‘The water’s starting to rise’: Insolvency business booms in Canada amid rate hikes
Financial expert and loan professionals in Canada are seeing a further spike in the rate of insolvencies. Official data says the rate of people going in into insolvency rose 9.4 percent in October. Additionally, interviews with individuals involved in the insolvency industry say they are seeing further spikes since October. They blame rising interest rates, a slowing economy and the proliferation of high-interest payday loans, which are difficult for the borrower to pay off.
“The tide has turned, and the water’s starting to rise”