Debt can have a significant impact on the lives of parents, but it can also affect their children. When parents struggle with debt, it can lead to stress, anxiety, and financial instability that can negatively impact their children’s mental, physical, and emotional well-being. Here’s what you need to know about the effects of parental debt on children, based on recent studies and research.
A 2018 study published in the Journal of Family and Economic Issues found that children whose parents had high levels of debt were more likely to experience psychological distress and symptoms of anxiety and depression. The study also found that children of parents with high levels of debt were more likely to experience physical health problems, such as headaches and stomach problems.
Another study published in the Journal of Marriage and Family in 2019 found that children of parents who had difficulty paying their bills were more likely to experience behavior problems and poor academic performance. The study also found that parental debt was linked to lower levels of parental involvement in children’s education and increased conflict between parents, which could further impact children’s well-being.
These studies suggest that parental debt can have a significant impact on children’s mental, physical, and emotional well-being, and may be linked to a range of negative outcomes. Children may be particularly vulnerable to the stress and uncertainty associated with financial instability, which can affect their behavior, academic performance, and overall quality of life.
If you’re a parent struggling with debt, it’s essential to seek help and support to manage your debt and reduce stress. Financial counseling, debt management programs, and other resources can help you regain control of your finances and reduce the negative impact on your family.
In conclusion, when parents struggle with debt, children suffer too. Recent studies and research suggest that parental debt can have a significant impact on children’s well-being, including increased risk of psychological distress, physical health problems, behavior problems, and poor academic performance. If you’re a parent struggling with debt, seek help and support to minimize the impact on your family.
Additional Resources:
Suicide Prevention Hotline – 1.833.456.4566.
Calgary Counselling Centre – Open to all Albertans
Canadian Mental Health Association
Read more about mental health and debt on our site:
Debt can be a significant source of stress and anxiety, affecting many Canadians in various ways. Recent studies suggest that women may be more vulnerable to the negative mental health effects of debt than men. Here’s what you need to know about the effects of debt on women’s mental health, based on recent studies and research.
A 2019 study published in the Journal of Women’s Health found that women who reported high levels of debt stress were more likely to experience symptoms of depression and anxiety than men who reported similar levels of stress. The study also found that women who reported high levels of debt stress were more likely to experience physical health problems, such as headaches and stomach problems, than men who reported similar levels of stress.
Another study published in the Journal of Family and Economic Issues in 2020 found that women who reported high levels of debt stress were more likely to experience psychological distress and symptoms of depression than men who reported similar levels of stress. The study also found that women who reported high levels of debt stress were more likely to engage in unhealthy coping strategies, such as binge drinking and drug use, than men who reported similar levels of stress.
These studies suggest that debt-related stress can have a significant impact on women’s mental and physical health, and may be linked to unhealthy coping strategies. The gender wage gap, differences in financial literacy, and other factors may contribute to this disparity.
If you’re experiencing debt-related stress, it’s essential to seek help from a qualified professional. Financial counseling, therapy, and other resources can help you manage your debt and develop coping strategies to reduce stress and improve your mental health.
In conclusion, recent studies and research from Canada and the United States suggest that women may be more vulnerable to the negative mental health effects of debt-related stress than men. If you’re struggling with debt-related stress, seek help and support to manage your stress and improve your overall well-being.
Additional Resources:
Suicide Prevention Hotline – 1.833.456.4566.
Calgary Counselling Centre – Open to all Albertans
Canadian Mental Health Association
Read more about mental health and debt on our site:
According to recent studies, debt can have a significant impact on the mental health of men. Financial strain from debt can lead to stress, anxiety, depression, and other mental health issues. Here’s what you need to know about the effects of debt on men’s mental health, based on recent studies and research conducted in Canada and the United States.
A 2018 study conducted in Canada and published in the International Journal of Mental Health and Addiction found that men were more likely than women to experience financial strain from debt. The study found that financial strain was a significant predictor of poor mental health outcomes, including depression and anxiety, among both men and women. However, men were more likely than women to experience financial strain due to debt and to report higher levels of stress and anxiety as a result.
Another study conducted in the United States and published in the Journal of Family and Economic Issues in 2019 found that men were more likely than women to experience debt-related stress and to report negative mental health outcomes as a result. The study found that men who reported higher levels of debt-related stress were more likely to experience symptoms of depression and anxiety than women who reported similar levels of stress.
