KITCHENER -- It's tax season, and for many Ontarians it will either relieve or inflame financial woes.
A new study finds that many people in the country are dealing with debt, and some assume they'll never be debt free.
In December, a survey conducted by MNP, one of Canada's largest debt consultancies, polled 2,000 adults from across the country.
More than half of those surveyed admit they feel trapped by debt, and experts say it is due to what they call 'risky financial behaviours'
"Canadians on average are carrying over 170 percent of their annual income in debt," said Wes Cowan, a licensed trustee and senior vice president at MNP.
Experts say some of the most costly mistakes trapping people in an endless cycle of debt include paying on the minimum balance on credit cards and borrowing money they can't afford to pay back.
"That sometimes is combined with impulse purchases or with the keeping up with the joneses perspective," explained Cowan.
According to MNP, debt doesn't have to be long term, and some of the firm's top tips include changing high interest debt to low interest, budgeting, and seeking advice from an expert.
Experts say the closer individuals get to retirement the need to get personal finances under control becomes increasingly important.
