More and more Quebecers are finding themselves bankrupt due to minimal debts, laments a credit expert who is sounding the alarm about a situation she believes can be avoided with better financial advice.
Invited to an interview on QUB Radio and Television, simulcast on 99.5 FM Montreal, Carole Goyette shared her experience to illustrate the hearing problems experienced by Quebecers.
“There are people who go bankrupt for $6,000. It's terrible. They're poorly advised. […] and often they are young people,” she explained on Tuesday at the microphone of Isabelle Marechal.
Goyette, a former printing industry employee, single mother and victim of successive job losses, was forced to sell her apartment to avoid bankruptcy.
“I was making really good money at the time and I was under the impression at the time that I would be here for the rest of my life. […] When I lost my job overnight, I really didn't know where to go. […] I went to the bank [afin de savoir] how could I consolidate debts. But at the time, consolidation was a word that banks didn't want to hear. I looked, I wanted to get help from the bank, and then nothing happened.”
She explains that her difficulties were less about problems paying her mortgage and more about her credit cards: “When the credit card is at 19% [d'intérêt]It’s a very, very long time.”
To pay off her debts, which totaled about $40,000, Ms. Goyette decided to sell her apartment.
This ordeal prompted him to create his credit assistance company, Credit Advice Canada, to help those in the same situation.
In her interview, she emphasized that with rising mortgage rates, Quebecers are suffocating and becoming bankrupt for much smaller amounts.
“The clients that I have this year, especially at the end of 2024, beginning of 2025, are clients that are taken on with a notice of execution, therefore a mortgage.”
In her opinion, it is necessary that citizens know their rights regarding loans and are well informed about the solutions available to them.
Listen to the full interview in the video above.
