Executive Summary
We've all seen the headlines: "Mortgage Debt Tops $1
trillion" 1; "Curb your enthusiasm for debt
– Mark Carney 2"; "Excessive
personal debt a concern 3". PwC's consumer
lending survey findings show that the financial crisis has left
consumers more risk averse, cost constrained and conscious of their
debt loads. In this new landscape, how can Canadian banks continue
to grow their consumer lending business?
What's next for Consumer Lending in Canada?
PwC's survey of over 600 Canadians, homeowners with incomes
over $100,000, conducted by Leger Marketing, reveals that the
majority of survey respondents plan on acting on their current debt
levels in the next 12 months. 64% are planning to reduce their debt
in the next year. They are less willing to take on additional
credit despite confidence their banks can provide them with more.
In order to reduce debt, they intend to cut back on discretionary
spending. And they are looking for more advice when
