Consumer insolvencies rose sharply in 2023 as Canadians racked up credit card debt to keep up with the high cost of living, according to the results from a new study.
The annual Joe Debtor study from insolvency trustee firm Hoyes, Michalos & Associates, published Monday, found that even higher-income people are now having difficulty managing their debts.
Doug Hoyes, co-founder of the firm that conducted the research, told BNN Bloomberg that the results marked a shift away from people using payday loans and rapid loans to make ends meet.
Last year, the story was that now they’re using credit cards, Hoyes said in a Monday interview with BNN Bloomberg.
Canadians with access to a line of credit typically have better paying jobs and a higher…
Read the full article at: https://www.bnnbloomberg.ca/personal-insolvencies-moving-up-the-income-curve-study-1.2030973