Scotiabank has released a study showing the average Canadian consumer carries a significant debt load.

According to the report, among Canadians who have some form of debt, their balance averages $6,938 for credit cards and $28,753 if they have a line of credit.

The study also found few had laid out a financial plan to get their debt levels down.

"Our research also tells us that while there is a desire among Canadians to become debt free, 40 per cent of Canadians do not have a plan to manage their borrowing needs," said Mike Henry, senior vice president of retail payments, deposits and lending at Scotiabank.

The lack of planning however, doesn't appear to result from not understanding how credit works. The survey revealed more than half of respondents were able to identify the differences and similarities between a line of credit and credit cards, such as that a line of credit typically has a lower interest rate and both can be paid back at any time.

Canadians with outstanding loans may want to consider some type of plan to reduce their credit card balances, as several reports over the past month have indicated household debt has reached record levels. 

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