With inflation, rising interest rates, and higher costs for gas, groceries and housing, many Canadians are feeling the financial pinch and now personal bankruptcies are on the rise.
“The activity from debt collectors has skyrocketed, so we are getting a lot more calls then we were year ago” said Doug Hoyes, a licensed insolvency trustee with Hoyes Michalos.
During the pandemic many people got government benefits and interest rates were low, but now bankruptcies are rising to pre-pandemic levels and according to the Office of the Superintendent of Bankruptcy (OSB) Canadians are getting caught in debt relief scams.
OSB warns the scams often target indebted consumers by falsely promising insolvency options like consumer proposals and bankr…
Read the full article at: https://toronto.ctvnews.ca/having-financial-problems-don-t-get-caught-in-debt-relief-scams-1.6646873