How to Protect Your Credit During a Recession in Canada

Mar 20, 202622 min read

Canada’s economy moves in cycles, and recessions are an inevitable part of that rhythm. Whether triggered by global financial crises, commodity price shocks, or pandemic-related disruptions, economic downturns can wreak havoc on personal finances and, critically, on your credit score. The good news is that with proactive planning and the right strategies, you can shield your credit from the worst effects of a recession and even emerge in a stronger financial position.

This comprehensive guide covers everything Canadian consumers need to know about protecting their credit during an economic downturn, from recognizing the early warning signs of a recession to leveraging government programs designed to keep you afloat.

Understanding Recessions in the Canadian Context

A recession is broadly defined as two consecutive quarters of negative gross domestic product (GDP) growth. In Canada, the C.D. Howe Institute’s Business Cycle Council serves as the unofficial arbiter of recession dating, examining a range of economic indicators beyond just GDP.

Key Takeaways

Canada has experienced several recessions since Confederation, including notable downturns in 1981-82, 1990-91, 2008-09, and the brief but severe COVID-19 recession of 2020. Each one carried unique characteristics, but they all shared common themes: rising unemployment, tighter credit conditions, and increased financial stress on households.

Key Recession Indicators Canadians Should Watch

Before a recession officially begins, there are usually warning signs. Monitoring these indicators can give you valuable lead time to prepare your finances and protect your credit.

Indicator	What It Measures	Why It Matters for Credit
GDP Growth Rate	Overall economic output	Negative growth signals reduced consumer spending and potential job losses
Unemployment Rate	Percentage of workforce without jobs	Job loss is the number one cause of missed payments and credit damage
Bank of Canada Overnight Rate	Cost of borrowing between banks	Rate changes directly affect variable-rate debt payments
Consumer Confidence Index	Household sentiment about the economy	Low confidence leads to reduced spending and tighter lending standards
Housing Starts	New residential construction	Declining starts signal reduced economic activity and potential home value drops
Yield Curve Inversion	Short-term bonds yielding more than long-term	Historically reliable recession predictor; signals tighter future credit conditions
Consumer Debt-to-Income Ratio	Household debt relative to disposable income	Higher ratios mean households are more vulnerable to income shocks

How Recessions Specifically Affect Credit in Canada

During a recession, your credit can be impacted through several channels, many of which are interconnected:

Job Loss and Income Reduction: The most direct threat. When income drops or disappears, making minimum payments on credit cards, lines of credit, and loans becomes difficult or impossible. Even a single missed payment can drop your credit score by 50 to 100 points or more.

Increased Credit Utilization: Many Canadians rely on credit cards and lines of credit to bridge income gaps during tough times. This drives up credit utilization ratios, which account for roughly 30% of your credit score calculation.

Tighter Lending Standards: Banks and lenders become more cautious during recessions, reducing credit limits, declining applications, and sometimes closing inactive accounts. A reduced credit limit with the same balance instantly increases your utilization ratio.

Rising Interest Rates on Variable Debt: Depending on the Bank of Canada’s monetary policy response, variable-rate debts can become more expensive, increasing minimum payments.

Collections Activity: As debts go unpaid, accounts may be sent to collections agencies, creating severe and long-lasting damage to credit reports.

Credit Resources Team — Expert Note

Credit damage during a recession is rarely caused by a single event. It is typically the result of a cascade: job loss leads to missed payments, which leads to higher interest charges, which leads to increased utilization, which leads to further score declines and reduced access to credit. Breaking this cycle early is critical.

Pre-Recession Credit Protection Strategies

The best time to protect your credit during a recession is before it starts. If you sense economic storm clouds gathering, these proactive steps can make an enormous difference.

Step 1: Build Your Emergency Fund

Calculate Your Essential Monthly Expenses: Add up rent or mortgage, utilities, groceries, insurance, minimum debt payments, transportation, and any other non-negotiable costs. This is your baseline survival budget.

Set a Savings Target: Aim for three to six months of essential expenses. If you work in an industry that is particularly vulnerable to recessions (such as oil and gas, construction, hospitality, or retail), target six to nine months.

Open a High-Interest Savings Account: Keep your emergency fund in a separate HISA at an institution like EQ Bank, Tangerine, or Simplii Financial. This keeps it accessible but separate from daily spending. Look for accounts offering competitive rates without monthly fees.

