Rising interest rates have driven up the cost of borrowing and inflation has increased the cost of living and stretched household budgets
OTTAWA — Insolvencies in Canada surged by a third in January compared with a year ago as consumers struggled with rising prices and higher interest rates, the Office of the Superintendent of Bankruptcy said Wednesday.
The increase came as rising interest rates drove up borrowing costs while inflation pushed up the cost of living and stretched household budgets. "These individuals and families may turn to credit cards or lines of credit to bridge the gaps in their household budgets — to pay for groceries and essentials, for example," he said in a statement. "In the higher interest rate environment, it is harder to pay off these debts.”There were 8,735 insolvency filings by consumers for January, including 1,859 bankruptcies and 6,876 proposals.
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