Debt Free In 30

Earlier this week, our firm Hoyes, Michalos & Associates launched our 2017 study of Joe Debtor. Joe Debtor is a report on the average insolvent Ontarian that we publish every two years. This year marks our sixth published study, which means we have a lot of comparative data and can identify trends. We're increasingly seeing a certain type of Ontarian filing insolvency. Although we have Ontarians from all income levels filing either a consumer proposal or bankruptcy, there are certain vulnerable debtors who are more likely to declare themselves insolvent. Key findings from our study: Joe Debtor's take-home income is 41% below the median Ontario household income He is using most of his income to pay for necessities, not luxuries Joe Debtor has just $302 a month available for unsecured debt repayment - but that debt carries an estimated interest cost of $960 a month Who Are the Vulnerable Debtors? We're seeing an increase in certain demographics based on our findings year-over-year. We'll post demographic-