New report reveals anxiety about non-mortgage debt burden
Canadians are suffering from rising anxiety about their debts which are frequently resulting from everyday expenses, decimating ambition to build financial resilience.
Around half of those who took part in a new survey from insolvency firm Harris & Partners said they feel stressed about their debt, almost 70% said it makes them anxious, and 40% said their debts have impacted their personal relationships.
“We see it all the time: debt can strain marriages, create tension between family members, and make people feel isolated or ashamed,” explained Joshua Harris, a Licensed Insolvency Trustee at Harris & Partners.. “The stigma around debt prevents many from seeking help, which only worsens the emotional toll.”
Worryingly, more than half of respondents have borrowed money in the past two years to pay for everyday essentials and 23% said that they would not be able to cover an unexpected expense of $500.
“Debt stress is a silent burden carried by millions of Canadians,” added Harris “For some, it’s about making ends meet; for others, it’s the pressure of juggling multiple payments while staying financially afloat. No matter the reason, the mental and emotional toll is real and significant.”
Credit card debt is a big burden for poll participants; 77% said that they had this form of debt in the last two years with smaller percentages having personal loans (35%) or payday loans (23%).
The survey highlights the importance of financial planning and education.
Although nearly half of respondents (49%) say they are “somewhat confident” in managing their finances, only 11% consistently follow a budget, and 17% admit they don’t fully understand how interest rates impact their debt.
This disconnect in financial literacy often leads to overspending—60% have made purchases they couldn’t afford. Consequently, financial stress affects the daily lives of 87% of Canadians, with 15% stating it “always” influences their decisions.
“Debt doesn’t have to define your life,” concluded Harris. “There’s always a way forward.”
