The number of insolvent Canadians skyrocketed by 33 percent on a year-over-year basis in January 2023, according to a new report, which blames rising inflation and high interest rates for the jump.
The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) released a report on March 1 indicating that 8,735 consumer insolvencies were filed in January.
Consumer insolvency filings in January increased 14.2 percent from the month before, said CAIRP, citing the latest statistics from the Office of the Superintendent of Bankruptcy.
“The impact 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,” according to CAIRP vice-chair André Bolduc and a licensed insolvency trustee….