A study conducted by Angus Reid for Credit Counselling Canada shows that more than 50% of the respondents indicated financial stability to be the top measure of financial health, and more than 42% stated that rising costs of living and housing had an adverse impact on their mental wellbeing.

20% Canadians spend 30%-50% of their income towards paying debt, and 10% spend more than 50% of their income on debt repayments. 77% cited the importance for credit card statements listing resources for safe and affordable debt. 40% indicated that their financial situation since the pandemic has adversely affected their mental health, with most of the population being Generation Z and Millennials. 84% of parents were worried about their child’s level of stress due to financial constraints. More than half of the survey participants were confident about bouncing back, and yet this requires help.

Financial pressures, pandemic stress, relationship issues, worry about who is influencing their children, job challenges – they have taken a toll on mental and physical wellbeing. While many turn to online streaming or music, they are merely distractions. Few seek the help of a professional counsellor, a vital step in beginning the journey back to emotional and mental health. Financial stress is the number one issue over which couples argue, and the last two years have been harsh for many.

When you need a caring voice and a listening ear, we are here for you. Our accredited non-profit counsellors can help create a customized plan to help you rebuild and reach your financial goals. Sometimes in life we need a friend, someone to walk beside us as we navigate the sharp financial curves. We want to remind you that you are not alone. Just leave us a message here, and one of our counsellors will be in touch.

The post Mental Health Matters: Coping with the Impact of Financial Stress appeared first on Credit Counselling Canada.

While there seem to be endless ways people are targeted with fraudulent programs and scams, here are some red flags to watch out for.

1. Being asked to do something urgently because the matter is time sensitive.
2. Told not to share the details of the call with anyone.
3. Asked to provide personal information including contact information, SIN, and financial card details.
4. Being told to purchase gift cards online or in store.
5. Asked to contribute towards something since others are doing it.
6. Pretending that someone you know is in trouble and needs help.
7. Being threatened with being apprehended if you do not pay the stipulated sum.
8. Receiving an email under the guise of a friend or acquaintance.
9. Offering a too-good-to-be-true offer that will magically do away with your financial woes.
10. An unknown person claiming to receive your regular debt payments, telling you to transfer to them instead of following the process you have with the Financial Institution you work with.
11. Being asked to wire money to someone you don’t know.
12. Real-estate and rental agents offering a questionably high selling rate or low cost of rent, sometimes requiring you to make an unofficial upfront payment on the sidelines.
13. Receiving a dubious job offer that requires you to process transactions, make phone calls from a company you haven’t heard about and isn’t credible.

If you have succumbed to such ploys, here are the steps you need to take immediately.

1. Make a note of the name, phone and email of the person who contacted you.
2. If you were directed to a website, make a note of the website address, and take screenshots of the pages you were directed to. Note their IP address if you can.
3. Keep all your personal documents such as bank information, cheque books, SIN, health card, etc., in a safe location.
4. Contact your local Law Enforcement office. As directed by them, report the matter to the Canadian Anti-Fraud Centre.
5. Make sure you contact your bank (or relevant financial partners) to block your payment cards and cheque books, and change the passwords to your online accounts. Request for new payment cards and cheque books, and never share this information with anyone.
6. Add a statement to your credit report and check frequently for any fraudulent activity.

Check with your bank for the right financial products and plans for your needs. For more articles on how to safeguard yourself from scams, read here for resources provided by the Government of Canada.

To speak to one of our accredited credit counsellors who can help you choose safe and legitimate insurance or other financial options, click here.

The post How To Stay Safe From Financial Fraud appeared first on Credit Counselling Canada.

Whether happily coupled, or single and carefree, if you are looking for heart-felt and meaningful ways to make this season one to remember, here are some fun ways to make that happen, without the glare of advertising’s tempting lights!

1. Enjoy dinner and a movie night in your backyard. Try cooking together, or maybe it is time to splurge a little on takeout! If the weather permits, setup your outdoor movie theatre. All you need is your favourite movie, an overhead projector and a white sheet spread over a clothesline or balcony wall. Add soft music, lights, comfortable seating, and warm throws, and you are all set!

2. Candle lights, flowers, romantic music, and your favourite game can make the evening festive without busting your wallet. You could plan all this to be a surprise for your partner. Or, perhaps enjoy cooking and setting up together. The perfect ambience in the comfort of your own home!

