TORONTO - A new poll suggests that more Canadians are in debt this year and taking longer to settle their accounts.

The study released Wednesday by the Bank of Montreal (TSX:BMO) found that 83 per cent of Canadians surveyed admit to having some form of debt, an increase from 74 per cent a year earlier.

But the poll also found that the average amount of monthly debt repayment has fallen by 13 per cent from a national average of $1,138 to $986. Regionally, those in Alberta had the highest amount of debt payments each month at $1,225, while those who live in Quebec reported the least amount at $768.

BMO vice-president Janet Peddigrew says these results could indicate two things: either people are having more trouble making high monthly payments, or they're in no hurry to pay down their debt due to current low interest rates.

"We've had prolonged interest rates for a few years now, allowing people to take on more debt while still ensuring that it's affordable so they're able to manage the debt that they have," she said.

http://ca.news.yahoo.com/more-canadians-debt-making-lower-monthly-payments-poll-100008527.html