330 –  COVID-19 and Household Debt: What Do We See for 2021?

330 – COVID-19 and Household Debt: What Do We See for 2021?

Author: Doug Hoyes December 26, 2020 Duration: 26:43

The unemployment rate dramatically increased, debt levels continue to grow, and yet the personal insolvency rate in Canada dropped to 20-year lows when the COVID-19 lockdowns started in the spring.  How long will insolvency rates remain low? Doug Hoyes and Ted Michalos review the unprecedented events of 2020, and offer their predictions on what will happen with debt and bankruptcy and consumer proposal filings in 2021, in one of our most anticipated podcasts of the year.  Enjoy!

Full details of everything discussed:

https://www.hoyes.com/blog/how-covid-19-affected-household-debt-in-2020/

 

Time Stamps

0:20 A review of Doug and Ted's predictions for 2020

2:12 With high debt and high unemployment, why insolvencies didn't skyrocket

2:50 The personal savings rate hit an all-time high; why?

3:48 The impact of CERB on household income

4:49 The problem with statistics

5:32 COVID-19 impact on high, middle and low income earners

9:00 An example of a middle income earner most impacted by the lock down

10:40 The impact of deferrals

13:40 What will happen with debt in 2021?

16:06 The psychology of spending; why some of us will not increase out spending early in 2021

16:41 Comments on the real estate market

18:53 Prediction time!

19:17 Ted's prediction

19:51 Doug's predictions

24:55 The impact of an economic recovery on insolvency filings


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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