In the first three months of the year, Canadian consumer insolvencies shot up to levels seen during the 2009 recession. Andrew Chang puts this data into perspective and examines what may be driving the trend. Here is a direct video link.

Personal insolvency trustee Doug Hoyes explains Canada’s data this way.

Times are tough, and insolvencies will continue to rise, and I will continue to comment on what is actually happening: it’s not just “people spend too much.” Our problems are structural, not temporary. Expenses are rising faster than income, and if you didn’t benefit from the rise in asset prices over the last two decades (because you were a renter and not a homeowner, or you didn’t own stocks), you are feeling the pinch. That’s the real story.