In this powerful episode, Jessica Samuels and Mike Gawliuk sit down with Maggie Sinclair from Beam Credit Union to unpack the current reality of debt in Canada—and the deep mental health impacts that often come with it. With household debt hitting record highs and many Canadians living just $200 away from insolvency, the conversation covers the emotional toll of financial strain, stigma, and the hard choices people are forced to make.

Maggie sheds light on how seemingly small financial decisions—like “buy now, pay later” services—can spiral into overwhelming debt. Mike brings a mental health lens to the issue, connecting debt to anxiety, depression, social isolation, and the broader issue of poverty. Together, the trio discusses practical strategies to help manage debt and protect mental well-being, from budgeting and debt consolidation to knowing when to seek professional help.

Key Topics Covered:

• The current state of household debt in Canada
• The hidden nature of modern debt (subscriptions, BNPL services)
• Emotional and psychological effects of debt
• The stigma and shame often attached to financial hardship
• How debt can exacerbate existing mental health issues
• Social isolation and poverty as compounding factors
• Practical advice: budgeting, talking to your financial institution, debt management options
• The pros and cons of consolidation loans and bankruptcy
• Importance of financial literacy and seeking trustworthy support

** Resources
Rising Debt for Canadians
https://www.castanet.net/news/Kelowna/527552/Debt-doubts-are-mounting-across-Canada-and-the-Okanagan-is-no-different#527552

https://globalnews.ca/news/10946620/credit-card-debt-transunion-report/

https://financialpost.com/news/canada-household-debt-hits-new-record

https://www150.statcan.gc.ca/n1/pub/11-631-x/11-631-x2024002-eng.htm

https://newsroom.transunion.ca/despite-interest-rate-cuts-more-than-1-in-4-canadians-expect-to-be-unable-to-pay-bills--yet-more-than-1-in-5-plan-to-take-on-more-debt/

Debt & MH

https://www.ivey.uwo.ca/impact/read/2024/08/breaking-the-silence-on-canada-s-hidden-debt-crisis/

https://www.bankofcanada.ca/wp-content/uploads/2024/04/san2024-5.pdf

https://money.com/is-debt-impacting-your-mental-health/

https://creditlift.ca/the-link-between-mental-health-and-debt-in-canada-understanding-the-connection-and-finding-solutions/

https://crowemackayco.ca/b/how-debt-can-affect-your-personal-relationships-understanding-the-link-between-finances-and-romance/

https://mnpdebt.ca/en/resources/mnp-debt-blog/canadians-inflation-isolation-rising-costs-mental-health-loneliness-isolation-stress-anxiety

https://www.moneyandmentalhealth.org/money-and-mental-health-facts/

Debt Management

https://www.creditcanada.com/blog/how-to-get-out-of-debt-on-a-low-income-10-strategies

https://point.com/blog/how-to-manage-debt-effectively

https://ised-isde.canada.ca/site/office-consumer-affairs/en/money-debt-and-giving/six-steps-get-out-debt
 
Debt payoff services

Credit Canada

Credit Counselling Society

Using Debt Settlement Services

https://www.canada.ca/en/financial-consumer-agency/services/debt/debt-settlement-company.html

Thank you for tuning in to A Way Forward Podcast! If you found this episode helpful, please subscribe and share it with others who may benefit. Stay tuned for more conversations on mental health in future episodes.

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A Way Forward Podcast is proudly presented by Beem Credit Union. BlueShore Financial, GFCU Savings, Gulf & Fraser, Interior Savings, and North Peace Savings are trade names of Beem Credit Union.