INFOGRAPHIC: 27.5% Of Canadians Are In Credit Card Debt Denial Feb 26th

Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.

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INFOGRAPHIC: 27.5% Of Canadians Are In Credit Card Debt Denial

– ratesupermarket.ca

RateSupermarket.ca finds disconnect between debt beliefs and national average
Using a credit card to extend purchasing power is common consumer behaviour – but while carrying a balance may be the ‘new normal’, a survey finds cardholders are often incorrect about how their own debt compares to the rest of Canadians.
RateSupermarket.ca’s Debt Denial study, which polled 6,090 credit card consumers, finds 27.5 per cent of respondents are wrong in how they perceive their debt, with 22 per cent mistakenly believing they owe less than the national average.
“We found that Canadians want to believe their credit habits are sustainable and responsible,” says Penelope Graham, Editor at RateSupermarket.ca. “However, 42 per cent of those who believe their debt is on par with the average are actually carrying more than the norm.”
Interestingly, the survey found the opposite also holds true: 35.4% of those who believe they have too much debt actually have less than their peers.

To find the extent of debt denial in Canada, RateSupermarket…

Continue Reading On ratesupermarket.ca »

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