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(London.CityRegions.com, May 17, 2013 ) Manchester, UK -- A growing number of individuals who are in debt are seeing an increase in their owned average, according to a recent study.
“We reviewed approximately 7,000 personal insolvency filings from 2011 and 2012, and discovered the typical insolvent person is a 43-year-old male with more than $61,000 in unsecured debt,” said Douglas Hoyes, a trustee with Hoyes, Michalos & Associates.
The highest debt levels have occurred for those aged between 50 and 59 years of age. The debts held by said individuals exceed $84,000 per person. “The most at-risk group is pre-retirement debtors,” cautions Ted Michalos, also a trustee at Hoyes, Michalos & Associates.
Those within the age group are often working, but making less than those in the 40-to-49 range. Just over 30% of those in the older group are still burdened with the support of at least a single dependent. If they are home owners, they are often saddled with mortgage debt, which furthers their debt and raises the average.
“They are squeezed from all sides,” says Douglas Hoyes. “They are often supporting both older children and aging parents, as well as making debt payments. They may also be dealing with medical expenses for themselves or family members.”
He adds, “They’re using credit to make ends meet,” meaning they often have no alternative but to file a consumer proposal or personal bankruptcy.
According to both experts, the answer is many: “Canadians are in denial about their overall debt load. [But] talking to a reputable professional is the first step in eliminating overwhelming debt problems.”
While 18-29 year olds average just over $32,000 per, there is a sharp increase to over $50,000 for those in their 30s. Those in their 40s see a $17,000 increase up to $67,000 on average. Those over 60 are the only group to decrease compared to the group prior to them with an average debt of $68,776. The average debt-to-income ratio stands at 215% for the indebted.
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