Debt Free in 30

What legal actions can creditors take if you stop paying your debts? From collection calls to lawsuits and wage garnishments, Licensed Insolvency Trustees explain the real timeline of creditor actions—including how the CRA (Canada Revenue Agency) collects without going to court, and how to avoid scams when seeking help. ✅ Know your rights✅ Understand the legal process✅ Learn when (and how) to take action with confidence 00:00 – Can You Go to Jail for Not Paying Debt in Canada? 03:00 – When Do Creditors Start Calling After Missed Payments? 06:45 – When Can Creditors Start Legal Action Against You? 09:40 – Understanding the Statute of Limitations on Debt in Canada 12:20 – Debt Collections vs. Debt Buyers: Why Debts Are Sold 16:00 – How to Know If You're Actually Being Sued 17:00 – Superior Court vs. Small Claims Court: What If You Ignore It? 20:00 – CRA Collection Powers: Wage Garnishment Without Court 24:00 – Court-Ordered Support Payments (e.g., Child or Spousal Support) 26:00 – Practical Tips for Dealing with Debt Collectors 27:30 – What to Do If You're Facing a Wage Garnishment 29:00 – Avoiding Debt Relief Scams: Why You Need a Licensed Insolvency Trustee How To Find Legitimate Debt Help in Canada Legal Actions Creditors Can Take When You Don't Pay Hoyes Michalos YouTube: Will a Debt Collector Sue Me? Sign Up For The Debt Free Digest (A monthly financial-motivation newsletter to your inbox!) Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Denied credit when you need it most? Learn why creditors reject credit and loan applications and what steps you can take next. This guide covers real solutions to dealing with emergency credit denial, from avoiding payday loan traps to protecting yourself financially in tough times. Doug and Ted also recommend using the links below to access your free credit reports, a right for all Canadians! You do not need to pay for your credit score, and finding the free report option on these websites can sometimes be tricky: Link to access your FREE Equifax Credit Report Link to access your FREE TransUnion Report Sign Up for the Debt Free Digest (A monthly financial-motivation newsletter to your inbox!) (00:00) - Why You May Be Denied Credit  (02:35) – What Is and Is Not on Your Credit Report  (05:30) – Why Banks Prefer Lending Large Amounts  (07:00) – How Lending Criteria Differs Between Lenders  (08:00) – Why People Are Relying on Credit in Emergencies (10:00) – What to Do Before Considering a Payday Loan  (13:00) – The Payday Loan Cycle: Why It's Hard to Escape  (15:00) – Credit-Building Tips to Improve Your Chances  (19:00) – Should You Cash Out an RRSP or TFSA? Pros and Cons  (22:30) – Talking to Creditors: Can You Defer a Payment?  (25:00) – Emergency Solutions When All Else Fails  (27:00) – How to Protect Yourself Financially in a Survival Situation  Break the Payday Loan Cycle 13 Myths About Credit Card Debt in Canada What Debt Relief Options Are Available in Ontario? Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

What does it mean to be house poor in today's Canadian economy? With home prices rising much faster than wages, more people are stretching their finances to buy property, only to find themselves stressed, overleveraged, and without a financial safety net. We explore how the definition of "house poor" has evolved, the role gig work and income instability play, and whether it's ever worth it to stretch your finances for a home. Most importantly, we share practical tools to help you avoid becoming house poor—or to recover if you're already there. (0:00) Defining "House Poor": Understanding the Basics (2:00) The Changing Definition of House Poor Over Time (3:45) House Prices vs. Wages & Inflation (6:00) Gig Work & the Modern Workforce (8:30) When Is Being House Poor Acceptable? (13:00) Rethinking Homeownership as Investment (14:30) Practical Advice: How to Avoid Becoming House Poor (19:30) Financial Planning Tools: Calculating Your Homeownership Affordability (22:00) The Link Between Homeownership & Unsecured Debt (26:00) Getting Out of the House Poor Situation: Actionable Strategies What To Do If You Can't Pay Your Mortgage Second Mortgage Home Equity Loan or Interest Free Consumer Proposal? Can You Get A Mortgage With Bad Credit? DEBTASIZED - How Our Reliance on Credit Leads to Price Inflation FREE YouTube Doc Sign Up for the Debt Free Digest E-Newsletter Debt Free in 30 Podcast YouTube Channel Hoyes Michalos YouTube Channel  Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Loans are getting longer, interest rates are getting higher, and that shiny new car? It could lead to serious debt. We dive into Canadian data to help you make informed choices when it comes to buying, leasing, or walking away from a car loan that no longer makes sense.  