Preparing for a conversation about debt
Create a clear overview before deciding on a repayment approach.
- 01
Make an inventory
- 02
See what is affordable
- 03
Ask about consequences
Make an inventory
List the amount owed, interest rate, minimum payment and due date for each debt in your private records.
See what is affordable
Compare required payments with essential household costs. If payments are becoming difficult, contact creditors early to discuss the situation.
Ask about consequences
Ask about fees, total borrowing cost and how a proposed change affects the repayment period. Avoid assuming that a smaller payment means a lower total cost.
Your take-away checklist
- Gather current balances.
- Check payment deadlines.
- Prepare questions before agreeing to changes.
Print this page or copy the checklist to your own notes; no personal information is required.
Further reading & source
Financial Consumer Agency of Canada — Understanding debtThis is an educational summary. The Vietnamese text is not an official Government of Canada translation.
General education, not individual financial, tax, legal or insurance advice. Examples are illustrative.