Personal bankruptcies on the rise in Thompson-Okanagan | iNFOnews | Thompson-Okanagan's News Source

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Personal bankruptcies on the rise in Thompson-Okanagan

Image Credit: PEXELS/Mikhail Nilov

This has not been a good year for consumers.

With high interest rates and high inflation, it’s tough to get by and Statistics Canada backs that up.

In the first four months of 2023 there were 4,030 consumer applications filed for insolvency in BC.

That’s an increase of about 1,000 from the previous two years and 500 more than in 2019.

READ MORE: CEO pay smashed records in 2021, on track to continue as inflation remains high

The numbers are similar in the Thompson-Okanagan but much smaller. Six applications were filed in the region this year after none were made in the first four months of last year.

This is the worst year out of the previous four years, with one dramatic exception.

In 2021, there were 16 insolvency applications filed in the region. Only one of those was in Kelowna, which normally has half the filings in any given year.

The BC and regional pictures are a little bit different than the national pattern

There was a spike in the first four months of 2022 with 44,024 applications. The number dropped to 41,179 this year but that is still higher than any other recent year.

To contact a reporter for this story, email Rob Munro or call 250-808-0143 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

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News from © iNFOnews, 2023

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