Half of Canadians expect to be debt-free by 2017

Originally posted on Financial Post | Business:

Is it a dream or reality? Half of Canadians now in hock expect to be debt-free by 2017 and that includes their mortgage, a new Bank of Montreal study says.

In a Leger Marketing poll, 54% of Canadians said they expect to be debt-free in five years. The average current debt of Canadians is $112,329.

Men are more likely to carry large debt, with 30% saying they owed more than $100,000, compared to 22% of women. Those in the age group of 35-44 are also the mostly heavily in debt, with 43% saying they owe more than $100,000.

“While debt is a part of life for the majority of Canadians, it doesn’t have to be a permanent fixture,” said Su McVey, vice-president, BMO Bank of Montreal. “While interest rates have likely kept debt loads manageable for many households, that picture may be poised to change in the coming year.”

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