Canadians are OK with going into debt for major milestones, such as buying a home, or paying for school, a wedding or honeymoon, a new survey has found.
The TD Canada Trust Report says 41% of respondents find it difficult to save money and continue to enjoy their current lifestyles, so many rely on loans, lines of credit, credit cards, and gifts from friends and family.
But when it comes to big life events, 61% said they're OK with taking on debt to finance a down payment on a home. As well, 57% said debt is OK when buying a first car, 54% would go into debt for post-secondary education, 46% said starting a family is a good reason to rack up debt, while 38% would use loans or credit to pay for their wedding and honeymoon.
To get their debts under control, 34% said they tap into savings, 32% consolidate debts, 29% sell assets, 27% get a second job and 10% borrow money from family.
The TD survey was conducted online Jan. 23-27 and surveyed 1,022 Canadians, 18 years of age or older. TD didn't provide a margin of error.