These studies suggest that debt-related stress can have a significant impact on the mental health of men. Financial strain from debt can lead to feelings of helplessness, hopelessness, and anxiety, which can exacerbate existing mental health issues and increase the risk of developing new ones.
If you’re experiencing debt-related stress, it’s important to seek help from a qualified professional. Financial counseling, therapy, and other resources can help you manage your debt and develop coping strategies to reduce stress and improve your mental health.
In conclusion, recent studies and research conducted in Canada and the United States suggest that debt-related stress can have a significant impact on men’s mental health. If you’re experiencing financial strain from debt, it’s important to seek help and support to manage your stress and improve your overall well-being.
Additional Resources:
Suicide Prevention Hotline – 1.833.456.4566.
Calgary Counselling Centre – Open to all Albertans
Canadian Mental Health Association
Read more about mental health and debt on our site:
There is some research that suggests a positive connection between seeking help to get rid of stress from debt and an increase in IQ levels, but the studies are limited and more research is needed to confirm this link. Here are some Canadian and American studies that have examined the impact of debt on cognitive function and IQ levels.
One Canadian study published in the Journal of Economic Psychology in 2019 found that financial stress, including debt-related stress, was associated with lower cognitive function. The study found that individuals with higher levels of financial stress performed worse on cognitive tests, including tests of memory, attention, and decision-making.
Another Canadian study published in the Journal of Family and Economic Issues in 2018 found that financial stress was negatively associated with cognitive ability among older adults. The study found that older adults who reported higher levels of financial stress had lower cognitive function scores, including scores on tests of memory and executive function.
A study conducted in the United States and published in the journal Social Science & Medicine in 2017 found that individuals with higher levels of debt had lower cognitive performance than those with lower levels of debt. The study found that debt-related stress was a significant predictor of cognitive function, with individuals experiencing higher levels of stress performing worse on cognitive tests.
While these studies suggest a potential link between debt-related stress and cognitive function, more research is needed to confirm this link and understand the underlying mechanisms. It’s important to note that seeking help to manage debt-related stress and emotional health issues can have a positive impact on overall well-being, including cognitive function. By taking steps to manage debt-related stress, individuals may be able to improve their overall cognitive function and IQ levels.
Read more about mental health and debt on our site:
Introduction Debt is a growing concern for many Canadians, with studies showing that high levels of debt can lead to mental health issues like anxiety and depression. However, the impact of debt on physical health is often overlooked. In this post, we’ll explore recent Canadian studies that have examined the connection between debt and physical health, and offer practical solutions to help those who are struggling.
The Link Between Debt and Physical Health
A study conducted by the Canadian Psychological Association in 2018 found that high levels of debt were associated with a range of physical health issues, including headaches, stomach problems, and muscle tension. The study also found that individuals with high levels of debt were more likely to report chronic pain and overall poor physical health.
Another Canadian study published in the Journal of Psychosomatic Research in 2019 found that high levels of debt were associated with a higher risk of cardiovascular disease, including heart attacks and strokes. The study found that the stress of debt can lead to changes in the body’s stress response system, which can contribute to the development of cardiovascular disease.
The Impact of Debt on Sleep
Debt can also have a significant impact on sleep, which can further exacerbate physical health issues. A Canadian study published in the Journal of Sleep Research in 2017 found that individuals with high levels of debt were more likely to report poor sleep quality, and to experience sleep disturbances like insomnia.
Poor sleep quality has been linked to a range of physical health issues, including obesity, diabetes, and heart disease. This suggests that the impact of debt on sleep can have significant long-term consequences for physical health.
Strategies for Managing Debt-Related Physical Health Issues
Managing debt-related physical health issues requires a multi-faceted approach. Seeking professional support from a healthcare provider is crucial in addressing chronic pain, sleep disturbances, and other physical health concerns.
Creating a budget and setting financial goals can also be helpful in managing debt-related stress, which can in turn alleviate some of the physical health issues associated with debt. Practicing self-care, like exercise and meditation, can also help to alleviate physical symptoms and improve overall well-being.
The Importance of Seeking Help
It’s essential to recognize the importance of seeking help for debt-related physical health issues. Addressing these issues together can be a key part of finding long-term solutions and improving overall quality of life. If you or someone you know is struggling with physical health issues related to debt, don’t hesitate to reach out for support and resources.
