Millennials dominate insolvencies as credit card, student loan, CERB tax debts add up

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.

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. "It becomes an affordable way to eliminate the debt, and that's why we're seeing more and more millennials resorting to consumer proposals," he said. "They really have no other choice."

Dave Locke, 31, lives with his wife in Coquitlam, B.C., east of Vancouver, and the couple sought Fry's help when their mortgage payments jumped dramatically in the middle of a costly renovation.

Well boooo feckin HOOOOO. lol if you actually believe this lol jeez! Get to work!!!

So many 'in my day, we did X' comments. Wake up, it's not (y)our day! Not as easy to live within your means for the younger generation. Education costs astronomically more, wages are lower, necessities are proportionally more expensive. Rich get richer for a reason.

This is the stupidest article I’ve seen in a long time. What are the comparables with 20, 30, 40 years ago? The millennial age group has always been more prone to financial difficulties - primarily ‘cuz it takes time before they learn how to count.

Suicidal because of it tbh

And yet they refuse to give up their 6 dollar daily lattes!

I had student debt and couldn’t afford a cup of coffee for my first year out of school. I didn’t cry about how unfair life was. I worked my a$$ off to make a better life for myself. Stop blaming others and work harder. Bunch of entitled people.

their fault...they want and want and want without realizing why us older generation saved so much and didn't buy needless things. WE earned it.

Perhaps they could have lived within their means. 47,000 of debt? Unreal

Another $500 millions to Ukraine please!

Do any of them know what a 50 or 60 hour work week is? Do they know what a savings account is for?

They voted Liberal, so they kinda asked for it.

The we love free stuff from Trudeau generation. Sad when a dose reality hits home.

Financially it's a good move for a young person with too much debt

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.

- latest phones - designer clothes - using skip to order burgers - video game credits - girlfriend treats How many millennials fit in this bracket?

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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 »