt – and they are taking longer to pay it off too.
The study found that 83% of Canadians now admit to being in debt, which is a significant rise from the 74% in the previous year.
As well as this significant rise, the study also found that the average amount paid back each month had fallen from $1,138 to $986. This is a drop of 13% and means that Canadians are paying their debts off far more slowly.
Those people living in Quebec reported the least amount being paid each month at $768. People in Alberta reported the highest repayments with $1,225, which is higher than the national average.
Janet Peddigrew, the vice-president of Montreal Bank, said that this could either be because people are struggling financially, or because low interest rates are allowing Canadians to relax their repayments.
Source: http://business.financialpost.com/2013/07/24/debt-canadians-poll/
