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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

2 January 2019

Main financial goal for 26% of Canadians is becoming debt-free in 2019

According to the recent CIBC survey, as interest rates keep growing, many Canadians are focusing on getting rid of their debts this year.

The poll says 29% of respondents raised their debts last year. The main sources of increase were day-to-day items (34%), buying a new vehicle (24%) and paying for a home renovation (20%).

The report shows that 26% consider paying down debt their number one financial priority. Then follow managing bills and getting by (14%), increasing wealth (12%), saving for a vacation (7%), and saving for retirement (6%).

"Debt affects Canadians sharply, so it's understandable why Canadians keep naming debt concerns their number one priority," - noted Jamie Golombek from CIBC.

The main sources of Canadians’ debt are: credit card (45%), mortgage (31%), car loan (23%), line of credit (22%), and personal loan (11%). Meanwhile, 28% say they have no debts already.

At the same time, two-in-five Canadians worry they're not saving enough because of focusing on their debts too much, but 84% still believe it’s better to pay off the debts than to save more.

"It doesn’t happen too often that we have enough money for everything, that’s why it’s vital to prioritize both debt and savings," - says Golombek. "It’s all about compromise and balancing your priorities both now and in the future. The thought of being debt-free could make you sleep safe and sound right now, but later, you’ll be stressed by the idea that you’ve missed your savings and tax sheltered increase."

Now is a perfect time to revisit your budget and concentrate on high interest debt payout while mortgage rates are still historically low. We are helping hundreds of clients every year to lower their monthly payments by including  high interest payments into one affordable mortgage payment and releasing lots of cash every month to cover other needs and having more money for long overdue vacation and other fun family activities.



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