Shows
Debt Free in 30Can You Walk Away from a Pre-Construction Deal? What You Need to KnowAlarming trend: Canadians are finding themselves unable to follow through on pre-con real estate purchases. So, what happens if you can’t close on a pre-construction real estate deal? In this episode, the co-founders of Hoyes Michalos break down the reality of pre-construction deals in Canada, including assignment sales, how rising rates and blanket appraisals impact your deal, and what happens if you can’t secure financing. They also explore the legal and financial consequences of “walking away” and whether solutions like a consumer proposal or bankruptcy might apply to your situation. Walking Away From a Pre-Con Deal wit...2025-03-0830 minDebt Free in 30Credit Card Habits Leading to Debt? Expert Advice for CanadiansCanadian credit card debt is surging! Many people are feeling the squeeze of rising costs, stagnant wages, and mounting unsecured debt. This crucial episode offers timely financial guidance on improving credit card habits (which you may not realize are hurting your finances!) and effectively managing debt. FREE Credit Rebuilding Course (0:00) – Credit Cards Are Now the Norm, Should They Be? (4:00) – What minimum purchase amount should you charge to credit? (5:45) – The biggest problem with credit cards (7:20) – Everyone knows about interest- why do people use credit regardless? (9:00) – The positives of using credit cards (11:00) – Paying off one credit card with another...2025-03-0130 minDebt Free in 30Canadian Debt Is Surging – Concerning Trends from Joe Debtor 2024 Canadians are being crushed by debt—and we have the data to prove it. In this exclusive episode, Hoyes Michalos co-founders Doug Hoyes and Ted Michalos break down the findings from the 2024 Joe Debtor study, Canada’s leading consumer insolvency report. Our research reveals how rising debt levels are impacting Canadians like never before. From millennials facing record-high debt to homeowners running out of options, we analyze the trends, why they matter, and what the average insolvent Canadian looked like in 2024. You won’t hear this anywhere else—tune in for expert insights from Can...2025-02-1531 minDebt Free in 30The Truth of Credit Card Rewards – They're Costing You Are credit card points and rewards as beneficial as they seem, or are they secretly costing you more than you realize? Doug Hoyes and Ted Michalos discuss the truths behind credit card reward systems, revealing how spending habits, annual fees, and high-interest cards may affect your financial health. Learn how credit card companies use your data, the psychology behind reward marketing, and whether these points and rewards are worth it in the long run. (0:50) – Have you changed your spending habits to earn credit card rewards? (1:45) – The history of credit card rewards: How they started and...2025-01-1829 minDebt Free in 30Canadian Insolvency and Economic Trends in 2025 As 2024 comes to an end, Doug Hoyes and Ted Michalos revisit their past predictions to see what they nailed—and what surprised them. They cover everything from inflation and insolvency to unemployment and real estate and, using the latest economic data and trends, share their evidence-based predictions for 2025. Do you agree with Doug and Ted, or do you have a different perspective to share? Let us know in the comments! Timestamps: (2:00) – Doug and Ted’s 2024 predictions on inflation (6:00) – Insolvency trends and forecasts from 2024 (10:00) – Returning to pre-pandemic insolvency...2025-01-0231 minDebt Free in 30Why Popular Budgeting Techniques Don’t Work Ready to break all the budgeting rules? This episode is a lively debate that flips the script on traditional money management. Doug Hoyes isn’t holding back on his opinions about the Government of Canada’s “Financial Literacy Month,” challenging its effectiveness and taking a skeptical eye to the budgeting advice we’ve all heard before. Maureen and Doug discuss outdated budgeting norms, explore innovative approaches, and provide expert-backed tips for rethinking your money strategies. Join the conversation! Comment and let us know whose approach you more strongly align with—or maybe you have your own...2024-11-0233 minDebt Free in 30Good Debt vs Bad Debt: How to Know When Debt is Smart or Risky Is all debt bad, or can borrowing sometimes be a smart financial move? Doug Hoyes and Ted Michalos discuss debt’s dual nature as both a financial tool and a potential burden. They break down the differences between "good debt" and "bad debt," providing clear advice on assessing what's manageable, when taking on new debt might be a smart move, and how to avoid common pitfalls. Tune in for actionable insights on leveraging debt without letting it control your financial future! Timestamps: (0:00) – Conventional advice on “good debt” and “bad debt” (4:30) – Understanding y...2024-10-1929 minDebt Free in 30What Canadians Need to Know About Credit RepairIs credit repair a scam? Learn the truth from experts about repairing damaged credit, understanding credit scores, and managing debt. Doug Hoyes and Ted Michalos explain essential topics like credit utilization rate, responsible credit card usage, and when you should worry about your credit score. Whether you’re working to rebuild your credit or aiming to maintain a healthy score, this episode is full of practical advice on credit and debt management for all Canadians. Timestamps: (0:00) Humorous introduction: Doug Hoyes and Ted Michalos on modern credit (2:00) Should yo...2024-09-2830 minDebt Free in 30523 – Rising Costs, Stagnant Wages: Practical 2024 Guide for Canadians Welcome to Season 11, unofficially deemed our *practical* era. Are your expenses outpacing your income? With inflation rising and wages lagging, many Canadians are feeling financial strain. Doug Hoyes and Ted Michalos discuss why government stats might not tell the whole story, why lowering interest rates won’t solve everything, and share practical advice for anyone struggling to keep up with debt. Timestamps: (0:00) Spending More, Not Making More? Hilarious Season 11 Premier with Doug Hoyes and Ted Michalos (1:00) How Different Groups Have Fared from 2019 to Now (3:00) Discrepancies in Government Stats: Inf...2024-09-0724 minDebt Free in 30522 – Hot Button Budgeting Topics (Compilation)Pros and Cons of Budgeting: What Works, What Doesn't, and What to Do Instead | Debt Free in 30 | Episode 522 Is budgeting the best way to manage your finances, or is there a more practical approach? Debt Free in 30’s Doug Hoyes discusses the pros and cons of budgeting, breaking down popular budgeting methods like the 50/30/20 rule and the practicality of saving 20% of your income. Explore why traditional budgets can often be overly simplistic, why it’s hard to start budgeting, and how to find a method that truly works for you. Doug shares his perspective on effectively managing money...2024-08-3125 minDebt Free in 30Expert Insights on Getting Out of Debt (Compilation)Explore essential financial topics and practical advice to overcome debt and achieve financial stability. If you’re struggling with high-interest debt, considering installment loans, or exploring mortgage refinancing, this compilation video offers valuable tips and actionable advice. Financial expert Doug Hoyes, co-founder of Hoyes Michalos, and his guests provide insights into effective debt management strategies, including the benefits and pitfalls of various financial tools and methods. Discover expert guidance on avoiding high-interest traps, practical steps for debt repayment, and effective strategies for reducing debt. Timestamps: 0:00 Understanding Debt: What You Need To Know 2:55 What Are Installment Lo...2024-08-1736 minDebt Free in 30Credit Card Balances Lead Many to Bankruptcy: 2023 Joe Debtor StudyIn this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca. Related Links: Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca Office of the Superintendent of Bankruptcy – Canadian Consumer Debtor Profile – 2021: https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-2021 Credit Card Debt is a Pr...2024-02-1030 minDebt Free in 302024 New Years Resolutions: Kickstart Your Best Year Yet! Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income, offering practical tips to make your financial journey in 2024 a success. Don't wait – hit play now and make this your best financial year yet! Related Links: How are...2024-01-0611 minDebt Free in 30Doug and Ted’s Expert Advice for Financial Success in 2024Join Doug and Ted as they break down simple strategies for financial success in 2024. Whether you're dreaming of starting a business, planning for retirement, or making big purchases, their advice can make a real impact. They discuss the importance of having a personal plan and explore the significance of setting long-term goals. Don't miss out on valuable insights. Take charge of your financial future in 2024! Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments Episode 482 - Setting Yourself Up for Su...2023-12-2330 minDebt Free in 30Setting Yourself Up for Success in 2024 with an Annual Financial Checkup!In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup. Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt. Now is the time to review your finances and make a plan for the new year so you can set yourself up for success! Time Stamps 00:00 Introduction 01:20 Self Assessment 02:03 Review and Update Your Will 02:57 Power of Attorney for Personal Care & Pow...2023-11-2530 minDebt Free in 30Will You Ever Be Able to Retire? Exploring Retirement Planning Strategies with Financial Expert Rona BirenbaumIn this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP. The discussion emphasizes the need for careful consideration of lifestyle preferences, budgeting, and financial goals when planning for retirement. The conversation also touches on the role of debt in retirement planning, highlighting the benefits of entering retirement with m...2023-11-1834 minDebt Free in 30Are We in a Silent Depression? Tackling the Debt DilemmaDoug Hoyes and Ted Michalos discuss the state of the economy and explore the possibility of a silent depression. Their discussion includes topics such as unemployment rates, the challenges confronted by the Millennial and Gen-Z generations, the recent increase in credit card debt, and the state of the real estate market. They also offer guidance on how to regain hope and devise a path towards achieving success amidst these challenging circumstances. Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30com...2023-11-0430 minDebt Free in 30The State of Mortgages and Real Estate with Ron ButlerDoug Hoyes and special guest Ron Butler from The Angry Mortgage Podcast came together for a live episode on Monday, October 23rd. During this special event, they talked about current mortgage trends, real estate, Bank of Canada interest rates, inflation, and addressed questions from their audience. Whether you own a home or are planning to buy one in the near future, this conversation is definitely one you should listen to. Related Links Ron’s Links Ron Butler on Twitter: @ronmortgageguy - https://twitter.com/ronmortgageguy Ron Butler on Instagram: @ron...2023-10-2447 minDebt Free in 30The Messy World of Debt Collection and Statute-Barred ClaimsDoug Hoyes is joined by special guest, Blair Demarco-Wettlaufer, a collection agent, who serves as the Chief Operations Officer at collection agency Kingston Data & Credit. This marks Blair's seventh appearance on the show! In this episode, Doug and Blair discuss the messy world of debt collection, statute-barred claims, and credit reporting. They answer questions such as, how long does it take for a credit card company to send your debt to collections? Does a statute-barred debt affect your credit report? What happens if you don't pay it? Can you be sued and when is it time to speak to...2023-10-2141 minDebt Free in 30Debt Beyond the Grave: What Happens to your Debt when you Die?What happens to debt when someone passes away? Host Doug Hoyes is joined by Ted Michalos to discuss a topic that might sound eerie but is incredibly important. They chat about the different types of debt: credit card balances, car loans, and mortgages. Ted provides clear and valuable advice on important topics such as life insurance, wills, and power of attorney. Doug also highlights the significance of his "Death Checklist" and the importance of informing your spouse to guarantee seamless access to your accounts. This informative conversation gives great insights for financial planning when dealing with an in...2023-10-1429 minDebt Free in 30Is University Worth All The Debt?Higher education isn’t getting any cheaper. The cost of going to university has more than tripled since the 1990s and we see first-hand the financial burden caused by student loans. So, is it still worth it to get into debt for post-secondary schooling? With so many advancements in free online education, aren’t there cheaper alternatives? When is college the better option? Is an undergraduate degree still going to give you a job right away? Tune in to this discussion with Ted Michalos and Doug Hoyes as they share graduate statistics and give practical advice on how to thin...2023-09-0934 minDebt Free in 30REBROADCAST - Debt Mistakes to Avoid When Cash is TightFor our final rebroadcast of the summer, we are rebroadcasting episode #452. We know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today’s podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you’re living paycheque to paycheque and the dos and don’ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They a...2023-08-2631 minDebt Free in 30REBROADCAST - How to Earn More Money Without a Second JobToday we rebroadcast episode #448. Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go...2023-08-1232 minDebt Free in 30How To Spot The Bank’s Sales TricksYour bank is a business, so they’re always trying to sell to you because they want to make more money. How do you navigate their tricks? How do you avoid upsells when you just want to do a simple transaction? On today’s podcast, Scott Terrio and Doug Hoyes discuss the pervasive sales culture at financial institutions, what you need to look out for, and teach you the basics to making better money decisions on the spot. Tune in for a great discussion! Related Links: Pervasive Sales Culture at Canadian Banks...2023-07-0832 minDebt Free in 30Can’t Pay Your Mortgage? Options To Keep Your HomeWith nine interest rate hikes since March 2022, mortgage borrowers have either already started to feel the increased payment pressures or will at renewal time. So, what if your mortgage payments become too much to manage? How do you avoid risking your home? On today’s podcast, Doug Hoyes and Ted Michalos give practical advice for what to do if you’re struggling with your mortgage payments, including the dos and don’ts, and ways to cut back on interest costs if you can afford it. Tune in for a great show! Related Links: Rising Interest Rates...2023-07-0132 minDebt Free in 30The Pros & Cons of Self-EmploymentSelf-employment has many advantages like you get to be your own boss, set your own hours, and even make more money. On the other hand, self-employment comes with challenges. Over the years, we’ve met with a lot of clients who were self-employed but became overwhelmed by unpaid tax debt. On today’s podcast, Doug Hoyes and Ted Michalos break down what it means to be a self-employed person, explaining the benefits and pitfalls you need to be aware of before you decide to become your own employer. Tune in for lots of great practical advice! Links: 2023-06-1734 minDebt Free in 30Why You May Need More Than One Bank AccountWhile bank failures are not a common occurrence in Canada, it may still be in your best interest to have more than one bank account. On today’s podcast, Joel Sandwith, our LIT in London, joins Doug Hoyes to discuss banking best practices, including how many accounts you should have, where to store your savings, and why it’s important to understand the right of offset if you owe your bank. They also explain how deposit insurance works and high-interest savings accounts. Tune in for an informative discussion and practical advice! Links: Why You Should Bank...2023-06-1029 minDebt Free in 30Is Raising Your Credit Limit a Bad Sign?Say your bank offers you a credit limit increase. You may be tempted to take it, but should you? When is seeking more credit a sign that your finances aren’t in good shape? On today’s podcast, Mark Borysiak, our LIT in Barrie, joins Doug Hoyes to discuss just how much access to credit you should have and why getting an increase can cause debt problems. Mark and Doug also explain why the banks offer credit increases in the first place and why it’s good to first evaluate your finances before taking on any offers. Tune in for a...2023-05-1331 minDebt Free in 30Debt Mistakes to Avoid When Cash is TightWe know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today’s podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you’re living paycheque to paycheque and the dos and don’ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They also help you think about the root causes of financial troubl...2023-04-2930 minDebt Free in 30How to Earn More Money Without a Second JobMost money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increa...2023-04-0132 minDebt Free in 30Why Owing Tax Debt Is So Much Worse in 2023The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today’s podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion! Links...2023-03-2533 minDebt Free in 30What To Do When Debt Collectors Get Aggressive?When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if you can repay only some of your debt? On today’s podcast, Scott Terrio returns with Doug Hoyes to give practical advice on dealing with collection agencies and spotting their tricks. They also share specific tips for approaching Canada Revenue Agency when you have unpaid tax debt. Tune in for a great show! Related Links: Exposing Collection Agencies’ Dirt...2023-02-2534 minDebt Free in 30Half of All Bankruptcies Filed by Millennials – Why? [New 2022 Study]We just released our 2022 Hoyes Michalos Consumer Insolvency Study which found that 49% of all insolvencies are now being filed by Millennials. Millennials were the only age demographic to see a rise in their unsecured debt obligations last year. On today’s podcast, Doug Hoyes and Ted Michalos explain why Millennial insolvencies are rising. They also discuss another alarming trend from our study – the growth in Rapid Loan (high-cost payday and installment loan) usage. Tune in for a great discussion! Links: Hoyes Michalos Consumer Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/ Rapid Loans & Inso...2023-02-1831 minDebt Free in 30What’s The Best Way To Start Tackling Debt?When you’ve got a lot of debt to deal with, it can be tough to know where to start. Should you pay off the smallest debt first? Or the highest interest one? On today’s podcast, Doug Hoyes and Ted Michalos break down how to answer this age-old question with lots of practical advice, a discussion about the debt snowball vs. debt avalanche method, whether debt consolidation is a good idea, and when it’s time to speak to a Licensed Insolvency Trustee. Tune in for lots of great tips! Links: Which...2023-01-1429 minDebt Free in 30Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions]Both consumer debt and insolvencies have turned sharply upward again. What’s contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what’s happened with bankruptcies this year and give their predictions for what’s the come in 2023. Tune in for a great discussion! Sources & Related Links: Top 10 Debt Statistics for 2022 & What’s Ahead for Consumer Insolvencies: https://www.hoyes.co...2022-12-3138 minDebt Free in 30Credit Card Spending is Back Up – Avoid Debt TroubleFor the last 30 years, credit card debt has been going up. In November 1990, Canadian households owed $9.8 billion on their credit cards. Today, they owe nearly $90 billion. Why has credit card spending surged in the last three decades? On today’s podcast, Doug Hoyes and Ted Michalos discuss how inflation and easier access to credit products have contributed to our indebtedness and provide practical advice for how to deal with your credit card debt. Tune in for a great discussion. Related Links: Statistics Canada. Table 36-10-0639-01 Credit liabilities of households https://www150.stat...2022-12-1731 minDebt Free in 30How to Have an Affordable Christmas This YearThe price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today’s podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in! Links Mentioned in the Show: What’s The Poin...2022-11-0531 minDebt Free in 30SPECIAL: What’s The Point of Financial Literacy Today?It’s that time of the year again – Financial Literacy Month (2022). Is there any point to it? Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he’d like to share with you regarding today’s economy, how it’s impacting Canadians, and what you can do. #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy Links: Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos website: http...2022-11-0105 minDebt Free in 30How Debt Consolidation Becomes the ‘Never, Never Plan’Did you know that bankers often refer to debt consolidation loans as a ‘never, never plan,’ meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today’s podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a ‘never, never plan,’ and offer practical advice to help borrowers actually eliminate their debts. Tun...2022-10-0830 minDebt Free in 30Season Premiere: Navigating This Crazy EconomyIt’s Season #9 of Debt Free in 30! Life is changing fast – there’s no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premiere rant to share what you can expect from our show this season and helpful resources to get you through these tough times. Tune in. Resources Mentioned in the Show: How One Man Retired Debt-Free at Age 48: https://www.hoyes.com/blog/how-one-man-retired-debt-free-at-48/ Debt Free in 30 Newsletter Archive & Sign Up: https://www.hoyes.c...2022-09-0312 minDebt Free in 30REBROADCAST - Protect Yourself from Job Loss with These 3 TruthsIt’s our final rebroadcast episode of the summer, and today we rebroadcast episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it’s that no job is secure. So, what can you do to avoid getting financially burned if you’re out of work? If you’re unhappy with your job, should you switch? What’s the smartest way to go about making a change? On today’s podcast Doug discusses three basic work truths and lots of practical advice you s...2022-08-2723 minDebt Free in 30REBROADCAST - When is CRA Going to Ramp Up Tax Debt Collections? [Panel Discussion]When the pandemic first started, the Canada Revenue Agency slowed their collection efforts on income tax debt owing. But with the economy reopened, we are starting to see notices filed by the CRA to individuals owing on income tax, including CERB and CRB debts. Is this a sign that the CRA is ramping up efforts again? What are your options if your employer is served with a Requirement to Pay notice from the government? What if you get a notice that you were overpaid for CERB/CRB or ineligible? Tune in to this panel discussion with Ian Martin, CPA...2022-08-2035 minDebt Free in 30Mid-Year Review & Predictions: Has Inflation Peaked? Are Bankruptcies Back Up?The summer is only half over, yet so much has happened to the economy in 2022. Gas prices have started to come down after intense surging, and interest rate hikes are at record highs and may keep going. What can we expect for the next six months of the year? Enter Doug and Ted. On today’s podcast, Doug Hoyes and Ted Michalos give us their mid-year review and share their predictions for consumer debt levels, inflation, bankruptcy filings, and whether CRA collections will intensify in the Fall. Tune in for a lively discussion and practical advice on managing your fi...2022-07-3029 minDebt Free in 30High Home Equity, But Can’t Refinance - How to Deal with Debt?What options do homeowners have when they’ve got a lot of home equity and a lot of unsecured debt, but the bank won’t let them refinance by borrowing against their home? On today’s podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today’s economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots...2022-07-1633 minDebt Free in 30Why Are We Afraid to Talk About Debt?We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our financial situation? On today’s podcast, Maureen Parent, LIT in our Kanata office returns to give insight as to why we are so afraid to talk about debt. Maureen and Doug draw from their years of experience helping clients and share lots of practical advice to help you overcome the fear of talking debt. Tune in!...2022-07-0938 minDebt Free in 30Should You Ever Borrow Money to Invest?One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is that riskier? Is it ever OK to take on debt to invest or is it something you should never do? On today’s podcast, Ted Michalos and Doug Hoyes walk you through how to decide when you are ready to invest, the three ways to invest in stocks, what risks are, and the general dos and don’ts of using your...2022-07-0229 minDebt Free in 30Ben Rabidoux and Doug Hoyes Make a Bet, Talk Debt, Real Estate & the EconomyWe are still in unprecedented times. House prices are going down even though inventory is limited. The unemployment rate is at a 40-year low, and yet insolvencies remain at record lows. What’s going on? Will this climate last forever? Enter Ben Rabidoux. Ben returns to the podcast with Doug Hoyes to share his unique insights and research on where housing is heading, whether he sees mortgage rates coming back down, his thoughts on the employment rate and recession, and the show ends with the first-ever Debt Free in 30 wager Links: Ben Rabidoux on...2022-06-1831 minDebt Free in 30Can You Negotiate with Creditors on Your Own?You may be wondering if you can strike a debt repayment deal with your creditors without going to a Licensed Insolvency Trustee and a formal insolvency filing. Well, it depends on how much you owe, who you owe, your assets, and lots of other factors. On today’s podcast, Doug Hoyes and Ted Michalos walk you through all the different scenarios in which you could deal with creditors by yourself, the risks to that, benefits, and they discuss when filing a consumer proposal or bankruptcy is the better option. Tune in! Related Links: Can I Negotiate a De...2022-06-0429 minDebt Free in 30Where Are We Now? Recession? Will It Get Worse?We’re facing massive inflation with more and more people turning to debt to make ends meet. Bankruptcies are still at record lows, but perhaps not for much longer. On today’s podcast, Doug Hoyes and Ted Michalos give us an update on what’s going on now and how the rising cost of living is impacting our wallets. They also explain why someone would ever need to file bankruptcy by providing some realistic scenarios that lead one to financial trouble. Doug and Ted also share their predictions for what’s to come and give lots of practical advice for how...2022-05-2831 minDebt Free in 30Is the 50-30-20 Budget Rule Even Do-able Today?A popular budgeting method called the 50-30-20 Rule dictates that you use 50% of your income on necessities like rent, 30% on wants, and 20% to savings and debt repayment. But is this even a realistic money management approach in 2022? With soaring cost of living, many people spend close to 70%-80% on necessities alone. So is this budgeting method a lie now? Enter Maureen Parent, LIT. On today’s podcast, Maureen and host Doug Hoyes discuss how this budget method can be adapted for today’s cost vs. income reality and offer practical tips for managing your money and building savings. Tune...2022-05-1431 minDebt Free in 30Protect Yourself from Job Loss with These 3 TruthsIt’s episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it’s that no job is secure. So, what can you do to avoid getting financially burned if you’re out of work? If you’re unhappy with your job, should you switch? What’s the smartest way to go about making a change? On today’s podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world. ...2022-04-3023 minDebt Free in 30Can You Divide Debt in a Divorce?More than 1 in 5 of our clients, people who file a bankruptcy or consumer proposal with Hoyes Michalos, are separated or divorced at the time they file with us. So, what happens when you have debt and are facing divorce? Can you divide debt in a separation agreement? What if it’s joint debt? On today’s podcast, Doug Hoyes and Ted Michalos explain how debt is managed when couples are facing separation and financial issues. They explain when it may be necessary for both parties to file insolvency if they have joint debt. They also discuss alimony, child support payments, and...2022-04-1630 minDebt Free in 30When is CRA Going to Ramp Up Tax Debt Collections? [Panel Discussion]When the pandemic first started, the Canada Revenue Agency slowed their collection efforts on income tax debt owing. But with the economy reopened, we are starting to see notices filed by the CRA to individuals owing on income tax, including CERB and CRB debts. Is this a sign that the CRA is ramping up efforts again? What are your options if your employer is served with a Requirement to Pay notice from the government? What if you get a notice that you were overpaid for CERB/CRB or ineligible? Tune in to this panel discussion with Ian