Éric Lebel, Licensed Insolvency Trustee at Raymond Chabot Grant Thornton, discusses the younger generation’s debt issues the day after a new law is adopted in Quebec to protect students from solicitation.
In a Radio-Canada article published on April 19, 2018, Éric confirmed that the percentage of bankruptcy cases with 18 to 29-year olds is higher than it was five years ago. In fact, in 2012, these cases represented 11.9% of all cases. In 2017, it was 13.2%. “These are not the clients we see most often, but it’s increasing from year to year,” says Éric.
In his opinion, this is a multi-faceted problem: “Access to credit is too easy; young people don’t receive the required education to properly handle their finances and it doesn’t help that we live in a “temptation” society. People don’t resist the temptation to buy things because credit is available beyond our means,” confirms this expert who handles cases of over-indebtedness every week.
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