Mark Kalinowski, with almost 14 years of experience as a credit counselor, has noticed a significant increase in clients under 35 seeking debt management assistance in Calgary. The Credit Counselling Society, where Kalinowski is employed, assisted more individuals aged 18 to 34 in 2025 than ever before.
Many young clients are burdened with student loans, grappling with their first credit card responsibilities, and struggling to balance high living expenses with stagnant wages. The proliferation of “buy now, pay later” schemes is exacerbating the financial challenges faced by individuals in their 20s and 30s.
Jodi Letkiewicz, an assistant professor, pointed out that the issue lies not in the accumulation of debt but in the sources of the debt, often stemming from basic expenses rather than frivolous spending. This consumer debt trend reflects underlying economic strains, indicating difficulties in meeting essential living costs.
The surge in buy now, pay later plans poses a critical financial dilemma, especially for younger consumers who are more inclined to use these services for online purchases, potentially leading to increased spending. Research shows a correlation between using these plans and higher bank charges and credit card expenses.
Although Canadian research on this trend is limited, evidence suggests that young adults are embracing online buy now, pay later options at a higher rate than other age groups, raising concerns about financial management complexities and debt accumulation.
Rebecca Oakes, from Equifax, highlighted that the younger demographic tends to struggle more with managing economic fluctuations and credit card payments. Data indicates a rise in missed credit card payments among individuals under 30, signaling financial challenges and a growing debt burden among this group.
Despite facing financial hurdles, Kalinowski emphasized the proactive approach of younger clients in seeking assistance, recognizing the importance of addressing money problems early. Seeking help promptly can lead to timely solutions and a smoother financial recovery process.