By Hanna Mohammed
A new poll suggests that most Canadians are too comfortable with debt.
In the survey done by bankruptcy trustees Hoyes, Michalos and Associates nine out of 10 people would consider taking loans to cover unexpected costs.
The Harris/Decima poll asked borrowers if they could comfortably raise $2,000 within a month to cover unexpected costs; 92 per cent of people said they would rather borrow.
One-in-five Canadians surveyed said they believe it would take them two months or longer to come up with $2,000, even if they could borrow. Among those who said they couldn’t raise the money within a month, 26 per cent said they couldn’t raise the money no matter how much time they were given.
The poll results come as Canadian debt-income ratios sit at a record 152 per cent. Officials are warning those who have borrowed to pay down debt before interest rates increase.
The findings suggest that consumers have been unmoved by warnings.
