While Canadians continue to piling on a lot of debt, 25 percent say debt reduction their number-one priority according to a recent CIBC poll. Household debt rose to record levels in 2017, but a positive from the survey is that 1/3 are making the necessary adjustments. 46 percent say they reduced spending on non-essential items in 2017, and 31 percent made a household budget. Although it’s believed that the $1.3 trillion in Canadian mortgage debt is a prime reason why only 16 percent achieved their financial budgets. With rate hikes expected from the Bank of Canada in 2018, questions about the economy’s ability to cope have led to a reluctance to raise interest rates quickly.

Read more: Canadians are piling on debt, but still call debt reduction their top financial priority