Feb 15, 2025
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.