BDO Canada is reporting insolvency filing rates rose the most in Ontario by 15.3 per cent.
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.
He 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.
