Whose fault is it if you are heading for bankruptcy? You can watch my six minute rant on the radio on this topic from a recent radio show:
The answer is that our high debt levels are everyone’s fault. The banks and credit card companies earn a huge profit from lending money, so they may lend more than they should lend in some cases. Companies that sell products (like electronics, cars and houses) also encourage you to borrow; it’s not their job to determine whether or not you can afford to pay it back. Of course none of us are forced to borrow; we can choose to borrow, or not.
Looking to find fault misses the point. Whether it was your fault or not, if you have too much debt, you have to deal with it. There are options, like consumer proposals and personal bankruptcy, along with other options to manage your money. I recommend that you take charge of your situation, “be the boss” and explore all options and make a plan to deal with your debts.