From Near-Bankruptcy to Debt-Free: Bernice’s Story

How a Canadian woman harnessed Credit Canada’s services to finally get out of debt

Bankruptcy is what a lot of people imagine as the distant picture of rock bottom. You might not have seen it as a possibility for many years—yet more Canadians now than ever are considering bankruptcy. Plus, over half of Canadians say they’re $200 from not being able to meet their bills and expenses. 

As a national-leading credit counselling agency, we talk to these Canadians every day and help them find debt relief options. 

Bernice is one of Credit Canada’s clients—a Canadian just like you who struggled with immense debt and looming bankruptcy. Credit Canada’s confidential, free credit counselling services helped her find a way out. 

A Downward Spiral of Debt and Stress

Bernice described her situation as a total mess. She felt overwhelmed with anxiety and stress because of her debts, which compounded into her hiding bills and creating more debt. Sound familiar? That’s because debt has this way of creeping up on us, and even when we realize there’s a problem, the stigma and stress of it all can feel paralyzing to many. 

“I was scared, couldn’t sleep…I hid bills, I created more debt while I was in debt, and I was just sick. I was going under and under.”

Many of our clients experience mental health challenges and stress as a result of debt. 

Looking for Answers and Considering Bankruptcy

Bernice decided to seek support. She started with her employer’s employee assistance program and told them about her situation. Their solution? Bankruptcy. But Bernice didn’t want to accept that as her only option.

“[Bankruptcy] wasn’t a solution. This was my debt that I created and I had to take responsibility for it.”

Why did Bernice’s employer think bankruptcy was her only option? In some cases, our clients decide to go that route because it provides them with the relief they need to start over and feel better about their finances. But bankruptcy is by no means your only option. In fact, we advise our clients about plenty of alternatives before considering bankruptcy. 

Here at Credit Canada, we know debt relief isn’t a one-size-fits-all solution. It should account for your personal values, income capacity, financial goals, and everything else you need to feel comfortable about your course of action. We provide Canadians with knowledge and information about multiple debt relief options available to them. 

So Bernice decided to look for answers elsewhere…

Finding Credit Canada’s Expert Credit Counselling Services

Our certified credit counsellors provide confidential and free services. Here’s how the process went for Bernice:

“I remember my first appointment, walking into the office and anticipating that first meeting. I thought, oh I wonder what they’re gonna say…you don’t know what to expect.”

Instead?

“I received a lot of support and understanding…it feels wonderful.”

Bernice sat down with a credit counsellor and shared all of her worries, concerns, and debts with them. Together, they identified the biggest contributors to Bernice’s debt and crafted a debt consolidation plan to help her find relief. 

She was burdened by a whopping $684 in contractual payments for high-interest debts. After we set her up on a debt consolidation program, her interest was reduced by 59% and brought her monthly payments down to $199. 

“You get such a release of anxiety; you learn to respect yourself again and to like your own self again because you’re going to make decisions for your future.”

Her final advice for anyone experiencing debt problems?

“Anybody out there going through this, just make that call. Making that phone call was the best thing a person could do.”

Your life doesn’t have to be about your debt any longer. If you want to take control of your finances and find a way out of debt for good, our team is here to support you. Talk to a credit counsellor today.