We just released our 2022 Hoyes Michalos Consumer Insolvency Study which found that 49% of all insolvencies are now being filed by Millennials. Millennials were the only age demographic to see a rise in their unsecured debt obligations last year. On today's podcast, Doug Hoyes and Ted Michalos explain why Millennial insolvencies are rising. They also discuss another alarming trend from our study – the growth in Rapid Loan (high-cost payday and installment loan) usage. Tune in for a great discussion!
Links:
Hoyes Michalos Consumer Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/
Rapid Loans & Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/how-insolvent-borrowers-use-payday-loans/
Debt Free in 30