Debt & Insolvency Rates – Seniors in Ontario
It is not only heart breaking to think of people starting their retirement years in debt, it is frightening.
Beyond the added stress of being in debt at a time in life when the ability to service that debt is often reduced – the Seniors in Ontario appear to be filing bankruptcies and proposals at increasing rates.
According to the Superintendent of Bankruptcy, in Ontario in 2011, 8.2% of the 50,460 people who declared insolvency (filed either bankruptcy or a proposal) were 65 years or older.
That equates to approximately 4,137 Seniors in Ontario, in 2011.
Unfortunately, in the last four years of the Superintendent’s statistics – 2008 to 2011 – the percentage of filing insolvents who were Seniors, increased steadily from 5.5% to 8.2%.
Are Insolvent Seniors Hopeless?
Of course not.
Many of the Seniors we work with, are able to get out of debt and get on with enjoying their ‘golden years’.
Removing the burden of debt and debt collectors, goes a long way to making retirement a better time of life.
What do the Increasing Rates Mean?
It may be a symptom of the financial troubles since 2008, or of the increasing rates of Canadian household debt, or of the lessening stigma of insolvency among Seniors.
Whatever the cause, these numbers can serve as a warning to everyone in Ontario:
Get Out of Debt – Now
Tomorrow Really Does Come