3. Enjoy a game night or fun challenge with your family. Choose from inexpensive options, something you can get children involved in as well. Employ their creativity to decorate and make the place festive. Just moving furniture around, adding fresh flowers, and themed decor can brighten things up! Cherish memories as you look at family pictures, bringing back beautiful moments!

4. Why not make the entire day fun by planning a road trip or hike? Pack a fun picnic lunch, let music float as you take in the sights of the country and forest trails. Choose the perfect spot to camp, or if you like, explore the city’s cool attractions.

5. You could make the day extra special by spending time at a charity you both love. Take some time this Valentine’s Day to give to children, animals in shelters, and other lonely hearts in need of a kind word and smile!

Remember to stay safe this season, as you plan time together with loved ones and friends. Joy doesn’t have to come with a price tag, but in the time spent with those you love. This can also be the beginning of a season of smart choices financially, as you wisely balance splurging and saving for the future. As always, our team of non-profit accredited and caring counsellors are a phone call away, if you need some guidance and help in making healthy money choices. Leave us a quick note here, and we would be more than happy to be there for you!

The post 5 Fun and Inexpensive Valentine’s Day Ideas! appeared first on Credit Counselling Canada.

1. Before you start, make sure you list and total the income of your family. It is important to plan this ahead of every paycheck.
2. Make a list of essential expenses – food, housing, medical needs, utilities, education, transportation, financial payments and obligations, etc. This does not include dining out, entertainment, day trips, and the like!
3. Make sure you set aside a little every month for any emergency. Always wise to be prepared for a rainy day. Giving the kitchen a new look, or upgrading old fixtures are not a reason to dip into the piggy bank!
4. If there is still room in your budget, make sure that money is tucked away in a savings account – however small it may seem. It is not the amount, but the habit of saving that matters more.
5. Give yourself the gift of five minutes everyday to track your expenses. It will help you see where your money is going, so you are not caught off-guard when the credit card bill arrives. Resist the urge to spend beyond what you planned for the month.

Utilities and groceries are key areas to tweak expenses, when possible, while maintaining a healthy lifestyle. Many stores rotate food supplies that they have on sale, and it would be ideal to make use of this. When possible, stack up on discounted items, while looking for the best deals.

Check with your bank for the option of setting up an automatic transfer every month. Making savings a non-negotiable will bless you in the long run. Remember, money not spent, is money saved. It will come handy when there are celebrations and holidays!

Being intentional about your spending, helps you stay in charge of your money. Staying persistent and being accountable when it is not easy, is what will take you to the next level.

It is not too late to get back on track on the road to your financial dreams. If you need help crafting a personalized budget that works for you, speak to one of our caring, accredited, not-for-profit counsellors today, or leave us a message here. When you need help, we are here for you!

The post Creating a Realistic Budget and Finding Freedom to Spend Intentionally! appeared first on Credit Counselling Canada.

Without the unwavering support of Canada’s Government, and major Financial Institutions, we would not be able to reach countless Canadians with much needed financial advice, counselling, educational resources, practical and feasible debt management plans customized to individual clients.

It has been CCC’s joy and honor in keeping with the annual tradition of presenting the Credit Counselling Canada 2021 award to Canadian Tire Bank, who have been unequivocal in their passion and commitment to strengthen the most financially vulnerable in our communities.

Our deepest appreciation also goes out to all Financial Institutions that have worked with us in the past decades to fulfil the mandate to help Canadians on the path to financial freedom. None of this would have been possible without them.

As always, CCC stands at the forefront of advocacy initiatives on behalf of those in need of an accredited, non-profit source to help during such times of uncertainty and change. Clients who walk through our doors and avail of our services, never leave the same. With the voice of truth and caring that has their interests at heart, they can breathe easier, thankful for the helping hand in navigating their difficult circumstances. Together, we are helping our communities, one family at a time!

The post Credit Counselling Canada Award 2021 appeared first on Credit Counselling Canada.

Today can be the beginning of the best days of your life. It begins with those baby-steps, small things that help you set a good foundation, and orient you in the right direction!

