The World Forum - June 16th, 2024

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How inflation, rate hikes and a looming recession could push a wave of cash-strapped Canadians to bankruptcy


The country’s big banks are preparing for the worst-case scenario as they brace for a flood of post-pandemic consumer insolvencies amid economic turmoil.

“Wickedly high.”

That’s how Doug Hoyes describes the amount of debt Canadians are carrying. And he would know: the licensed insolvency trustee spends his days working with people who are drowning in debt, at a time when consumer insolvencies are hitting the highest levels since the start of the pandemic.