Documentary: Millennials & Debt – No Room to Maneuver. Canadian consumer debt has been a popular topic in the News over the past few years. Because of this we know Canadians are carrying more debt than ever, driving up the debt-to-income ratio. But what else is happening that we aren’t seeing?
At Hoyes Michalos & Associates, one of Canada’s largest personal insolvency firms, we focus solely on helping individuals restructure their debt through personal bankruptcy or a consumer proposal. As required by law, we gather a significant amount of information about each person who files with us. We examine this data to develop a profile of the average person who files for relief from their debt, we call this person “Joe Debtor.” We use this information to gain insight and knowledge as to why consumer insolvencies occur. In our 2018 study, we reviewed the details of more than 4,200 personal insolvencies in Ontario. This documentary focuses on what we believe to be the biggest, most interesting story that our study revealed; Millennials – The making of their debt and why they have no room to maneuver.
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