1. Don’t let society influence your priorities. An expensive vacation, fancy car, house bigger than you can afford, or an irresistible clothes sale cannot really give you the security you desire. Social Media is full of carefully curated pictures of one’s life and experiences, masked by a spectrum of filters. Happiness is not in living up to the ideals of others, spending more than will really bring you joy.
2. It is tempting to be swayed by a flash sale, but money not spent is money saved. Keep those items in your virtual cart a little longer, and sleep over it before you make the purchase. It is best to save money and wait until you can pay in cash.
3. Setting financial goals can be a key motivator in being able to say no to things that can wait, things that would delay your reaching the finish line of your goal. Keep them clear, easy, and doable. What matters more than how much you can set aside every month, is the habit of saving!
4. Cut your budget where you can. This can mean spending less on entertainment, saying no to an invitation to dinner or partying, dropping brand names for local merch, and cooking at home instead of choosing take-out! Learn to stretch every dollar. The security of money in your account is lot more rewarding than a passing pleasure.
5. A stitch in time can save nine! Look for those tell-tale signs. Our short quiz here, can help you assess your financial health, like checking your blood pressure at the pharmacy.

Sometimes in life, we need a guide or coach to help us grow to the next level. If you need the right person walking alongside you to help you navigate those sharp financial curves and someone who has your interests at heart, take the quiz and reach out. Credit Counselling Canada’s team of caring, dedicated, accredited, not-for-profit counsellors love helping others, talking about money and reminding you that you’re not alone. We have helped more than a million Canadians through our financial literacy, counselling and low-cost debt solutions. Our passion is strong as ever, to help indebted Canadians get back on the road to their financial dreams.

Leave us a message here, and a counsellor in your area will be in touch. When you need help, we are here for you!

The post You Can Be Debt-Free! appeared first on Credit Counselling Canada.

September is such a beautiful month with the cooler, crisper weather and all the vegetation turning into the brilliant colours of fall, including a few of my pumpkins I planted in the spring.

For many of us who still have the muscle memory of starting school in September, this time of year can feel like a new beginning. For me, it’s a time for reflection on how the last eight months of the year have gone and then I step into that fresh piece of paper and a pen and start to dream about new goals.

This time of year, can also bring about a lot of change and transition. Perhaps you’ve just started school and are still wrapping your arms around the whole experience. Maybe you’ve embraced the ‘great resignation’ and decided to change jobs or retire. Possibly you’ve welcomed a new family member into the world or said goodbye to a loved one. All of this change can create stress and/or joy but one thing is for sure, these changes can impact your finances.

You may have to pay for tuition and books, reinstate your bus pass because you may be returning to your workplace, or put your car back on the road.  Many people living in Canada have adjusted, at least somewhat, to this new normal of pandemic living.  This includes the budget we’ve been living with over the last 18 months and introducing a new expense can feel uncomfortable.

This is actually a good thing – that uncomfortable feeling is your internal warning system giving you the heads up to pay attention. Paying attention doesn’t require us to panic, it just means we need to be conscious about the extra cost and integrating it into our existing budget.

Now if this sounds like it’s stressful or too much work or not interesting enough, fair enough. Your experience and feelings about this are totally valid. And here’s the great news, there’s someone who can be a coach, guide, or even a partner throughout your whole financial journey, including creating a manageable budget because a lot of people think budgeting is boring.  But not our credit counsellors, financial coaches, and financial educators, they LOVE budgeting!

I like to think of non-profit credit counsellors and financial educators as the person you take on a road trip, a financial one that is. You decide on the destination (e.g. being debt free, rebuilding your credit, saving for an emergency or a goal) and they’ll help you create the roadmap to get there.  They’ll make sure you’ve got good tunes to carry you through (e.g. financial tools and resources) as you progress towards your goals. They’ll cheer you on when you’re weary, they’ll hand you tissue when you feel overwhelmed and need a good cry, and they will celebrate with you when you achieve your goals, big and small.

If you want to start your fall feeling positive about your money, come chat with one of Credit Counselling Canada’s member agencies. They are non-profit organizations dedicated to helping consumers in Canada resolve their debt and build solid financial skills for a lifetime.

As an aside, speaking of new beginnings, I would like to introduce myself – I am the interim CEO for Credit Counselling Canada. I’ve had the privilege of leading teams of credit counsellors and financial educators for the last 13 years and I’m deeply passionate about eliminating financial shame for consumers in Canada. I live on a small farm in BC with my husband Brad, dog Duke, and kitties Lasercat and Keanu. In my spare time, I love to be outside farming, walking, reading, and working with stained glass.

Stacy Yanchuk-Oleksy

CEO, Credit Counselling Canada

The post September – A Time for New Beginnings, including Your Budget appeared first on Credit Counselling Canada.

