The strain of divorce is amplified by financial stress
Divorce is a fact of life for many Canadians. Depending on which study you read, some place the divorce rate as high as 38% for first-time marriages, meaning that nearly 4 out of every 10 will end in divorce.
As heartbreaking and as difficult as divorce can be, it is made only worse by the financial difficulties that often accompany the split. The home, life, and finances built by a divorced couple is torn apart, and one or both parties are usually left struggling to fill the financial gap. Financial stress and anxiety follow close behind.
Consolidated Credit offers financial literature and advice to Canadians going through divorce, as well as support through our Debt Management Program (DMP). As a result, one of the recent graduates from our DMP reached out to us to tell us how much better he feels now that he is finally debt-free.
Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, shared the client’s story (using an alias to protect his identity) in order to illustrate the challenging financial circumstances surrounding divorce.
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