See things the way you did before you were in debt

You’re not alone. The truth is over 40% of Canadians were in debt last year. Although debt can be overwhelming, there are ways to start fresh and improve your relationship with money.

Decide if you need debt help

Four signs that you have too much debt

Canadians are in debt for lots of good reasons, from buying a house to education costs. But when debt overwhelms you, there are signs that it’s time to get help.

You’re missing or only making minimum payments

One credit card is paying off the other

Using credit to pay for essential living costs

You have no savings for the unexpected

It can be hard to talk about debt, but we offer a free, no-obligation, completely confidential consultation. Want to see if you need debt help? Try our calculator.

Book a FREE consultation

Learn the basics

Understanding the meaning of debt

Feeling out of control with your debt and bills can feel like a problem with no solution. One way to reduce stress is to have all the facts about how you can get out of debt.

Debt is when you owe money to someone, like a bank or a credit card company. It can come from everyday things like using a credit card to buy groceries or bigger things like paying for school or buying a house.

There are different types of debt. Some can be helpful in the long run, like student loans that help you get a better job later. Others, like credit card debt from buying too many things you don’t really need, can cause problems.

But sometimes, there are circumstances out of your control that can cause you to have too much debt. Things like rising costs, higher interest rates, losing your job, or a family member getting sick can make it hard to manage. That’s when we’re here to help.

Understand the terminology

The three truths about debt.

Explore your options

Debt solutions that work for you

Personalized to you, we offer debt solutions that can reduce your stress and get you out of debt faster.

What’s the best solution for you?

You may not have heard of it, but a consumer proposal might be one of your best options for reducing your debt by up to 80%.

What do you know about relieving your debt?

There are many ways to get out of debt. The question is which one is right for you?

Explore your debt-relief options with our easy-to-use calculator

Use this debt calculator to compare what you can save when you choose different debt-relief options. Easily find the best solution that matches your situation.

Find the right debt-relief option

Debt Amount

$6,000

$6,000$250,000

5 YearsMonthly

You Pay:

$6,000

You Save:

Consumer Proposal (0% Interest Rate)

You Pay

$6,000

You Save

Debt Consolidation (12% Interest Rate)

You Pay

$8,008

Do Nothing (19% Interest Rate)

You Pay

$9,339

Take the first step

Book a free, confidential, no-obligation consultation – we’ll do the rest

Book a FREE consultation

Share your story with one of our supportive debt experts

Review your debt-relief options together

Make a plan to help regain control of your money

Start lowering your debt and easing your stress

Book a FREE consultation

The truth about debt

The Difference Between Debt and Budget Problems

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How to Stop Collection Calls: Strategies and Legal Rights

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Debt-to-Income Ratio in Canada: Managing Your Finances

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What is a Licensed Insolvency Trustee?

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Dealing with Debt When You’re Unemployed: Full Guide

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Frequently asked questions

Get answers to the most commonly asked questions about debt-relief solutions, debt terminology, budgeting and more.

Each financial situation is unique. What could be considered serious debt problems for one person might be fine for someone else. Here’s how to recognize the warning signs about having too much debt:

Struggling to pay your debts and expenses each month
Only making the minimum payments
Repaying your debt is causing you stress
Hiding your debt from loved ones
Receiving calls from creditors or collection agencies
Using one credit card to repay debts on another
Missing payments or making payments late
Taking out new loans to afford to repay your current debts
Don’t have a budget or can’t stick to a budget
Not sure how much debt you have
Regularly use payday loans

Calls from collection agencies and creditors can be annoying and even harassing. And they won’t just give up and stop calling. But there are ways to properly handle them.

The quickest way to stop collection calls and move on with your life is to contact an LIT. If you’re facing collection calls, you’re likely already facing debt problems. LITs are the only professionals in Canada legally authorized to file consumer proposals and bankruptcies. They also provide advice and assistance about other debt management options.

To find out more, book a free, confidential, no-obligation consultation with a Farber debt expert today.

Everyone’s financial situation is different. Here are some questions to ask your LIT during the first consultation.

What is the best debt-relief option for my situation?
What are the pros and cons of any other options?
Which of my debts will be affected?
How much will this cost?
Will anyone else in my family be affected by the solution suggested?
How will this affect my credit rating?
Who will I work with throughout the process and how often will we speak to each other?
How long will I be committed to my debt-relief solution?
Once you help me with my debt, is that the end of our relationship?

See more FAQs

Get Debt Help

Debt Solutions

Why Farber

The Truth About Debt

See things the way you did before you were in debt

On this page

Decide if you need debt help

Four signs that you have too much debt

Learn the basics

Understanding the meaning of debt

The basics of debt

Why choose a Licensed Insolvency Trustee (LIT)?

Explore your options

Debt solutions that work for you

What’s the best solution for you?

What do you know about relieving your debt?

Explore your debt-relief options with our easy-to-use calculator

You Pay:

You Save:

Consumer Proposal (0% Interest Rate)

You Pay

You Save

Debt Consolidation (12% Interest Rate)

You Pay

Do Nothing (19% Interest Rate)

You Pay

Take the first step

Book a free, confidential, no-obligation consultation – we’ll do the rest

The truth about debt

The Difference Between Debt and Budget Problems

How to Stop Collection Calls: Strategies and Legal Rights

Debt-to-Income Ratio in Canada: Managing Your Finances

What is a Licensed Insolvency Trustee?

Dealing with Debt When You’re Unemployed: Full Guide

Frequently asked questions

How do you know if you have too much debt?

How do I know if I have a debt or a budget challenge?

What is a Licensed Insolvency Trustee?

How do I stop creditors and collection agencies from calling?

What questions should I ask during my first consultation?