Results for - Debt: good or bad?

2,484 voters participated in this survey

I'm curious about the ways people view debt. In Canada our national debt to income ratio is a reported 173.6% according to the Jan 2019 issue of Maclean's magazine. This means we owe $1.736 for each dollar we earn. In Vancouver, it is 242%.

1. Do you have debt?

Yes
58%
1,389 votes
No
42%
1,011 votes

2. What kind of debt(s) do you have?

Mortgage
25%
611 votes
Credit card
35%
831 votes
Vehicle loan
17%
415 votes
Investment loan (eg rental property mortgage, loan to buy asset such as stocks)
1%
31 votes
Student loan
8%
195 votes
Line of credit (LOC)
8%
184 votes
Home Equity Line of Credit (HELOC) - this is also known as a second mortgage.
3%
74 votes
Other (please specify)
4%
88 votes
Not Applicable
40%
962 votes

3. Do you ever have trouble making all of your payments each month?

Yes
26%
630 votes
No
54%
1,293 votes
Not Applicable
20%
477 votes
If you selected, not applicable....why? EG: too young to have debt, religious reasons, etc.
  • I don't buy things until I can afford them. No debt.
  • I avoid debt.
  • Mortgage paid off, no credit cards

4. There are tons of financial "gurus" out there and various rules of thumb. Which are you familiar with?

Your housing costs should only be 30% of your income.
37%
878 votes
Only take a "buy now, pay later" deal if you KNOW you will have the money to pay the bill in full when it is due.
38%
913 votes
Never carry a balance on your credit card, always pay it off in full each month.
60%
1,433 votes
Not Applicable
30%
713 votes

5. In the event that you have (or will have in the future) debt, how would you repay it?

Marry a rich partner.
4%
96 votes
Second job.
14%
344 votes
Buy lottery tickets.
6%
137 votes
Hope to inherit from relatives.
5%
115 votes
Start a business. (This might be counterintuitive but it can work for some people.)
4%
86 votes
Sell possessions such as at a pawn shop or garage sale or E-Bay.
14%
341 votes
Sell assets such as car, house, artwork, stocks, etc.
9%
204 votes
Start exploring the gig economy for ways to earn money such as by tutoring English or Math; dog walking; babysitting, etc, etc.
11%
259 votes
Extreme option - declare bankruptcy. In other words, don't pay the debt. This has extremely negative impacts on your financial future, such as making it difficult to get a mortgage in the future.
4%
106 votes
Make regular payments towards the debt for the term of the loan.
43%
1,033 votes
Other (please specify)
2%
39 votes
Not Applicable
34%
824 votes

6. In the event that you have several debts, and you had an extra $1,000 to put towards any of those debts, how would you decide which to pay first?

Highest interest rate
37%
885 votes
Lowest interest rate
3%
72 votes
Highest balance
8%
183 votes
Lowest balance
9%
211 votes
Type of debt (i.e. vehicle loan, mortgage, credit card, etc, etc)
12%
286 votes
Other (please specify)
1%
12 votes
Not Applicable
31%
751 votes

7. Do you earn enough money to live? That is, can your employment income pay your grocery, rent/mortgage, childcare, vehicle expenses (gas/insurance/car payment), etc?

Yes
55%
1,326 votes
No
25%
597 votes
Not Applicable
20%
477 votes
03/14/2019 Money 2484 44 By: Primer_Scott46

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By: Primer_Scott46