[et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.27.4″ _module_preset=”default” bottom_divider_style=”wave2″ hover_enabled=”0″ sticky_enabled=”0″ bottom_divider_color=”#E7DFF3″ bottom_divider_height=”61px” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.23.4″ _module_preset=”default” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.23.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n
Credit Counselling Society u<\/span>rges Canadians to <\/span>t<\/span>ake <\/span>c<\/span>ontrol of <\/span>t<\/span>heir <\/span>f<\/span>inances, <\/span>r<\/span>egardless of <\/span>i<\/span>nterest <\/span>r<\/span>ate <\/span>n<\/span>ews.<\/span><\/em><\/p>\n NEW WESTMINSTER, BC, April 14, 2025<\/p>\n As the Bank of Canada prepares to announce its latest interest rate decision on April 16, many Canadians may be holding their breath for some financial relief. But whether the rate holds steady or decreases, the reality for millions of households remains the same: financial stress is at a breaking point. Debt continues to grow and the pressure of making ends meet only intensifies with rising costs, inflation, tariffs, and federal election uncertainty dominating the headlines.<\/span><\/p>\n \u201cIn times like these, it\u2019s easy to feel overwhelmed. But when the world feels uncertain, taking control of what you can\u2014your own finances\u2014can bring a sense of stability,\u201d states Peta Wales, President & CEO of the Credit Counselling Society (CCS). \u201cThe news about interest rates might grab attention, but it won\u2019t solve the ongoing financial strain that so many Canadians are dealing with.\u201d<\/span>\u00a0<\/span><\/p>\n The generational divide for how Canadians are coping with debt has become more apparent than ever. The financial pressures impacting consumers are felt across age groups, each facing unique challenges and decisions about how to move forward.<\/span><\/p>\n For Canadians aged 55 or older, t<\/span>he financial landscape is especially uncertain\u2014but the challenges can differ significantly within this age group. Those approaching retirement are often focused on paying down debt and hoping to retire without financial burdens. Meanwhile, those already in retirement often rely on investment income to supplement their pensions.<\/span><\/p>\n With recent market volatility, many who are 55+ may be experiencing a drop in the income they were counting on.<\/span> In addition, this age group has also seen the largest increase in average debt levels over the past couple years, according to Equifax Canada\u2019s Q4 2024 Consumer Credit Trends Report<\/span>\u2014making a challenging situation even more difficult to navigate.<\/span><\/p>\n \u201cIf you\u2019re in this age group, you may be considering drastic options like a reverse mortgage or selling and downsizing just to stay afloat. But these decisions shouldn\u2019t be made in isolation or out of panic,\u201d explains Isaiah Chan, Vice President of Programs & Services at CCS. \u201cThere are often more options than people realize\u2014and when you\u2019re under stress, it\u2019s even more important to get a clear picture before making big financial choices.\u201d<\/span><\/p>\n The 18\u201334 age group has been among the most proactive\u2014taking on side gigs, cutting back on spending, and doing what they can to get by. But despite their resilience, they\u2019re also the least likely to reach out for help, according to findings from CCS\u2019s <\/span>2025 Consumer Debt Report<\/span><\/a>.<\/span><\/p>\n \u201cThere\u2019s a stigma that surrounds seeking financial advice, particularly for younger people,\u201d says Anne Arbour, Director of Partnerships & Education at CCS. \u201cBut no one should feel ashamed for needing support. For those who don’t know where to start, we offer webinars, online learning, and <\/span>practical money tips<\/span><\/a> to help people take small, manageable steps\u2014even in the face of uncertainty like tariffs or inflation.\u201d<\/span><\/p>\n Meanwhile, Canadians aged 35\u201354 are often caught in the financial crosshairs\u2014balancing their own financial future while supporting both adult children and aging parents. Data from Equifax Canada\u2019s Q4 2024 Consumer Credit Trends Report shows that this group has seen the highest increase in non-mortgage debt delinquencies over the past two years, adding more instability to their already challenging circumstances.<\/span><\/p>\n \u201cThe pressure to provide support for both your kids and your parents can be overwhelming,\u201d adds Chan. \u201cWhether you\u2019re just trying to keep your household running or helping others stay afloat, the earlier you reach out for help, the more options you\u2019ll have.\u201d<\/span><\/p>\n According to the 2025 Consumer Debt Report, 44 per cent of Canadians say rising interest rates have made it harder to manage their debt\u2014and nearly one in four have lost sleep over it. With economic uncertainty still looming, many households haven\u2019t had the chance to recover, and for many, it feels like they\u2019re falling further behind.<\/span>\u00a0<\/span><\/p>\n \u201cEven if the Bank of Canada announces a rate decrease, it won\u2019t undo the financial pressure people have been under for the past several years,\u201d says Wales. \u201cBut this isn\u2019t just about interest rates\u2014it\u2019s about helping people regain their sense of control and confidence. You don\u2019t need to wait for economic changes or rate adjustments. Getting expert, judgment-free support can make a meaningful difference in building a stable financial future for you and your family.\u201d<\/span>\u00a0<\/span><\/p>\n