May 5, 2019

More than 40 Albertans went broke every day for the past year on record

Bankruptcy and consumer proposals lead to 14,696 consumer insolvency cases in Alberta for last 12 months ending in January. That’s a a ten percent increase from the previous year. Job loss or business failure as well as improper use of credit and budgeting have lead more and more people into a debt spiral. A surprising trend has been an increase in the senior population due to increased cost of living as well as helping family members financially. The rate has also gone up in more populated areas.

“While some Albertans are insolvent due to job losses or business failures, others have simply gotten themselves too deep in debt, says a licensed insolvency trustee in Calgary.”

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