Canadian Banks | Forums | Terms of Use

Welcome to the Canadian Financial Forums forums.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   Canadian Financial Forums > Canadian Financial Forums > Canadian Economy

Reply
 
Thread Tools Display Modes
  #1  
Old 12-05-2008, 05:15 PM
Jason Jason is offline
Member
 
Join Date: Jul 2008
Posts: 64
Default Canadian bankruptcies spike in October 2008

According to the article published yesterday in Toronto Star, Canadian bankruptcies surged by more than 20% in October 2008.

Close to 10,000 bankruptcies were filed in October by both Canadian businesses and consumers. This is an over 7% increase compared to the previous month and over 21% increase year over year.

Most of the filings were individuals (close to 9,000), which is close to 23% higher compared to October 2007.

Here is the original source:

http://www.thestar.com/Business/article/548493

All this looks very depressing, and doesn't bode well for the Canadian economy. I guess many people are being crushed by excessive credit card debt, huge mortgages and high interest rates on bad credit loans, payday loans and the like.
Reply With Quote
  #2  
Old 12-08-2008, 05:15 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

I'm not surprised the least, with all the excessive borrowing and the various bubbles created by it in the last 10 years. I also think that we'll see much bigger increase in bankruptcies in Canada very soon, due to falling real estate market, credit card debt, and rising unemployment.
__________________
Bear with me please
Reply With Quote
  #3  
Old 12-09-2008, 03:12 PM
bullish bullish is offline
Senior Member
 
Join Date: Jul 2008
Posts: 155
Default

If you compare the bankruptcies increase in Canada and US, you'll see that ours is nothing special. Canadian banks enforced much more stringent lending rules, that's why we didn't have the irresponsible borrowing the US had. I think Canadian bankruptcies will peak very soon, when there are the first signs that the economic recovery is underway.
Reply With Quote
  #4  
Old 12-09-2008, 06:17 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default

Quote:
Originally Posted by bullish View Post
If you compare the bankruptcies increase in Canada and US, you'll see that ours is nothing special. Canadian banks enforced much more stringent lending rules, that's why we didn't have the irresponsible borrowing the US had. I think Canadian bankruptcies will peak very soon, when there are the first signs that the economic recovery is underway.
This is simply because we are 1 or 2 years late compared to US. Don't forget that our crisis just started.
__________________
No debt
Reply With Quote
  #5  
Old 01-07-2009, 02:54 PM
sunshine sunshine is offline
Member
 
Join Date: Jun 2008
Posts: 62
Default

Quote:
Originally Posted by Jason View Post
According to the article published yesterday in Toronto Star, Canadian bankruptcies surged by more than 20% in October 2008.

All this looks very depressing, and doesn't bode well for the Canadian economy. I guess many people are being crushed by excessive credit card debt, huge mortgages and high interest rates on bad credit loans, payday loans and the like.
This is no good. 2009 will be even worse. I foolishly hoped that when 2008 is over we all will be better off... How stupid of me. I am starting to think the crisis will go deeper
__________________
sunny
Reply With Quote
  #6  
Old 01-09-2009, 04:23 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default

It will get much worse, before it gets better. Lots of unpayable debt must be liquidated through personal and business bankruptcies, and Canadians once again must become savers and start building real wealth instead of relying on fictions house appreciating to finance a lifestyle they would never afford.
__________________
No debt
Reply With Quote
  #7  
Old 01-12-2009, 03:01 PM
ggonzo ggonzo is offline
Junior Member
 
Join Date: Jul 2008
Posts: 29
Default

Quote:
Originally Posted by sunshine View Post
This is no good. 2009 will be even worse. I foolishly hoped that when 2008 is over we all will be better off... How stupid of me. I am starting to think the crisis will go deeper
The real estate bubble that was inflated for so many years is bursting but it will take probably the same period of time everything to get back to normal - to even out. We can't expect a steady rise in the prices for 7 years and to wish the crisis to be over in just a year.... It is unrealistic
__________________
have a good day
Reply With Quote
  #8  
Old 01-12-2009, 03:10 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

Quote:
Originally Posted by sunshine View Post
This is no good. 2009 will be even worse. I foolishly hoped that when 2008 is over we all will be better off... How stupid of me. I am starting to think the crisis will go deeper
I tend to be an optimist, but even I don't see anything positive for 2009. 2010 maybe?
__________________
Bear with me please
Reply With Quote
  #9  
Old 01-13-2009, 05:51 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default

I expect the number of bankruptcies to increase sharply compared to the last year. Canadians donít have the capacity to service that much debt, and the way out is bankruptcy.
__________________
No debt
Reply With Quote
  #10  
Old 01-14-2009, 03:12 PM
bullish bullish is offline
Senior Member
 
Join Date: Jul 2008
Posts: 155
Default

Why is everybody so negative on this forum? It seems like you are enjoying the economic downturn and you are hoping to get worse.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 08:50 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.