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.

https://www.thestar.com/business/2022/09/30/how-inflation-rate-hikes-and-a-looming-recession-could-push-a-wave-of-cash-strapped-canadians-to-bankruptcy.html