More Canadians Are Debt Free in 2012!

More Canadians are debt-free in 2012RBC’s annual survey reveals that more Canadians are debt free in 2012, compared to 2011. A whopping 26% of survey respondents had no personal debt, excluding their mortgage, which is way up from 22% in 2011.

Unfortunately, however, it seems that Canadians that do carry debt are drowning in their money woes. The average Canadian in carrying over $13,000 in non-mortgage debt, but the numbers are only up by $84.

Which Canadians have the most debt?

Which Canadians carry the most debt? Ontario residents, with a whopping $15,361. Quebeckers are holding the least amount of debt with $10,171.

But don’t let all those numbers get you down; over 40% of those polled admitted that they are comfortable with the debt they are carrying.

According to Richard Goyder, vice-president of personal lending at RBC, believes that it’s “encouraging that the results show more Canadians have become debt-free over the past year.”

Most Canadians are paying down their debt

Most respondents, 51% to be exact, agreed that it’s more important to pay down their debts than it is to save up for the future. What’s more is that an astronomical 76% believe that they are in better shape than their neighbors. How they know that is still a mystery.

So where do you stand on the debt scale? Are you in better financial shape than you were last year or are you worse for wear? Let us know.

The online poll surveyed 2,041 Canadian adults and was conducted from July 27 to August 2, 2012.

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