Consumer Insolvencies in Canada Climb to Highest in 8 Years

Canadian consumers filed the most insolvencies in eight years in March, an indication record debt levels may be catching up with an increasing number of households, Bloomberg News reported. The Office of the Superintendent of Bankruptcies reported consumer insolvencies rose 5.7% to 11,963 in March, compared with 11,315 in the same month a year earlier. It was the highest volume of filings in any month since March 2011. After declining for years, insolvencies are beginning to tick up again, stoking concern the country’s record level household debt -- C$2.17 trillion at the end of the first quarter -- is unsustainable. In volume terms, however, insolvencies are still well below the peak of more than 15,000 reached in September 2009, in the aftermath of the financial crisis. Insolvencies include bankruptcies and proposals. Read more