Embarrassed about your debt? You’ve got company - MoneySense

Embarrassed about your debt? You’ve got company

Heavy debt loads are affecting Canadians’ retirement and work plans


An Investors Group poll on debt reveals that one-third of Canadians are embarrassed by their debt.

Unfortunately for debt-ridden Canadians, the survey released a host of other unpleasant statistics.

Half of Canadians are uncomfortable with how much they owe, one-third are losing sleep at night thinking about it and one in four are fighting about it with their significant other.

Participants said, however, that some debt can lead to good things later.

The largest source of debt is borrowing to buy property, and 18 per cent said that they borrowed to pay for school and skill upgrades.

One-quarter of those surveyed said they’re thinking of putting off retirement or finding an extra job to get out of the red.