When it comes to debt, half of Canadians feel “numb” as minimum payments become the norm. Embarrassment cited as the main reason many aren't reaching out for help

“What stands out is not that Canadians are comfortable with debt, but rather it appears almost half of respondents characterize their feelings about their financial situation as being neutral when compared with last year — in other words, they are feeling numb to it,” said Peta Wales, president and CEO of the Credit Counselling Society, in a statement.

Payment-focused thinking is masking rising balances

The report points to a shift in how credit is marketed and used, from weekly car payments to the widespread growth of Buy Now, Pay Later plans. But the emphasis on manageable installments, rather than total cost, can make higher debt loads feel less risky than they are.

In the survey, conducted January 2026 among 1,222 adult Canadians, nearly half of Canadians (45%) reported that they feel neutral about their financial situation compared to last year, neither more anxious nor more confident. Yet 65% also report concerns about their debt overall, and 46% of those carrying debt say they feel uncomfortable with how much they owe. Among those whose debt increased in 2025, that figure jumps to 64%.

Credit use is also becoming more entrenched. Among Canadians whose debt grew last year, 59% say they relied on credit more often, underscoring how borrowing is being used to manage day-to-day costs rather than one-off emergencies.

“Debt remains a source of stress and anxiety,” Wales said. “Ongoing financial pressure can lead individuals to become desensitized to change, even as their balances continue to rise.”

Generations respond differently

While debt levels are rising across age groups, the survey shows that attitudes do vary.

Millennials appear to be taking earlier, more proactive steps, according to the report. They are more likely than Gen X or Gen Z to have addressed debt pre-emptively, and have taken on less new debt over the past year. Gen X respondents report the highest levels of discomfort with their debt, while Boomers, despite carrying higher average balances, report fewer negative emotions.

“These patterns show that financial strain is persistent, but each generation is responding differently,” said Mark Kalinowski, community relations manager at CCS, in a statement. He added that when debt becomes routine, people may delay seeking help, even as their financial position deteriorates.

Stigma is another barrier, according to CCS. Among those anxious about their debt levels, 79% say they feel negatively about reaching out for support, with embarrassment cited as the most common reason.

Majority taking steps to improve

Despite the social stigma, the report does suggest that many Canadians are actively trying to handle their debt. In fact, 84% of Canadians say they’ve taken some step to address their finances, and 73% report making lifestyle changes.

The challenge, CCS argues, is that focusing only on staying current with payments can crowd out longer-term planning. When the goal becomes simply covering this month’s bill, reducing overall balances can feel out of reach.

For consumers, the message from CCS is that normalization of debt can be dangerous, and easy to miss. Taking steps such as regularly reviewing total balances, as well as paying close attention to interest costs and repayment timelines (not just minimum payments) can help households regain an honest picture of their finances.