Picard said he got his first credit card as a student, with a limit that kept going up as the years passed. Debt became a problem\u00a0about 15 years ago, when he was\u00a0earning about $50,000 but overspending and using his credit card to pick up the tab. He said a \u201clack of discipline\u201d meant that he \u201cdidn’t really think of the consequences of that down the road.\u201d <\/p>\n
He realized he needed help about eight years ago, but wasn\u2019t sure where to turn, or what information he could trust.<\/p>\n
\u201cWhen you go down rabbit holes on the internet, you see some things that may seem too good to be true or some things just don’t seem right,\u201d he said.<\/p>\n
He felt particularly isolated and uncertain because \u201cnone of my friends \u2026 had gone through what I was experiencing \u2014 or at least weren’t sharing what they were going through.\u201d<\/p>\n
Debt doesn’t discriminate \u2026 it will come for anybody who’s not paying attention- Stacy Yanchuk Oleksy<\/p>\n
Picard isn\u2019t the only Canadian dealing with debt right now. More than 37,000 people filed for insolvency in Canada in the first three months of 2026<\/a>, the highest number of consumer insolvencies since 2009, during the fallout from the 2008 financial crisis. <\/p>\n Stacy Yanchuk Oleksy, a certified financial counsellor, said Canadians are facing a \u201cperfect storm\u201d of high housing costs, lingering pandemic-related inflation, the Trump administration’s trade war and now soaring gas prices arising from the U.S.-Israel war on Iran.<\/p>\n \u201cWe’ve been frogs boiling to death in the water for a while,\u201d said Yanchuk Oleksy, CEO of Money Mentors, a non-profit credit counselling agency in Alberta.<\/p>\n \u201cDebt doesn’t discriminate \u2026 it will come for anybody who’s not paying attention.\u201d<\/p>\n ‘It’s about taking responsibility’<\/p>\n Yanchuk Oleksy said her organization offers counselling and advice on debt management. They start by listening to a person\u2019s story and then figuring out what options are available.<\/p>\n That could include a plan and timeline to consolidate and repay debts to different creditors. Or setting up \u201ca fireside chat with your creditors, to ask for lower interest or ask for a break while you do get help,\u201d she said.<\/p>\n \u201cThat’s before the whole DIY options, right? Budgeting, going through your expenses and seeing what you can cut,\u201d she said.<\/p>\n She said for many people \u201cit’s not about the money, it’s your relationship and perception of it,\u201d especially if a bank or organization is offering what can feel like \u201cfree money\u201d in the form of credit, or any kind of buy-now, pay-later arrangement.<\/p>\n \u201cWhat you have to ask is, can I pay it off in three months?\u201d she said.<\/p>\n \u201cIf I can’t \u2026 maybe I need to save a little bit more, right? Because what feels easy right now will create a whole lot of problems down the road.\u201d<\/p>\n Yanchuk Oleksy said people struggling with debt shouldn\u2019t let shame stop them from seeking help.\u00a0<\/p>\n \u201cIt’s not entirely your fault; it’s about taking responsibility. And so by giving us a call \u2026 you can make a better decision about your situation,\u201d she said.<\/p>\n WATCH | Why is consumer insolvency rising in Canada?: Rising consumer insolvency | About That<\/p>\n Canadian consumer insolvencies are trending up to levels seen during the 2009 recession. Andrew Chang explores the reasons behind the rise and how worried we should really be.<\/p>\n (Photo credits: The Canadian Press, Reuters, Adobe Stock and Getty Images)’Slow burn’ crisis could be coming<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/05\/1779528069_228_default.jpg\")
<\/p>\n
![\"A](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/05\/1779528069_845_default.jpg\")
Licensed insolvency trustee Scott Terrio said he’s seeing a lot more homeowners with well-paying jobs who are finding themselves in financial trouble. (Submitted by Scott Terrio)’Be brave enough’<\/p>\n