Insolvency 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.
“I think there’s a whole bunch of whammies that have hit millennials.” Hoyes said. “The CERB was the final straw that broke the camel’s back.” Housing prices were more in step with wages. Tuition fees didn’t necessitate student loans, allowing graduates to enter the workforce and start saving and investing out of the gate, rather than having to service large debts for years after completing their education.“Anything goes wrong like a pandemic, or you lose your job or you get sick or you get divorced and boom, there is no safety valve there,” he said.
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.
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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 »
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 »
Canadian millennials underwater as credit card, student loans and CERB debts pile upMillennials were 1.4 times more likely to file for insolvency than Gen Xers and 1.7 times more likely than Boomers. You chose the government that you deserved. They bankrupt this country and you, no one else you can complain. Only governing elites and people invested in RE will get richer. That’s our future generations will have because of choice made in the past. When boomers said 'we all have to do our part for covid' they really meant 'the younger the person, the more they need to sacrafice. They need to also pay financially for decades so we can stay safe from the scary stories we see on the news'. Shame on everyone involved. And yet - Justin Trudeau wants to hit them with more taxes come April 1. No joke. TrudeauNationalDisgrace TrudeauDestroyingCanada cdnpoli
Source: nationalpost - 🏆 10. / 80 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 find themselves financially underwater. Imagine voting for your own downfall because of making kids gay or trans, or because orange man bad.
Source: TorontoStar - 🏆 60. / 55 Read more »