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MIL-OSI: BC Cost of Living Increasingly Driving Consumers to Insolvency, with Mental Health Suffering the Impacts of Debt-Stress – 11th Annual BC Consumer Debt Study

MIL-OSI: BC Cost of Living Increasingly Driving Consumers to Insolvency, with Mental Health Suffering the Impacts of Debt-Stress – 11th Annual BC Consumer Debt Study
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Insolvencies expected to jump as credit card debt rises in Canada

  VICTORIA J.P. Langlois found himself in debt problems when an ex-business associate asked him to co-sign a lease for a high-end photo printer. “He sent me one piece of paper, not the $60,000 or $75,000 he owed on a back-lease for something he hadn’t paid to get a new machine,” said Langlois. “He had to pay that.” Unfortunately, he was now on the hook for that debt and he wasn’t able to pay. “Even when I think about it now, it’s emotionally draining,” said Langlois. That’s when he knew he needed help and turned to Sands and Associates, a company that helps with debt and insolvency advice.

Credit Card Debt and COVID-19 Pandemic Pushing BC Bankruptcies and Proposals – Revealing New Debt Study Goes Beyond the Numbers

News Category Global Banking & Finance Reviews Credit Card Debt and COVID-19 Pandemic Pushing BC Bankruptcies and Proposals – Revealing New Debt Study Goes Beyond the Numbers Credit Card Debt and COVID-19 Pandemic Pushing BC Bankruptcies and Proposals – Revealing New Debt Study Goes Beyond the Numbers VANCOUVER, British Columbia, Jan. 11, 2021  Sands & Associates, BC’s largest firm of Licensed Insolvency Trustees serving individuals and small businesses, released the results of the 2020 BC Consumer Debt Study today. This unique annual study polled over 1,800 consumers around the province who declared Bankruptcy or consolidated debt using a Consumer Proposal. In addition to examining causes of debt and the often-severe impacts for British Columbians facing debt problems, the 2020 BC Consumer Debt Study found that:

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