How Many Bankrupts Have Credit Card Debt?

In a study just released by the Superintendent of Bankruptcy, over 80% of all Canadians that went bankrupt in 2003 had credit card debt in their files.

While this rate is lower than the 90% of American bankrupts carrying credit card debt, it does confirm that high credit card debt is a significant factor in many bankruptcies.

For many of the people we see in our practice, a consumer proposal is a great way to work out a payment plan to deal with credit card debts. A bankruptcy may also be an option.

Since everyone’s situation is different, we recommend that you contact us; one of our professionals will meet with you to walk you through your options, and help you work out a plan to deal with your credit card debts.

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