Debt is one of the hardest financial topics to talk about—yet it affects millions of Canadians. We speak openly about work, family, and even personal health. But when it comes to money, especially debt, many people go quiet. Why is that? And why does debt, in particular, come with so much shame and silence?
At Faber, we speak with people every day who have struggled in silence for far too long. If you feel like that could be what you’re facing, it’s important to remember that you’re far from alone.
The Culture of Silence
Canadians tend to value privacy, independence, and responsibility—all good things, until they start turning into isolation and self-blame. Many people feel that if they’re in debt, they must have done something wrong. They’re embarrassed to admit they’re having a hard time, even when it’s clear that rising costs, interest rates, and wages that haven’t kept pace are driving much of the financial strain.
Add to that the social media highlight reel effect, where it seems like everyone else is taking vacations, buying homes, and living comfortably, and it’s easy to feel like you’re the only one falling behind.
But the numbers paint a different picture.
Debt Is More Common Than You Think
Canada’s household debt levels are among the highest in the G7. According to Statistics Canada, the average Canadian household owes $1.83 for every dollar of disposable income. That includes:
- Mortgages
- Credit card debt
- Car loans
- Lines of credit
That’s not a moral failing. It’s a reflection of the broader economic environment we’re living in, one where the cost of living has soared, and many people are relying on credit just to make ends meet. The truth is millions of Canadians are dealing with debt. What’s uncommon is talking about it.
Breaking the Stigma
One of the most powerful things we see is the shift that happens when someone finally opens up about their financial stress. The shame starts to lift, options start to appear, and there’s often a huge sense of relief in simply being heard without judgment.
Talking about your debt can help you:
- Lift the weight of shame and isolation
- Discover new options and solutions
- Feel supported by someone who understands
- Start making a clear plan for your future
Debt doesn’t define your worth, and it doesn’t mean you’ve failed. In fact, reaching out for support is one of the most responsible steps you can take.
When you speak with one of our Licensed Insolvency Trustees, you’re not talking to someone who’s going to lecture or judge you. You’re talking to someone who understands what you’re going through and is trained to help you navigate a way forward with clarity, support, and a plan that fits your situation.
Find Strength with the Faber Advantage
Your creditors have 45 days to review the proposal. If a majority (by dollar value of debt) vote to accept it, the proposal beDebt can feel isolating, but the moment you choose to have a conversation is the moment you begin taking back control. Talking about debt doesn’t have to be scary. It doesn’t matter what led you to where you are now, we’re ready to discuss your solution. It can be empowering, and taking the first step, no matter how small, can be the beginning of a more confident financial future.
Reach out to us today and book a free consultation. The first step is the hardest, but we’re here to help every step of the way.
