Personal insolvencies are at a four-year high in Canada as consumers struggle with lingering inflation, high interest rates and debt they can no longer handle.
The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) report for the second quarter shows a rise of 12.4 per cent in insolvencies compared to the year prior.
And the numbers for business are even worse with insolvencies spiking 41.4 per cent year-over-year.
