For more than a decade, his Ontario-based firm Hoyes Michalos has been crunching bankruptcy and insolvency numbers for its annual “Joe Debtor” analysis, with its latest results released last month ahead of tax season.
The 2022 Joe Debtor study examined 2,700 personal insolvencies filed in Ontario. Hoyes Michalos says 49 per cent were filed by millennials aged 26 to 41, even though they make up 27 per cent of adult Canadians. Filing for bankruptcy, he said, is an option to eliminate debts, but most people end up filing consumer proposals with the help of insolvency trustees like him to pay them down over time in manageable portions.
The society helps people struggling with debt, negotiating with creditors to eliminate interest on loans, but also refers people in some situations to bankruptcy and insolvency trustees. Locke, who works for a real estate brokerage, got into the housing market at a young age having worked in the oil and gas industry after high school.
Insolvency or bankruptcy weren’t options for the couple because they wanted to keep their assets, but the Credit Counselling Society was able to work out a deal with their bank to eliminate interest on the renovation loan.Locke said the stress and stigma of debt is embarrassing, “but it’s just the way it goes.”Grant Bazian, a licensed insolvency trustee and president of MNP Ltd.
Do not spend more than u make.
Triple the interest rates, double the national debt, start runaway inflation. - The next generation is completely screwed... That includes all races and genders.
Everyone seems to be running with this story today. I don't get why we bother having multiple companies when they run identical articles.
Leaving home too soon can start dominoes falling. Dropping out another and early pregnancy with no job all great ways to screw up your life. Success takes years salaries are meagre telative to rents
Imagine voting for your own downfall because of making kids gay or trans, or because orange man bad.
The budget will balance it self. Crack should be legal they say.
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Millennials dominate insolvencies as credit card, student loan, CERB tax debts add upInsolvency trustee Doug Hoyes encounters a lot of Canadians with money troubles, but he's become particularly sympathetic to the plight of young people who find themselves financially underwater. Millennial overwhelmingly voted for Trudeau Liberals. They knew they would the bill would come due eventually. Trudeau conned them good. 😔😔😔. He led with 'here's free money never worry! Live this way too! Spend spend!' 😔😔. Now Millennials getting shafted with his taxes! Soaring housing, gas, tuition and food costs and no help from Ottawa or Queens Park. No wonder so many educated folks leaving ToryTown “But older generations have enjoyed many advantages. Housing prices were more in step with wages. Tuition fees didn't necessitate student loans,” I wouldn't be surprised if we have a revolt like France is having right now.
Source: CP24 - 🏆 30. / 67 Read more »
Millennials dominate insolvencies as credit card, student loan, CERB tax debts add upInsolvency trustee Doug Hoyes encounters a lot of Canadians with money troubles, but he’s become particularly sympathetic to the plight of young people who… Hahaha no kidding they have no concept of financial stability
Source: OttawaCitizen - 🏆 21. / 68 Read more »
Millennial Canadians dealt generational losing hand, layered in debt: insolvency trustee | CBC NewsInsolvency trustee Doug Hoyes says millennial Canadians have been dealt a generational losing hand as they face student loans layered with bad debts from credit cards, high-interest loans, and post-pandemic tax debt from collecting CERB. Art school, gender studies, or blame everything on others studies isn’t a winning way to get ahead in life. Or, idk, TAX THE FUCKING BILLIONAIRES? They haven’t been dealt anything. They made bad choices. Including voting liberal.
Source: CBCNews - 🏆 2. / 99 Read more »
Millennials dominate insolvencies as credit card, student loan, CERB tax debts add upInsolvency trustee Doug Hoyes says millennial Canadians have been dealt a generational losing hand as they face student loans layered with bad debts from credit cards, high-interest loans, and post-pandemic tax debt from collecting CERB. - latest phones - designer clothes - using skip to order burgers - video game credits - girlfriend treats How many millennials fit in this bracket? That, and for the most part, they missed out on the several hundred thousand dollar asset appreciation that everyone got just by owning a home. Financially it's a good move for a young person with too much debt
Source: CTVCalgary - 🏆 26. / 68 Read more »