Five Paydays Until Black Friday: CCS Warns Canadians Not to Rely on January to Fix Holiday Debt

EmitenTrust.com Credit Counselling Society says early signs of financial pressure are emerging now -- and households have about 10 weeks to change the outcome

NEW WESTMINSTER, BC, Sept. 18, 2026 /CNW/ -- Canadians are already turning to credit counselling as summer expenses collide with winter holiday spending, with Credit Counselling Society (CCS) inquiries up almost 20 per cent between August 2025 and August 2026 and debt loads among those clients up nearly four per cent.

With just five bi-weekly paydays until Black Friday, CCS is warning households that the "I'll deal with it in January" strategy could leave them with less room to recover than they expect.

"January isn't a reset button," says Peta Wales, President & CEO of the Credit Counselling Society. "If balances are already being carried in September, prolonging repayment isn't going to make them disappear."

Fall spending can add up quickly. Back-to-school costs this year were estimated at $600 to $750 per child when electronics are included, contributing to a $4.5-billion season, according to the Retail Council of Canada. Other households are carrying costs from summer travel, entertainment, weddings, renovations or unexpected repairs, and general cost of living increases.

Nationally, however, the picture improved in the second quarter. Statistics Canada reported on September 11 that household debt as a share of disposable income fell from 178.6 per cent to 176.4 per cent, the largest drop since the third quarter of 2024, while the household saving rate edged up to 3.7 per cent.

Those averages do not describe every household. Credit card debt grew to $134.2 billion in the same quarter, up from $130.6 billion in the first, and the national 90+ day credit card delinquency rate, despite easing slightly from the previous quarter, was 6.8 per cent higher than a year earlier, according to Equifax Canada. Average hourly wages, meanwhile, grew 2.0 per cent year-over-year in August, the slowest pace since November 2017, excluding 2021.

Equifax also found that one in four consumers expects to make only minimum payments in the months ahead, compared with four per cent who currently do.

"We often see the pressure before it shows up in national data," says Ali Harris-Saunders, current Community Relations Manager and former Credit Counsellor at CCS. "People calling us in September are not necessarily in crisis. They're looking at a statement and realizing the balance they're carrying is not going to disappear on its own," Harris-Saunders says.

Five paydays, five moves

With approximately five bi-weekly paydays between September 18 and Black Friday on November 27, CCS recommends using each one to make a concrete move before the holiday spending season peaks.

1. See the whole balance. Add up what is still being carried from summer, back-to-school spending, activities, travel, repairs and other fall expenses. A balance is easier to manage once the full number is visible.
2. Decide what the holidays can actually cost. Set the number before November sales and holiday promotions start making the spending decisions for you.
3. Target the most expensive debt first. The interest rate matters more than the size of the balance when deciding where extra debt payments should go. A lower balance with a higher rate can cost more in the long run than a higher balance at a lower rate.
4. Buying early with borrowed money will erase any savings. Following the counter-tariffs that took effect September 8, some prices will rise as tariffs work their way through retail inventory. Buying a genuinely needed item before a price increase may make sense when it can be paid for in cash. Carrying the purchase on credit will erase savings due to interest.
5. Fund January before January arrives. If bills or other expenses are expected in the new year, identify the amount now and begin setting it aside. January debt is easier to manage when it has been planned for rather than absorbed on arrival.

"The biggest advantage people have right now is time," says Mason Cox, Director of Counselling at CCS. "Five paydays gives households a great opportunity to plan for the holiday season, but balancing your normal bill payments with additional holiday costs can be tricky. Waiting until the holidays are over gives you less options."

CCS is encouraging Canadians who are carrying balances they are struggling to repay to reach out for help before the holiday season. The organization offers free, confidential and non-judgmental appointments with accredited credit counsellors. A friendly professional in your corner can make all the difference.

About the Credit Counselling Society

The Credit Counselling Society is a national non-profit organization that provides free credit counselling, debt management options, budgeting assistance and financial education to Canadians. For more information, visit nomoredebts.org or call 1-888-527-8999.

SOURCE Credit Counselling Society