{"id":41253,"date":"2022-02-03T19:16:03","date_gmt":"2022-02-03T19:16:03","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=41253"},"modified":"2023-10-23T21:11:07","modified_gmt":"2023-10-23T21:11:07","slug":"credit-cards-and-savings-used-during-covid-leave-canadians-vulnerable-as-livings-costs-rise","status":"publish","type":"page","link":"https:\/\/nomoredebts.org\/about-us\/ccs-pr-press-releases\/credit-cards-and-savings-used-during-covid-leave-canadians-vulnerable-as-livings-costs-rise","title":{"rendered":"Canadians Vulnerable as Livings Costs Rise"},"content":{"rendered":"

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Press Releases<\/p>\n

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Read past press releases from the Credit Counselling Society.<\/p>\n

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Canadians Vulnerable as Livings Costs Rise<\/h1>\n

One-in-three with non-mortgage debts are struggling with their debt, making minimum payments or less.<\/i><\/p>\n

(New Wesminster, BC \u2013 January 31, 2022)<\/strong> For the two-thirds of Canadians carrying non-mortgage debt, 2022 has brought little relief from the stress and anxiety around their finances. That\u2019s just one of the findings of the Credit Counselling Society\u2019s recent Consumer Debt Report<\/a>, from a survey conducted among members of the Angus Reid Forum.<\/p>\n

Significant personal debt \u2013 39 per cent report owing at least $10,000 of non-mortgage debt \u2013 and the cost of living continue to put a strain on Canadians. The financial pressure facing them is only exacerbated by the fact that many are afraid to reach out for assistance, with 44 per cent of respondents with non-mortgage debts saying they\u2019d feel \u201cembarrassed\u201d to ask for help.<\/p>\n

\u201cThe report found that most people would rather talk about their physical or mental health or personal relationships, than their financial problems, which isn\u2019t surprising,\u201d explains President & CEO Scott Hannah. \u201cThis echoes what we hear every day. Money is still a topic that many people are afraid or embarrassed to talk openly about, which gets in the way of their ability to get help when they need it most.\u201d<\/p>\n

With 65 per cent of Canadians carrying non-mortgage debt, 42 per cent would wait until their monthly payments exceed $1,000 before seeking help. Hannah adds, \u201cWaiting until their payments reach that level leaves them extremely vulnerable to factors beyond their control.\u201d<\/p>\n

When asked about the causes of their worsening financial situation, three-in-four Canadians (76 per cent) who are worse off financially now than at the beginning of the pandemic said spending on essentials such as food, housing and transportation was the cause. \u201cCanadians have reached a tipping point with their budgets,\u201d states Vice President of Programs & Services Isaiah Chan. \u201cThey are simply not able to cut their expenses any further and as a result, take on more debt to get by, which only adds to their problems.\u201d<\/p>\n

With one-in-three Canadians (32 per cent) feeling anxious about their finances, and nearly as many, 28 per cent \u2013 an increase of eight per cent since November 2020 \u2013 feeling pessimistic about their financial situation right now, there is a clear connection between financial stress and mental health. \u201cTwo-thirds of Canadians carrying non-mortgage debts (67 per cent) needed some kind of financial help during the pandemic,\u201d stresses Chan. He encourages everyone who needs help with their finances to reach out to the Credit Counselling Society sooner than later. \u201cWith the whole world talking about money, there\u2019s nothing to be ashamed of. If your finances are keeping you up at night, you need to ask for help now. We\u2019re just a friendly phone call away.\u201d<\/p>\n

About the Credit Counselling Society (CCS)<\/h3>\n

The Credit Counselling Society is a non-profit organization dedicated to helping consumers manage their money and debt better. CCS provides free, confidential credit counselling, debt repayment options, budgeting assistance and financial education. Visit www.nomoredebts.org<\/p>\n

About this Study<\/h3>\n

These are the findings of a study\/survey conducted by Credit Counselling Society<\/a> from January 6th to 12th, 2022 with a representative sample of 1,032 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French.<\/p>\n

About Angus Reid Forum surveys:<\/h3>\n

The precision of Angus Reid Forum online polls is measured using a credibility interval. In this case, the poll is accurate to within +\/- 3.1 percentage points, 19 times out of 20, had all Canadians been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.<\/p>\n

About the Angus Reid Forum:<\/h3>\n

The Angus Reid Forum is Canada\u2019s most well-known and trusted online public opinion community consisting of engaged residents across the country who answer surveys on topical issues that matter to all Canadians.<\/p>\n

Media Inquires:<\/h3>\n

The Credit Counselling Society has spokespeople from across Canada available for interviews to discuss the report in more detail as well as any other relevant financial topics. Please feel free to reach out to the number below:<\/p>\n

Monika Ritchie, Media & Content Specialist<\/strong>
Direct: 604.636.0228<\/p>\n

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Press ReleasesRead past press releases from the Credit Counselling Society.Canadians Vulnerable as Livings Costs Rise One-in-three with non-mortgage debts are struggling with their debt, making minimum payments or less. (New Wesminster, BC \u2013 January 31, 2022) For the two-thirds of Canadians carrying non-mortgage debt, 2022 has brought little relief from the stress and anxiety around […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":19283,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"class_list":["post-41253","page","type-page","status-publish","hentry"],"yoast_head":"\nCanadians Vulnerable as Livings Costs Rise - Credit Counselling Society<\/title>\n<meta name=\"description\" content=\"Credit cards and savings tapped for help during covid leaves canadians vulnerable as livings costs rise. 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