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Regulator Asks Residents To Avoid Debt During Pandemic

The Financial and Consumer Services Commission, (FCNB) wants New Brunswick residents to avoid debt as much as possible during the pandemic despite the end of CERB.

According to an Ipsos report, 45 per cent of those surveyed say they will take on more debt after CERB ends on September 27th.

Erin King said the FCNB offers a guide online for handling finances.

“We were able to move more quickly into the yellow phase than other provinces but that being said, many New Brunswickers saw their financial situation disrupted at the beginning of the pandemic and may still be feeling the consequences and that can be incredibly stressful,” she said.

King said when it comes to debt, there are better solutions than payday loans. The interest is high for a small amount of money and increases the risk of being unable to pay it back and falling into a debt trap.

“I think they need to be mindful that they understand what those financial implications are of taking on more debt and again looking at the fees involved, the interest rate and other charges. Also being mindful too of what kind of loans you take out,” she said.

Some of the tips include reviewing government financial and economic measures, calling your creditors, review your expenses, seek help, don’t act on emotions when it comes to your investments, and be aware of COVID-19 scams

“If you are considering a payday loan make sure it’s one that’s licensed here in New Brunswick. Be aware that using the services of an online payday loan company that isn’t licensed to operate in New Brunswick puts you at greater risk for harm and also be careful of online lenders,” she said.

King said the FCNB has seen a rise in scam artists offering fake loans.

She said these types of situations are always stressful and many are dealing with the same matters. In some cases talking about what’s going on can alleviate stress.

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Moncton, NB
6:14 am, Apr 21, 2026
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