More Canadians have serious financial problems

There was a rise in the number of Canadians filing for insolvency towards the end of last year.

The Office of the Superintendent of Bankruptcy Canada has just released data for November 2017 showing a 1% rise in insolvencies from the previous month. Bankruptcies were down 3.7% but proposals increased 5%.

Year-over-year the picture was brighter with a 3.3% decrease in all consumer insolvencies in the 12-month period ending November 30, 2017. Consumer bankruptcies decreased by 8.9%, while consumer proposals increased by 2.5%.

Month-over-month there were increases in insolvencies in Ontario, BC, Quebec, Yukon, Northern Territories and PEI.

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