Skip to main content

Canadians may be swimming in debt but help is out there


If you are having trouble paying your bills, a licensed insolvency trustee says you’re not alone.

“We’ve got interest rates on the rise and inflation going up, and we continue to see people struggling with their finances,” said Michelle Statz of Bromwich + Smith, licensed insolvency trustees.

“We see people at all levels of income, all ages and some have experienced life circumstances that are unexpected.”

Statz said she does see people struggling with their budget all the time, and whether they are going to spend money on food or pay their rent or mortgage.

“It’s that and not to mention that they are swimming in debt payments,” she said.

“It’s disconcerting when they have trouble paying their costs or putting food on the table.”

Statz said we are lucky in Canada that there are resources available to help people cope when their budgets are out of control and also help with debt repayment.

“There are always options and bankruptcy is always the last option. It’s really about having a professional look at your budget: what’s realistic, what do you need to live on, and what are your payments?”

She said if the income doesn’t cover your budget and expenses, then you have to take a look at options. Top Stories

Motion to allow keffiyehs at Ontario legislature fails

A motion to reverse a ban on the keffiyeh within Queen’s Park failed to receive unanimous consent Thursday just moments after Ontario Premier Doug Ford reiterated his view that prohibiting the garment in the House is divisive.

How to avoid the trap of becoming 'house poor'

The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.

Stay Connected