156 - Millennials Dominate Insolvencies as Credit Card, Student Loan, CERB Tax Debts Add Up

DebtMatters Podcast

This episode of the Debt Matters Podcast dives into the financial struggles of millennials. Hosted by Wayne Kay and featuring debt expert Daniel Maksymchak from LCTaylor Licensed Insolvency Trustee, the conversation explores how millennials are particularly affected by debt due to factors like high student loans, credit card debt, and the burden of CERB tax debts.

Key Topics Covered:

1. The generational struggle: Millennials are hit harder by rising costs and stagnant wages.
2. The cost of education: Many millennials have significant student loans due to rising education costs.
3. The rise of unsecured millennial debt: Credit card reliance is a common problem due to the ease of access and the need of millennials to supplement income.
4. The pandemic impact: CERB tax debts hit millennials particularly hard, adding more financial strain.
5. Comparison: Social pressures and "keeping up with the Joneses," add to bad debt habits and insolvencies.
6. Help and support: Licensed Insolvency Trustees can provide government-backed debt help to millennials who are struggling.

Whether you are a millennial with debt or simply interested in the current economic landscape, this episode provides valuable insights into the millennial debt crisis. Listen in now:

Additional Resources

• LCTaylor Licensed Insolvency Trustee
• Student Loan Debt Getting You Down? You Have Options
• Are Your Credit Card Payments Harder to Make Due to the Credit Crisis