This article was last updated on April 16, 2022
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A newly conduced survey under supervision of one of the largest banks of Canada, BMO, has implied that more Canadians are in debt this year in comparison to last year, while the average amount repaid in debts by people has decreased too. The result of an online poll conducted by Pollara, on behalf of BMO, showed that an overwhelming 83 per cent of the respondents alleged to have some form of debt this year, i.e. an increment from last year’s 74 per cent. That’s a considerable nine percentage increase, although it means a 12 per cent increase from one year to the next basis.
Additionally, the survey revealed that the average monthly debt repayment amount has decreased by a much alarming 13 per cent from $1,138 last year to $986. It was found out that regionally, Albertans claimed to have repaid largest monthly debt repayment, at $1,225, while Quebecers had the smallest, i.e. $768. Therefore, the bank concludes that the survey result infer that people are in no hurry to pay down their debts.
Commenting on the result of survey, BMO vice-president, Janet Peddigrew, mentioned that “we’ve had prolonged interest rates for a few years now, allowing people to take on more debt while still ensuring that it’s affordable so they’re able to manage the debt that they have.” Even though an increase was observed in the number people with debt, almost half of the respondents, i.e. 44 per cent, claimed that their household debt has decreased in the past five years. In contrast, 28 per cent respondents claimed that it had increased during that period.
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