8 Aug 2011

Poll: Nearly three out of four Ontarians have debt

A new poll conducted by the Canadian Imperial Bank of Commerce finds that Ontarians have a higher level of debt when compared to others living in the country.

The CIBC survey indicates approximately 74 percent of Ontario residents have some type of significant payment they have yet to take care of, compared to 72 percent nationwide.

Despite this high number, however, 63 percent report making "good progress" on lowering their debt, doing such things as making a lump sum payment, implementing a household budget or making a significant sacrifice in their typical spending behavior.

"Managing debt as part of their overall financial plan is top of mind for Ontario residents in 2011, and these latest poll results show that some progress is being made," said Christina Kramer, executive vice president of CIBC. "Taking simple steps such as making an extra payment or implementing a budget for your family can make a positive difference in your long term plans for debt reduction."

Something else that may help Ontarians manage their bills more effectively is greater organization, as some payments may be misplaced due to messiness, leading to delinquency. Cheap document storage may help solve this problem, as bill statements can be paid off in an efficient manner.

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