Why Young People Keep Getting Caught in Debt Traps and How to Break the Cycle

Why Young People Keep Getting Caught in Debt Traps and How to Break the Cycle
Scott Terrio, manager of consumer insolvency at Hoyes, Michalos & Associates Licensed Insolvency Trustees, poses in this undated handout photo. The Canadian Press/HO
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Between inflation, housing costs and interest rates, debt is ballooning for many younger Canadians.

Scott Terrio sees it all the time. The manager of consumer insolvency says the average credit card balance in Canada is less than $4,500, but the cases he saw last year averaged more than $12,000 for this young group.