Can I Buy a Car With Bad Credit? Car Buying Options Keep You In a Debt Cycle How GMC Revolutionized the Car Loan Industry DocumentaryWhat Not To Do When Getting a Car Loan DEBTASIZED - How Our Reliance on Credit Leads to Price Inflation FREE YouTube Doc Sign Up for the Debt Free Digest (00:00) – How to Get a Car Loan in Canada (02:00) – Exchange Rates & the Canadian Dollar Impact (03:30) – Used Car Prices Explained (04:30) – What Influences Interest Rates? (12:00) – Is Your Car Loan Secured? Risks of Repossession (13:30) – What Happens If You Miss Car Loan Payments? (15:00) – When and Why Do Lenders Repossess Cars? (19:00) – Smart Car Buying Tips: Save Money with Strategic Choices (22:00) – Car Leasing in Canada: Pros and Cons Compared (25:00) – How to Get Out of a Car Loan Legally and Strategically Visit us on social media for the best clips from the show and more!  Instagram Tik TokX Facebook LinkedIn Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Saving money: the basic idea is easy, but the reality for Canadians often presents unexpected challenges. Join trusted Ontario experts Doug Hoyes and Ted Michalos as they discuss “saving” in today's challenging economy. Learn how to calculate your personal savings rate, understand the obstacles many face (and strategies to overcome them!), and discover the true priorities, aspirations, and concerns driving those hard-earned Canadian dollars. (0:00) Defining Savings: More Than Just Money in the Bank (2:20) Calculating Your Personal Savings Rate (4:00) The History of Canadian Savings Rates: Trends and Insights (8:45) Canadian Savings Today: Analyzing Current Rates (11:00) Understanding Financial Vulnerability: Populations Struggling to Save in Canada (16:00) What Canadians Are Saving For: Current Financial Priorities (19:00) Setting Savings Goals: How Much Should You Aim to Save? (24:00) Practical Tips for Easier Saving (28:00) Debt vs. Savings: Prioritizing Your Financial Health 4 Personal Finance Ratios That Measure Debt Risk Debt Repayment Calculator How To Deal With Debt in Retirement Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Artificial intelligence is no longer just a futuristic concept – it's actively reshaping the landscape of scams and posing a significant threat to your financial well-being. Are you prepared for this new era of fraud? In this episode, we delve into the alarming ways AI is being used to create more sophisticated and personalized scams that could directly impact your debt. We'll explore how even familiar cons are evolving and, crucially, equip you with the knowledge you need to recognize the red flags and protect yourself online. (0:00) The Rise of AI Scams (2:00) The Growing Sophistication of Granny Scams (5:45) How Scammers Obtain Your Personal Information: Protecting Your Data (6:45) The Pig Butchering Scam: Understanding This Long-Term Financial Con (10:20) AI-Powered: How Technology Targets You (11:40) Recognizing Scam Red Flags: What to Do If You Suspect Fraud (16:30) Avoiding False Government Notices: Spotting Official-Looking Scams (21:00) Identifying False Advertisements: Protecting Yourself from Misleading Offers (23:30) Online Safety Tips: Protecting Your Finances (29:10) The Double-Edged Sword of AI: Benefits and Risks in the Digital Age Fraud Can Cause Debt Problems: Here's How To Stay Protected How To Find Legitimate Debt Consultants in Canada Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Ever feel like managing money comes with its own set of challenges? If you're neurodivergent, those challenges can sometimes feel amplified. In this episode, we welcome Licensed Insolvency Trustee Maureen Parent and dive into the crucial intersection of neurodivergence and debt, exploring how executive dysfunction, time blindness, and impulse spending can impact your financial life. Discover the power of habit stacking, mind mapping, "body-doubling" (hello, budget buddy!), and how tech can be a tool for embracing simplicity. Plus, we'll discuss guilt-free spending and why it's okay to invest in what truly supports you.  