383 – Predictions for Consumer Debt Coming Out of the Pandemic

383 – Predictions for Consumer Debt Coming Out of the Pandemic

Author: Doug Hoyes January 1, 2022 Duration: 34:53
Debt Free in 30
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2021 was an interesting year for Canadian consumer debt. Insolvencies remained at record lows and many people were able to pay off their credit cards. But will these trends continue? On today's podcast, Doug Hoyes and Ted Michalos review what happened with consumer debt, insolvencies, and savings in 2021 and, provide their predictions for what's to come in 2022. With government income supplements winding down, collections activity starting again, and limitations periods near expiry, the new year should be interesting, to say the least! Tune in for their analysis.

 

Links:

 

Debt Statistics: What Happened to Debt During the Pandemic & Recovery of 2021 - https://hoyes.news/what-happened-to-debt-2021

Episode 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8

Statistics Canada. Table: 36-10-0639-01. Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

Statistics Canada. Table: 36-10-0112-01. Current and Capital Accounts: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Statistics Canada. Table 14-10-0063-01. Employee wages by industry, monthly, unadjusted for seasonality: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301

Statistics Canada, Labour Force Participation Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Hoyes Michalos Homeowner's Bankruptcy Index https://www.hoyes.com/press/homeowner-bankruptcy-index/

Federal government, fiscal update: https://budget.gc.ca/efu-meb/2021/report-rapport/intro-en.html

Bank of Canada, definition of Money Supply, and data: https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

Money supply, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/

Monetary Aggregates, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/

Statistics Canada. Table 14-10-0063-01  Employee wages by industry, monthly, unadjusted for seasonality  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301

Statistics Canada, Labour Force Participation Rate https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Statistics Canada. Table 17-10-0005-01  Population estimates on July 1st, by age and sex

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000501

Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Consumer Price Index, annual avg, not seasonally adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501


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

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