Personal debt

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Five credit myths that could be holding you back

When it comes to credit, what you don’t know can hurt you. We’ve debunked five credit myths to help you improve your financial health.
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Featured Article
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33 articles
An image of a man and woman at a cafe. The woman is sitting at a table with a cup of coffee, and the man has approached her and is standing next to her giving her a flower.

Dating and debt: the relationship between love and money

Love may not cost a thing but finding it can be pricey. Between dating apps, dinners, and dressing up, the average Canadian expects to spend between $80-100 on a first date. It’s no wonder 1 in 5 have cut back on dating to spare their bank accounts.
Young woman carrying a large yellow tote bag shopping for produce in a grocery store

How tariffs impact Canadians—and how to prepare if you’re facing debt

Discussions about tariffs and their impact on Canada’s economy have been dominating the news since US President Donald Trump took office in January 2025. In his first month of presidency, his administration announced intentions to impose a 25% tariff on all Canadian goods crossing the border, except for energy that would see a 10% tariff.
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How do bankruptcies work in Canada?

Personal bankruptcy is a legal process designed to offer relief to Canadians struggling with overwhelming debt. 
woman crying and looking discouraged

4 ways to spot and avoid romance scams

The internet can be a great tool to connect with people you might have never met, but it can be a double-edged sword. The progress of AI has made romance scams easier than ever to pull off and harder than ever to detect.
Yellow pickup truck being put on a tow truck

How does car repossession work and how can I avoid it?

Car loans are a significant part of household debt. If you don’t own a home, your vehicle may be your most valuable asset. We've put together answers to the most common questions about car repossession in Canada to help you understand what to expect and what you can do to avoid it.

Should I use a HELOC to pay down debt?

As you pay down your mortgage, the equity tied in your home can be an appealing asset to manage financial stress. A Home Equity Line of Credit (HELOC) lets you use the equity in your home to cover large expenses or pay off debt, but is it worth the risk?

What happens after you file for bankruptcy in Canada?

When it comes to dealing with debt, many people try to avoid bankruptcy at all costs—even if it means going further into debt. Though bankruptcy is considered a last resort, it’s an optimal solution for someone who is overwhelmed by debt.

Consumer proposal vs. bankruptcy: What are the differences?

While debt can feel overwhelming, there are ways you can improve your financial outlook! The most well-known debt relief option in Canada is filing for bankruptcy, but it isn't the only form of debt repayment for Canadians.
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Mastering the "money talk" as a couple

As dating evolves into a partnership, it’s crucial to tackle meaningful—and sometimes difficult—conversations. One of the most important—yet often avoided—conversations is the “money talk.”
Person holding a yellow umbrella while walking down the street on a rainy day.

Saving for a rainy day: How to start an emergency fund

We've all been told to save for a "rainy day", but many Canadians won’t have money left over at the end of today. In 2024, 66% of Canadians had to cut back on saving to cover the high cost of living. So, if that’s the reality, why should Canadian's set money aside for a rainy day when they’re still in the middle of the storm?
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Do I get paid while on strike? And other financial concerns

From negotiations to the picket line, a strike makes your day-to-day schedule—and your finances—unpredictable. Whether you’re part of a public service, private, or trade union, we’ve addressed four common financial concerns you might have while on strike.
Couple discussing debt and finances on a coffee date

Dating and debt: Love in a cost of living crisis

Has the increased cost of living affected the love lives of Canadians? We asked Canadians their thoughts on dating with debt and how important finances are to a relationship.
Medical student reviewing his student line of credit

What is a student line of credit?

Student loans don't always cover the entire cost of advanced degrees like law school, medical school, or veterinary college. While student lines of credit may provide students with the financial support required to complete thes professional degrees, this type of debt has unique risks compared to government student loans.
Woman sits on the couch contemplating how divorcing her husband with impact her finances

What happens to debt in a divorce?

Understanding how a divorce impacts your debt is important, whether it's a mortgage, car loan, or credit card debt. That's why we created this guide—to clearly outline how individual and joint debt is handled in divorce; how to protect your finances during a divorce; and how to deal with unmanageable debt after a divorce.
Calendar counting down the days to a bankruptcy discharge

How long does bankruptcy last in Canada?

