Struggling with debt can feel isolating – but for many people in Atlantic Canada, it’s a common experience. From rising living costs to mounting credit card balances, thousands are dealing with financial stress every day. Yet despite this, many are still reluctant to ask for help. Whether it’s shame, fear, or simply not knowing where to turn, staying silent can make a difficult situation even worse. In this article, we explore why debt is such a challenge in Atlantic Canada, why people hesitate to speak up – and how things can get better with debt help in Atlantic Canada.
Why so many are struggling with debt in Atlantic Canada
Debt has become a widespread issue across the region, for both economic and personal reasons. In fact, Newfoundland and Labrador has the highest per-person government debt in Canada – a staggering $68,516 per person, reflecting broader economic strain across the region.
A 2025 Fraser Institute report on Atlantic Canada’s Precarious Public Finances also warns that all four Atlantic provinces are on an unsustainable fiscal path. They face a perfect storm of challenges:
- High government debt charges that limit spending on services
- Higher-than-average taxes
- Dependence on federal transfers
- One of the oldest populations in Canada, increasing demand on healthcare and shrinking the labour force
But it’s not just public finances that are under pressure – individuals and families are feeling the effects too. Spergel’s recent national study on Debt Load and the Impact to Psychological Wellbeing found that:
- 65% have cut back on discretionary spending due to financial stress
- 39% of respondents worry frequently about being able to put food on the table
- Over 1 in 3 say someone in their household has used a food bank in the past year – either occasionally or regularly
The mental health toll is significant, too:
- 51% said the biggest issue impacting Canadians’ financial and mental health is “All of the above” – referring to debt, cost of living, stress, and lack of financial resources
- Confidence is low heading into the future – with only 16% of respondents feeling “very confident” about managing their finances in 2025
With pressure coming from all sides – financially, mentally, emotionally – it’s no wonder so many people feel ashamed, stuck, or afraid to speak up.
The stigma of debt: why people don’t ask for debt help in Atlantic Canada
Debt is often seen as a personal failure – but in reality, it’s usually the result of life events beyond our control: job loss, illness, divorce, inflation. These aren’t flaws. They’re just facts of life. And yet, the shame associated with debt runs deep.
In our latest national survey on debt and psychological wellbeing, respondents shared how difficult it was to open up about their financial struggles. Some said they felt embarrassed or ashamed about filing for insolvency. Others spoke of distancing themselves from friends and family, or avoiding conversations altogether. This sense of shame creates a powerful barrier. People fear being judged. They worry others will think they’ve been irresponsible or failed. Many delay asking for help simply because they don’t know what their options are – or because they believe things have to get even worse before they’re “bad enough” to justify reaching out.
“The Spergel team was so patient, kind, and understanding – this was one of the most difficult situations I’ve ever experienced, and the team did not at all allow me to sink into my shame and feel like a failure. In fact, they were so supportive and helped me to understand that filing a consumer proposal was the absolute most responsible thing I could do. They made the process so easy to understand and were always 100% professional.”
— Anonymous Spergel client, Trustpilot
That kind of emotional burden makes it even harder to reach out. People hide their debt, avoid phone calls, and push through stress in silence – often for far too long. At Spergel, we often hear the same thing: “I wish I’d reached out sooner.”
“A lot of people experience hopelessness when it comes to their debt. They don’t want to ask for help – they’re embarrassed and feel alone. But that silence only makes the situation worse.”
— Trevor Pringle, Licensed Insolvency Trustee at Spergel
If this sounds familiar, know that you’re not alone. Asking for help isn’t a sign of failure. It’s a first step toward freedom.
What to do if you’re in debt in Atlantic Canada
Here are three important things to remember if you’re struggling:
1. Know you’re not alone
Debt is incredibly common – especially in Atlantic Canada. There’s no shame in your situation, and support is available.
2. Talk to a Licensed Insolvency Trustee
Licensed Insolvency Trustees (LITs) are the only professionals in Canada legally allowed to file consumer proposals and bankruptcies. At Spergel, our LITs offer honest advice – without judgment – and help you explore all your debt relief options, including alternatives to bankruptcy.
3. Consider a consumer proposal
A consumer proposal is a formal, legally binding agreement that can reduce your total debt by up to 80% and consolidate it into one affordable monthly payment – often while letting you keep your assets. At Spergel, we have a 99% acceptance rate on any consumer proposals we file.
Ready to talk?
If you need debt help in Atlantic Canada and are feeling overwhelmed, you don’t have to go through it alone. At Spergel, we’ve helped thousands of people across the region break free from debt and build stronger financial futures – with compassion, not judgment. Book a free consultation with a Licensed Insolvency Trustee in your area today. We’ll explain your options clearly and help you take the first step toward a fresh start.
