The Average Person Can Only Stay Debt-Free for Two and A Half Months

According to a new survey, people would give up social media for a year, spend a night on a remote island and go a month without internet access just to have no debt.

At best, the average person feels that they could only be debt free for 8.5 weeks.

The reason people cannot maintain a debt-free life is due to the cost of living, unexpected expenses, rising interest rates and simply spending too much in an effort to keep up with others.

People’s biggest debt hurdles include credit card debt, mortgages, automobile loans and medical debt.

The average Canadian holds about $67,000 worth of debt.

For some, their debt has stood in the way of making significant life changes, such as buying a home, or a car, saving for a kid’s education and getting divorced.

WHAT WOULD PEOPLE DO TO BE DEBT-FREE?         

• Give up social media for a year - 32%
• Spend a night on a remote island - 31%
• Give up internet access for a month - 29%
• Go skydiving - 20%
• Eat something gross - 19%
• Go storm chasing during tornado season - 18%
• Get tackled by a linebacker - 14%
• Go BASE jumping - 12%
• Swim with sharks - 12%
• Complete a triathlon - 11%
• Run with the bulls - 11%
  
  

DEBTS THAT WERE WORTH IT

• Mortgage on a home/ apartment - 38%
• Car loan - 33%
• Home improvement/ repairs - 28%
• Medical bills - 27 %
• Graduate school - 17%
• Small business loan - 15%
• Undergraduate school - 14%