Back-to-School and Debt: How to Regain Control Before Black Friday?

Back-to-school season marks a time of 

renewal, but it is also a peak spending period that can quickly unbalance an already fragile family budget.

But how can you avoid back-to-school debt in Quebec? Between supplies, clothing, extracurricular activities, and the rising cost of living, many households find themselves in difficulty in September, just as the temptations of Black Friday are fast approaching.

In this context, more and more Quebecers are considering consulting a Licensed Insolvency Trustee (also known as a bankruptcy trustee). But when and why should you call upon this professional? And what are the possible solutions to regain control of your personal finances?

Why is Back-to-School a High-Risk Period for Debt?

The month of September is synonymous with autumn colors, fresh air, and… the return to school and work! This period isn’t always poetic, as expenses pile up for Quebec families:

• School supplies and technology (computers, apps, etc.);

• Clothing, shoes, and boots for children and teenagers;

• Registration fees for sports or artistic activities;

• Bus passes, school lunch costs, daycare, haircuts, etc.

According to Statistics Canada, the price of textbooks and school supplies increased by 0.9% during the September 2025 back-to-school season. On average, a family spends $700 per child during this period!

These back-to-school debts are often added to a credit card balance that is already high after summer vacations. As a result, many parents fall into a cycle of debt that is difficult to break.

According to a Léger survey, these costs put heavy pressure on household finances: nearly two-thirds (63%) of parents say that back-to-school expenses have a significant impact on their finances. This reality particularly affects young parents aged 18 to 24, 74% of whom report feeling significant budgetary pressure.

Financial Traps Approaching Black Friday

Hardly recovered from back-to-school spending, autumn promotions and Black Friday make their entrance. This commercial period, which now spans several weeks, unfortunately encourages:

• Buying items on sale using credit;

• Making deferred payments (often with hidden interest);

• Using a line of credit or high-interest credit cards.

The problem? These impulsive purchases, although perceived as bargains, worsen debt and can make short-term repayment impossible. But how can you control your finances before Black Friday?

5 Tips to Regain Control of Your Finances Starting in September

Do you feel like your budget is slipping away? Here are 5 concrete actions to avoid over-indebtedness this fall:

1. Assess your debt: Start by listing all your debts (credit cards, personal loans, car loans, lines of credit, etc.). Note the amounts, interest rates, and due dates. This will help you understand your overall situation and identify priorities.

2. Avoid deferred payments: They may seem tempting, but they only postpone the problem while accumulating fees. They increase the total cost of your debt and can complicate repayment. Prioritize paying with cash or a debit card.

3. Set a limit for Black Friday purchases: Decide in advance the maximum amount you can spend and stick to it. Avoid using your credit card for non-essential or impulsive purchases. Financial discipline will prevent you from ending up with a debt that will be difficult, if not impossible, to repay.

4. Create a realistic budget: Develop a budget by including your fixed expenses (rent or mortgage, utilities, cell phone, internet, home and auto insurance) as well as variable expenses (food, entertainment, clothing, car repairs, home maintenance, etc.). Also, set up an emergency fund for the unexpected so you don’t have to rely on credit.

5. Consult a Licensed Insolvency Trustee (it’s free): Before the situation worsens and becomes critical, get a free professional opinion to find out what solutions are available to you.

When Should You Consult a Licensed Insolvency Trustee?

Many people think that trustees are only there for those who have “hit rock bottom” or must file for bankruptcy. This is false! In reality, the best time to consult a trustee is BEFORE the situation becomes critical and out of control.

Here are some signs that it’s time to consult a trustee:

• You are having difficulty (or are unable) to make your minimum payments;

• Your minimum payments only cover the interest;

• You are juggling multiple credit cards;

• You are receiving collection calls;

• You are thinking about borrowing money to pay off existing debts;

• You are stressed or having trouble sleeping because of money problems.

The good news: the first consultation with a trustee is free, confidential, and involves no obligation. You can use this opportunity to ask questions, review your personal finances, and get information on possible solutions.

Book a free consultation with a trustee serving all cities across the province.

Concrete Solutions Offered by the Trustee

A Licensed Insolvency Trustee (LIT) is the only professional regulated by the Office of the Superintendent of Bankruptcy authorized to administer insolvency proceedings provided for by Canadian law. Here are the two main solutions they can offer:

1. The Consumer Proposal

This is a legal agreement between you and your creditors, negotiated by the trustee, to reduce your debt and repay it in several reasonable installments (up to 60 months). Advantages:

• Significant debt reduction (up to 70%);

• Reduced monthly payments (interest-free);

• Immediate stop to legal action and creditor harassment;

• You keep your assets;

• Reduced impact on your credit report. Learn more about the consumer proposal

2. Personal Bankruptcy

When your debts are too high to establish an agreement with your creditors or if you do not have sufficient income, personal bankruptcy becomes an option. The trustee will guide you through every step:

• Legal filing of bankruptcy;

• Immediate protection against creditors;

• Discharge of eligible debts;

• Advice on managing your budget and using credit. Learn more about personal bankruptcy vs. consumer proposal

Budgetary Advice and Debt Consolidation

Even if, during your first meeting with the trustee, you choose not to file a consumer proposal or bankruptcy, the trustee can help you:

• Better manage your budget and determine your financial priorities;

• Consider a debt consolidation plan with a financial institution.

Book Your Free (and No-Obligation) Meeting

Have back-to-school and Black Friday expenses caused your total debt to skyrocket? Rather than suffering through this financial stress, it is possible to act now to regain control.

Know that you are not alone: our Licensed Insolvency Trustees in Quebec can guide you, without judgment, toward lasting solutions.

Don’t wait until your debts become unmanageable. Book your free meeting with Gobeil Groupe Conseil, a trustee serving all cities in the province. It is free, confidential, and without obligation.