Tune in for actionable advice and a fresh perspective on navigating your finances! (0:00) - Understanding Neurodivergence: Impact & Why It Matters (4:45) - The Impact of Executive Dysfunction on Debt Management(7:00) - Strategies for Reducing Decision Fatigue in Finances(9:00) - Building Low-Effort Financial Habits with Habit Stacking(10:45) - How Time Blindness Can Affect Your Financial Planning (12:50) - Using Mind Mapping for a Visual Approach to Finances (14:00) - The Power of Body Doubling: Finding Your Budget Buddy (15:30) - Reframing Your Perspective on Financial Management (17:00) - Leveraging AI and Tech (or Simplicity) for Financial Success (20:00) - Coping Strategies for Impulse Spending (23:00) - Practical Financial Advice for Neurodivergent Individuals (and Everyone!) (27:10) - The Importance of Guilt-Free Spending and Investing in Your Needs Hoyes Michalos Effective Money Management Strategies Explore Credit Card Debt Relief Why We Overspend and How To Break Bad Money Habits Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized guidance from a qualified financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Is shopping becoming a dangerous game? From live streams to influencer deals to 'Buy Now, Pay Later' offers—your brain's reward system is constantly being triggered to encourage constant spending. Join us for a discussion with Credit Counsellor Charlie Kovacs, who exposes the risks tied to retailer financing, debunks the myth of discount savings, and explores the real impact these marketing 'tricks' have on your financial health. (1:30) – The Modern-Day Shopping Channel: How Retailers Keep You Hooked (4:00) – Live Shopping & Influencers: The New Age of Consumer Marketing (7:45) – Dopamine & Shopping: How Social Media Fuels Impulse Buys (14:00) – How Algorithms Are Designed to Make You Spend More (15:10) – Buy Now, Pay Later: The Rise of Consumer Credit Debt (17:00) – The Hidden Risks of Financing Through Retailers (21:00) – The Gamification of Consumerism: How Retailers Turn Shopping into a Game (23:30) – The Gamification of Credit: Why Your Debt Feels Manageable (But Isn't) (25:00) – Credit Counsellor Charlie Kovacs Explains Why Discounts Don't Save You Money (29:00) – Everyone Is Selling Something: Recognizing the Marketing Tricks Hoyes Michalos Effective Money Management Strategies Explore Credit Card Debt Relief Why We Overspend and How To Break Bad Money Habits Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized guidance from a qualified financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Did you know the price of your dinner tonight might be tied to decisions made in the US? Doug and Ted explain the surprising impact of the Canadian dollar on your everyday spending. They'll break down how this affects your wallet, from filling up your gas tank to putting food on the table. Discover the surprising upsides and downsides of our tightly linked economy, and as always, arm yourself with practical tips to manage your debt and build lasting financial security. Tune in to understand the forces shaping your everyday spending! (0:00) – What's happening with the Canadian dollar right now? (3:30) – What makes the Canadian dollar rise and fall? (5:00) – How interest rates affect the Canadian dollar (7:45) – The “reserve” currency and maintaining buying power (8:50) – How currency changes impact the average Canadian (12:00) – How US food and gas prices affect Canadians (14:00) – The pros and cons of connected economies (20:00) – Why are so many things priced in US dollars? (25:00) – The benefits of shopping Canadian (27:30) – Strengthen your finances by managing debt (29:00) – Practical tips to protect your money Trump's 25% Tariffs: Financial Survival Guide for Canadians Myths About Credit Card Debt in Canada How to Eliminate Debt in Ontario Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized guidance from a qualified financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Debt often gets a bad rap, but what if you could use it to your advantage? This episode unlocks the power of strategic debt! Learn to leverage other people's money, distinguish between good and bad debt, and manage borrowing effectively. Doug and Ted, co-founders of Hoyes Michalos, provide practical strategies for building wealth with debt, including a look at crypto's role. Learn how to make debt work for you, not against you. (0:00) - Using Debt as a Wealth-Building Tool (4:00) - Understanding Leverage and Margin: Risks and Rewards of Investing with Borrowed Money (7:00) - Good Debt vs. Bad Debt: Identify the Difference (15:45) - Building Wealth While in Debt, Is It Possible? (17:30) - Opportunity Cost and Interest Rates (20:00) - The Challenge of Paying Interest While Building Assets (22:40) - Cryptocurrency and Debt: A Viable Investment Strategy? (24:00) - Practical Debt Management Strategies for Wealth Growth (26:30) - Strategic Borrowing: Using Debt for Investments? Myths About Credit Card Debt in Canada How to Eliminate Debt in Ontario Is Another Loan a Good Idea? Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator  Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Alarming 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 with Consumer Proposal What To Do When You Can't Close The Real Problem with Pre-Con Deals by Doug Hoyes LinkedIn (0:00) – What is a pre-construction deal in real estate? (3:30) – What is an assignment sale? (5:15) – Trends in Canadian pre-construction real estate deals (8:00) – “Blanket appraisals” and why they matter (11:45) – The financial and legal consequences of “walking away” (13:00) – Timing issues and pre-con purchases (14:00) – What happens if interest rates go up or down before your closing date? (17:00) – When builders run into problems — how it affects you (20:00) – Practical steps if you can't close on your pre-construction home (22:00) – Can a consumer proposal help you walk away from a pre-con deal? (26:00) – Are you at risk of being sued by the builder? (28:00) – Bankruptcy: when it becomes an option for pre-construction buyers Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator Debt To Income Ratio Calculator Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 ‘Debtasized' Full Length Documentary – Free on YouTube HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Canadian 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 – pros and cons (13:00) – Being “mindful” aka having a plan (14:00) – Gaming the points system – travel points, buy now pay later, (17:00) – Canadians are in hot water – the numbers of unsecured debt are up – prices are up and wages are not, credit cards are a survival tool (19:00) – Is debit a better idea for better financial decisions?   (22:00) – Practical advice for better credit card management (27:00) – Practical advice for when credit card debt is completely unmanageable How to Pay Credit Cards 5 Ways to Survive Without Credit Cards Sign Up for the Debt Free Digest Debt Repayment Calculator Debt To Income Ratio Calculator Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 ‘Debtasized' Full Length Documentary – Free on YouTube HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.  

Is having zero debt the key to financial freedom, or could it hold you back? Expert Licensed Insolvency Trustees Doug and Ted explore the pros and cons of being completely debt-free, from psychological and financial benefits to the impact on your credit score and long-term opportunities.  (0:00) – Introduction: What does financial independence really mean? (5:00) – Is Zero Debt a good goal for everyone? (6:15) – The benefits of being debt-free: Psychological and financial impacts (10:25) – The downside of Zero Debt: Credit score considerations (13:30) – The hidden cost of Zero Debt: Opportunity costs explained (17:00) – The role of credit: Why access to credit matters (19:00) – Debt as a financial tool: When and how to use it wisely (23:00) – Forget budgeting—why you need a financial plan instead (28:00) – Setting realistic financial goals for long-term success Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 How Much Debt Does It Take To File Bankruptcy? Debt Repayment Calculator https://www.hoyes.com/debt-repayment-calculator/ Debt To Income Ratio Calculator https://www.hoyes.com/debt-to-income-ratio-calculator/ FREE Credit Rebuilding Course https://www.hoyes.com/blog/category/credit-repair/ ‘Debtasized' Full Length Documentary – Free on YouTube HERE Sign Up for the Debt Free Digest Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

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 Canada's leading Licensed Insolvency Trustees. Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 (0:00) – Who is Hoyes Michalos? What is the Joe Debtor study? (2:15) – Studies vs. Surveys, and understanding the term “Consumer Insolvencies”  (4:00) – Debt is Surging – even we're shocked by the numbers (8:10) – Why did Millennials have the most significant increases in debt? (12:30) – The average monthly income of an insolvent individual in Canada (14:30) – Income is rising, but Canadians are still struggling – here's why (17:00) – Home equity used to help people - why that's no longer an option (20:00) – Homeowners are increasingly in debt, and vehicle loans are a huge problem (24:00) – Owing CRA: How taxes and interest rates hurt  (28:00) – Key questions to ask yourself and expert advice to help your finances Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course ‘Debtasized' Full Length Documentary – Free on YouTube HERE Sign Up for the Debt Free Digest Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Why is it so hard to break bad money habits? Doug Hoyes and Ted Michalos dig into the psychology of impulse buying, the powerful influence of marketing on buying decisions, and the easy-purchase pathway spending cycle that keeps so many people stuck. They share personal anecdotes from decades in the insolvency industry and provide real-world strategies for building sustainable financial habits. (0:00) – Has Ted ever regretted an impulse buy?   (4:30) – Marketing tactics: how fear and urgency drive sales (8:00) – Spending triggers: product placements and targeted ads (11:00) – The Influencer Effect (15:00) – Easy purchase pathways encourage overspending (17:30) – Debt is normalized by society (19:30) – Resisting change: people are creatures of habit (21:00) – Practical tips to curb spending and build better habits (23:30) – How reflection and mindfulness can change your financial future Dealing With Debt When Living Paycheque to Paycheque Needs vs. Wants – A Budget Should Balance Both Break The Payday Loan Cycle Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course ‘Debtasized' Full Length Documentary – Free on YouTube Sign Up for the Debt Free Digest Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

More credit means a higher score, right? Not exactly. #debtfreein30 Many assume more loans and higher credit means a higher score, but the reality is more complex. Doug Hoyes and Ted Michalos break down how multiple loans impact your credit score and share expert advice on when accessing more credit makes sense—and when it doesn't. (0:00) – What impacts your credit score? (5:35) – How important is your credit score in Canada's unique rating system? (6:45) – Understanding credit utilization rate and debt-to-income ratio (9:00) – What's the difference between hard and soft inquiries? (14:30) – The impact of credit history and canceling accounts (16:30) – Why missed payments hurt more than you think (17:40) – A fictional but realistic debt scenario (24:20) – Why dealing with your debt should be your priority—and how to start (26:00) – How to decide if taking out another loan is the right move Credit Card Debt Consolidation in Canada - What You Need to Know What is Credit History and How To Influence It What To Do About Credit Card Debt in Collections Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course ‘Debtasized' Full Length Documentary – Free on YouTube HERE Sign Up for the Debt Free Digest Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Can you identify and escape the pitfalls of debt traps? Learn from the co-founders of Hoyes Michalos how marketing and psychology fuel debt cycles. Spot the warning signs of financial trouble—from payday loans to student debt—and understand the emotional toll that debt can take. Plus, gain practical, proven strategies to break free from the cycle and achieve financial stability. (0:00) – What is a debt trap, and how does it work? (3:30) – Inflation still stretching budgets (4:30) – The student loan dilemma   (5:30) – Homeownership can be a debt trap (7:15) – Utilization Rate – borrowing more than you can handle (8:30) – Stress and the emotional toll of being trapped in debt (11:00) – How a debt traps are created– the power of marketing and psychology (21:20) – Warning signs you're falling into a debt trap (24:30) – Practical solutions to escape the cycle of debt (27:45) – What's really keeping you stuck in a debt trap   ‘Debtasized' Full Length Documentary – Free on YouTube HERE Payday Loan Debt Relief in Ontario: Break the Cycle Pros and Cons of Using Payday Loans in Emergencies Does Debt Consolidation Impact My Credit Score Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter  HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

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 why they're popular. (5:45) – What personal data do credit card companies collect from you? (8:00) – How credit card companies market rewards and why we're drawn to them. (10:45) – The biggest downside of credit card rewards (12:55) – Doug and Ted's advice: How many credit cards should you really have? (14:30) – Why using high-interest cards can lead to risky financial situations. (18:20) – How credit card usage affects your credit score: Tips to avoid negative impacts. (22:30) – The overlooked cost of annual fees (26:00) – The risk of losing your points during insolvency: Use them, or lose them. (27:00) – Expert advice on credit card rewards Learn more from Hoyes Michalos: What Happens to Points If You Go Bankrupt? Pros and Cons of Preapproved Limit Increase