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Older Canadians Carrying Debt


Canadians currently holding some form of debt expect to be debt-free by the age of 53 ‒ two years sooner than a similar poll conducted in 2011, says a CIBC poll. And this is despite a steady climb of consumer debt levels during that time. However, of Canadians currently aged 55 to 64, more than two-thirds are still carrying debt, emphasizing the need to take action to make those debt-free dreams a reality. Among Canadians aged 55 to 64, 67 per cent say they currently hold debt, an increase from 64 per cent in 2011. "Canadians have good intentions when it comes to paying down debt, but unless they have a solid financial plan in place they may still find themselves with significant debt obligations as they near retirement," says Christina Kramer, executive vice-president, retail and business banking, at CIBC.

Courtesy of Benefits and Pensions Monitor website News Alerts 

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