There's a lot of misconceptions around how long bankruptcy lasts in Canada. While some rumors say it can last up to seven years, that's false. In Canada, a first time bankruptcy can be completed in as little as nine months. Learn how long bankruptcies last and what it means to be discharged from bankruptcy in the below article.
Wooden house representing more Canadians homeowners facing mortgage delinquency

Six ways to make your mortgage payment more affordable

Are you worried about an upcoming mortgage renewal? You’re not alone. Interest rates in Canada are significantly higher than 2020 and expected to remain so, meaning homeowners with mortgage renewals could see their monthly payments increase by $400+. If you’re struggling to afford your mortgage payments, you should look into the following six options:
Man in a yellow shirt uses a laptop to review his budget.

Navigating the storm: How Canadians are handling rising debt

We asked Canadians how they’re managing their debt and what they’re doing to weather the affordability crisis. Here’s what they said:
Two houses with yellow doors and mortgages up for renewal

My mortgage is coming up for renewal–what should I do?

The Bank of Canada predicts that Canadians with existing mortgages could see a 20-40% increase in their monthly payments when it comes time to renew. See our five tips to help manage your mortgage when it's up for renewal.
Group of six people of all ages smiling and laughing with each other

How much debt is 'normal' for your age?

Different life stages, like being a student, buying a house, or retiring, may mean taking on debt. Knowing where you stand financially can help you decide where to go next on your financial journey. See if your debt is 'normal' for your age.
Person holding past due bill that has led to wage garnishment

Wage garnishment: How it works and what you can do

If you or someone you know is facing wage garnishment, check out these 7 questions to stay informed and prepared.
Yellow package lying on a doorstep after being purchased online using a buy now, pay later program

Buy now, pay later? The real cost of buy now, pay later programs

If you shop online, you’ve likely come across a “Buy Now, Pay Later” option on the checkout page. We’ve broken down the information you need to know before you buy now and pay later.
Man and woman unpacking moving boxes into new home

Can I get a mortgage after filing a bankruptcy or consumer proposal? 

For many Canadians, buying a home is a major financial goal. This goal may seem challenging for various reasons, but having filed a consumer proposal or bankruptcy shouldn’t be one.
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What does an interest rate increase mean for Canadians with debt?

To help you understand the implications of an interest rate increase, we’re breaking down why the Bank of Canada made the increase and what it might mean for you.
Woman nervously looking at phone receiving a collection call

How to deal with debt collectors and stop collection calls 

Calls from debt collectors can be stressful. But this doesn’t have to be the case – understanding the steps to take and available support can help end collection calls for good.
Retired man and woman sitting outside with two pet dogs

Retiring with debt: How to pay off debt as a senior 

Just because you’re carrying debt into retirement doesn’t mean it’s too late to regain control and find financial freedom.
Person holding phone to card reader paying for groceries using credit

Good vs. bad debt: Are you borrowing money wisely?

Bad debt can lead to unescapable interest costs, damaged credit, and failed financial goals. But how can you tell which type of debt is good or bad? The answer lies in how you use and manage it.
Dartboard with yellow dart in the middle symbolizing target credit score

The top 5 factors that affect your credit score

When it comes to credit, what you don’t know can hurt you. We’ve created a simple guide on how to access, understand, and improve your credit score.
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Consolidation loan vs. consumer proposal: What’s the difference?

Debt consolidation and consumer proposals are both options to consolidate most debt payments. Learn how each works.
Person hands pen to someone who is dealing with payday loan debt

How to get out of payday loan debt

To quickly make ends meet, many turn to payday loans, but be cautious, as payday loans can seriously impact your finances. Learn how to get out of payday loan debt.
Person holding a yellow card seeking solutions to deal with a credit card balance they can't pay off

I can’t pay off my credit card balance. What are my options?

Credit card debt can be expensive to manage. In this article, we provide answers to some of the most common questions we’re asked about credit card debt.
Man filling out a credit application after learning the difference between secured and unsecured debt

Secured vs. unsecured debt: What's the difference?

Understand what happens to secured and unsecured debt when filing a bankruptcy or consumer proposal.
Woman sitting at a table stressed about financial situation after spotting debt warning signs

8 debt warning signs (and what to do when you spot them!)

Recognizing debt warning signs can help you ditch bad financial habits and prevent serious debt problems. Learn about some common warning signs.
Female student seated at a desk with a laptop

Student loan debt relief: What’s available and who's eligible 

Overwhelming student loan debt doesn’t have to hold you back from moving forward. We break down the options available to tackle student debt.

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