Record debt levels may be catching up with Canadians.
The Office of the Superintendent of Bankruptcies (OSB) says consumer insolvencies rose 5.7 percent in March to just under 12,000 – the highest number of filings in any month since March 2011.
As of the first quarter, Canadian household debt stood at $2.17-trillion, which many believe to be unsustainable
After years of decline, insolvencies have started to nudge higher again.
Insolvencies include bankruptcies and proposals. The OSB says consumer bankruptcies fell 3.9% in March from a year earlier, while proposals, where the debtor agrees with creditors to pay a certain proportion of what’s owed, climbed 12.9%.