“This is the last time I’m starting a new year saddled with credit card debt,” says Tiffany, a 48-year-old computer analyst. “I’ve said this every January for the past five years. This year, I’ve got to keep this promise to myself. I don’t want to spend another 12 months catching up, only to fall behind all over again. I can’t take this stress anymore.”

Tiffany’s resolve for a healthier financial future isn’t uncommon in the weeks following the holiday season. According to Manulife Bank of Canada’s 2020 Debt Survey, 46% of Canadians say that debt negatively impacts their mental health every day.¹ Given that 85% of shoppers plan to use their credit card to purchase holiday gifts², it’s not surprising that many people start their new year with a debt hangover.