Credit counselling calls surge as Canadians struggle with rising costs

Canadians have had a difficult year when it comes to their personal finances, and calls to credit counselling agencies reflect these challenges. According to a new study from Credit Canada, calls for counselling are up 39.6% across the country over the past year. We’ll take a look at why Canadians are struggling with debt and offer practical tips from Bruce Sellery, CEO of Credit Canada, to help you get back on track.

Calls to credit counselling agencies are up 40%

Nationally, requests for help with debt management are rising—but the provincial breakdown is even more revealing:

• Ontario: 59.1%
• British Columbia: 58.1%
• Manitoba: 33.9%
• New Brunswick: 25.2%
• Alberta: 18.8%
  

Residents of Toronto and Vancouver likely won’t be surprised: the cost of living in Ontario and B.C. far outpaces that in provinces like Alberta, and the volume of credit counselling calls reflects this reality.

In fact, Credit Canada recorded a historic high in September 2025, receiving more calls in a single month than at any point in its 60-year history.

Rising costs squeeze Canadians’ finances

Credit Canada and Equifax highlight several pressures making it harder for Canadians to feel financially secure. The consumer price index (CPI) shows the cost of living is up 2.2% year-over-year, with food prices rising 3.5% and shelter costs up 2.5%.

Canadians are also paying roughly 7% more for home and auto insurance, while cell phone bills have increased by the same amount. As expenses climb, credit card and personal loan delinquencies are rising, particularly among those under 35.

“We live in really tough times with inflation, housing affordability, and mortgage rates,” says Bruce Sellery. Many people know that you should have a budget and contribute to savings, but when affordability outstrips income, it can be difficult to know what to do with your money, which is one reason Credit Canada has seen such an uptick in calls.

Take control of your finances, one step at a time

Feeling overwhelmed is normal, but as Sellery points out, “At the same time, we do have a lot of agency. We sometimes forget that.” Making a call to credit counselling is one step, but before taking action, ask yourself: “Why are my finances the way they are?”

Understanding your spending habits, values, and budget weaknesses can help shift your mindset. Once you have that insight, you can start committing to changes—whether it’s picking up a side hustle to save for a big purchase or finding creative ways to live in a high-cost city, like renting out a room or selling your car to rely on public transit.

For a structured approach, try Credit Canada’s Purpose of Money Quiz, which helps identify what you want your money to do and suggests simple steps to get started.

Read more about debt:

• What is the best way to pay down debt?
• The MoneySense guide to debt management
• How to consolidate debt in Canada

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