‘Bankruptcy risk is associated with lower income’: U of W report
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Hey there, time traveller!
This article was published 06/04/2015 (3840 days ago), so information in it may no longer be current.
Poor Winnipeggers have almost no consumer debt but still live close to bankruptcy while wealthier Winnippegers have much heftier debt levels but a very low risk of insolvency.
That’s the finding of a new report released today by the University of Winnipeg’s Institute of Urban Studies. Researchers there crunched data on consumer debt such as credit cards, car loans and lines of credit as well as bankruptcy risk based on postal code.
The IUS found that neighbourhoods like the North and West Ends had low debt rates but a high risk of declaring bankruptcy in the next 18 months.
Meanwhile, neighbourhoods such as Tuxedo had high debt rates because higher incomes allowed them to borrow more, but low bankruptcy risk.
“This may suggest that bankruptcy risk is associated with lower income, not higher spending,” said the report.