When it comes to getting out of debt, Canadians have the best intentions.
But habits are hard to break.
PWC ran a survey last year where 64% of the people intended to cut their debt levels.
Unfortunately the follow up this year shows that only 23% had any success in doing so, 26% reporting that they were ‘completely unsuccessful’.
Noting that the current debt-to-income ratio sits at more than 160 per cent, the consulting firm called the trend to higher debt levels “unsustainable” for consumers.
“Similar with any diet, saying you’ll cut back and make better choices is one thing, while actually doing it is quite another,” said John MacKinlay, a national financial services consultant at PwC.
“We advise Canadians to take a hard look at their discretionary spending and prepare to make some tough choices on where to trim the fat.”
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