Debt is something many of us have to contend with. Because we spent beyond our means, we now have exorbitant amounts of debt that many of us will never pay off in our lifetimes.
We all know that millennials everywhere are deeply in debt. They have consumer debt, student loan debt, auto loan debt and the list goes on. But what is surprising many is that there is a growing number of Canadian millennials that are defaulting on their debt loads.
A new report from credit bureau Equifax Canada (via Metro News) suggests that millennial consumers – those between 18 and 25 – have a delinquency rate of 11.7 percent. Millennials have the highest delinquency of any age group right now.
Millennials are facing many struggles: rising rents, “survival” jobs” and a soaring cost of living.
These kinds of day-to-day problems are having millennials delay adulthood. This is why they aren’t buying a house, getting married or having children.
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