​A quarter of Canadians are in ‘debt denial’

A quarter of Canadians are in ‘debt denial’

Twenty-two percent of Canadians wrongly believe that their debt level is ‘average’ and 27.5 per cent are wrong in how they perceive debt.

A poll by RateSupermarket asked 6,000 people about their use of credit cards and found that, of those who have a balance of at least $8,000, almost half consider that to be ‘average’; in fact, the national average is $2,627. 

On a positive note, 35 per cent of respondents thought they had more debt than they do and the percentage of Canadians with no credit card debt increased to 18.4 per cent, up 5.3 per cent from a similar survey in 2012.

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