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A recent survey by CIBC indicates that most Canadians would use a rate cut to pay down their debts faster, rather than take on more debt] indicates that most Canadians would use a rate cut to pay down their debts faster, rather than take on more debt.

  • 93% of respondents said that they were unlikely to increase their borrowing if interest rates drop
  • 33% said they would instead use lower rates to pay down their debt faster by maintaining their payments and paying down their principal

These finding corroborate a report from the Fraser Institute that says common fears surrounding Canadian household debt are overblown.