, Reacts to Report Showing Canadian Consumer Insolvencies Are Soaring

Toronto, Canada, May 12, 2016 –, the leading low-cost, private mortgage solution provider in the country, is reacting to a report showing the number of insolvencies across Canada soared in February. is also explaining why it’s a good time for those facing bankruptcy to consider debt consolidation.

According to recently released data from the Office of the Superintendent of Bankruptcy Canada, the number of consumer insolvencies in February increased 9.7% year-over-year. Personal bankruptcies were up 6.3% in February, while consumer proposals (an alternative to bankruptcy) were up 13.2%. On a month-over-month basis, the number of insolvencies soared by 21.6%.(Source: “Insolvency Statistics in Canada—February 2016,” Office of the Superintendent of Bankruptcy Canada web site, April 29, 2016;

“This data shows us that Canadians have taken on too much debt and that they’re having difficulty paying it off,” says Bob Aggarwal, President of “While the number of insolvencies increased in the most in Alberta, Newfoundland, and Saskatchewan, the trend wasn’t limited to oil producing regions. In fact, a new trend is emerging, with insolvencies increasing 8.6% in Ontario and 8.3% in British Columbia.

Aggarwal explains that the increase in insolvencies in Ontario and British Columbia is a little unexpected since these two provinces have been leading employment growth. On top of that, until recently, insolvency rates in these provinces was on the decline. However, this data runs in step with a recent poll that shows nearly half of Canadians are within $200 of being able to pay for bills or make debt repayments. (Source: “Half (48%) of Canadians are Less than $200 Away Monthly From Being Financially Insolvent,” Ipsos web site, February 19, 2016;

One way homeowners weighed down with unmanageable debt can tackle insolvency issues is through a debt consolidation plan, which will consolidate debt into one easy, monthly payment. The interest rate charged through debt consolidation is also significantly lower than what is charged on major credit cards and specialty store cards. This will save those burdened with debt a lot of money in interest charges.

“Interest rates remain near record lows. As a result, it’s an excellent time for homeowners to tap into the equity they’ve built up in their home and consolidate their debt,” Aggarwal concludes. “By consolidating their debt, they can pay off their debt quickly, protect their credit rating, and avoid bankruptcy.” is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast-to-coast. provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and addressing financing concerns.

Bob Aggarwal

Mr. Aggarwal was one of the original founders of, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of, Mr. Aggarwal has been instrumental in developing the operating platforms, and policies and procedures which have guided the organization to date.


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