Ontario Trustees Hoyes Michalos recently released their 2015 “Joe Debtor” study, exposing concerning trends for those financially at-risk and examining why and how Canadians face economic distress.
Some encouraging figures emerged from the 2015 Joe Debtor study, such as a decrease in the average number of credit cards and credit card debt amounts insolvent debtors carried.
Conversely, the instance of fast instalment loans increased five-fold and the percentage of individuals carrying payday loans also rose. Single parents, individuals carrying student debts and Canadians over the age of 50 were found to be the most at-risk groups facing insolvency. According to the study, a typical insolvent debtor carries a staggering $56,545 of unsecured debt.
To read the full 2015 Joe Debtor study please click here.