1. Enjoy a picnic at home or stargaze as you camp in your backyard. Cosy up with your favourite pet, listen to the birds and crickets and wake up to pink and amber skies.
2. Have an outdoor movie night in the warm summer breeze. Enjoy your movie with all the trimmings plus your favourite snacks and drinks. All it takes is a projector and a white sheet over a rope. Add popcorn, cotton candy or pop machines, and suddenly, you’ve got a great ambience.
3. Invite the kids to a COVID-friendly, outdoor staycation party! Pep up the fun with inflatable or stock tank pools. Three-legged races, surprise ice bucket dunks, try-not-to-laugh, blindfolded makeup, dress-up-like-a-princess, face painting, art, crafts and squirt guns are also fun!
4. Enjoy a day on the beach, complete with a picnic lunch and your favourite book or music. Soak in the refreshing breeze, waves and blue skies.
5. Stay cosy in your pyjamas or robe all day! Why not catch up on some much-needed sleep?.
6. Tour your city for places you have yet to explore. Check out free events and attractions! If you have a creative team, why not plan a surprise outdoor flash-music-dance performance?
7. Take a break from cooking and have your meals delivered. Enjoy being served while helping to support local businesses!
8. Create a fun-family wall with your favourite pictures and kids paintings (finger paintings too)!
9. Organize a spa day at home and invite the people in your bubble over. Ask each person to bring a small and inexpensive gift to add to the fun gift box. Finally, have everyone randomly pick their gift via a game-draw. Make the experience complete with light refreshments.
10. Learn a new hobby, language or skill. Know a second language? Perhaps you could teach someone for some extra money!
11. Organize a fancy dress or masquerade party for the kids in your family bubble! Spice it up by having them plan and enact a play for the parents. Celebrate their creativity with cute and inexpensive gifts for all.
12. Nature trails, hikes and parks are great for a day-getaway to refresh body and soul without needing to go too far from home. Take piggyback rides, fly kites and play Frisbee with your (or a friend’s) favourite pooch.
13. Attend a home project you have not been able to get around to in a long while, like organizing, painting or gardening!
14. Have the friends in your bubble over for a potluck, or make the day extra special by cooking together! Explore cuisines from different countries to make it more enjoyable.
15. Make your home look like a resort. Choose your theme (for example, Caribbean, Bahamas, Disney, get creative!). Employ the enthusiasm and energy of your children to give your home a new look. Re-arrange furniture and use cost-friendly décors such as fresh cut flowers, kid-made crafts, candles, music and fragrances! It’s amazing what a low-cost, temporary home makeover can do to make you feel like you’re on holiday.

Fortunately, simple things can also bring lots of joy! While planning your staycation this year, be sure to give yourself enough time to set up and enjoy. Why not get the entire family involved and make some memorable videos?

Finally, stay healthy and safe as you follow the health advisories of your local authorities at this time.

Above all, relax, allow yourself to be silly and have some fun!

The post Enjoying Staycations on a Budget! appeared first on Credit Counselling Canada.

1. Does this fit my budget?

Before anything, you need a budget to decide what you need and how much you are going to spend. Start with only the essentials and remember to allow for some spending money just to have fun. The most important thing is to stick to your budget! Keep temptation at bay by carrying only the amount of cash you need, or pre-load a grocery card with a fixed amount. Moreover, a grocery card can earn you cash-redeemable points on every purchase. If you choose to use credit, do so wisely and only as a convenience and pay early so you are not charged interest on your purchases. If you tend to shop online, you may wish to set aside a pre-loaded cash card for this purpose.

2. Do I need it right now?

Make a list of items you need before you go shopping. While in the store, stick to the list, but don’t miss out on any comparable items or alternate brands on sale, that can stretch your budget further. And don’t forget those coupons and gift cards long forgotten about!

3. Did I remember to write it down?

Keep a note of every dollar you spend, so you know where your money is going. Otherwise, it is more likely that you will unconsciously spend more than planned! Try taking on a no-spending week challenge every now and then if you can.

4. Escape the social media gala!

Pretty packages and sparkly sales can make you feel good at the moment, but leave you feeling guilty later on. Turn off social media (and tempting sales ads that pop up) except for a few minutes daily to catch up with friends. It will not only save you money, but time spent with family or investing in yourself is much more rewarding!

5. Sleep on it!

With most of us spending more time at home hooked to our smartphones and computers, the temptation to peep into online shopping windows a mere finger-click away is at an all-time high. When tempted, tuck away the shopping cart, come back a day or two later and see if you still want to buy all those items.

