Debt continues to concern Canadians
Posted Jul 31, 2013 12:26:11 PM.
This article is more than 5 years old.
OTTAWA – Almost one quarter of Canadians surveyed have no timeline to get out of debt, and ten per cent don’t ever expect to escape their debt.
A new survey by Harris Decima for CIBC found that surprisingly, those over 65 years of age are the most pessimistic about getting out of the financial hole.
Geoff Dillon of CIBC tells 1310News, taking that first step can lead to real results.
“Even eliminating 10 or 20 per cent is going to improve your cash flow; it’s going to cut down on what you’re paying in interest,” Dillon explained. “That starts to free up a little more money every month.”
Dillon says historic low interest rates in Canada can also help you consolidate your debt and pay it down.
“There’s an opportunity here for Canadians to pay down their debt. I think it’s important to take advantage of that opportunity,” he said.
Carrying debt into retirement can impact your golden years. Dillon suggests talking to a financial planner to find your best path out of debt.