Martin, CPA, LIT...2022-04-0934 minDebt Free in 30Are Bankruptcy Rules in Canada Unfair?When you go bankrupt in Canada, you have to make a payment into your estate, for your creditors. This is called a surplus income payment. But are surplus income limits out of touch with today’s cost of living realities? How can it be fair that someone living in a major city like Toronto or Vancouver must pay the same amount into a bankruptcy as someone living in a small town, with lower living costs? On today’s podcast Doug Hoyes and Ted Michalos discuss the issues of surplus income payments, how debtors can make informed financial decisions before fili...2022-04-0233 minDebt Free in 30Back to Work in the Office – What’s the Cost?After two years of working from home, many people are being called back to work in the office. But since 2020, costs, like gas, have soared. How much more expensive is it going to be to go back to the office? Is it a good idea to look for another job that offers remote work instead? What are the risks to that? On today’s podcast, Doug Hoyes and Ted Michalos discuss which costs are now higher, who is more likely to be adversely affected, the potential risks of changing jobs, and give advice on how to cope financially. Tune in! ...2022-03-2633 minDebt Free in 30How to Say No When Someone Asks for Financial (Debt) Help [Panel Discussion]We often want to help friends and family financially when they ask for help. But sometimes that help leads to financial problems for us (like co-signing a loan and ending up having to pay it!). How do you say no without seeming harsh or unhelpful? On today’s podcast, we have a panel discussion with Scott Schaefer, LIT Maureen Parent, LIT and host Doug Hoyes, with a special appearance by Ian Martin, LIT, sharing cautionary tales of financial help backfiring on their clients. They also explain why we find it so hard as human beings to say no to giving he...2022-03-1931 minDebt Free in 30Investing Basics – Where to Start Now That You’re Debt FreeYou’ve paid off your debts. Now you have some cash to invest. How do you get started? On today’s podcast, Doug Hoyes and Ted Michalos walk you through what you need to consider before you invest. They explain how TFSAs, RRSPs, RESPs, and RDSPs work and when you should put your money in each. They also discuss the risks that come with stock trading and the true costs of mutual funds. Doug and Ted also explain the different investor personality types so you can better understand yourself. Tune in for great practical advice! Resou...2022-03-1233 minDebt Free in 30390 – Tax Debts and Student Loans Drive 2021 Bankruptcies – Tsunami Coming?The Hoyes Michalos 2021 Joe Debtor Bankruptcy Study revealed that insolvent Canadians owed the highest level of unsecured debt since 2016. In 2021, the average insolvent debtor owed $50,484 in unsecured debt, with income tax debt and student loans driving insolvency filings. On today’s podcast, Doug Hoyes and Ted Michalos explain why this is just the tip of the iceberg and that student loans and tax debt balances are likely to go even higher in the future, along with other consumer debts. Doug and Ted also discuss other key findings from our Joe Debtor 2021 study. Tune in! Links: Hoyes Michalos An...2022-02-1930 minDebt Free in 30389 – Getting Paid Earlier Might Not Help Your BudgetWe know how hard it can be to live paycheque to paycheque or not have money available when a bill payment is due. Fintech is also recognizing this issue and developers have now created what’s called ‘early wage access’ or ‘pay advance’ apps. But are these apps really a good idea? Will getting paid sooner fix a cashflow problem or will it create more budgeting issues? How should you actually deal with a lack of income? Tune in to today’s podcast as Doug Hoyes and Ted Michalos discuss these apps, their risks, and what to do instead to budget su...2022-02-1225 minDebt Free in 30Do You Have to Pay Old Debts?If you ignore an old debt, will it just go away? What if it’s been removed from your credit report already? What if a creditor hasn’t reached out to you about it in years? Does that mean you don’t have to pay? Not exactly. On today’s podcast, Doug Hoyes and Ted Michalos discuss how the Statute of Limitations works in Ontario, updates to the law, and which debts it does and doesn’t apply to. They also review three scenarios to help you understand what may or may not happen when it comes to owing old debts...2022-01-1525 minDebt Free in 30Should You File Your Taxes Yourself?Is it always worth the expense to have an accountant file your taxes? When is it OK to file them on your own? On today’s podcast, Ian Martin, LIT and CPA, returns to provide practical advice for how to approach tax filing on your own and when it’s time to seek professional help. Ian and Doug Hoyes also discuss the high cost of instant tax refunds, why not filing your taxes can be risky even if you don’t owe anything, and they address common myths about income tax filing. Tune in for a great discussion! Link...2022-01-0832 minDebt Free in 30Predictions for Consumer Debt Coming Out of the Pandemic2021 was an interesting year for Canadian consumer debt. Insolvencies remained at record lows and many people were able to pay off their credit cards. But will these trends continue? On today’s podcast, Doug Hoyes and Ted Michalos review what happened with consumer debt, insolvencies, and savings in 2021 and, provide their predictions for what’s to come in 2022. With government income supplements winding down, collections activity starting again, and limitations periods near expiry, the new year should be interesting, to say the least! Tune in for their analysis. Links: Debt Statistics: What H...2022-01-0134 minDebt Free in 30Can You Improve Your Credit Score Without Debt?If you are new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today’s podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, wh...2021-12-1832 minDebt Free in 30When Debt Consolidation Doesn’t Go As Planned – Tips + What to AvoidOn the surface, a debt consolidation loan sounds like a great idea because you’re left with only one monthly debt payment as opposed to several. But is consolidation always a good idea? And is it worth it if you’re paying more in interest than you were before? On today’s podcast, Scott Terrio and Doug Hoyes provide real stories of failed debt consolidation. While borrowers have good intentions and want to make their debts more manageable, consolidation loans can sometimes make debt repayment more difficult. Scott and Doug also give practical advice for when consolidation is the right...2021-11-2735 minDebt Free in 30What Will Small Businesses Face Post-Pandemic?According to a May 2021 survey by the Canadian Federation of Business (CFIB), only 39% of small businesses in Canada are currently making the sales they consider normal. CFIB also estimates that total Canadian small business debt related to COVID-19 sits at $139 billion. With ongoing pandemic restrictions and slow economic activity, will these small businesses recover? On today’s podcast, Ted Michalos and Doug Hoyes give practical advice for how a small business struggling with debt can do a self-test to ensure they are viable and when it may be time to consider professional debt solutions. They also discuss the impacts go...2021-11-2034 minDebt Free in 30How Should Financial Literacy Be Taught in School?Does a student in