By Nina Dragicevic
Between inflation, housing costs and interest rates, debt is ballooning for many younger Canadians.
Scott Terrio sees it all the time. The manager of consumer insolvency says the average credit card balance in Canada is less than $4,500, but the cases he saw last year averaged more than $12,000 for this young group.
Terrio helps clients cut deals with creditors and avoid bankruptcies, if possible, at Hoyes, Michalos Licensed Insolvency Trustees. Looking at his 2023 filings for clients aged 18 to 29 across Ontario, he said average credit card debt was up 34.5 per cent from 2022.
Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada Inc., notices the same trend. The national non-profit organization usually works with Canadians on education and debt restructuring but also sometimes refers…
