In an article solicited for the Canoë website, Michel Thibault, Partner and Bankruptcy Trustee at the Laval office of Raymond Chabot Grant Thornton, warns that families sometimes allocate too large a share of their budget to vehicles. Private vehicles account for an average of 20% of current consumer spending by Quebec households. Allocating such a large share of the household budget to this expense can involve risks. Michel Thibault points out that consumers sometimes are pushed into bankruptcy because they are unable to honour their car payment. “Some people consider their car to be essential. In many cases, they try to keep it, no matter what the cost,” he adds.
To learn more, see the article published on May 3, 2014 on Canoe.ca
14 May 2014 | Written by :