Types of Debt

Common types of debt & how to deal with them

There are many types of debts that people may have. To find out more about different types of debt and what they all mean, click any of the options below.

Credit Card Debt - Help & Advice

Credit card debt is the most common unsecured debt type in Canada, however, problems can arise when people turn to the plastic to cover the…

Student Loan Debt - Help & Advice

Student loans are one of the most common debts for Canadians. Many will have to take out a loan each year to cover their tuition…

Medical Debt - Help & Advice

Canadian residents have to pay for multiple healthcare services including dental care and prescription drugs. A portion of costs is covered by public…

Cellphone Bill Debt - Help & Advice

Most cellphones are taken out on a payment plan in which you make monthly payments towards your plan in exchange for texts, minutes and data…

Payday Loan Debt - Help & Advice

Payday loans are a quick fix for people who are struggling to make their income stretch to the end of the month. These often come…

Mortgage Debt - Help & Advice

Mortgages are loans provided to buy a home. These are secured against the property and are paid over a long period of time. You then…

Car Loan Debt - Help & Advice

Getting on the road is a costly affair with Canadians relying on long term car loans, with high interest rates, to cover the cost of…

Lines of Credit Debt - Help & Advice

Taxes are deductions taken from your income by the government and are put towards a number of programs such as pensions, public healthcare and policing.…

Utility Bills Debt - Help & Advice

Falling behind on everyday essential utility payments such as electricity or gas is classed as utility debt, with figures showing that four in 10 Canadians…

Tax Debt - Help &
Advice

Taxes are deductions taken from your income by the government and are put towards a number of programs such as pension, public healthcare and policing.…

Secured Debt - Help & Advice

A secured debt is a loan that is backed by assets which reduces the risk associated with lending. This means if someone defaults on a…

Unsecured Debts - Help & Advice

An unsecured debt is a loan that doesn’t require an asset as collateral to borrow. Types of unsecured debt include credit card debt, utility bills…

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