83 - Canada’s Rising Interest Rates and Consumer Debt

Very few Canadians are 100% debt-free. Debt is normal but over the past year consumer debt has notably increased. Even though inflation is slowly easing, it is still relatively high. Unfortunately wages haven’t grown with inflation leaving the average Canadian with less money to spend. This means many have had to  increase their reliance on credit cards to purchase necessities. This timely podcast features Licensed Insolvency Trustee, Leigh Taylor, discussing the rise of consumer debt in Canada and what the future might look like. What can you do when your debt is mounting and where you can turn. 

Leigh also covers:

• How past low interest rates are contributing to insolvencies
• The possible effects of a looming recession
• Insolvency statistics
• First signs of debt becoming and problem and steps to take
• Why a Licensed Insolvency Trustee should be your first port-of-call

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. Whether you require assistance in creating a better budget or need to file for Bankruptcy, you can be assured they will go through all of the options available before you make a decision. 

Leigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a  Licensed Insolvency Trustee in 1980. 

LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.  

• LCTaylor Licensed Insolvency Trustee
• Changing Financial Times
• Post-Covid Inflation and Its Effect on Individuals, and Businesses, Including Farms