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| Table 2 Family behaviours and attitudes |
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|---|---|---|---|---|
Used payday loan |
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Yes |
No |
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Indicators of previous financial difficulties |
% |
|||
| Behind two months or more in a rent or mortgage payment (2004) | 15 | E | 2 | * |
| Ever declared bankruptcy or made a formal or informal arrangement with a creditor | 15 | E | 6 | * |
| Financial management and spending | ||||
| Spending in 20041 | ||||
| Exceeded income | 40 | 18 | * | |
| Equalled income | 39 | 40 | ||
| Was less than income | 21 | E | 42 | * |
| Credit card | ||||
| Yes | 57 | 83 | * | |
| Balance usually paid off each month | 55 | 72 | * | |
| No | 43 | 17 | * | |
| Had been refused | 33 | E | 18 | |
| Other financial strategies (2004) | ||||
| Used an asset to pay a debt | 16 | E | 5 | * |
| Pawned or sold possessions | 19 | E | 2 | * |
| Strategies in difficult financial times | ||||
| Someone to turn to for assistance | ||||
| No | 48 | 32 | * | |
| Yes | 49 | 56 | ||
| Not necessary | F |
12 | ||
1 Excluding any money spent on investments or the purchase of a home or automobile. |
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| * Significant difference at the 0.05 level or less between families who used payday loans and those who did not. | ||||
| Source: Statistics Canada, Survey of Financial Security, 2005 | ||||