The Globe and Mail reports in its Saturday, Nov. 23, edition that Manulife Bank of Canada's debt survey released Friday found that two in five indebted Canadians do not expect to escape debt in their lifetimes. A Canadian Press dispatch to The Globe reports that the survey
also found that 94 per cent of respondents agree that the average household has too much debt while 67 per cent of those in debt assume everyone else is as well.
The spending-to-income ratio is trending negatively as 45 per cent of those surveyed said their spending is increasing faster than their income. That is up from 33 per cent who said so in the spring. Just 12 per cent of respondents noted that their income is growing faster than their spending.
More than half (55 per cent) reported considerable non-mortgage debt, up nine percentage points from a spring survey. Sixty per cent say they have credit cards carrying a balance, up from 48 per cent in the spring.
The on-line survey was conducted amid growing concerns about the country's high level of consumer indebtedness as total debt per consumer surged to $71,979 in the second quarter, up from about $57,000 five years earlier, according to Equifax.
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