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.
Full study at: https://www.hoyes.com/press/joe-debtor/
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Excellent vlog… thank you so much.. we need awareness and these sorta vlogs are blessings for our generation here in Canada..
I know the guy that created “check into cash” and he’s one of the richest guys in the country. Has a net worth of 400 million… hmmm suspicious
The banks have turned the millennial generations into 19th century Russian serfs. They'll never own anything. This was done by design. Anytime you bail out the trillionaires and allow the young to lose their houses, you've set the table for disaster.
Until the public school systems start to teach kids about money and how to manage their finances properly this problem won't go away. College tuition is way to expensive considering what a students upside will be upon graduation. The US is a debt based economy and ultimately it will fail on a massive scale. Kids are all being pushed by their high school counselors to go to college but they are not educating them on what the ROI will be. Pay 80000 for an education that upon graduation will get you a job that will pay 25000. If your lucky enough to get a job. So happy i only have a few years left before i retire. I feel so bad for all these misguided young people they really have an up hill battle.
Is it me or did they really use the Playstation background music starting at 04:05 ?
The student loan debt is not the only crisis. When you add child support payments on top then problem is worst. With both programs you cannot discharge in bankruptcy. Why is the government imposing this restriction on our future population?
https://www.youtube.com/watch?v=hbHXZWVBPPA
The student loan debt crisis affects all African-Americans. We can agree there are more black women enrolled in colleges which imply that they will take on more student loan debt. With the child support debt crisis for black men, now you have the family struggling under tremendous financial pressure. Congress could change both programs within one session.
Our governments are in debt so the youth is just following our “leaders”.
I’m a millennial and I paid my student loan debt because I listen to Dave Ramsey
Im genx. I thought about going back ti grad school, I realized I could become a healthcare interpreter and take a course at the jc make the same amount of money . Review your options!
Your not debt and finance savy if you get a payday loan your stupid.
Two things I've noticed. There's this belief that car payments are a need. You have to have car payments. No you don't. Unless you have no money to start with, you can spend 2 or three thousand dollars for a car. Yes, it will be over 10 years old but it will get you where you need to go. Also clothes. You don't have to buy new clothes 10 or twelve times a year. I have some work shirts that I've had for over ten years. Also, laptops. You can buy nice laptops on e-bay for les than $400. Like this one. You can be frugal and still enjoy life.
Nowadays all you need to do is go breaking bad for a summer to pay off a semester of school.
Know how to stay out of debt? Get a job, save your money and stop buying stuff. Stop living beyond your means. Stop being brainwashed into thinking you can spend your way into a career and a 6 figure income through degrees. The world needs tradesmen…..not more techno dicks.
This is obviously not an American video because here in the US, 7 years doesn't make your student loan go away. Here they'll garnish your social security (old age pension)
I can only be astounded about how much better the Canadian government protects its citizens than the US government does. This is demonstrated in two points (if I correctly understood) : 1) After 7 years you can discharge overwhelming student debt. Here in the US student loans are the only debt that can't be wiped out through bankruptcy. There are now people who are having their Social Security payments garnished to pay student loans. 2) Payday loans have an interest rate of up to 36%. Here in the States that is 400%. Up until 2010 credit cards could charge whatever interest they chose (one infamous one charged 79.9%). Now the top rate is 36% though many people are still paying off interest from their previous higher rate.