546 – Canadian Debt Is Surging – Concerning Trends from Joe Debtor 2024

Feb 15, 2025

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Canadians are being crushed by debt—and we have the data to prove it.

In this exclusive episode, Hoyes Michalos co-founders Doug Hoyes and Ted Michalos break down the findings from the 2024 Joe Debtor study, Canada's leading consumer insolvency report.

Our research reveals how rising debt levels are impacting Canadians like never before. From millennials facing record-high debt to homeowners running out of options, we analyze the trends, why they matter, and what the average insolvent Canadian looked like in 2024.

You won't hear this anywhere else—tune in for expert insights from Canada's leading Licensed Insolvency Trustees. Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 (0:00) – Who is Hoyes Michalos? What is the Joe Debtor study? (2:15) – Studies vs. Surveys, and understanding the term "Consumer Insolvencies" (4:00) – Debt is Surging – even we're shocked by the numbers (8:10) – Why did Millennials have the most significant increases in debt? (12:30) – The average monthly income of an insolvent individual in Canada (14:30) – Income is rising, but Canadians are still struggling – here's why (17:00) – Home equity used to help people - why that's no longer an option (20:00) – Homeowners are increasingly in debt, and vehicle loans are a huge problem (24:00) – Owing CRA: How taxes and interest rates hurt (28:00) – Key questions to ask yourself and expert advice to help your finances Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course 'Debtasized' Full Length Documentary – Free on YouTube HERE Sign Up for the Debt Free Digest Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.