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Insolvency appears to have been on the rise throughout the past year, with the number of claims rising 3.1 per cent in the 12 months from April 2018 to 2019, for a total of 10,426, compared to 10,112 from April 2017 to 2018.

Campbell blamed a “perfect storm” of factors, including the high cost of housing, rising interest rates and increasing economic instability. She noted that the issues come at a time when people have the highest debt-to-income ratio in history.

“What we have is a recipe for debt problems,” she said.

Campbell said financial health can have significant impacts on all aspects of a person’s life — from their physical and mental health to their relationships and their ability to work.

“Sometimes, people tell us they haven’t slept in years.”

Credit Canada, a non-profit credit counselling agency, wants to see society “open up” about financial issues in order to dispel some of the shame people feel when they seek help.

“We’re not doing a good job as a society in talking about money,” said Campbell, adding the key to avoiding a bankruptcy claim can be to seek help before it gets to that point.

Meanwhile, a quarterly survey conducted by Ipsos for insolvency firm MNP found many British Columbians are feeling less optimistic about their finances now than a few months ago.

About half of the people surveyed in March for the latest MNP Consumer Debt Index said they were worried about their ability to repay debts or believed they could be in financial trouble if interest rates increase, while 41 per cent said an interest-rate rise could move them toward bankruptcy — an eight-point increase since the last survey in December.