BDO Canada is reporting insolvency filing rates rose the most in Ontario by 15.3%.
Insolvency is the state of not being able to pay back owed money.
Vice-President, Paul Ihnatiuk, says a reliance on ‘easy money’, meaning credit cards and payday loans, has caused many Canadians to reach their breaking point.
Ihnatiuk says it’s best to tackle debt head-on.
But not to despair, there are strategies available for tackling piling debt.
Ihnatiuk advises to avoid the temptation of ignoring holiday balances on credit cards and promptly pay it off, as well as to set a budget for the rest of the year.
