Skip to main content

Canadians may be swimming in debt but help is out there

Share

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.  

CTVNews.ca Top Stories

Someone died from untreated AIDS every minute last year: UN

Nearly 40 million people were living with the HIV virus that causes AIDS last year, over nine million weren't getting any treatment, and the result was that every minute someone died of AIDS-related causes, the UN said in a new report launched Monday.

Do you need a lawyer when making a will in Canada?

Many people believe that creating a will requires the services of a lawyer, but this isn't always the case. In his personal finance column for CTVNews.ca, Christopher Liew explains a lawyer's role when crafting your last will and testament.

Stay Connected