Automate Contributions: Set up automatic transfers from your chequing account on payday. Even $50 to $100 per paycheque adds up. Treat this transfer as a non-negotiable bill.

Resist the Temptation to Invest It: Your emergency fund is not an investment. It needs to be liquid, stable, and instantly accessible. GICs with early redemption penalties or volatile investments defeat the purpose.

Pro Tip

An emergency fund is your single most important credit protection tool. Canadians with adequate emergency savings are far less likely to miss payments during a downturn, which means their credit scores remain intact even when the economy does not.

Step 2: Pay Down High-Interest Debt Aggressively

High-interest debt is your biggest vulnerability in a recession. Credit card balances at 19.99% to 22.99% APR can spiral out of control quickly when income is disrupted.

The Avalanche Method: List all debts from highest interest rate to lowest. Make minimum payments on everything, then throw every extra dollar at the highest-rate debt. This saves the most money in interest over time.

The Snowball Method: List all debts from smallest balance to largest. Pay off the smallest first for a psychological win, then roll that payment into the next smallest. This builds momentum and motivation.

The Hybrid Approach: Start with the snowball method to eliminate one or two small debts quickly, then switch to the avalanche method for the remaining balances.

Debt Type	Typical Interest Rate	Recession Risk Level	Priority
Store Credit Cards	25% – 29.99%	Very High	Pay off first
Standard Credit Cards	19.99% – 22.99%	High	Pay off second
Unsecured Lines of Credit	7% – 15%	Moderate to High	Reduce balance significantly
Car Loans	4% – 9%	Moderate	Maintain payments
Student Loans (NSLSC)	Prime + 0% (federal)	Low to Moderate	Government relief available
Mortgages	4% – 7%	Variable	Explore deferral options if needed

Step 3: Diversify Your Income Streams

Relying on a single source of income is risky during any economic period, but it becomes especially dangerous during a recession. Consider developing additional income streams before you need them:

Freelance work in your professional field
Part-time or contract work in recession-resistant industries (healthcare, utilities, essential services)
Monetizing skills through online platforms
Renting out a spare room or parking space
Starting a small side business with minimal overhead

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The Canadians who best protect their credit during recessions are not necessarily those with the highest incomes. They are those who have diversified their income, minimized their debt, and built financial buffers before the downturn hits.

Step 4: Review and Optimize Your Credit Profile

Before a recession hits, take time to strengthen your credit profile:

Check Your Credit Reports: Obtain your free credit reports from Equifax Canada and TransUnion Canada. Dispute any errors or inaccuracies immediately, as these can drag down your score unnecessarily.

Avoid Opening New Credit Accounts: Each application creates a hard inquiry that temporarily lowers your score. During uncertain economic times, you want your score as high as possible.

Keep Old Accounts Open: The length of your credit history accounts for approximately 15% of your score. Closing old accounts shortens your average account age and reduces your total available credit, both of which can hurt your score.

Lower Your Utilization: Aim to keep credit utilization below 30% on each card and across all revolving credit. Below 10% is ideal for maximum score impact.

Strategies During an Active Recession

When a recession is underway and you are feeling the financial squeeze, these strategies can help you protect your credit while managing reduced resources.

Prioritizing Your Bills: The Credit Protection Hierarchy

When money is tight, not all bills carry equal weight in terms of credit impact. Here is a prioritization framework:

Secured Debts (Mortgage and Car Loan): These should be your top priority. Missing payments can lead to foreclosure or repossession, and the credit damage is severe and long-lasting. A foreclosure stays on your credit report for six to seven years.

Minimum Payments on Credit Cards and Lines of Credit: Making at least the minimum payment prevents the account from being reported as delinquent. Even if you cannot pay more than the minimum, this protects your credit score.

Utility Bills: While utility companies in many provinces cannot cut off service during winter months, unpaid utility bills can eventually be sent to collections, which damages your credit.

Cell Phone and Internet: These bills can also be reported to credit bureaus if they go to collections. Additionally, you need these services for job searching and staying connected.

Insurance Premiums: Letting insurance lapse can have serious financial consequences beyond credit impact, but it does not directly affect your credit score unless unpaid premiums go to collections.

