Thank you, Mr. Bazian.
We offer four recommendations. The first is to increase public awareness of federally regulated debt relief options. Clearer public information would prevent reliance on unlicensed, high-fee consultants.
The second recommendation is to strengthen consumer protections around high-interest credit. High-cost products trap households in long-term debt. Stronger disclosure limits on predatory pricing and incentives for lower-cost alternatives would reduce harm.
The third recommendation is to address the housing debt connection. Improve housing affordability through increased supply and reduced barriers to construction will reduce the need for excessive borrowing.
The fourth recommendation is to support practical financial education. Education should focus on real decisions, such as mortgage renewals, repayment strategies, emergency savings, early warning signs and understanding interest. Practical tools build resilience.
In closing, household debt is not just a macroeconomic statistic. It is a daily reality for millions. The insolvency system is a vital safety valve, but it should be a last resort. With earlier intervention, stronger protections and policies addressing root causes, many Canadians could avoid insolvency altogether.
Thank you. We look forward to your questions.