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!
Bankruptcy exemptions by province in 2026
Filing for bankruptcy in Canada does not mean you automatically lose everything you own. Bankruptcy exemptions protect certain assets you need for everyday life and work.
U.S. tariffs, jobs, and household debt in Canada: 2026 survey findings
Tariffs are often discussed in terms of trade and jobs. Spergel’s new 2026 survey brings the focus closer to home: respondents reported lower employment income, greater reliance on credit, and rising household debt amid U.S. trade disruption. Many are still making payments even as their finances become harder to manage.
Filing for bankruptcy with no assets in Canada – what happens?
Yes, you can file for personal bankruptcy in Canada even if you have no assets to sell. A Licensed Insolvency Trustee (LIT) will review your debts, income and property, explain what you can keep, and file the paperwork if bankruptcy is right for you.
Frequently Asked Questions (FAQs) About Debt
Eligibility and Debt What debts can be included in a consumer proposal? Most unsecured debts qualify, including credit cards, lines
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.
The Cost of Getting By in Canada: 2026 survey findings
For many people, getting by in Canada increasingly means using debt or savings to pay for ordinary life.
The rising cost of groceries in Canada: the impact on household finances in 2026
Grocery prices in Canada remain a major source of financial pressure for households in 2026.
Consumer proposal vs debt consolidation: which is better?
If you’re struggling to manage several debts, you may be comparing a consumer proposal vs debt consolidation. Both options can combine multiple debts into one monthly payment, but they work very differently.
407 ETR debt in Ontario: what happens if you can’t pay? (2026 guide)
Receiving a large 407 ETR bill can be stressful, especially if you’re already struggling with other debts. Whether you’ve missed a payment, recently discovered years of unpaid tolls, or simply can’t afford the balance, it’s important to know that you have options.
Received a CERB repayment notice? Here’s what to do if you can’t afford it
Although the Canada Emergency Response Benefit (CERB) ended in 2020, some Canadians are still being asked by the Canada Revenue Agency (CRA) to repay benefits after eligibility reviews.
How to remove collections from your credit report in Canada (2026)
Many Canadians experience financial difficulties at some point in their lives. Whether due to job loss, illness, divorce, rising living costs, or unexpected expenses, falling behind on bills can happen to anyone.
How to save money on groceries in Canada: 10 practical tips
With grocery prices rising across the country and the cost of living soaring, learning how to coupon in Canada isn’t just a savvy move – it’s a smart way to take control of your spending.
What To Say When Debt Collectors Call
Getting a call from a debt collector can feel overwhelming. This guide gives you the exact scripts, tips, and resources you need to stay calm, protect your rights, and take control.
How to leave a marriage with no money in Canada: a step-by-step guide to financial independence
Leaving a marriage is never easy, but it can feel especially overwhelming if you have little or no money of your own.
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.
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