Communicating with Your Creditors

One of the most powerful yet underutilized strategies during a recession is simply talking to your creditors. Canadian financial institutions, particularly the Big Six banks, have formal hardship programs that can provide significant relief.

What to Ask For:

Payment Deferrals: Temporarily pause payments for one to six months. Interest may still accrue, but your account will not be reported as delinquent.
Interest Rate Reductions: Some creditors will temporarily or permanently lower your interest rate to make payments more manageable.
Minimum Payment Reductions: A lower minimum payment can free up cash for other essential expenses.
Fee Waivers: Late fees, over-limit fees, and annual fees may be waived during hardship periods.
Extended Amortization: For loans and mortgages, extending the repayment period reduces monthly payments.

Credit Resources Team — Expert Note

When contacting creditors about hardship programs, document everything. Note the date and time of the call, the name and employee ID of the representative, and exactly what was agreed to. Follow up with an email or letter confirming the arrangement. Verbal agreements can be difficult to enforce if there is a dispute later.

Mortgage Deferrals in Canada

During the COVID-19 recession, Canadian banks offered widespread mortgage deferrals. While these programs were exceptional in their scope, similar options exist during normal recessions. Here is what you need to know:

How Mortgage Deferrals Work: You temporarily stop making mortgage payments for an agreed-upon period, typically one to six months. Interest continues to accrue during the deferral period and is added to your mortgage balance.

Credit Impact: When properly arranged through your lender, mortgage deferrals should not negatively impact your credit score. The key is that the deferral must be formally agreed upon before you miss a payment. Simply not paying without an arrangement will be reported as a missed payment.

The Cost of Deferral: Deferring a $400,000 mortgage at 5% for six months adds approximately $10,000 in accrued interest to your balance. This is not free money; it is a trade-off between short-term relief and long-term cost.

Mortgage Balance	Interest Rate	Deferral Period	Approximate Added Interest	Increase in Monthly Payment After
$300,000	4.5%	3 months	$3,375	$15 – $25
$300,000	4.5%	6 months	$6,750	$30 – $50
$500,000	5.0%	3 months	$6,250	$25 – $45
$500,000	5.0%	6 months	$12,500	$50 – $90

Government Programs That Protect Your Credit During a Recession

The Canadian government and provincial governments offer several programs that can help you maintain financial stability during a recession, which indirectly protects your credit by helping you continue making payments.

Employment Insurance (EI)

Employment Insurance is your first line of defence if you lose your job during a recession. Key details:

Eligibility: You need 420 to 700 hours of insurable employment in the past 52 weeks, depending on your region’s unemployment rate.
Benefit Amount: 55% of your average insurable weekly earnings, up to a maximum insurable amount that is adjusted annually.
Duration: 14 to 45 weeks, depending on hours worked and regional unemployment rate.
Waiting Period: One-week unpaid waiting period before benefits begin.

Key Takeaways

EI benefits alone are rarely enough to cover all expenses and debt payments. Budget carefully and supplement with emergency savings, reduced expenses, and any additional income sources. Apply for EI immediately upon job loss as processing can take several weeks.

Canada Worker Benefit (CWB)

The Canada Worker Benefit is a refundable tax credit for low-income individuals and families. During a recession, if your income drops, you may become eligible for this benefit even if you were not eligible before.

GST/HST Credit

This quarterly payment helps offset the cost of sales taxes for low- and modest-income Canadians. Like the CWB, reduced income during a recession may increase your eligibility.

Provincial Programs

Each province offers additional support programs:

Ontario: Ontario Works, Ontario Disability Support Program, Ontario Electricity Support Program
British Columbia: BC Employment and Assistance, BC Hydro Customer Crisis Fund
Alberta: Income Support Program, Alberta Adult Health Benefit
Quebec: Social Assistance Program, Social Solidarity Program
Other Provinces: Similar income assistance and utility support programs exist in every province and territory

Repayment Assistance Plan (RAP) for Student Loans

If you have Canada Student Loans, the Repayment Assistance Plan can reduce or eliminate your monthly payments based on your income and family size. During a recession, this program can free up significant cash flow for other essential payments.

Apply Online: Visit the National Student Loans Service Centre website and submit your RAP application. You will need to provide income documentation.

Assessment: Your affordable payment is calculated based on your gross family income and family size. If your income is low enough, your payment may be reduced to zero.

