Breaking out of a Destructive Debt Cycle - New research suggests why policy must focus on

The excessively high household debt is a key Addressing challenges related to vulnerability of the Canadian economy, and consumers consumer debt should be a national are fearful about their financial futures and their ability to priority, and the authors’ research save.⁵ Consumers have incurred more debt in response to high inflation rates and climbing interest rates have provides a foundation for. [...] The term is used to describe the feelings of judgment and shame that consumers expect, and the fear of their debt being found out, which causes them to conceal their debt, experience diminished well-being and ultimately accumulating more debt. [...] FIGURE 3: Obstacles to Public, Institutional, and Self-Stigma in the Debt Context, and the Proposed Solutions Existing institutional HR support limited in Misinformation, fear, dealing with anticipated Negative feels and and negative social stigmatization of debt attitude, internal attitudes toward debt and it’s connection to shame, feelings of financial and mental isolation well-being Public Insi. [...] Canadians are some of the healthiest in the world, and To address the public stigma about they are also some of the most literate.2 4 ,2 5 However, in consumer debt it is essential to both the mental health and consumer debt contexts, identify the key areas of public concerning trends continue to emerge, backed by public misinformation and negative attitudes and misinformation about the causes of. [...] The Standard aimed to assist in creating a more In addition, the FCAC should incorporate the psychologically safe environment for workers, and perspectives of those who have experienced debt ultimately help in reducing mental health stigma in accumulation in the creation and development of its the workplace.