Payday Loan Induced Insolvencies On the Rise

Posted in In The News

Hoyes Michalos has pre-released our 2017 Joe Debtor study results as they relate to payday loan usage by insolvent debtors in time for the Standing Committee on Social Policy to conduct a review of Bill 59: Putting Consumers First Act.  We have also submitted our concerns about the prevalent use of payday loans by heavily […]

Debt Problems? It's Not Your Fault

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

What are the reasons people get into too much debt? It's not always just runaway spending. Sometimes it's not your fault. We look at 5 common situations that lead to debt problems with input from Kelley Keehn and Robert Brown.

Does The Mortgage Lender You Choose Matter?

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Whether you are buying a home or refinancing, in today’s world you have a lot of choice as to who your mortgage lender will be. More and more Canadians are turning to alternatives to the big banks like credit unions, mortgage brokers and large companies that specialize in residential mortgages. This is particularly true for […]

Family & Debt With Nora Spinks

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Today on Debt Free in 30, Nora Spinks from The Vanier Institute of the Family talks household debt & the importance of planning ahead.

Student Loan Debt: The Cost Of Higher Education

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Higher education is becoming increasingly more expensive, leaving graduates with student loan debt that can be difficult to repay. On this episode of Debt Free in 30 Ted Michalos describes the average student debtor and explains how student loan debt can cause delays throughout our whole economy.

Student Debt and Bankruptcy Alarmingly A Women's Issue

Posted in In The News
Posted by Ted Michalos, BA, CPA - LIT

Every two years we issue a report that provides a detailed analysis of emerging trends in bankruptcy filings in Ontario.  We track debt loads by age, income level, marital status and gender.  We also compare types of debt, secured versus unsecured, credit cards, personal loans, income taxes and payday loans. From this information we get […]

Understanding Who Goes Bankrupt in Canada

Posted in Debt Help

Who files bankruptcy in Canada? You might be surprised to find out just how average the average insolvent person is. Every two years we conduct a study we call Joe Debtor which helps us answer this question. The average bankrupt in Canada: is 44 years old; is more likely to be male, however women make up 46% […]

Joe Debtor: Marginalized by Debt

Podcasts
Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Subscribe and download at iTunes or using the Stitcher app, or subscribe via our rss feed or download directly, or listen now: Low Interest Rates Mask Crippling Debt Canadians do not appear to be worried about high debt levels. Interest rates are at record lows and bankruptcy rates have declined for the last five years. […]

Seniors Turning To Payday Loans A Scary Trend

Posted in In The News
Posted by Ted Michalos, BA, CPA - LIT

With an unsecured debt of $69,031, seniors aged 60 and over carried the highest overall debt of any age group; 22% more than the average Joe Debtor.  Almost half of this debt was credit card debt, but what concerns me even more is the propensity of seniors to increasingly turn to payday loans as a […]

Joe Debtor: At-Risk Canadians Drawn Into Cycle of Debt

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Our newest Joe Debtor study reveals that, for a core group of Canadians, debt is a survival tool. Yes, insolvency rates in Canada and Ontario have declined. In Canada, total personal insolvencies (including personal bankruptcy and consumer proposal filings) declined 0.5% in 2014. At the same time Ontario insolvencies fell 7%.  Yet certain at-risk groups […]