Government Pays the Interest: During Stage 1 RAP (first 60 months), the government covers the interest portion of your payment. Your principal may not decrease, but you will not accumulate additional debt.

Reapply Every Six Months: RAP must be renewed every six months with updated income information. Set calendar reminders so you do not miss the renewal deadline.

Credit Cards and Lines of Credit: Recession Management

Managing Credit Card Debt During a Downturn

Credit card debt is often the most dangerous type of debt during a recession because of its high interest rates and the temptation to use available credit as an emergency fund substitute.

Strategies for Credit Card Management:

1. Stop Using Credit Cards for Discretionary Spending: Switch to a cash-only or debit-only system for daily expenses. This prevents your balances from growing while you are trying to pay them down.

2. Consider a Balance Transfer: If your credit score is still strong, transferring high-interest credit card debt to a low-rate balance transfer card can save significant money. Many Canadian cards offer promotional rates of 0% to 3.99% for six to twelve months. Be aware of balance transfer fees, typically 1% to 3% of the transferred amount.

3. Negotiate Lower Interest Rates: Call your credit card issuer and ask for a rate reduction. If you have been a long-time customer with a good payment history, you have leverage. Even a reduction from 19.99% to 14.99% can make a meaningful difference.

4. Explore Low-Rate Cards: Some Canadian credit cards offer ongoing low interest rates in the range of 8.99% to 13.99%. If you carry a balance, these cards can be a better long-term option.

Pro Tip

Never make only the minimum payment on credit cards if you can avoid it. On a $5,000 balance at 19.99% APR, making only minimum payments would take over 30 years to pay off and cost more than $9,000 in interest. Even an extra $50 per month dramatically reduces the payoff timeline.

Lines of Credit as a Recession Tool

A line of credit, particularly a secured line of credit (HELOC), can be a valuable safety net during a recession, but it must be used wisely.

Advantages: Lower interest rates than credit cards, interest-only payment options, and flexible access to funds.

Risks: Easy access can lead to over-reliance, variable rates can increase costs if the Bank of Canada raises rates, and a HELOC puts your home at risk if you cannot repay.

Best Practice: If you have a line of credit with available room, keep it as a true emergency reserve. Do not draw on it for non-essential expenses.

Protecting Your Mortgage During a Recession

For most Canadians, their mortgage is their largest financial obligation. Protecting it during a recession is paramount.

Fixed vs. Variable Rate Mortgages in a Recession

Fixed-Rate Mortgages: Your payment stays the same regardless of what the Bank of Canada does with interest rates. This provides certainty and predictability during uncertain times. However, if rates drop significantly during a recession, you are locked into a higher rate unless you break your mortgage (which involves penalties).

Variable-Rate Mortgages: Your rate fluctuates with the Bank of Canada’s overnight rate. During a recession, the Bank of Canada often lowers rates to stimulate the economy, which can reduce your mortgage payment. However, if rates rise before or during the recession, your payments increase.

Mortgage Strategies for Recession Protection

Accelerated Bi-Weekly Payments: If you are currently making monthly payments, switching to accelerated bi-weekly payments effectively makes one extra monthly payment per year, building equity faster and creating a buffer.
Lump Sum Payments: Most mortgages allow annual lump sum payments of 10% to 20% of the original balance. Making these when possible builds equity and reduces your balance faster.
Portable Mortgages: If you might need to downsize during a recession, a portable mortgage lets you transfer your existing mortgage to a new property without penalties.
Mortgage Insurance: Consider mortgage disability or job loss insurance. While it adds to your cost, it can cover payments for a defined period if you lose your job. Read the policy carefully, as exclusions can be extensive.

Investing and Saving During a Recession

While this guide focuses on credit protection, your investment and savings decisions during a recession directly impact your ability to maintain your credit.

What Not to Do

Do not cash out retirement savings to pay credit card bills. Withdrawing from an RRSP triggers immediate taxation at your marginal rate, meaning you lose a significant portion to taxes. An RRSP withdrawal of $10,000 might net you only $6,000 to $7,000 after withholding tax, and you permanently lose that contribution room.

Do not panic-sell investments. Markets typically recover after recessions, and selling at the bottom locks in losses. If you need to access funds, consider selling from a TFSA (no tax consequences) before touching your RRSP.

