After the initial shock of COVID-19, household debt appear to be on the worried minds of Canadians. On Wednesday, data from the Office of the Superintendent of Bankruptcy, consumer insolvencies have begun to creep up again after a dip of 38.3 per cent in April and 8.8 per cent in May.
Mark Rosen, chair of CAIRP, said, “Prior to the widespread income shock and economic uncertainty brought on by COVID, consumer insolvencies were on the rise in Canada. The latest stats may point to a return to that trend.” Consumer insolvencies are still down 10.6 per cent compared to last year, as consumers received aid to keep them afloat, but now the pressure is starting to build up again.
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