Despite the collective growth in Canadian household debt, most people say they did not take on any new debt in 2016.
A poll by CIBC found that 70 per cent of respondents said they did not increase their debt but among the 28 per cent that did, almost a third did so to keep on top of household expenses.
Reducing debt is a priority for nearly 30 per cent in 2017, the highest level in the lender’s poll since 2010. Credit card and line of credit debts are the debts that 76 per cent consider their main priority.
Just 6 per cent of respondents put buying or saving for a home, or renovating their current home, as their financial priority in the year ahead.
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