Consumer Lending Survey 2012

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Maxed out: Canadians ready to cut debt

In March 2012, the Bank of Canada (BoC) stated that “Canadian household spending is expected to remain high relative to GDP as households add to their debt burden, which remains the biggest domestic risk.”

According to our annual consumer lending survey, Canadians seem to be listening to the BoC and its governor, Mark Carney, who has often warned them about rising debt levels.

Canadian consumers have indicated that they intend to reduce their debt over the next year; however they are also comfortable with their debt. Almost two-thirds think their debt level is about right, but still want to decrease the amount of debt they carry over the next year.

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After the recession: What's next for consumer lending in Canada? (2.97 MB) Download the full PDF.