The Emotional Toll of Debt
Spergel’s 3rd Annual Study – September 2026
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What’s Inside This Report
Spergel’s 3rd Annual Study on The Emotional Toll of Debt includes insights on:
- Canada’s growing insolvency trends
- The main reasons Canadians are going deeper into debt
- The most common types of debt respondents are carrying
- The warning signs that debt has become unmanageable
- How debt affects mental health, physical health, relationships, and daily life
- Why Canadians delay seeking professional debt help
- How people cope with debt-related stress
- The role of credit in covering essentials
- Provincial cost pressures across Canada
- What respondents say would help prevent future debt crises
- How insolvency solutions can help people move forward
Need help with debt? You don’t have to do this alone
We’re here to help. A Spergel Licensed Insolvency Trustee can explain your options clearly and without judgment.
Sneak Peek Insights for Individuals & Couples
Our Research Findings:
33% said debt affected their relationships, while 35% reported that their family life suffered.
Sneak Peek Insights for Stretched Households
Our Research Findings:
Between April and June 2025, over 35,000 Canadians filed for consumer insolvency, signalling sustained financial pressure on Canadian households.
Sneak Peek Insights for Self-Employed & Small Business Owners
Our Research Findings:
424 business insolvencies were filed in January 2025 — 7.6% higher than December and 45.2% above pre-pandemic levels.
Sneak Peak of Insights for Retirees & Seniors
Our Research Findings:
46% of respondents felt that speaking with someone who can relate to their experience would have helped them better manage their debt stress.
Did You Know These Truths About Debt & Mental Health?
Learn more by downloading the full report.
Source: Money and Mental Health Policy Institute (UK): The Facts 2024 study
Suicidal thoughts
People with problem debt are 3x more likely to have thought about suicide in the past year. This staggering statistic highlights the urgent need for support and awareness around mental health and financial struggles.
Mental Health & dEPRESSION
People with depression and problem debt are 4.2 times more likely to still have depression 18 months later, compared to people without financial difficulty. Financial difficulty affects mental health conditions.
stress & isolation
Financial difficulties are a common cause of stress, and stigma around debt can mean that people struggle to ask for help and can become isolated. The impact on people’s mental health can be severe, especially if creditors are aggressive or insensitive when collecting debts.
Mental health support resources
(CAMH) Centre for Addiction and Mental Health
Multilingual Distress Line
Canadian Insolvency Statistics
Real numbers, stats and details. Get your copy of the full report now.
1Source: Canadian Association of Insolvency and Restructuring Profess
Canadians FILED FOR CONSUMER INSOLVENCY IN Q2 2026
INCREASE IN CONSUMER INSOLVENCIES FROM Q2 2025
Consumer insolvencies are up 8.5% from Q2 2025 to Q2 2026, the highest quarterly insolvency volume since 2009.
Canadians File Every Hour
17 Canadians file for insolvency every hour.
Hear More About Debt & Mental Health From a Spergel trustee
Robert Kilner & The Moolala Podcast, hosted by Bruce Sellery, explores the impact of debt on mental health and what we can do about it.
Money can affect every aspect of our lives. This includes mental health. So what happens if you have a high debt load? Spergel partner Robert Kilner joined The Moolala Podcast, hosted by Bruce Sellery, to describe the impact debt can have on mental health and what we can do about it.
Empower Yourself
Money Tips, Tools & Trackers, Research, Articles, Media and More!
The Emotional Toll of Debt
Spergel’s 3rd Annual Study explores the relationship between debt and mental health in Canada, including how financial stress affects Canadians’ wellbeing, relationships, and daily lives – and why many delay seeking help even when their debt has become overwhelming.
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The rising cost of groceries in Canada: the impact on household finances in 2026
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Consumer proposal vs debt consolidation: which is better?
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How to save money on groceries in Canada: 10 practical tips
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How to leave a marriage with no money in Canada: a step-by-step guide to financial independence
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Surplus income limits in Canada – updated for 2026
Each year, the Office of the Superintendent of Bankruptcy (OSB) updates the surplus income limits for individuals filing for bankruptcy in Canada.
Is Spergel legit? What you need to know before choosing a debt help company
Yes, Spergel is a legitimate Licensed Insolvency Trustee firm in Canada, regulated by the federal government.
This means that Spergel is legally authorized to help Canadians reduce or eliminate debt.
Why are groceries so expensive in Canada? (2026 update)
Canadians have been facing skyrocketing grocery bills in recent years, with a family of four looking to have to fork out around $800 more for food in 2025.
The cost of living in British Columbia (2026): monthly expenses, cities, and income needed
Living in British Columbia offers stunning scenery, thriving cities, and a desirable lifestyle – but all of that comes at a cost.
The cost of living in Ontario in 2026: monthly expenses, cities, and salary needed
Whether you already live in Ontario or are planning a move, understanding the true cost of living in 2026 is essential. With rising housing costs, grocery prices, and rising interest rates still impacting household budgets, many Ontarians are feeling financial pressure.
Why you should never pay a collection agency
If you fall behind on payments for credit cards, loans, tax debt, or other bills, your creditor may eventually send the account to a collection agency.
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