One expert says Canadians shouldn’t feel alone, or isolated when it comes to the money we owe.
A new study looking into our dysfunctional relationship with debt found more than half of Canadians have negative feelings about their debt; things like shame and guilt. Parents and millennials are the most affected.
“I think that the biggest thing is that, don’t wait, don’t feel alone there are a lot of people in the same situation,” said Credit Canada’s Laurie Campbell.
It’s also impacting more than just our bottom line. 20 per cent of Canadians have ended a relationship due a financial issue, or money mis-management.
Campbell said one of the biggest mistakes people can make is ignoring it, or hoping that it goes away.
“I think that what happens to so many individuals they’ll come in with a bag of un-opened bills into our agency and so what happens is they hit a certain point and they just start to ignore it and hope that it goes away.”
The study also found 27 per cent of respondents revealed it prevents them from going out, 19 per cent say they’re losing sleep.