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Is credit card debt a factor in consumer insolvency in Canada?

April 26, 2017consumer credit card debt Factor Insolvency

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Is credit card debt a factor in consumer insolvency in Canada?

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The data indicated that credit card debt is a significant factor in consumer insolvency; however, other than the amount of such debt in Division I proposals, there is not really a distinction in the amount of credit card debt between Division II proposal debtors and bankrupts, as illustrated by the summary below. First, credit card debt as a percentage of total liabilities is relatively consistent across data sets, between 14% and 18% of all liabilities.