Household debt on the rise
Millennials owed an average of $47,283 in unsecured debt in 2022 with 87 per cent owing credit card debt, and one in three carrying student loan debt as well. Student debt makes up about 30 per cent of their total unsecured debt. “The average insolvent millennial is just 33 years old, yet they are 1.7 times more likely than baby boomers and 1.4 times as likely as generation X to file insolvency, relative to the population,” said Ted Michalos, Licensed Insolvency Trustee said in a press release.Article content
That’s a massive shift from the peak pandemic times, when many consumers used all that cash they saved not dining out, travelling or commuting to work to pay down their debt.
Heres a tip. Stop voting Liberal
If you track where most of your income goes, most of it end up in some form of tax or fee to the government. This is not exclusive to liberals but they certainly spend more than cons. Government spending is the real enemy. Taxes is how they keep spending.
The age group that votes Liberal and keeps them in power and how about that 'black hole' carbon tax that went up again today contributing to the escalating prices of everything in this country especially our most basic needs of food, transportation and energy to warm our homes
live within your means
As a man who drinks 12 dollar smoothies, I feel their plight.
I’ve got one. Leave Canada
Carbon tax should help?
They’re a progressive lot though.
Tips: 1. Stop whining. 2. Go work, save your money 3. Stop buying useless things like a new iPhone. 4. Have resilience like we have had for years
Just declare bankruptcy, move back in with your folks.. fak paying back all that debt .. purchase some items that can be sold after you declare...jewelry etc.. no big item that can be repo..
1 tip: stop trusting liberals.
Get a job, spend less, and start voting conservative. That’s a start.
Hard to feel sympathetic for people who keep voting for the very people imperilling them…
That's what they get for voting liberal.
Blame your elected officials!
Debt for your home, debt for your education (not including useless “arts” degrees, or gender studies) are the only acceptable debt! Only thing you need to know millennials! Live within your means…
1 tip. Stop voting Liberal
Millenials. Stop voting LiberalNDP. It is your only hope. Millenials
Yet they keep voting liberal lol doing the same thing over and over again and expecting different results is ridiculous LOL
I was starting out at the tail end of PET’s time as PM,times were similar but our mortgage rate was 18%.We struggled,I worked 2 jobs but we got by, barely. Every business is desperate for help, perhaps this generation needs to live within their means rather than being so entitled
Housing prices aside, how much of this is a lack of budgeting skills and living beyond your means?
Really there’s only one tip to help. Vote out the credit card burning thru YOUR money criminal government.
They were sold the lie of liberalism. They ate it up. Now they are seeing first hand what liberalism socialist societies end up being. This is just the beginning of They don't start voting the socialists out
too much avocado toast
Nope, let the spoiled entitled bunch go under. That's the only way they're going to learn to stop voting for leftist economic policies.
Tip 1: Vote out Trudope and the Liberals.
Tip 1 don't vote for the Liberals or NDP.
It's on Gen Z now. We're too old. Gen Z and whatever comes next will have to fight, quite literally, for their survival. Millenials will not see a resolution to this mess in their lifetime.
Let me guess. 1. Have a firm handshake. 2. Get a haircut. 3. Don’t spend money on takeaway coffee. 4. Pull yourself up by your bootstraps.
A lot of them voted for Trudeau, oh the irony. TrudeauBrokeCanada
It could help if companies weren't making 700% profits.
Only thing you can do is leave Canada honestly. This country is going downhill FAST.
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