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INSIDE THE VILLAGE: Why so many Canadians are going bankrupt

This week's podcast: Millennials account for nearly half of insolvencies, thanks to soaring credit card debt, CERB payments — and predatory lenders charging nearly 400 per cent interest

Welcome back to Inside the Village, a one-of-a-kind podcast where all news is local — and no topic is off-limits.

On this week's episode: More and more Canadians are filing for bankruptcy, and millennials are leading the way.

An annual study known as the "Joe Debtor" report found that roughly 100,000 Canadians, including nearly 35,000 Ontarians, filed a bankruptcy or consumer proposal in 2022. Of those, almost half (49 per cent) were millennials who owed an average of $47,283 in unsecured debt.

Ted Michalos, a licensed insolvency trustee and co-founder of the firm that conducted the study, joins Inside the Village to talk about their findings — and why predatory lenders charging close to 400 per cent interest are a big part of the problem.

Also on the podcast: Our weekly highlight of some of the most impactful local journalism produced by our Village Media reporters.

Hosted by Scott Sexsmith and Michael Friscolanti, the Editor-in-Chief of Village Media, Inside the Village is a news and current affairs podcast that provides a weekly window into some of the best local journalism from across our chain of Ontario newsrooms. Produced by Derek Turner, the program also explores bigger-picture issues that impact people across the province.

Every episode is available on this news site /insidethevillage. If you prefer the audio version, it is available wherever you find your favourite podcasts.

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