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.
For more than a decade, his Ontario−based firm Hoyes Michalos has been crunching bankruptcy and insolvency numbers for its annual “Joe Debtor” analysis, with its latest results released last month ahead of tax season.
He’s concluded that 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.
“I think there’s a whole bunch of whammies that have hit millennials.” Hoyes said. “The CERB was the final straw that broke the camel’s back.”…