North Americans are swallowed in personal debt. This is true for many businesses.
The business cycle can be unforgiving when you're an entrepreneur. An accident, illness, death, bad employee, and a weak economy all wreak havoc on those who are barely hanging on by a thread.
Running a business isn't for the faint of heart. It does take long hours and sacrifices to get anything off the ground. Even the most sound business mind can falter on a decision that sends one's finances out of control. If there are employees counting on the job to feed their families, that adds to the pressure to make things work.
As confident as one might look on the outside, the psyche of an entrepreneurs can be quite fragile. Sprinkle in a cyberbully and in some instances, it's enough to send a business owner over the edge.
Canadian household debt is 163.3% of disposable income. Canada has the highest debt to income ration in the G7 countries.
Over 1 in 3 Americans are nearing or experience financial disaster. Overwhelming debt and lousy incomes make many people easy targets for creditors, who use the Internet as a tool to shame them and compound their ability to get back on their feet. This is a CRIME. There are laws on the books in both Canada and the United States that address collection laws and what creditors can and cannot do.
Know your rights. Here is a guidebook on how to fight back.