November 2019

Consumer Edge

Office of Consumer Affairs

November 2019

Financial Literacy Month

Throughout November, Canadians are encouraged to take charge of their finances. You can do this by making a budget, having a savings plan, creating a debt reduction plan, as well as understanding your financial rights and responsibilities.

Visit the Financial Consumer Agency of Canada's website to learn more about Financial Literacy Month and this year's themes.


Do you know how much money you receive, spend and save each month? Making a budget can help you balance your income with your regular expenses, and can help you reach your financial goals.

Managing debt

Living with debt can be stressful. Visit the Managing debt page on to learn how to make a plan to be debt-free, where to get help, as well as your rights and responsibilities if you're contacted by a debt collection agency.

High-cost lending

Payday loans are a very expensive way to borrow money. For more information on payday loans, and the rules that apply in your province, consult this table by the Financial Consumer Agency of Canada.

If you are considering applying for a payday loan keep in mind that there may be lower cost options available to you. These could include:

Report on debt relief options

In a recent report funded by the OCA , Credit Counselling Canada compared the long-term financial outcomes of Canadians who used a debt management program, bankruptcy, or a consumer proposal to obtain relief from debt.

Understanding how consumers fare after using these programs can:

  • Better inform consumers about which debt-relief program to choose
  • Help lenders understand which consumers are more likely to manage their credit after insolvency
  • Provide credit counsellors and licensed insolvency trustees with better information to help their clients
  • Inform policy makers about how well each program is functioning for the consumers they serve.

The report found that debt relief options for Canadians have mixed results. Some findings are positive, such as the decrease in late payments and lower monthly payments. However, other findings, such as those that show that consumers seem unable to relieve themselves of long-term debt, are concerning. Not all debt relief programs are alike and the outcomes vary by program.

To read the full report, visit Credit Counselling Canada's  website.

Don't forget to check out October's edition of Consumer Edge.