A new survey reveals about one in five Canadians plan to take on more debt this year as they struggle to pay their bills.
On Tuesday, TransUnion Canada released its Consumer Pulse study, which found 82 per cent of those asked worry about inflation and 44 per cent expect their finances to be worse in the year ahead. The study surveyed 1,000 Canadian adults between Sept. 25 and Oct. 6, 2024.
The survey also found one in five Canadians plan to take on more debt in 2025, with 43 per cent saying they plan to apply for a new credit card.
“There is a segment of Canadians that are using credit to substitute for cash flow,” Matt Fabian, of TransUnion Canada, said in the report.
The survey also found 57 per cent of respondents are concerned about housing prices while 15 per cent are considering refinancing their property.
Credit counselling services said many Canadians are taking on more …