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Credit and debt impact assessment

Credit and debt impact assessment

It’s relatively easy to take on debt and use credit, but it can be difficult to manage. The following self-assessment will help you understand if your management of credit and debt is impacting your financial wellness. Based on your results, recommendations will be provided to support you.

Please note that the results of your self-assessment will not be saved.

Statements
Your response

Section A

I regularly use the overdraft in my bank account.
I handle a financial emergency by using credit.
I regularly use credit to supplement my monthly expenses.
I am unable to save money for education and/or retirement.
I feel moderately stressed about money.

Section B

I only make minimum payments on credit cards and/or lines of credit that are maxed out.
I experience conflict with my spouse or partner when we discuss finances.
I am worrying or losing sleep over my finances.
I am taking money from my savings or investments to pay down debt.
I feel moderately stressed about money.

Section C

I have been declined for loans or credit in the past two years.
I am behind on paying my monthly expenses.
I currently receive collection calls.
I am regularly charged fees for having non-sufficient funds in my bank account.
I am considering or currently using payday loans.
I feel highly stressed about money.
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Interpret your results

If you selected “no” to all statements:

You do not appear to be experiencing difficulty with credit or debt management. We encourage you to explore our financial wellness resources to maintain your current situation.

If you selected “yes” to any statements in section A:

You appear to be experiencing some difficulty regarding your credit or debt management. We recommend the following actions:

  • Learn how to build a personal budget and access our customizable template to help track your expenses here.
  • Reduce expenses wherever possible or find additional sources of income.
  • Speak with your financial institution about credit or debt management options available to you.
  • Explore a variety of free financial resources through the Credit Counselling Society, including online webinars and workshops.
If you selected “yes” to any statements in section B:

You may be in a pre-crisis situation with respect to your credit or debt management. We recommend the following actions:

  • Gain a better perspective on your financial situation in a safe and supportive environment with prevention, early intervention, assessment and education. Learn more about our counselling services here.
  • Explore a variety of free financial resources through the Credit Counselling Society, including online webinars and workshops, as well as a credit counselling appointment to discuss your financial situation with a certified credit counsellor.
  • Learn how to build a personal budget and access our customizable template to help track your expenses here.
  • Reduce expenses wherever possible or find additional sources of income.
  • Speak with your financial institution about credit or debt management options available to you.
If you selected “yes” to any statements in section C:

You may be in a financial crisis situation with respect to your credit or debt management. We recommend the following actions:

  • Contact the Credit Counselling Society for a free credit counselling appointment with a certified credit counsellor to review your financial situation and receive guidance to overcome your current challenges and achieve your goals.
  • Learn how to build a personal budget and access our customizable template to help track your expenses here.
  • Reduce expenses wherever possible or find additional sources of income.
This self-assessment was based on the credit and debt warning signs identified by the Credit Counselling Society.