Appearance before the Standing Committee on Finance (July 7, 2020): COVID-19 impact on consumers and consumer debt


Since the onset of the COVID-19 pandemic, measures by all levels of government have been taken to contain the spread of the virus. These measures include many closures, from schools to businesses, which have had a negative impact on the Canadian economy. Vulnerable consumers are faced with challenges such as meeting their financial obligations, accessing banking services due to temporary branch closures, possible increases in financial scams/frauds and cybersecurity risks as more consumers are banking online. 


Consumers who have been negatively impacted by the COVID-19 pandemic and are experiencing financial hardship can access educational resources on FCAC’s website. These resources focus on budgeting, credit, savings and debt management. FCAC’s interactive tools and calculators also provide consumers much needed assistance to maintain their financial health during the crisis.

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