Consumer Insolvencies in Canada Climb to Highest in 8 Years

The Office of the Superintendent of Bankruptcies reported consumer insolvencies rose 5.7% to 11,963 in March, compared with 11,315 in the same month a year earlier. After declining for years, insolvencies are beginning to tick up again, stoking concern the country’s record level household debt -- C$2.17 trillion at the end of the first quarter -- is unsustainable. In volume terms, however, insolvencies are still well below the peak of more than 15,000 reached in September 2009, in the aftermath of the financial crisis.