The latest stats from Equifax show a 20 per cent jump year-over-year in delinquency rates among consumers aged 18 to 36. Some are calling it ‘doom spending’ and it involves a generation which is being squeezed by inflation, high rent and rising tuition rates.

The ease with which people can now make online purchases and a rise in buy now, pay later payment arrangements on even the smallest of purchases have many young people caught in a debt spiral.

Licensed insolvency trustee and Senior Vice-President of BDO, Sarah Morrison, says with so many companies making it easier and easier to spend money you don’t have, it’s important to exercise restraint.

She suggests creating barriers to eliminate some of the immediacy and impulsivity that may come with shopping online on your phone.

“If you already have your credit card pre-loaded and saved on your phone, it’s just so easy to click “buy.” But if you don’t have it in your phone and you have to physically get up, go get a card, punch in the numbers…you know, if you need the item, you’re going to do that. If you don’t actually need the item and it’s just kind of like a whim, you’re probably not going to go to that effort.”