Canada
Borrow responsibly: staying in control
Used well, a loan helps you move forward. Used carelessly, it can dig a hole that's hard to climb out of. Here's how to stay on the right side of that line.
Borrow only what you can repay
Before you sign, work out the full monthly payment and how it fits your budget after rent, food and other bills. If the payment only works when nothing goes wrong, it doesn't really work. Know the total cost of borrowing — see how loans work — not just the monthly figure.
Warning signs of trouble
Debt may be getting out of hand if you notice any of these:
- Taking a new loan to pay off an old one
- Only ever making minimum payments
- Missing payments or paying bills late
- Borrowing for everyday essentials
- Feeling anxious or avoiding your statements
Free, confidential help
Non-profit credit counselling is available across Canada, free and confidential. Counsellors can help you build a budget, talk to lenders, and set up a repayment plan. You don't need to be in crisis to reach out — the earlier you do, the more options you have.