Despite climbing debt loads and repeated warnings from financial officials, a new poll suggets Canadians are quite comfortable with the idea of taking on debt.
The survey by Harris/Decima finds nine out of ten respondents would consider borrowing money to cover an unexpected cost.
Respondents were asked how confident they were about being able to raise $2,000 within a month if an unexpected need arose. Just over half were very confident they could raise the cash…..and nine out of ten said they’d consider borrowing to come up with at least some of the cash.
Less than half said they’d never faced a debt problem.
These results come as Canada’s debt-to-income ration sits at a record 152 per cent. Top officials, including the Bank of Canada’s Governor Mark Carney, have been warning Canadians to start paying off debt before interest rates begin to rise.