A new poll suggests that more Canadians are in debt this year, but average monthly payments are lower than in the past.
The study released today by the Bank of Montreal (TSX:BMO) found that 83 per cent of Canadians surveyed admit to having some form of debt, an increase from 74 per cent a year earlier.
But the poll also found that the average amount of monthly debt repayment has fallen by 13 per cent from a national average of $1,138 to $986.
Albertans have the highest debt payments each month at $1,225, while those who live in Quebec reported the least amount at $768.
Nearly half of those polled say their household debt has decreased over the past five years, however 28 per cent said it had increased.
One-third of Canadian say their mortgage is their biggest debt, number two is a car loan, and number three on the debt list, paying for education.
Over half of the Canadians currently in debt say they hope to be debt-free within five years.
