Debt: The Ticking Time Bomb as We Get Older
Over-indebtedness is hitting hard for Quebeckers aged 55 and over and, in many cases, unfortunately, leads to bankruptcy. Éric Lebel, Partner and Trustee discuss this troubling phenomenon recently in various media to raise awareness about this worrisome trend.
Stunning 131% increase
In the past ten years, there has been a 131% increase in the number of people aged 65 and older who have gone into bankruptcy in Quebec! The most recent Equifax quarterly report reveals a similar situation: since 2011, debt levels for the 55 to 65 age group are up by 28.7% and for the 66 years and older group, they are up by 47.5%
Leaving behind debts
This means that more and more people are inheriting nothing but debts. The number of individuals who have refused an inheritance, generally for that reason, increased from 1,384 in 1994 to 4,472 in 2016.
For more information, read the following articles (in French):
- La Presse+, De plus en plus de retraités en difficulté (January 20, 2017)
- La Presse+, Une bombe à retardement (January 20, 2017)
- La Presse, Attention, les dettes croissent avec l’âge (January 21, 2017)