This research report compares the long-term financial outcomes of Canadians, based on a study comparing consumers who used a debt management program (DMP), bankruptcy (BK), or a consumer proposal (CP) to obtain relief from...

A guide comprised of 12 fact sheets for consumers to learn more about credit, grouped into the following topics: general information, warnings, credit products, and comparison tables. (Please note this is a French-language...

The Office of the Superintendent of Bankruptcy Canada releases statistics on insolvency (bankruptcies and proposals) numbers in Canada. The latest statistics released on November 4, 2020 show that the number of insolvencies in Canada increased in the third quarter of 2020 by 7.9% compared to the...

During the Four Actions that Can Hurt Credit Scores webinar, you'll learn about: Key events which can bring down credit scores How collections are reported to credit bureaus and how long they affect scores What can happen to credit scores when you apply for too much credit in a short amount...

Household debt levels in Canada have been rising since the 1990s, which poses increasing risks for Canada’s economy and Canadians’ financial health. However, the debt ‘picture’ for an average low- or moderate-income household is likely to be quite different from higher income...

This report used a longitudinal, nationally-representative sample of approximately five million de-identified credit records maintained by one of the three nationwide consumer reporting agencies. Trends in debt settlement and credit counseling during the Great Recession and in recent years are...

This report presents the results of a Consumer Financial Protection Bureau (CFPB) funded evaluation of a Credit Builder Loan (CBL) product. CBLs are designed for consumers looking to establish a credit score or improve an existing one, while at the same time giving them a chance to build their...

This report documents the early effects of the COVID-19 pandemic on credit applications, which are among the very first credit market measures to change in credit report data in response to changes in economic activity. Using the Bureau’s Consumer Credit Panel, how applications for auto loans,...

More than 44 million people in America have taken on student debt to pursue a post-secondary education. These borrowers collectively owe around $1.6 trillion in student loan debt. Borrowers exist in every community, but some are particularly vulnerable to its impact.  Women hold two-thirds of all...

Almost half of low-income households and 62 per cent of moderate-income households carry debt, with households on low incomes spending 31 per cent of their income on debt repayments, according to a new report published by national charity, Prosper Canada. This report analyzes the distribution,...

Everyone needs to bank and nearly everyone has a relationship with at least one financial institution. Financial Institutions need relationships with consumers too, in order to thrive as businesses. The role these relationships play in financial decision making for Canadians is an important...

Dealing with debt collection issues can be challenging—especially when you’re not sure if the person you’re being contacted by is a legitimate debt collector or someone trying to scam you. This video from the Consumer Financial Protection Bureau in the United States shares useful tips on...

This backgrounder reports preliminary findings from a survey of financial well-being among Canadian adults.  Preliminary analysis of the survey data indicates that two behaviours are particularly important in supporting the financial well-being of Canadians. First, our analysis indicates that...

For many, homeownership is a vital part of the American dream. Buying a home represents one of the largest lifetime expenditures for most homeowners, and the mortgage has generally become the financing instrument of choice. For many families, their mortgage will be their greatest debt and their...

Financial problems can be a significant source of distress, putting pressure on people's mental health, particularly if they are treated insensitively by creditors. Some people in financial difficulty cut back on essentials, such as heating and eating, or social activities that support their well...

This is a one-hour webinar on debt management solutions in Canada for situations where someone's debt is significant enough that specialized solutions are needed. The speakers explain what steps are likely to be involved in the credit counselling process in setting up a debt management plan, or...

Using data from the Survey of Financial Security (SFS), this article looks at changes in debt, assets and net worth among senior Canadian families over the period from 1999 to 2016. It also examines changes in the debt-to income ratio and the debt to-asset ratio of senior families with debt. This...

The Canada Mortgage and Housing Corporation (CMHC) publishes a quarterly report on Canadian trends relating to mortgage debt and consumer borrowing. Find out the level of Canadian household indebtedness, and emerging trends in outstanding debt balances in different urban areas and by age...

The CFPB conducted research on consumer challenges in tracking spending and keeping to a budget. The research found that consumers aspire to manage their spending but for many reasons, many consumers spend more than intended and sometimes have\ difficulty in staying within their budgets. In...

Using pooled data from the 2012 and 2015 waves of the National Financial Capability Study (NFCS), this research finds that young adults who were required to take personal finance courses in high school were significantly less likely to borrow payday loans than their peers who were not. These...

When dealing with debt, there can be some difficult situations where you may need help. If you are dealing with creditors, or collection agencies, there are steps you can take to ensure you are communicating clearly. It is also important to know your rights and options. This worksheet describes...

Knowing your credit history is an important part of managing your debt. It is important that you get your free credit report once a year to check for any errors. The information on this page will help you: Get free copies of your credit reports Understand what’s included in your credit...

This worksheet helps you set a spending plan for the month, one week at a time, based on the money you have coming in and going out that week. 'Making a spending plan' is the fifth worksheet in the 'Dealing with debt' toolkit. Find the full resource...

Unexpected expenses can make it harder to pay off debts. Knowing your spending needs can help prevent borrowing more money in the future. Use this worksheet to plan ahead for emergency or fluctuating expenses. If you can make a plan to pay for these this year, you’ll be less likely to borrow...

Once you’re ready to start tackling your debt and have a clear sense of how much you owe, your next step is to make an action plan. Use this worksheet to think about your debt repayment goals, the steps you can take now, and the help you will need along the way. 'Making a debt action plan' is...