Do not stop all savings. Even if you reduce contributions, maintaining some level of saving keeps the habit alive and provides a small but growing buffer.

What to Do

Redirect RRSP contributions to emergency savings if your fund is not adequate. You can resume retirement contributions when the recession ends. The tax deduction is less valuable if your income has dropped anyway.

Take advantage of your TFSA. Withdrawals are tax-free, and contribution room is restored the following calendar year. This makes the TFSA an excellent recession buffer.

Review your insurance coverage. Make sure you have adequate disability, critical illness, and life insurance. A recession combined with a health crisis can be financially devastating.

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A recession is not the time for financial heroics. It is the time for financial survival. Protect your credit, maintain your essential payments, and position yourself to take advantage of opportunities when the economy recovers.

Debt Relief Options During a Recession

If despite your best efforts, debt becomes unmanageable during a recession, there are formal debt relief options available in Canada. Understanding these options and their credit implications is essential.

Credit Counselling

Non-profit credit counselling agencies, such as those accredited by Credit Counselling Canada, offer free or low-cost services including budget counselling, financial education, and debt management programs (DMPs).

Credit Impact: Enrolling in a DMP is noted on your credit report with an R7 rating on affected accounts, which indicates payments are being made through a third party. This is less severe than collections, a consumer proposal, or bankruptcy.

Debt Consolidation Loans

A consolidation loan combines multiple debts into a single loan with one monthly payment, ideally at a lower interest rate.

Credit Impact: Initially, the hard inquiry and new account may slightly lower your score. Over time, as you make consistent payments and reduce your overall debt, your score should improve.

Consumer Proposal

Filed through a Licensed Insolvency Trustee (LIT), a consumer proposal is a legally binding agreement to pay creditors a portion of what you owe over up to five years.

Credit Impact: A consumer proposal creates an R7 rating on your credit report and remains for three years after completion or six years from the filing date, whichever comes first. This is significant damage but is less severe than bankruptcy.

Bankruptcy

Bankruptcy should be an absolute last resort. It provides a fresh start but comes with severe and long-lasting consequences.

Credit Impact: A first bankruptcy remains on your credit report for six to seven years after discharge. A second bankruptcy remains for 14 years. During and after bankruptcy, obtaining credit is extremely difficult.

Debt Relief Option	Credit Report Impact	Duration on Report	Typical Cost	Best For
Credit Counselling (DMP)	R7 rating	2-3 years after completion	Low (fees included in payments)	Moderate debt, steady income
Debt Consolidation Loan	Hard inquiry, new account	Normal account reporting	Interest on new loan	Good credit, multiple debts
Consumer Proposal	R7 rating	3 years after completion	Partial debt repayment	Significant debt, some income
Bankruptcy	R9 rating	6-7 years (first), 14 years (second)	Surplus income, asset loss	Overwhelming debt, no alternatives

Credit Resources Team — Expert Note

Before pursuing any formal debt relief option, consult with a non-profit credit counsellor and a Licensed Insolvency Trustee for independent assessments. A good LIT will explain all options, not just insolvency solutions. Many offer free initial consultations. Avoid for-profit debt settlement companies that charge large upfront fees and make unrealistic promises.

Building Credit Back After a Recession

Once the recession ends and your financial situation stabilizes, it is time to rebuild and strengthen your credit. This process takes time and patience, but it is entirely achievable.

Review Your Credit Reports: Obtain updated reports from Equifax and TransUnion. Identify all negative items and verify their accuracy. Dispute anything that is incorrect or that should have been updated to reflect hardship agreements.

Start with a Secured Credit Card: If your credit has been severely damaged, a secured credit card is the best rebuilding tool. Cards from Canadian issuers like Home Trust or Capital One require a security deposit that becomes your credit limit. Use it for small purchases and pay the full balance monthly.

Become an Authorized User: Ask a trusted family member with excellent credit to add you as an authorized user on one of their credit cards. Their positive payment history on that account can boost your score. Ensure the issuer reports authorized users to the credit bureaus.

Apply for a Credit-Builder Loan: Some credit unions and alternative lenders offer credit-builder loans where the loan amount is held in a savings account while you make payments. Once fully paid, you receive the funds and have built a positive payment history.

