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Consumer debt is at an all-time high due to inflation and higher interest rates. Severely indebted clients may need to be referred to an insolvency expert. Scott Terrio, manager of consumer insolvency at Hoyes, Michalos & Associates Inc., joined Globe Advisor reporter Deanne Gage to discuss how insolvency works, the powers of creditors, and tips on how to avoid money traps not easy to undo.

The Globe and Mail