Canadian households are concerned over high levels of debt and their ability to pay down debt and continue payments when interest rates are increased.
Ipsos found that three quarters of Canadians are in debt. For 15 per cent that is just a mortgage while 58 per cent have some other consumer debt. Just 27 per cent have no debt at all including a mortgage.
Those aged 35-54 have the highest levels of debt along with Atlantic Canadians. Among these groups, the percentage who believe they will never be debt free is highest; 23 per cent of all those polled also expect to have debt for life.
The cost of living means that 46 per cent are unable to pay down debt as they would like and 55 per cent are concerned about paying their bills when interest rates rise.
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