{"id":337964,"date":"2025-12-11T01:11:13","date_gmt":"2025-12-11T01:11:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/337964\/"},"modified":"2025-12-11T01:11:13","modified_gmt":"2025-12-11T01:11:13","slug":"n-l-consumer-insolvency-rate-continues-to-climb-above-national-average","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/337964\/","title":{"rendered":"N.L. consumer insolvency rate continues to climb above national average"},"content":{"rendered":"

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Newfoundland and Labrador’s consumer insolvency rate saw slowed growth in the latest updates published by the Office of the Superintendent of Bankruptcy on Tuesday, but still far outpaced the national average.<\/p>\n

The province saw a 5.9 per cent increase in bankruptcies and proposals for the 12-month period ending on Oct. 31. <\/p>\n

That’s down from 8.9 per cent the month before, but a far cry from the national average of 0.7 per cent in the latest update.<\/p>\n

Sean Stack, a licensed insolvency trustee in St. John’s, says it’s not surprising given the rising cost of essentials like food and housing. <\/p>\n

“The cost of living is something everybody has been talking about. What\u2019s been in the news recently has been the cost of food specifically,” Stack said. “I mean, that\u2019s just going to hurt people\u2019s bottom line and make it harder to make ends meet.\u201d<\/p>\n

The latest numbers show an improved situation nationwide, with the growth of insolvencies dropping from 2.9 per cent in September to 0.7 per cent in October.<\/p>\n

That was led by Nova Scotia, Saskatchewan and Alberta, each of which saw insolvencies go down from the previous 12-month period.<\/p>\n

WATCH | Consumer insolvencies increased 3 per cent in Canada in 12 months \u2014 in N.L., 9 per cent:\"\"<\/p>\n

Consumer insolvency is growing in Canada, but growing faster in N.L.<\/p>\n

More and more Canadians are hitting the wall financially. The new Canadian Consumer Debtor Profile shows that bankruptcies and consumer proposals are up across the country, but rates in Newfoundland and Labrador are much higher than the national average.<\/p>\n

Prince Edward Island saw the steepest increase at 9.4 per cent, followed by British Columbia at 8.1 per cent.<\/p>\n

Stack said it’s essential for people who find themselves in financial trouble to reach out to an expert and ask for help. <\/p>\n

\u201cPicking up the phone or sending that first email is the hardest part,\u201d he said. \u201cThe moment we start talking, in my experience, it\u2019s like a weight comes off people\u2019s shoulders. They get to unload a bit. It\u2019s almost cathartic in a way to express the situation they\u2019re in and then realize there is a way out.\u201d <\/p>\n

Download our\u00a0free CBC News app<\/a>\u00a0to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our\u00a0daily headlines newsletter here<\/a>. Click\u00a0here to visit our landing page<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to this article Estimated 2 minutes The audio version of this article is generated by text-to-speech, a…\n","protected":false},"author":2,"featured_media":337965,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":{"0":"post-337964","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/337964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=337964"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/337964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/337965"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=337964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=337964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=337964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}