Suicide Prevention Hotline – 1.833.456.4566.
Calgary Counselling Centre – Open to all Albertans
Canadian Mental Health Association
Conclusion
Debt can have a significant impact on physical health, leading to issues like chronic pain, sleep disturbances, and an increased risk of cardiovascular disease. By understanding the link between debt and physical health, individuals can take practical steps to address these issues and improve their overall well-being. With resources and support available, there’s no need to struggle alone.
Read more about mental health and debt on our site:
Introduction
Debt and mental health issues are significant concerns for many Canadians, and there is a growing body of research that shows a strong link between the two. In this post, we’ll explore recent Canadian studies that have examined the connection between mental health and debt, and offer practical solutions to help those who are struggling.
The Impact of Debt on Mental Health
A Canadian study published in the International Journal of Mental Health and Addiction in 2019 found that Canadians with debt problems were more likely to experience suicidal thoughts.
This suggests that the stress of debt can have a significant impact on mental health, leading to symptoms like depression, anxiety, and even suicidal thoughts. The financial strain of debt can also lead to social isolation, relationship problems, and physical health issues, further exacerbating mental health concerns.
The Impact of Mental Health on Debt
Mental health issues can also have a significant impact on debt. A Canadian study published in the Journal of Consumer Affairs in 2017 found that individuals with mental health problems were more likely to use high-cost borrowing methods, like payday loans, and to struggle with managing their finances.
Another Canadian study published in the Journal of Nervous and Mental Disease in 2018 found that individuals with mental health problems were more likely to have difficulty accessing credit, and to have lower credit scores, which can lead to higher interest rates and further financial strain.
Strategies for Addressing Mental Health and Debt
For those struggling with mental health and debt, seeking professional support is crucial. The Canadian Mental Health Association and Credit Counselling Canada offer resources and support for those who are struggling with these issues.
Creating a budget and setting financial goals can also be helpful in managing debt-related stress. Practicing self-care, like exercising and getting enough sleep, can also help to alleviate some of the mental health issues associated with debt.
The Importance of Seeking Help
It’s essential to recognize the importance of seeking help for both mental health and debt issues. Addressing both issues together can be a key part of finding long-term solutions and improving overall quality of life. If you or someone you know is struggling with mental health or debt issues, don’t hesitate to reach out for support and resources.
Conclusion
Debt and mental health issues are serious concerns for many Canadians. By understanding the link between the two and taking practical steps to address them, individuals can find long-term solutions and improve their overall well-being. With resources and support available, there’s no need to struggle alone.
Additional Resources:
Suicide Prevention Hotline – 1.833.456.4566.
Calgary Counselling Centre – Open to all Albertans
Canadian Mental Health Association
Read more about mental health and debt on our site:
Filing taxes can be a daunting task, and it’s not uncommon for individuals and businesses to fall behind on their tax obligations. If you or someone you know is facing CRA tax debt, it’s important to take action and seek help. The consequences of not filing taxes can be severe, including interest and penalties, legal action, and damage to credit scores. But with CreditLift, there’s no need to fear. We’re here to help you get back on track and achieve financial freedom.
Tax Deadlines in 2023
Before we dive into how CreditLift can help with CRA tax debt, let’s review the important tax deadlines for 2023:
Personal Income Tax Returns: April 30, 2023
Self-Employed Income Tax Returns: June 15, 2023
Corporate Income Tax Returns: Within six months of the fiscal year-end
If you’re unable to file your taxes by the deadline, it’s important to file an extension to avoid late-filing penalties.
To learn more about CRA tax deadlines, click here.
Consequences of Not Filing Taxes
Not filing your taxes can have serious consequences, including:
Interest and penalties: The CRA charges interest on any unpaid amounts owed, and penalties for late-filing or late-payment can add up quickly.
Legal action: The CRA can take legal action to collect unpaid taxes, including garnishing wages, seizing assets, and freezing bank accounts.
Damage to credit score: Unpaid tax debts can negatively impact your credit score, making it difficult to secure loans, credit cards, and even rent an apartment.
