Almost one in five British Columbians with debt believe they will never be debt-free, according to the results of a CIBC poll released July 31.
The survey found 18% of those carrying debt in this province believe they will never be free of those obligations. This is higher than the national average of 14% and tied with the results found in Atlantic Canada.
Of the 14% of Canadians who feel they will never be free from debt, the survey found:
- 25% say they are too far in debt to pay it off, based on their current circumstances;
- 16% say they can't pay it off because the cost of living is too high; and
- 12% say they have a "comfortable" level of debt and don't intend to pay it off.
"Choosing to carry debt over the long term may carry risks because your financial circumstances tomorrow might make it harder to manage the debt level you have today," said Christina Kramer, CIBC executive vice-president, retail distribution and channel strategy.
"That's why it makes sense to make progress on debt repayment, even if you are comfortable with the debt you hold today."
The survey also found that responses varied by age group. Of those over the age of 65, 21% said they would never be debt-free, while 7% of respondents between 18 and 35 felt the same way.
