How to avoid a debt crisis
Since banks and other lenders started offering Canadians the option to defer their payments – on mortgages, credited cards, student loans and more – thousands have taken the opportunity to press pause while the COVID-19 pandemic affects our pockets.
Yes, you’ll owe more Cynthia Kett, a principal with Stewart & Kett Financial Advisors in Toronto, said in most cases, Canadians who deferred their debt will owe more when payments resume, as interest has accumulated.