A new study reveals that close to 100,000 Canadians, including nearly 35,000 Ontarians, filed a bankruptcy or consumer proposal in 2022. Of those, almost half (49 per cent) were millennials who owed an average of $47,283 in unsecured debt.
What's driving all these insolvencies? Payday loans — which can charge up to 390 per cent in annualized interest — deserve a big chunk of the blame.
"They make it very easy to borrow," says Ted Michalos, a licensed insolvency trustee at Hoyes, Michalos & Associates, the firm that conducted the study. "They are just very difficult to repay."
Michalos was a recent guest Inside the Village. You can watch the full episode HERE.
Hosted by Scott Sexsmith and Michael Friscolanti, the Editor-in-Chief of Village Media, Inside the Village is a news and current affairs podcast that provides a weekly window into some of the best local journalism from across our chain of Ontario newsrooms. Produced by Derek Turner, the program also explores bigger-picture issues that impact people across the province.
Every episode is available on this news site /insidethevillage. If you prefer the audio version, it is available wherever you find your favourite podcasts.
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