Unpaid Credit Card Consequences Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE https://www.hoyes.com/subscribe-newsletter/ Watch the Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Real estate is often seen as the ultimate investment, but is it really? Doug and Ted discuss the financial realities of homeownership, from the hidden costs of maintenance and repairs to the risks of negative equity, pre-con agreements, and even becoming a landlord. This episode explains why a house may not always be the wealth-building asset it's made out to be—especially if it's beyond your financial reach. (2:00) – What exactly qualifies as an investment? (3:45) – Liquidity and diversification: why they matter (6:00) – Doug's take: a house is a consumer good, not an investment (10:00) – Why owning a home is often more expensive than renting (13:30) – The forced savings argument: does it hold up? (15:00) – Negative equity and the risks of market downturns (16:10) – Preconstruction agreements and the challenges they could bring in 2025 (18:20) – The overlooked costs of maintenance and repairs (24:15) – Forced holding: why homeownership limits your flexibility (25:45) – Renting out your home doesn't automatically make it a profitable investment (27:20) – Ted's perspective: is owning a house truly an investment? Learn more from Hoyes Michalos: What Happens If You Miss A Mortgage Payment? Will A Second Mortgage Clean Up Your Debts? What To Do If You Can't Pay Deferred Mortgage Payments Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

It's crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted?  Doug and Ted provide insight into potential lending trends, emerging marketing tactics, unintended consequences, and how this change will impact the most vulnerable borrowers and secondary lenders in the future. Timestamps: (0:30) – Short explanation of the Criminal Interest Rate (2:40) – What is changing, and who does it impact? (3:30) – Payday Loans and Vulnerable Borrowers (9:20) – “Net Charge Off Rate” a rationale for high interest  (12:30) – The “dubious speculation part of the show that is not based on fact” (14:00) - Unintended consequences – predatory lenders pivoting (18:30) – Secondary lenders diversifying product lines? To what? (21:00) – Microloans, Insurance, Rent to Own, and more (28:00) – Heads up for new marketing tactics – Buyer Beware Learn more from Hoyes Michalos: Episode 491 of DFI30 (Thorough Background of Criminal Interest Rate) Payday Loan in Collection? What To Do Next Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

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 numbers and trending upward (10:50) – Discussion on unemployment rates (14:20) – A closer look at rising credit card debt (15:15) – Real estate, homeownership, and pre-construction agreements (19:00) – Is Canada in a recession? Examining GDP trends (23:00) – Doug's take: Why Canada is already in a recession (24:00) – Predictions for 2025 in key economic areas (26:00) – Wildcard topic: Should Canada be concerned about tariffs? (27:00) – Insolvency Predictions for 2025 Learn more from Hoyes Michalos: Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

How do you balance financial well-being with the responsibility of supporting aging parents? This important episode tackles the complexities of financial caregiving, highlighting the challenges of the "sandwich generation"—those caring for both children and elderly parents—all while managing personal debt. Doug and Ted cover the pros and cons, from government benefits to taxes to practical steps for initiating conversations with your parents; you'll learn essential tools and strategies for confidently navigating financial caregiving. Timestamps: (0:40) – What's the Average Age for Insolvency? (2:00) – Understanding the “Sandwich” Generation: Caught Between Debt and Aging Parents (5:00) – Financial Caregiving Explained: What Does It Entail? (8:00) – Should You Prioritize Paying Off Debt or Helping Your Parents? (9:45) – Sidebar: Why Ted Hates Reverse Mortgages (14:00) – Government and Community Benefits for Caregivers and Their Aging Parents (16:00) – The Impacts and Downsides of Financial Caregiving (19:20) – Why Filing Taxes Is Crucial for Caregivers (22:30) – Making Tough Decisions on Behalf of Your Parents (24:00) – Practical Advice: Preparing for Financial Caregiving (28:00) – How to Start the Money Conversation with Your Parents   Learn more from Hoyes Michalos: Cosigned Debt in a Consumer Proposal Power of Attorney – Can I Deal With My Parents Debts? Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.  

