Haves & have-nots

What portion of Canadians are indebted and how much do they owe?

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  • Talk about a mixed headline. More Canadians are debt-free this year (26%) than last year (22%) but those who do owe money are carrying slightly heavier loads, according to RBC’s annual debt poll. Indebted Canadians on average owe $13,141 in non-mortgage debt, up $84 from 2011. Four-in-ten say they’re comfortable with their debt load while 34% say it causes them anxiety.  Here’s a snapshot of consumer debt loads by province.
  • A new U.S. survey suggests 22% of Americans could not make ends meet without access to credit. A full third of respondents said they don’t pay their bills on time, the National Foundation for Credit Counseling said. If you fall into this group, it’s time re-evaluate your spending and perhaps consider a low-rate credit card.
  • Buy cheap? Buy twice, the Canadian Finance blog reminds us about consumer goods. We couldn’t agree more which is why we started The Perfect Price series a few months back. Take the guess work out of buying suits, sunglasses, shoes and more.

6 comments on “Haves & have-nots

  1. Funny because most of the 22% of Americans who couldn't make ends meet without access to credit who also don't pay their bills on time would never be considered for a low-interest rate credit card. I would much rather like to read that they are being encouraged to re-evaluate their spending, find ways to increase their income, stop using credit, and pay their bills on time instead of get a new credit card!

    Reply

    • Like the point about low interest credit cards… thanks Elisabeth

      Reply

  2. I am happy to see debt-free Canadians on the rise, but the fact that only 34% have anxiety about debt is maybe an indicator that people do not take debt seriously. I hope the no-debt rate continues to rise and more Canadians become serious about getting out of debt.

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  3. I walk around my neighborhood and I see two new cars in the driveway, toys (sleds,atv's) all the latest stuff and your tell me they are only $13,141.00 in debt. Something is wrong, or what am I missing?

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    • It's an average.

      Reply

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    Reply

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