To begin our analysis, let’s look at a relevant statistic.
According to data compiled and published by the Office of the Superintendent of Bankruptcy, the proportion of individuals aged 24 to 44 facing financial difficulties and resorting to insolvency has increased significantly. In 2013, this proportion was 45.4%, while in 2023, it reached 48.8%. This rise is concerning and deserves attention.
One of the major challenges for this age group is acquiring property while simultaneously repaying student debt.
Although individuals in this age range are often able to meet their monthly payment obligations, they frequently struggle to save. Some manage to save, but still see their total debt continue to increase.
These young adults today are:
- More educated
- Planning to start or have recently started a family
- Considering purchasing a home or have recently become homeowners
- Seeking work–life balance
- Carrying heavy student loan debt, especially among young professionals
WHY SO MUCH DEBT
The reasons are numerous; here are the main ones:
- Longer and more expensive studies
- An inaccessible housing market
- Stagnant wages
- Rising everyday expenses: housing, transportation, groceries, insurance
- Difficulty for a single person with an average income to meet basic needs
DIFFERENT SOLUTIONS
So, where do you start when you feel stuck?
Here are three essential steps recommended by insolvency experts:
- Develop a realistic budget based on your actual income and expenses, rather than optimistic projections. Every dollar must be accounted for.
- Prioritize repaying high-interest debt to reduce long-term costs.
- Seek advice from a qualified insolvency professional to obtain a full assessment of your financial situation and explore the options available to you.
BEST TIME TO CONSULT
If you are considering consulting a Licensed Insolvency Trustee, now is the ideal moment. They are there to guide you and help you find solutions to your financial difficulties.
Consider booking an appointment if you find yourself in any of the following situations:
- You feel like you can no longer make ends meet
- Late payments are accumulating
- You are receiving multiple collection calls
- Your bank refuses to grant you a consolidation loan
- You find yourself solely responsible for debts after a separation or divorce
A Licensed Insolvency Trustee will analyze your situation and propose solutions tailored to your budget.
Free, without obligation, confidential.
It is a myth that consulting a trustee automatically results in bankruptcy.
Behind every debt, there is a story. And often, a solution.
We help imagine your future after debt.
Several ways to contact the Ginsberg Gingras team:
- By phone: (800) 567-1905
- Website: ginsberg-gingras.com