Practice Perfect Payment Habits: Going forward, pay every bill on time, every time. Set up automatic payments for at least the minimum amount on all accounts. Payment history is the single most important factor in your credit score at approximately 35% of the total.

Recession-Proofing Your Credit for the Future

Every recession eventually ends, and the lessons learned during difficult times can make you financially stronger for the next one. Here are long-term strategies for recession-proofing your credit:

Maintain a Permanent Emergency Fund: After rebuilding, make your emergency fund a permanent fixture of your financial life. Replenish it after any withdrawals and adjust the target amount as your expenses change.

Keep Debt Manageable: Follow the 20/10 rule: total non-mortgage debt should not exceed 20% of your annual after-tax income, and monthly non-mortgage debt payments should not exceed 10% of your monthly after-tax income.

Diversify Your Credit Mix: A healthy mix of revolving credit (credit cards, lines of credit) and installment credit (loans, mortgages) can improve your credit score and demonstrate your ability to manage different types of debt.

Stay Informed: Monitor economic indicators, follow the Bank of Canada’s interest rate decisions, and stay aware of your industry’s economic outlook. Early awareness gives you time to prepare.

Review Your Credit Regularly: Check your credit reports at least twice a year. Use free monitoring services offered by Borrowell (Equifax) and Credit Karma (TransUnion) for ongoing access to your credit score and report.

Frequently Asked Questions

Does a recession automatically lower my credit score?
No. A recession does not directly affect your credit score. Your score is based on your individual financial behaviour, including payment history, credit utilization, length of credit history, types of credit, and recent inquiries. However, the financial stress caused by a recession, such as job loss or reduced income, can lead to behaviours that do lower your score, like missed payments or increased credit utilization.

Will applying for EI affect my credit score?
No. Applying for or receiving Employment Insurance benefits has no impact on your credit score. Government benefit programs are not reported to credit bureaus. However, the income reduction that led you to apply for EI might make it harder to maintain debt payments, which could indirectly affect your score.

Should I close credit cards I am not using during a recession?
Generally, no. Closing a credit card reduces your total available credit, which can increase your overall credit utilization ratio and lower your score. It also shortens your average credit history over time. Keep unused cards open but use them for a small recurring charge (like a streaming subscription) to prevent the issuer from closing them for inactivity.

Can my credit card company lower my credit limit during a recession?
Yes. Credit card issuers can reduce your credit limit at any time, and they are more likely to do so during a recession when they are tightening lending standards. This can increase your utilization ratio and lower your score even if your balance has not changed. If this happens, call and negotiate, or focus on paying down the balance.

Is it a good idea to use my RRSP to pay off debt during a recession?
In most cases, no. RRSP withdrawals are subject to withholding tax and added to your taxable income, so you lose a significant portion to taxes. You also permanently lose that contribution room. There are usually better options, including hardship programs, consumer proposals, or even accessing TFSA funds first. Consult a financial advisor before making this decision.

How long does it take to rebuild credit after a recession?
The timeline depends on the severity of the damage. Missed payments take six to seven years to fall off your credit report, but their impact diminishes over time. With consistent positive credit behaviour, you can see meaningful score improvements within 12 to 24 months. Full recovery to pre-recession levels typically takes three to five years.

What is the most important thing I can do right now to protect my credit?
Build or strengthen your emergency fund. Having three to six months of expenses saved gives you the financial buffer to continue making debt payments even if your income is disrupted. This single step prevents the cascade of missed payments, increased utilization, and credit damage that recessions typically cause.
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Final Thoughts

Recessions are challenging, but they are temporary. The Canadian economy has recovered from every recession it has ever experienced, and Canadians who take proactive steps to protect their credit during downturns consistently emerge in better shape than those who do not.

The strategies in this guide, from building an emergency fund and paying down debt before a recession to leveraging government programs and hardship arrangements during one, can make the difference between a temporary setback and lasting credit damage.

Remember that credit is a long-term game. A few difficult months or even a couple of years during a recession do not have to define your financial future. By staying informed, being proactive, and making strategic decisions, you can protect your credit score and position yourself for success when the economy recovers.

If you are currently struggling with debt or worried about your financial situation during an economic downturn, reach out to a non-profit credit counselling agency for free, confidential advice. You do not have to navigate a recession alone.

How to Protect Your Credit During a Recession in Canada