September 5, 2017

Your knee jerk reaction to that question may be way off the mark.

Many people still seem to stigmatize the less advantaged.  When talking about debt problems the people who are in denial are the ones who are in fact most vulnerable to excessive debt.

The common notion is that poor, less educated people or elderly fixed income recipients are the ones most likely to get into trouble with debt. But neither is the case.

The fact is that according to Statistics Canada people with higher levels of education and better incomes are the ones carrying the highest ratios of debt to income.  Logically then this group is the group that is most likely to need the services of a bankruptcy trustee to help with either a Bankruptcy or a Consumer Proposal.

However, likely because of the social stigma that associates lower income and poorly educated individuals with insolvency proceedings this same group is likely most vulnerable to exploitation by debt consultants.