Consumer insolvency cases climbed 22.5% in Q3
This is the largest increase in 13 years, according to the Office of the Superintendent of Bankruptcy Canada.
The The number of insolvency cases filed by Canadian consumers jumped 22.5% in the third quarter, compared to the same period last year, registering its largest increase in 13 years, said Wednesday the Office of the Superintendent of Bankruptcy Canada.
Compared to the second quarter, the he number of insolvency cases filed by Canadian consumers increased by 2.3%, the federal agency said.
However, the number of cases showed a decrease of 25.5% compared to the third quarter of 2019.
Case filings Business and consumer insolvency rates declined throughout the pandemic due to government relief programs, but soon began to climb again with the end of those subsidies, the acceleration inflation and rapidly rising interest rates.
Annual inflation in Canada was 6.9% in September.