By Jasmin Brown, BDO Debt Solutions

BDO Debt Solutions

Is Shame Keeping You from Dealing With Overwhelming Debt?

Nov 17, 2020 | 10:10 AM

For many people, unmanageable debt still carries a stigma. One recent survey about Canadians’ relationship with debt found that three-in-10 Canadians feel ashamed or embarrassed about their debt. Because of that perceived stigma, people often don’t want to talk about their debt — even to their spouse or closest family members.

Now is the time to talk about debt

Results from our 2020 BDO Affordability Index show that overwhelming debt has become more prevalent in Canadian households since the onset of COVID-19, especially for those who are worse off financially due to the pandemic. Debt stress can reveal itself in a number of ways. You may be scared or frustrated, unable to focus or losing sleep. Now is the time to have honest, open conversations with loved ones about your money challenges.

Look for warning signs of financial distress

A good place to start is by doing your own review of your financial situation. You don’t have to do this alone. Set aside time with your spouse or partner, or a close friend or family member to take stock. It’s important to know your numbers: your total income and assets, your outstanding debts and their interest charges.

Grey Cup!!!

Everything you wanted and more

Nov 21, 2025

12 Best Tips to Spend Less at Christmas

Nov 18, 2025

Cybercrime response

Prince Albert Police Service 'limited in scope' to properly investigate fraud crimes

Nov 17, 2025

Be honest with yourself and each other about any signs of financial trouble you have been experiencing. Here are a few to be aware of:

· Missing or late bill payments

· Paying only the minimum on your credit cards

· Going over your borrowing limits on credit cards

· Having no money left in your account by payday

· Using your credit cards as an extension of your income

· Being contacted by collection agencies or creditors

Meet with a Licensed Insolvency Trustee

The next step is to seek help. You and your spouse or partner do not have to deal with overwhelming debt on your own. Try not to let pride or shame keep you from exploring debt options. Seeking help early can prevent even more serious financial problems down the road, and you may have more options for dealing with your debt.

A first meeting with a Licensed Insolvency Trustee is free and confidential. You will discuss your financial situation and learn about all available debt solutions. The goal of this initial consultation is to help you make an informed decision.

You and your partner can turn the page on debt and work towards a debt-free life. Lean on one another for support and keep the lines of communication open and honest when it comes to money, debt and spending.

Join us on Twitter and Facebook to learn more about dealing with debt during these challenging times.

BDO Debt Solutions 1-855-BDO-DEBT

Prince Albert and Area

North Battleford and area.