How CreditLift Can Help
CreditLift offers a range of services to help individuals and businesses dealing with CRA tax debt. We can help you negotiate with the CRA, set up a payment plan, and provide guidance on how to avoid future tax debt. Our team of experts has years of experience helping clients with tax debt, and we’re dedicated to providing compassionate and effective solutions.
CreditLift’s Tax Debt Success Stories
Don’t just take our word for it. Here are some examples of how CreditLift has helped clients dealing with CRA tax debt:
“I was facing a hefty tax bill from the CRA and didn’t know where to turn. CreditLift not only helped me negotiate a payment plan, but they also provided me with valuable advice on how to avoid future tax debt. I’m so grateful for their help!” – John S.
“Thanks to CreditLift, I was able to settle my tax debt with the CRA and avoid legal action. They were patient, understanding, and went above and beyond to ensure my financial success. I highly recommend their services.” – Sarah K.
If you or someone you know is dealing with CRA tax debt, don’t hesitate to reach out to CreditLift for help. Our team is ready to assist you and provide you with the support you need to achieve financial freedom.
There are far more people struggling than you might think. In fact, given the statistics, your neighbours and friends, and even family, might also be in the same boat. You are not alone.
The pandemic certainly hasn’t helped. COVID restrictions, skyrocketing inflation and falling house prices are combining with rising household debt and less disposable household income to make a perfect storm for Canadians.
The old cliché that you’re drowning in debt is apt, because that’s often how it feels. And sometimes the solutions you see online look like they’re going hurt you more than they help. But there are some good solutions as well, and as scary as it may sound, taking that first step to becoming debt-free is a lot less stressful than staring debt in the face every day, not knowing how to fix it. Accepting and admitting that you’re in debt can be hard. But talking to the professionals who can help is liberating. And there are some great options available to you.
The one we all know about is bankruptcy. Bankruptcy is often thought of as the big, bad scary option and, it’s true that it should generally be the last resort. But if this is indeed your only option, the right professional can guide you through it.
However there is likely a better option for you to consider, and it’s called a Consumer Proposal. In a
Consumer Proposal you repay only a portion of what you owe and you avoid a lot of the negative
impacts of a bankruptcy. That doesn’t mean that you’re off the hook, but it does provide legal
protection from your creditors, you won’t have to worry about wage garnishment, the amount owed
will not incur interest, it’s completely open with no penalties and you will have a head start at rebuilding your credit because you don’t have to wait until you’ve been discharged. The right debt relief professional can guide you through that process.
What do you need to look for when looking for the right professional?
Someone who is not a neutral party but only exclusively representing your rights as a consumer debtor and only what’s in your best interest. We cannot emphasize enough the difference it makes in the consumers’ financial bottom line when someone is advocating exclusively for them.
Someone who has a financial rebuilding plan in place catering to your long-term goals, collaborating with you to move on from your debts and equipping you with knowledge, tools and continued support you need to succeed moving forward.
At Credit Lift, we exclusively represent you and what’s in your best interest. Therefore, we take our commitment to your long-term financial well-being seriously. We value your trust and work hard to ensure you have the support and tools you need to succeed.
Begin with a free, independent review of your financial situation. Knowing your options and building a solid plan to deal with your debt means you can move on from your debt. At Credit Lift, we provide one of the most comprehensive support programs in the industry so you can become and remain debt-free.
There are a number of options available to you to help you get out of debt. They include such things as obtaining additional income to help pay down your debt, reduction of expenses through budgeting, or a consolidation loan. Additional options are credit counselling, bankruptcy, and consumer proposals. We will walk through the pro and cons of each option along with our recommendation for what might work best for you. Our primary focus is normally on Consumer Proposals as we find they offer the best solution for the majority of our clients. They are a viable restructuring option for more than 45,000 Canadians a year as they allow you to seek legal protection from your creditors and pay back only a portion of the debt that is owed.
Once you’re out of debt, our financial restoration program will help get your finances including your credit headed in the right direction. Rebuilding your credit will take time and work but by following our recommendations you can make that happen slowly but surely and set yourself up for long term financial success.
Our financial restoration program is designed to help you achieve your financial goals through education, accountability, support, and guidance in increasing your financial literacy, restore your credit and plan for your future.
At Credit Lift, we take our commitment to your financial well-being seriously. We value your trust and work hard to ensure you have the support and tools you need to succeed.
