Given the growing concerns around Canada’s consumer debt crisis, it’s only natural to paint it in broad strokes as universally bad. However, that’s not always the case.

With COVID-19 impacting finances at all levels, much of the conversation over the past year and a half has surrounded increased spending (or decreased revenue) among governments, businesses, and individuals — and the debt each has taken on to make up the difference.

If you’re like most people, you (at least try to) go to the doctor every year for your annual physical. Why? Because a clean bill of health buys you peace of mind — and the earlier you can catch potential problems like high blood pressure or a problematic mole, the easier these are to correct.

All debt can be overwhelming, but there’s no creditor quite as frightening as the CRA. The bottom line is if you have not filed taxes for several years or your tax debt is severely delinquent, you’re on CRA’s radar.

For many people, the stress and uncertainty surrounding the pandemic has only served to compound existing financial difficulties. Loss of income and rising debt loads are adding to the stress and forcing individuals to look at options they never thought they’d have to.

No matter the size of your debt there are basically only two ways to deal with it; calculating it and managing it down. Listen for tips on how to do both and help avoid the never ending feeling of debt!

More than half (53%) say they are $200 or less from not being able to meet all of their bills and debt obligations each month, a whopping 10-point jump from December. This includes three in 10 (30%, +7pts) who report they are already insolvent with no money left at month-end to cover all their payments.

One of the biggest concerns among indebted pensioners is whether creditors have the right to seize or garnish their Canada Pension Benefits (CPP) and Old Age Security Benefits (OAS).

Fifty-three percent say they are $200 or less away from not being able to meet all of their monthly bills and debt obligations, a six-point jump from December. This includes three in 10 (30%, +3pts) who report already being insolvent with no money left to cover their payments at month-end.