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Higher interest rates are impacting debt levels and an increase in the number of insolvency cases across Canada, and particularly in Quebec, has been noted.
Éric Lebel, Raymond Chabot Grant Thornton Partner and Licensed Insolvency Trustee, provided personal finance advice on Mario Dumont’s program broadcast on LCN on January 9, 2019.
Éric noted that there is always a time lapse between an increase in interest rates and declarations of bankruptcy.
The situation is made worse because of the easy access to credit. The financial recovery consultant provided a number of tips to improve personal finance management. He emphasized the need for a budget and invited listeners to consult the Raymond Chabot site.
He believes that the debt ratio should not be more than 30% of the budget and suggests that listeners develop sound consumption habits within their budget.
Lastly, he suggests that people have only one credit card or even just a debit card to limit their level of indebtedness.
View the interview on the LCN site (in French).
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