Green Shoots in Canada: Bankruptcies Soar 43%
November 21st, 2009Via: CBC:
The number of bankruptcies across the country was 43 per cent higher in September than at the same point a year ago, government data shows.
The latest figures provided by the Office of the Superintendent of Bankruptcy Canada show the increase is disproportionately slanted towards consumer bankruptcies over business insolvencies. The September figure for the former was up by 45.5 per cent in the last year; the latter by only 1.6 per cent.
That is no surprise. The average Canadian is deep in debt and if they lose their job or their hours are cut back at work they can’t make payments anymore on their student loan, credit cards, mortgage etc. Canadians have next to zero in savings for a rainy day and that rainy day has come. It is the want it now at any cost mentality that has brought many Canadians to financial ruin. Don’t the have money no problem just keep borrowing more and more to fund the lifestyle you want but can’t afford. That has been the mantra for the past decade or more and has been what has fueled our economy.