390 – Tax Debts and Student Loans Drive 2021 Bankruptcies – Tsunami Coming?

The Hoyes Michalos 2021 Joe Debtor Bankruptcy Study revealed that insolvent Canadians owed the highest level of unsecured debt since 2016. In 2021, the average insolvent debtor owed $50,484 in unsecured debt, with income tax debt and student loans driving insolvency filings. On today's podcast, Doug Hoyes and Ted Michalos explain why this is just the tip of the iceberg and that student loans and tax debt balances are likely to go even higher in the future, along with other consumer debts. Doug and Ted also discuss other key findings from our Joe Debtor 2021 study. Tune in!

Links:

Hoyes Michalos Annual Consumer Insolvency Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/

CRB Repayment: https://www.canada.ca/en/services/benefits/ei/cerb-application/transition/questions.html

CRA Interest Relief: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/covid19-taxes/interest-relief.html

Predictions for Consumer Debt Coming Out of the Pandemic: https://youtu.be/LCE6EkOwi8E

Why Credit Card Debt Fell During the Pandemic & Will It Rise Again? https://youtu.be/Fqh_DF0xUrc