Consumer insolvencies jumped by 33 per cent year-over-year in January 2023, according to a new report, as Canadians find themselves more financially vulnerable than before.
Canadian consumers and businesses are feeling the toll of high inflation and ever-increasing interest rates.
“The impacts of high inflation and numerous interest rate hikes are taking their toll on Canadians, particularly those who are deeply indebted and therefore more financially vulnerable,” said André Bolduc, a licensed insolvency trustee and vice-chair of the Canadian Association of Insolvency and Restructuring Professionals , in a press release Wednesday.
Insolvency is defined as a state of financial distress, when an individual or company can no longer pay their debts. It differs from bankruptcy, which is the formal legal process of declaring an individual or company does not have enough money to repay what they owe. In short, someone must be insolvent to file for bankruptcy.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Canadians divided on how far to go with health-care privatization: PollAbout one\u002Dthird of Canadians are \u0027pri\u002Dcurious\u0027 \u002D open to more privatization in health care but unsure how far they want to take it.
Lire la suite »
Canadians divided on how far to go with health-care privatization: pollAbout one\u002Dthird of Canadians are \u0027pri\u002Dcurious\u0027 \u002D open to more privatization in health care but unsure how far they want to take it.
Lire la suite »
“A Blight on Our Industry”: Nearly 20% of Canadians Not Opposed to Mortgage FraudAs affordability challenges mount, mortgage fraud is becoming more pervasive - and not all Canadians are necessarily against the practice. leger360 | BNNBloomberg | ratesdotca | realestate realestatenews mortgagefraud mortgages
Lire la suite »
MPs want to see Google in the hot seat for blocking news access to some CanadiansSome members of Parliament want to see Google in the hot seat over the tech company's move to temporarily block news access to some of its Canadian users. The House of Commons heritage committee is meeting today and members are expected to discuss whether to summon leadership from Google to testify.
Lire la suite »
MPs want to see Google in the hot seat for blocking news access to some CanadiansSome members of Parliament want to see Google in the hot seat over the tech company's move to temporarily block news access to some of its Canadian users.
Lire la suite »
Goldman Sachs mulls ‘strategic alternatives’ for consumer business after misstepsGoldman Sachs will aim to grow fees from asset and wealth management and try to make profits from a newly-created fintech unit as it laid out its priorities at the start of its second investor day
Lire la suite »