grade 9 with no income, savings or financial responsibilities really need to learn about down payments or how to calculate mortgage amortization schedules? Should we even be teaching these financial literacy concepts so early in life? Is there a more effective, practical way to teach kids how to understand money? On today’s podcast, Doug Hoyes and Ted Michalos critique the 2021 grade 9 and 10 financial literacy curriculum for Ontario and share their thoughts on money topics and scenarios that would be more fitting for young students. Tune in! Links: Financial Literacy: Does It Be...2021-10-3031 minDebt Free in 30Do You Even Need a Physical Bank Anymore? (Bricks & Mortar or Virtual Bank?)Do you need a physical bank? Or are you better off using a virtual bank instead? On today's podcast, guest Scott Terrio and host Doug Hoyes do a deep dive on what to consider when choosing banks, including some recommendations for no-fee accounts, why you should switch banks entirely if you're filing a bankruptcy or consumer proposal, and how to protect yourself from the bank's right of offset. They also discuss why Canadians are so attached to their banks in general and how the banker-customer relationship has changed over the years and why that matters. There's tons of practical...2021-10-1637 minDebt Free in 30Should Car Insurance Rates Be Based on Your Credit Score?What if your car insurance rate was decided by your credit score? Well, this is the case in New Brunswick and may one day become a reality in Ontario. But is it fair? Are credit scores a good determinant of our driving habits? On today’s roundtable podcast, guests Scott Terrio, Maureen Parent, and host Doug Hoyes discuss the potential pitfalls to using credit scores to decide car insurance rates. They also discuss privacy issues and why this policy is particularly unfair to certain segments of the population (seniors, renters, newcomers). Tune in for a lively discussion! ...2021-10-0232 minDebt Free in 30Canadian vs. US Bankruptcy: Fresh Start vs. Harsh Penalty?We Canadians consume a lot of American media, so it’s possible that the ideas we have about bankruptcy are actually what happens to indebted individuals in the United States, and not the Canadian reality. On today’s podcast, Doug Hoyes and Ted Michalos explain how bankruptcy in Canada is a rehabilitative and supportive process, with limited barriers. They address common fears and misconceptions and give insight on why filing bankruptcy is so much simpler in Canada than it is in America. Tune in for a great discussion! Links: Free Credit Repair...2021-09-2529 minDebt Free in 30Do You Have to Check Your Credit Score Every Day, Week, Month?!How often should you check your credit score? Is it wrong to obsess over credit scores? Where is the best place to get your credit report? On today’s podcast, seasoned credit counsellor Diane Cunha and LIT (& lawyer!) Jennifer Kwon join Doug Hoyes in a roundtable discussion on whether or not Canadians need to worry about their credit scores and who credit scores are really designed for. They also share practical advice for managing your credit health and where to find accurate information about your credit activity. Tune in for a lively chat! Resources Mentioned in...2021-09-1835 minDebt Free in 30How Not to Get Scammed by a Debt ConsultantUnlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today’s podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide their recommendations on how this unregulated industry should be eliminated. Tune in for a great discussion! Additional Links: Podcast 220: The Cold-Hard Truth About Unlicensed Debt...2021-07-3132 minDebt Free in 30The Unintended Consequences of DebtThere are a lot of scenarios where borrowing makes sense: buying a home, a car, or paying for school. But if you don’t stop to think before borrowing, you can face some serious unintended consequences. Sure, that 8-year car loan seems affordable today, but what if you face reduced income or something happens to the car and you’re stuck with repayment? Would you still be able to afford it? On today’s podcast, guest Ted Michalos and Doug Hoyes go through eight borrowing scenarios and the potential problems that come with them, along with practical advice for each c...2021-07-1731 minDebt Free in 306 Outdated Pieces of Financial Advice You Should RethinkTimes have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don’t require 4-year degrees necessarily. Knowing this, why do we still give the same financial advice we gave decades ago? On today’s podcast guest Scott Terrio and Doug Hoyes discuss six pieces of common financial advice that we may want to rethink in 2021. Tune in for lots of practical advice! Additional Links: Podcast 231: Think Twice Before Getting a Home Equity Line...2021-07-1031 minDebt Free in 30What Causes People to File Bankruptcy?There are a lot of misconceptions about why someone files for bankruptcy in Canada. Did they spend too much? Were they reckless or irresponsible? The truth is debt problems can happen to anyone at any time and when they least expect it. On today’s podcast, Doug Hoyes and guest Ted Michalos share stories and dig deep into how the debt trap often starts for individuals and dispel common myths surrounding why Canadians face insolvency. They also share practical advice for anyone struggling with debt. Tune in! Links: Hoyes Michalos Study: Bankruptcy Causes in Canada: ht...2021-05-2227 minDebt Free in 30How to Recognize Heinous Financial Advice with Danielle ParkShould you put all of your savings at risk in the stock market to earn enough for a down payment on a house? Probably not. Danielle Park, lawyer, and wealth manager explains why some financial advice is "heinous", how to recognize bad financial advice, and why you should think critically about the financial advice we are bombarded with every day. Related Links: Links: Danielle's blog post on Doug Hoyes’ TV appearance: https://jugglingdynamite.com/2021/04/22/financial-stress-rising-for-households/ The Questrade ad: https://youtu.be/Ta2a7LkVVHc Doug Hoyes on BNN...2021-05-0835 minDebt Free in 30Warning Signs You Have Too Much Debt. Knowing When to FoldIt can be hard to know that you’ve reached a tipping point with your debt, especially when you’re keeping up with minimum payments. So, when do you know that it’s time to fold? On today’s podcast, Ted Michalos and Doug Hoyes explain key warning signs of a debt problem – from emotional stress to relying on credit to make ends meet. They also give practical advice on how to beat an endless debt cycle. Tune in! Related Links: Warning Signs You Have a Debt Problem: https://www.hoyes.com/blog/20...2021-04-2432 minDebt Free in 30Enrage to Engage: How the Media Misreports our Debt ProblemsAre half of Canadians really just $200 away from bankruptcy? No. But that does make a compelling headline, doesn’t it? Media outlets compete for our attention – it makes them money. But clickbait headlines about Canada’s personal debt (or any subject for that matter) shouldn’t be accepted at face value. Doug Hoyes and Ted Michalos explain how and why the media “enrages to engage” and they offer practical advice to help you navigate news stories to be better informed. Tune in! Related Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe...2021-04-1731 minDebt Free in 30Avoid These Common Mistakes That Can Sabotage Your BudgetYou have a budget, and you