Findings from the 2022 BC Consumer Debt Study recently released by Sands & Associates offer unique insights into consumer debt issues in the province, with over 1,400 British Columbians who recently used a legal debt relief process having participated in the study. Along with statistics about who is dealing with problem debt, how, and why – the study also offers opportunity to understand the deeper costs of debt to individuals.
From strained mental health, to fractured relationships and more – the toll of debt is often much more than a financial one, and despite these overwhelming impacts of dealing with problem debt, only 5% of people polled in the 2022 BC Consumer Debt Study said they sought help right away from a debt professional.
BC Licensed Insolvency Trustee Blair Mantin, President of Sands & Associates, says “You owe it to yourself to seek debt help,” and suggests that more open conversations and access to non-judgmental support are key to removing hurdles for people who may be struggling with debt and its devastating impacts.
Does Debt Impact Mental Health? Latest BC Consumer Debt Study Says Emotional Burden Can Be Substantial
Debt Solutions and a Financial Fresh Start
Meet Pratap, Dan, and Heidi. They each have first-hand experience in dealing with – and resolving – problem debt, and in a bid to help others seek support and solutions, spoke with Global News about some of their own personal experience in dealing with debt.
Meet Pratap and learn how his financial struggles escalated during the COVID-19 pandemic:
Meet Dan and learn about his journey through recovery and managing overwhelming debt:
Meet Heidi and learn how she overcame her financial difficulties to create new habits and healthy boundaries:
The individuals surveyed in the 2022 BC Consumer Debt Study ultimately chose to manage their debts with a legal debt relief solution, either by consolidating their debt with a Consumer Proposal or by filing personal bankruptcy. Over 90% felt satisfied, if not extremely satisfied by their choice, and expressed positive outcomes from their decision to get professional debt help, including:
- Over 7 in 10 people said their experience receiving professional debt help allowed them to improve their budgeting and/or savings skills, and 57% reported being more confident in day-to-day financial management because of their experience.
- 53% of participants said they have a better understanding about credit and borrowing.
- 39% said they are more open in discussing finances and general money matters with others.
Get Debt Help Today – You Owe it to Yourself
If you are struggling with debt, know that you are not alone, and that there are solutions to help you live your best life – without debt.
To explore your legal and informal options for dealing with debt, and get trustworthy advice, a Licensed Insolvency Trustee is the right professional to help you.
- Licensed Insolvency Trustees are Canada’s only fully regulated and endorsed debt help experts, empowered to serve Canadians with a range of debt management services.
- You do not need to be dealing with an extreme situation to seek support from a Licensed Insolvency Trustee, and BC consumers can request a free confidential consultation with Sands & Associates by phone or video, or in person from a local office.
Move forward with confidence and optimism for what the future holds. Book your free, non-judgmental debt consultation today – you owe it to yourself to get debt help.