Insolvency 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.
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.
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