Borrowing and debt education
Are you stuck in a cycle of debt and struggling to make ends meet? You’ve probably heard about the ‘credit crunch’ which means some people are having a harder time than ever right now. The cost of everyday goods is rising and access to credit is being restricted. Canadian consumers currently owe more than $1 trillion in mortgages, loans and credit cards. Some struggle to keep up with their ongoing financial commitments and find themselves caught in a never ending debt trap.
Wonga is here to help with occasional cash flow problems - when you need a short-term cash advance to tide you over for a few days or weeks - but our service shouldn't be used to manage existing debt or as a regular source of ongoing credit. If you're already feeling the strain financially, please be aware that a Wonga loan will only add to your commitments because it must be repaid within 45 days. Always think carefully before committing to any form of credit and, if in doubt, seek advice before making any decisions.
While there’s no magic answer for everyone, we've provided some quick advice on borrowing, plus tips on managing and escaping debt on this page. Simply select and browse the relevant sections using the links above. A quick internet search will also find many more sources of advice, such as the personal finance sections of most national newspapers' websites.
If you prefer, you can download our free Quick Guide to Borrowing.