try to stay within it, but a lack of planning leads you to overspend. This is one of the most common ways people sabotage their own budgets. On today’s podcast, credit counsellor Diane Cunha and host Doug Hoyes discuss the common mistakes people make when budgeting – from using debt as an extension of income to paying too much for transportation. They also share advice for how to avoid making these mistakes so you can budget more successfully! Tune in for lots of practical advice. Helpful Links: ...2021-04-1033 minDebt Free in 30Predatory Loans: Stop Paying 39%, 49% and 59% on So-Called ‘Easy’ LoansPayday loans aren’t the only predatory loans out there. These days, several fintech companies offer ‘easy’ installment loans at high rates, ranging from 39% to 59%! On today’s podcast, Ted Michalos and Doug Hoyes explain how these loans work and what makes them predatory. Doug and Ted also discuss high-cost loan regulations, the changes the Government of Ontario is proposing, and give their two cents on consumer protections they believe should be implemented to help borrowers make informed financial decisions. Tune in! Helpful Links: Government of Ontario High-Cost Credit Consultation Paper: https://ww...2021-03-1329 minDebt Free in 30Car Loans Keeping You Broke? Here’s What To DoFor many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is now creating financial problems? What are your options? Is it possible to get out of a car loan? On today’s podcast, Ted Michalos and Doug Hoyes discuss when you might want to hand your vehicle back, how to do it, and what happens with the loan shortfall. Tune in for lots of practical advice! Related link: Voluntary Surrender: Should I Hand My Vehicle Back? ht...2021-02-2728 minDebt Free in 30The Pandemic Debtor: Older and Going BankruptThe Hoyes Michalos 2020 Bankruptcy Study revealed that for the first time in four years insolvencies shifted back to an older demographic. The share of insolvencies among those 50 and older increased from 28% in 2019 to over 30% post-lockdown, while the share among younger generations declined. How did this happen? On today’s podcast, Ted Michalos and Doug Hoyes discuss how the pandemic changed insolvency trends, including who is filing bankruptcy, and what the numbers might mean to you. Tune in! Related Link: Hoyes Michalos 2020 Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/2021-02-2026 minDebt Free in 30How to Match Your Budget to Your Pay CycleBudgeting is difficult, but you need to keep track of your money. So how do you budget if you don't like budgeting? On today’s podcast, guest Julie Wildman, LIT, shares practical advice on how to match your expenses to your income, without the need to spend a lot of time tracking every dollar you spend. Julie and Doug Hoyes also discuss how to be ready for unexpected expenses and how to adapt debt payments to your pay cycle too. Tune in for lots of great advice! More information: The Secret to Budgeting: Pay Your Bil...2021-01-0926 minDebt Free in 30COVID-19 and Household Debt: What Do We See for 2021?The unemployment rate dramatically increased, debt levels continue to grow, and yet the personal insolvency rate in Canada dropped to 20-year lows when the COVID-19 lockdowns started in the spring. How long will insolvency rates remain low? Doug Hoyes and Ted Michalos review the unprecedented events of 2020, and offer their predictions on what will happen with debt and bankruptcy and consumer proposal filings in 2021, in one of our most anticipated podcasts of the year. Enjoy! Full details of everything discussed: https://www.hoyes.com/blog/how-covid-19-affected-household-debt-in-2020/ Time Stamps 0:20 A r...2020-12-2626 minDebt Free in 30Buy Now Pay Later Apps – Is it Debt?Fintech has come up with a new way for making purchases online with Buy Now Pay Later apps. But is ‘buy now, pay later’ just another form of debt? Do these new apps actually help your budget or fast track financial problems? On today’s podcast, we have first-time guest and Hoyes Michalos LIT Jennifer Kwon who walks us through how these apps work, how they benefit from people using them, and she simplifies the terms and conditions so you know what you’re signing up for. And Doug Hoyes does the math to show much you’d really pay in intere...2020-12-0530 minDebt Free in 30Why Some Loans Never Go AwaySome loans feel like you’ve been paying them forever without an end in sight. In other cases, you may even be surprised to see your loan balances grow instead of shrink with regular payments. On today’s podcast, Doug Hoyes and Ted Michalos define important terms for understanding how loans work, how to spot an expensive loan, and the risks you face with longer term loans. They also teach you how to avoid borrowing more than you can afford and provide practical advice for what to ask your lender while you’re in the borrowing process. Helpfu...2020-11-2827 minDebt Free in 30Will We Finally Spend Less This Christmas?Every January, we meet with clients who tell us they spent way too much during the holiday season. But given the current pandemic, income problems, and gathering restrictions, will 2020 finally be the year when Canadians spend less? On today's podcast, Diane Cunha and Doug Hoyes discuss what generally drives people to spend so much over the holidays and why this year might be different. They share practical advice for how to cope with COVID fatigue and resist the temptation to over-buy. Diane also answers spending questions from our newsletter readers. Lots of great tips in this show so be sure t...2020-11-1435 minDebt Free in 30Is Good Money Management a Talent or a Learnable Skill?It's the 10th annual financial literacy month sponsored by the federal government. Are we more financially literate than we were 10 years ago? Our debt levels keep increasing, so it doesn’t appear so. Is it possible to learn money management skills, or do you have to be born with it, like athletic ability. On today’s short podcast Doug Hoyes explains why he believes you can learn to manage your money, and he gives four lessons on how to do it. #FLM2020 Time Stamps: 7:28 – Lesson 1 – What do you...2020-11-0717 minDebt Free in 30Dealing with the End of Debt DeferralsAs of August 31st, 778,000 Canadians with a mortgage at Canada’s big banks deferred or skipped a payment on their mortgage. The deferral periods for many mortgages and other credit loans and products have now come to an end. What does this mean for your debt? On today’s podcast, Ted Michalos and Doug Hoyes review different credit products (mortgages, credit cards, lines of credit, auto loans) and discuss what may happen to your balances and debt carrying costs now that the deferral periods are over. They also share practical advice for how to negotiate with your creditors and step...2020-10-1732 minDebt Free in 30CERB Transition to EI: What Does It Mean For Your Budget & Debt?The Canada Emergency Response Benefit (CERB) has now come to an end and is transitioning to four different financial aid programs: EI, CRB, CRSB, and CRCB. But what do these income supports mean for Canadians’ household budgets and debt repayment? Will they be enough to help Canadians still battling the financial effects of COVID-19? And which individuals no longer qualify to receive federal help? On today’s podcast, our guest is David Macdonald, Senior Economist at the Canadian Centre for Policy Alternatives (CCPA). David