The number of Canadians filing for insolvency is picking up – and fast

More Canadians filing for insolvency as cost of living pressures increase

More Canadians are filing for insolvency according to the latest data from the Office of the Superintendent of Bankruptcy, as rising costs stretch consumers to their limits.

Canadian consumer insolvencies reach highest quarterly volume since 2009

Around half of Canadians carrying debt are living paycheque to paycheque, and polls show about one-fifth of Canadians are becoming overwhelmed with debt, according to the Canadian Association of Insolvency and Restructuring Professionals.

The number of Canadians filing for insolvency is picking up – and fast

Insolvencies are surging as rising costs and uncertainty around housing and employment put more strain on consumers

Consumer insolvencies surge in first quarter to highest level since 2019

Equivalent to roughly 17 Canadians filing for insolvency every hour during the quarter, on average. The post Consumer insolvencies surge in first quarter to highest level since 2019 appeared first on Retail Insider.