Canadian Consumer Debt: at an All-Time High

April 12, 2021 10:38 pm Published by Leave your thoughts

Despite Canadian Insolvencies hitting a 20 year low, Canadian consumer debt hit an all time high, reaching a total of $2 trillion in November of 2020.

On average, Canadians owe $1.71 for every $1 they own, according to Equifax.

Additionally, according to a recent survey, 53% of Canadians are within $200 of financial dire straits and possible insolvency. Which is, in itself, at a 5 year high.

 

The Covid-19 pandemic has put many people’s financial situation at risk.  Personal Bankruptcies or Consumer Proposals may be a solution.

 

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