The federal government announced today that the personal bankruptcy rate in Canada increased by 47% in September as compared to September last year. That is a massive increase in the bankruptcy rate. More information is available about the massive increase in the personal bankruptcy rate in Canada.
Today’s tip: be prepared.
Most people who declare personal bankruptcy in Canada didn’t expect to go bankrupt. But then they lost their job, or got sick, or got divorced, and that led to bankruptcy. Don’t let money problems catch you by surprise.
Make a household budget so you know where your money goes. If you have more debt than you can handle, review your debt management options. Debt problems won’t go away on their own, so the sooner you start, the sooner you can become debt free.