Have you ever stopped to consider the real costs—and sacrifices—of borrowing someone else's money? Whether it's a mortgage, car loan, or another form of financing, the hidden fees, penalties, and long-term credit impacts can quickly add up. Beyond the numbers, debt can bring stress, limit opportunities, and force tough choices in your personal and professional life. Doug Hoyes and Ted Michalos provide expert insights to help you confidently navigate borrowing, avoid costly mistakes, and make decisions that protect your finances and peace of mind. Timestamps: (1:00) – Get Interested in Your Interest Rates (3:25) – Understanding Origination Fees and Insurance Costs (8:05) – Why Doug and Ted Recommend Paying on Time (10:15) – Prepayment Penalties and Other “Hidden” Fees (15:10) – Discretionary Spending or Needing to Borrow More (17:10) – How Borrowing Impacts Your Credit Score (19:30) – Debt Causes Stress and Limits Opportunities (21:15) – Why Banks Encourage You to Finance   (24:00) – Practical Advice – How to Read Your Loan Contract (26:50) – The Bottom Line: Calculating the Total Cost (29:00) – Knowing When to Seek Professional Help Learn more from Hoyes Michalos: Debt Repayment Calculator Debt To Income Ratio Calculator Budgeting Course Sign Up for Our Newsletter HERE Smart Borrowing and Loan Management Tips Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Is the thought of maxed-out credit cards keeping you up at night? This guide unpacks the pitfalls of credit card debt and offers clear strategies to break free from the cycle. Doug Hoyes and Ted Michalos discuss why your credit utilization rate matters, how many credit cards you should really have, the pros (but mostly cons) of opening new credit accounts, and the best options when you're in a pinch. (1:45) – What's the problem with maxing out your credit cards? (4:00) – How a credit card should be used (cash substitute vs. borrowing tool) (5:00) – Credit limit, available credit, and utilization rate – what's the difference? (7:00) – Strategies for a maxed-out situation: Short-term fixes that work. (8:45) – Taking out additional credit cards: A double-edged sword. (11:15) – Should you have one or two credit cards? More? (14:30) – Signs your financial situation is serious: When to seek help. (16:15) – Practical advice for maxed-out cards (19:30) – The downside of debt consolidation loans (23:40) – Can calling your bank help? Exploring referral programs and renegotiation. (27:00) – Consumer proposals explained: Why creditors accept less payment. Learn more from Hoyes Michalos: Budgeting Course Sign Up for Our Newsletter HERE Should You Pay Credit Card Debt With Another Credit Card? Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.  

Many Canadians have seasonal employment or variable income, making financial planning more complex. Doug Hoyes and Ted Michalos provide practical strategies for managing income fluctuations, saving effectively, dealing with debt, and handling taxes during off-seasons.  This episode is a must-listen for anyone navigating seasonal employment or variable income. Timestamps: (2:00) – The Seasonality of Jobs: Challenges for Canadian workers (4:00) – Saving Money: Why it's easier said than done (6:45) – Financial Planning: Why every seasonal worker needs a plan (8:50) – E.I. Eligibility in Canada: Can you qualify during the off-season? (10:00) – Emergency Funds: Essential for seasonal employment stability (12:15) – Boosting Income: ways to earn extra during off-seasons. (15:20) – Strategic Use of Credit Cards (16:30) – Pay Off Debt or Invest? How to prioritize your money (19:00) – Smart Savings: Where to put your money (22:00) – Taxes for Seasonal and Self-Employed Canadians: What to know (25:00) – Staying Flexible: Preparing for life's financial uncertainties Learn more from Hoyes Michalos: Managing Money on a Variable Income First-time Home Buyer Podcast Credit Rebuilding Course  Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.  