6. What’s the dream?

There is nothing quite like a dream goal to motivate and get you started on saving money. Set up an automatic monthly cash transfer to your savings account. Even if it means skipping your favourite coffee shop more often. Money not spent is money saved. Every little step counts!

Getting Debt Help

If you find yourself prone to emotional spending, speaking with a non-profit credit counsellor can make all the difference. Contact us and we will connect you with one of our certified non-profit credit counsellors to help you tackle that pesky spending habit. 

Not sure if you’re ready? Why not take our Debt Quiz and see how you compare to other Canadians. Taking our Debt Quiz will tell you whether it is time to bite the bullet in taking that first step toward credit free living and becoming debt free.

The post Emotional Spending – 6 Keys to Tackling It appeared first on Credit Counselling Canada.

Consumer rights and debt is an increasingly important topic. As modern societies move toward open data movements in government, health care and banking, it’s important to note that North American society wasn’t built on a bedrock of a citizen’s right to know.

Sociologist Michael Schudson reveals how consumer rights movements between the 1950s and 1970s were based mainly on environmental activists’ demands, consumer advocates and investigative journalists.  Schudson outlines this drive toward modern transparency in his book, “The Rise of the Right to Know: Politics and the Culture of Transparency, 1945-1975.”

Schudson’s book campaigns for greater openness across several domains such as truthful communication in health care and transparency at all business and government levels. Today, in an era of constant information and the uncertainty amid COVID-19, it’s important to revisit this idea of consumer rights, specifically around consumer debt.

Most find it hard to open up about their finances and lack the courage to ask for help

Broadly, consumer rights ensure people obtain accurate and unbiased information and that they are not mistreated. Additionally, being informed on individual rights increases economic welfare. It also improves societal health by bolstering demand for openness and encouraging industries to make ethical progress.

In the consumer debt space, access to non-judgmental, confidential options is essential. Most find it hard to open up about their finances and lack the courage to ask for help. Despite a recent drop in consumer insolvencies, Canada is a heavily indebted nation. Unfortunately, that is not going to change anytime soon.

In a recent Credit Counselling Canada survey, Canadians revealed the issues they face when seeking debt assistance. The greatest challenge was a lack of focus on financial wellness and education (72 per cent). Next, a lack of transparency around fees (70 per cent). Then, concern about conflict of interest and a lack of transparency around an organization’s motives (69 per cent).

The survey also shows motivates people to get out of debt. It’s one of the oldest tropes in recovery, and a claim that’s been repeated for decades. You’ve got to hit rock bottom before you can change course. Strikingly, nearly four in 10 Canadians would have no idea where to turn when facing rock bottom.

More work needed to build awareness

Major work is needed to increase awareness of consumer rights around debt and debt relief. Canada is taking steps in the right direction. The Financial Consumer Agency of Canada recently renewed its Consumer Protection Advisory Committee, seeking to strengthen financial literacy and ensure appropriate regulations are in place. Nevertheless, more can be done.

Canada should look towards models in the U.K., Australia and New Zealand. Together these countries have invested upwards of $115 million in financial help services to supplement their COVID-19 relief packages. Although Canada has responded swiftly to address the immediate emergency, there is no long-term strategy to build Canadians’ financial well-being beyond the crisis. These countries have put the interest of indebted consumers first.  Moreover, they have developed a progressive framework of sustainable options, including the critical service of non-profit credit counselling.

Protecting the right to unbiased, safe and holistic debt relief requires action from several players. Governments, local community foundations and charitable foundations can band together to support the financial literacy goals of non-profit credit counselling. Funding can also help shift the economics of debt repayment through incentives for banks and credit unions to innovate.  Meanwhile, community centers and organizations can provide space and resources for consumer debt education. Finally, Canadians can seek out Canada’s non-profit, certified credit counsellors as a smart place to start.

It takes a collaborative approach

There is no panacea for Canada’s consumer debt problem. A cross-sector, collaborative approach that includes the non-profit, credit counselling sector is essential.

There is a clear path ahead.  One that involves a dual commitment to economic transparency and a progressive consumer debt approach. Egalitarian society advances when consumers have greater access to information and a protected set of rights. As we make our way through the second wave of the pandemic, we must strive to enshrine and elevate those rights.  Learn about Credit Counselling Canada’s bill of rights for Canadians in debt.

CEO of Credit Counselling Canada

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