explains the financial impact of switching from CERB to these new aid programs. He walks us t...2020-10-1043 minDebt Free in 30Debt, Savings & Consumer Spending with Ted MichalosLast week, Doug Hoyes walked us through several key statistics, including insolvency filings, household savings rates, and loan deferrals. On today's show, he digs deeper into the 'whys' behind the numbers with guest Ted Michalos. Tune in as they give an update on why personal insolvencies are down and how much longer they expect filings will decline; They also discuss why savings rates are up and whether they will remain high; and why car sales have increased despite many people working from home. Doug and Ted also offer practical advice for managing your debt if you are still looking for wo...2020-09-1230 minDebt Free in 30Is Patience a Virtue For Your Finances?Life's milestones like going to college or university, buying a house, or getting married cost money. And often the pressure to achieve these milestones at a young age leads to hasty decisions that come with a big debt load. But what if you took time off before making a major financial move? Would life turn out so differently if we didn't follow conventional wisdom? On today's podcast, Scott Terrio and Doug Hoyes explore the idea of delayed gratification and discuss why pausing before big decisions can lead to a more fulfilling future. While you may not be able to dela...2020-07-0431 minDebt Free in 30The True Cost of Debt DeferralsWith many Canadians facing a cash crunch during the COVID-19 lockdown, a quick-fix solution has been to defer debt payments. Deferring a debt payment can provide you with funds in the short-term to pay for needed expenses. But what you may not realize is that a deferment will raise the carrying cost of your debt overall. On today's podcast, Ted Michalos and Doug Hoyes explain how much more expensive a mortgage, car loan, and credit card can get if you defer payments and offer practical advice to avoid getting overwhelmed by debt. They also remind listeners of the tax im...2020-05-2322 minDebt Free in 30Debt Forgiveness: Is a Debt Jubilee the Answer?Canadians are carrying a record level of debt, and while we are off work during the pandemic of 2020, many of us will pile on more debt. Small businesses and contractors will take on debt to pay rent while they generate little or no revenue. Consumers will take on additional debt to make their mortgage payment or pay rent, buy groceries, and pay for necessities. Unfortunately, much of this debt will be of the high-interest sub-prime variety. Payment deferrals may help in the short term, but will only add to the debt load post-COVID19. For some, the result will be a...2020-05-0924 minDebt Free in 30Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report ImpactOn episode 295 last week, Ted Michalos and Doug Hoyes said that collection agents are not making as many phone calls as they used to due to COVID-19. While that's true, there are still calls being placed. So what can you do in this crisis if you get a collection call on overdue debt? Are collectors open to a deal in these times? Enter Blair Demarco-Wettlaufer, COO at Kingston Data and Credit. On today's podcast, Blair explains how collection agencies are operating during the lock-down and shares advice for how you can negotiate realistic debt repayment. He also discusses how d...2020-05-0234 minDebt Free in 30The Vultures Are Circling: COVID-19 & High Interest LoansCOVID-19 is making Canadian’s financial situations increasingly precarious, and high interest lenders are seizing this chance to market their services to those in need of fast cash. Not knowing their options, desperate borrowers take the bait and get sucked into a never-ending cycle of debt servitude. On today's podcast, Doug Hoyes and Ted Michalos explain what alternative lenders are doing to present themselves as being helpful to borrowers; and what borrowers can do to make ends meet without resorting to high interest loans. Doug and Ted also talk about what happens to unsecured debt levels and personal insolvency rates i...2020-04-2526 minDebt Free in 30153 – REBROADCAST: Everything you were Afraid to Ask About DebtAs we continue to rebroadcast our top downloaded shows this summer, today we replay our first ever Debt Free in 30 broadcast LIVE on video, over YouTube. The response was fantastic. We asked our listeners to leave us questions through sound clips, email, twitter and Facebook in advance of the show and took questions during the show. Doug Hoyes and Ted Michalos answered as many of those questions as we could during the webcast. We talked about debt, consumer proposals, car loans and mortgages. We even had a “celebrity” question. The full video is also available on the Hoyes...2017-08-0551 minDebt Free in 30130 – Yes, We Have A Payday Loan CrisisWe have a crisis and it's called payday loans. At Hoyes Michalos we believe payday loans are a real problem because all too often they create a vicious cycle of debt. We also don't believe that recent efforts by the Ontario Government have been enough to deal with the hidden truth behind payday loans: already indebted Ontarians are borrowing multiple payday loans, from multiple payday lenders at the same time, and this is contributing to a record rate of payday loan induced insolvencies. How we know this is because every two years we analyze data from actual in...2017-02-2535 minDebt Free in 30107 – LIVE: Everything You Were Afraid to Ask About DebtFor the first time ever Debt Free in 30 broadcast LIVE on video, over YouTube. The response was fantastic. We asked our listeners to leave us questions through sound clips, email, twitter and Facebook in advance of the show and took questions during the show. Doug Hoyes and Ted Michalos answered as many of those questions as we could during the webcast. We talked about debt, consumer proposals, car loans and mortgages. We even had a “celebrity” question. The full video is also available on the Hoyes Michalos YouTube Channel.2016-09-1751 minDebt Free in 3078 – Ontario Bankruptcy Legislation Updates: The Execution Act & 407 ETRAt the end of 2015, updates and clarifications were made to existing Ontario bankruptcy laws that directly affect indebted consumers. On November 13, 2015 the Supreme Court of Canada put forth a ruling about the 407 ETR (a toll route in the Toronto area) concerning the treatment of 407 debts in a bankruptcy or consumer proposal. Another big change came on December 1, 2015, as the Execution Act in Ontario was updated.
On today’s show Doug Hoyes and Ted Michalos, co-founders of Hoyes, Michalos & Associates, Licensed Insolvency Trustees, discuss how the changes, as well as the Supreme Court's ruling, will affect Ontarians looking to de...2016-02-2729 minDebt Free in 3036 - Who is Joe Debtor?On today’s show Ted Michalos and Doug Hoyes discuss the just released Hoyes Michalos study: Joe Debtor: Marginalized by Debt.
Canadians do not appear to be worried about high debt levels. Interest rates are at record lows, and bankruptcy rates have declined for the last five years.
Unfortunately that obscures the fact that at risk groups, including seniors, single parents and people with student loans, don’t qualify for traditional low cost borrowing options, so they turn to payday loans, quick cash installment loans, and other high interest crippling forms of debt.
...2015-05-0928 min