The global pandemic has had wide-ranging economic impacts across Canada. We have been monitoring these developments closely — especially around how public and private financial support measures are affecting household debt.

The holidays often have a snowball effect: First is the struggle of deciding who to buy for, what to buy and how you’re going to afford it all. Then comes the stress of shopping itself. Finally, there’s the planning for how to deal with the all-too predictable debt.

People are often hesitant to file a Bankruptcy or Consumer Proposal for fear of ruining their credit. They reason they must have excellent credit because they‘ve always made their monthly minimum payments on time.

Often, people focused on solving debt problems through a Consumer Proposal or Bankruptcy may not recognize the impact these processes can have on their personal income taxes.

Starting a Consumer Proposal marks the first step in your journey to financial control.

. It’s important to know that simply seeking out help for your finances won’t compromise your privacy.

There are benefits to paying off your Consumer Proposal early. But do they exceed the potential pitfalls?