An annual survey suggests Canadians are increasingly willing to reduce discretionary spending to reduce their debt.
The annual poll conducted for the accounting firm PwC found about two-thirds of the 1,200 people surveyed would postpone purchases of a new car, home or consumer electronics to reduce debt.
Leger Marketing conducted the interviews in December and the results published Tuesday.
PwC concluded that Canadian banks will experience a slowdown in lending growth over the next 12 months, increasing competition among the lenders.
The firm also noted the desire to reduce debt wasn't restricted to people who felt they were in a financially difficult situation.
Two-thirds of those surveyed by Leger Marketing said they were comfortable with their current level of debt and about 80% felt their jobs were secure.
Related Stories
