(MENAFN – Baystreet.ca) The millennial generation is struggling with high debt levels.
According to a new study by Hoyes Michalos & Associates Inc., two in five insolvency filings in Ontario now come from millennials, defined as people born between 1981 and 1996. And the main debts burdening the generation are student loans and credit cards, according to the report.
“Millennials are a generation buried in student loans which is why we are seeing such a dramatic rise in student debt driven insolvencies,” said the report. “In our 2018 study, almost one in five (18%) insolvencies involved student debt with 64% of student debt insolvencies filed by millennials, followed by Generation X at 31%.”
The average amount owed in s…
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