Debt still a problem for Canadians: PwC

Facebook LinkedIn Twitter Furthermore, many Canadians don’t intend to put off any big purcases, the survey suggests, even though they struggle to control their debt. For example, roughly 65% of Canadians are willing to postpone purchasing a car, down from nearly 70% last year. Similarly, the survey found that roughly 55% of respondents would consider putting off the purchase of a new house or starting renovations compared with the over 60% of people who were willing to do so in 2012. With debt levels remaining so high, PwC warns that it isn’t just consumers who should be cautious but financial institutions as well. “With the average Canadian debt sitting at more than 160% of disposable income, the current trend is unsustainable—both for consumers and the banks who lend to them,” said John MacKinlay, national financial services consulting leader at PwC in a statement. “We advise Canadians to take a hard look at their discretionary spending and prepare to make some tough choices.” Companies PriceWaterhouseCoopers LLP Despite resolutions to the contrary many Canadians are failing to lower their personal debt, according to a survey released by Toronto-based PricewaterhouseCoopers LLP (PwC) on Tuesday. The PwC Consumer Lending Survey found that while 60% of Canadians said they intended to reduce their debt in 2012 only 23% did so successfully. Roughly a quarter of those people did not come close to meeting their debt elimination goals. Share this article and your comments with peers on social media Fiona Collie read more