Some Canadians (14%) carrying debt believe they’ll never be debt-free, says a CIBC poll.
This number jumps to 21% for the 65 and older age group. Another 10% don’t know when they’ll be able to completely pay off debt.
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The survey questions whether these Canadians are too deep in debt to get out or are just too comfortable with debt as it stands.
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Of those who say they’ll never be able to pay it off, 25% blame too much debt as the main reason why; 16% say cost of living is too high; and 12% are perfectly comfortable with their level of debt and simply don’t intend to pay it off.
Canadians over 65 are more likely to feel they’re stuck with it, although this age group also has the least debt.