Nearly three out of four in debt

A new poll indicates nearly three out of every four Canadians hold some type of debt, such as a mortgage or credit card balance, with nearly half saying their indebtedness is derailing their financial goals.

According to the survey conducted by Harris-Decima on behalf of the Canadian Imperial Bank of Commerce, 72 per cent of Canadians polled have an outstanding bill. In addition, 89 per cent of those between 35 and 44 say they're in debt.

"Managing debt as part of their overall financial plan is top of mind for Canadians in 2011, and these latest poll results show that some progress is being made," said Christina Kramer, vice president of retail distribution for CIBC. "Taking simple steps such as making an extra payment or implementing a budget for your family can make a positive difference in your long-term plans for debt reduction."

Despite this, a considerable percentage say they are making positive efforts to reduce their debt levels, such as implementing a household budget and making at least one large payment toward the balance of a bill. The report added 46 per cent anticipated cutting back to get a handle on their repayments.