408 – What's the Economy Doing to People in Debt?

2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It's looking to be a perfect financial storm. So how are all these variables impacting indebted Canadians? On today's podcast, Scott Terrio, Manager, Consumer Insolvency at Hoyes Michalos, returns to discuss what he's seeing from individuals struggling with debt, borrowing trends, and the role inflation is playing in household budgets. Scott and Doug also share their thoughts on why homeowner-driven insolvencies may rise soon and give practical advice for what to do if you're dealing with problem debt in this economic climate. Tune in for a lively discussion!

Links:

Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

Podcast 399 – Is the Housing Market Finally Slowing Down? with Nasma Ali https://youtu.be/4XjDd4JOvVc