Only one out of three Quebecers is not concerned about credit debts Clearfacts.ca – CROP* survey: The reflection of Quebecers’ financial position

Montreal, 11 April 2011 - 

As in 2010, virtually all Quebecers (91%) had access to credit in one form or another, whether with a credit card, a personal line of credit, a personal loan or a mortgage, only one out of three Quebecers (32%) stated being “not at all” concerned about credit debts, according to the latest findings of the Clearfacts.ca* survey  conducted by the polling firm CROP on access to credit and attitudes about debt among Quebecers.

However, many Quebecers say that they are “very” (17%) or “somewhat” (24%) concerned about repaying the money they have borrowed.

While half of Quebecers (51%) use their credit card as one of their methods of payment and always pay the total balance, about one in five Quebecers (17%) uses their credit card as a type of financing tool and intends to repay the total balance within the next six months, on the other hand, more than one in three Quebecers (37%) uses their credit card to make up for a lack of money. They use their credit card to obtain cash advances and/or do not foresee repaying the total balance within the next 6 months.

“Quebecers use credit profusely, but some of them are concerned about or even ashamed of their level of debt,” stated CROP President Alain Giguère. There seems to be two portraits of credit users in Quebec. For the majority of Quebecers, credit is a practical tool that facilitates buying and consuming. On the other hand, those who are overly indebted feel a certain level of shame about their financial situation and would try to hide a personal bankruptcy from their loved ones instead of asking for help.

Which of the following statements best describes the way you usually pay the balance of your principal credit card?

 

Region

Montreal

Quebec City

Mauricie

Saguenay

Eastern Townships

Outaouais

Always pay the full amount

52%

49%

49%

45%

40%

58%

Often pay the full amount

15%

19%

26%

23%

24%

16%

Rarely pay the full amount

21%

17%

14%

20%

23%

16%

Never pay the full amount

11%

14%

11%

9%

13%

9%

 

 

 

 

 

 

It is in the Outaouais region that the greater number of respondents (58%) stated always paying in full the monthly balance of their main credit card. Inversely, respondents in Quebec City (14%) and Eastern Townships (13%) are the most numerous in saying they never pay the full amount of their main credit card monthly balance.

To find out more about Quebecers' access to credit and attitudes about debt, view the Clearfacts.ca/CROP poll at www.clearfacts.ca.

*Methodology: Data were collected online from December 3 to 23, 2010 by web panels. In all, 1,814 questionnaires were completed. The results were weighted to reflect the distribution of Quebec's adult population by sex, age, region, language (in the Montreal area) and household size. Given the non-probability online sampling, the margin of error calculation does not apply.

About clearfacts.ca
Clearfacts.ca is an initiative of National Bank Financial Group. Its primary goal is to contribute to the financial education of Canadians. The site does not have any commercial intentions and the content presented is always neutral and credible. The role of clearfacts.ca is to help its readers make enlightened decisions that will contribute to their financial health.

About National Bank of Canada
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world.  National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has over $152 billion in assets and, together with its subsidiaries, employs 18,407 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca. To access National Bank Financial Group’s financial education portal, visit www.clearfacts.ca.

Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):

Joan Beauchamp
Senior Advisor – Public Relations
National Bank Financial Group
Tel.: 514-394-6500