Debt spirals out of control for consumers, businesses.

The article reports that Inflation, high interest rates, and the end of COVID-19-related financial support have left British Columbians struggling with secured debt such as mortgages, businesses that loaded up on cheap loans, with out-of-control unsecured debt like credit card debt. It mentions that Consumer proposals, a legislative process involving reduced payments and waived interest, are an option for meeting their debt payments to pay creditors or file for bankruptcy.