Frontlines of the Canadian Household Debt Bubble with Scott Terrio

Описание: Coming into this recession Canadian households were facing record debt levels, surpassing 100% of GDP which is the highest amongst the G7. Household debt servicing ratios were at record highs despite incredibly low interest rates, and savings rates were near 50 year lows.

Cue the exogenous shock of the Coronavirus and we find ourselves in an unfortunate situation. Unemployment is ratcheting higher, and will be stuck in double digits for the remainder of the year at least. So now what?

Debt consultant Scott Terrio joins me in this interview to discuss what he is seeing on the front lines. Scott has filed over 6000 consumer proposals/ bankruptcies and is regularly featured in various media outlets.

Scott says consumer proposals were already at decade highs before the virus. He says new immigrants and renters are the most vulnerable to this shock, however he expects the number of homeowners filing for bankruptcy will rise significantly.

Hope you enjoy the show.

Don't forget to follow me on other platforms:

Twitter:   / stevesaretsky  
Instagram:   / stevesaretsky  
Blog: https://stevesaretsky.com/