Canadian consumer debt has risen to $2.4 trillion, with an average debt load of approximately $21,131—excluding mortgages. And Canadians are using credit cards more, as there was a 9% increase in credit balances in June 2023 compared to the same time last year.
An updated survey explores the lengths people are willing to go for financial freedom…
1000 participants were asked questions regarding what they would be willing to give up to be debt-free, which debt they were most anxious to pay off and more.
Financial Freedom: What Would You Give Up?
● 68% – Sex for a year
- 22% – Phone for a year
- 12% – Pet for a year
- 73% – Alcohol for 2 years
- 70% – Travel for 2 years
- 42% – Amazon for life
- 38% – Social media for life
- 65% would prepare to juggle a second job if it paved the way to a debt-free life.
- 44.5% of respondents noted credit card debt as their top financial burden, while student loan debt haunts nearly a quarter of adults.
- Alarmingly, 1 in 5 people only pay the minimum due on their credit cards monthly, extending their debt journey due to interest piling.
- If presented with a debt-relief check, 87% would immediately clear their credit dues, but others have alternate plans: 6% would save, 5% would invest, and 2% would use the money for other things.
35% of people say they would work every day for the next 365 days straight if it means their debt is wiped clean.