Struggling to stay motivated while repaying debt? You're not alone! Charlie Kovacs, BIA Insolvency Counselor with Hoyes Michalos, joins Debt Free in 30 to share practical strategies to help you stay focused, celebrate small victories, and shift your mindset from guilt to empowerment. Whether juggling student loans, tackling "life quakes," or just figuring out how to prioritize debt, this episode offers expert advice to keep you on track. Sign up for the monthly Debt Free Digest HERE Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Credit Rebuilding Course Timestamps (2:50) – Is Tracking Progress Essential for Debt Repayment? (4:30) – The Power of Small, Daily Financial Decisions (5:40) – How Often Should You Review Your Progress? (6:40) – Celebrating Wins: The Role of Little Rewards (8:30) – Ontario Student Loans: Current Trends (10:15) – Prioritizing Debt: Revolving vs. Installment Loans (11:20) – Life Quakes: Handling Major Financial Disruptions (15:30) – How a Financial Professional Can Transform Your Debt Journey (18:20) – Support Systems: Friends and Family's Impact on Motivation (20:50) – Shifting Your Financial Mindset (25:00) – Your Emergency Fund's Purpose (28:30) – Practical Advice for Tracking Progress Should I Pay Off a Credit Card with a Credit Card? Can You Be Forced into Involuntary Bankruptcy? Straight Talk on Your Money by Doug Hoyes Hoyes Michalos Blog Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

If you're a homeowner in Canada, you can't miss this episode! Canadian homeowners are increasingly facing the tough reality of missed payments and rising financial pressures.  Licensed Insolvency Trustee Scott Terrio joins Debt Free in 30 to unpack the potential warning signs of mortgage trouble, troubleshoot possible solutions, and provides guidance on how to handle worst-case scenarios. Timestamps: (1:25) – Canada is at the beginning of a mortgage crisis (3:50) – Early warning signs of potential mortgage struggles (8:30) – What to do if you think you might miss a payment (11:00) – Mortgage deferral programs: How they work (12:40) – Refinancing or modification of your mortgage (15:00) – HELOCs (Home Equity Line of Credit) (17:15) – Selling your house: An extreme or smart option? (23:15) – If you miss one payment what exactly happens? (25:45) – Consequences of missing multiple payments (27:45) – Worst-case scenario: How it unfolds (28:55) – Can you buy a home again if you lose your current one? (32:30) – Why an insolvency proceeding might be a good idea We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Sign Up for Our Newsletter HERE Credit Rebuilding Course What Happens If You Miss a Mortgage Payment? Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

How do you know if you're financially fit?  Doug Hoyes and Ted Michalos break down the essentials of financial "fitness", covering the importance (or unimportance) of positive net worth, stable cash flow, emergency funds, retirement planning, life insurance, budgeting, and more. This episode is packed with expert insights to help you evaluate your financial health and make informed decisions for a financially “fit” future. Timestamps: (0:45) – Ted Michalos on Financial Literacy Month (2:00) – What does it mean to be financially "fit"? (3:35) – Defining positive net worth and positive cash flow, which is more important? (7:30) – Example of a cash flow analysis (9:10) – The importance of an emergency fund (do you need one?) (12:00) – Is a retirement plan essential? (14:30) – Financial jargon sounds complex – Doug and Ted keep it practical (16:00) – Do you need a budget or any financial plan at all? (21:30) – Setting a savings goal: Why it matters (24:30) – Life insurance and financial security (25:00) – Final financial literacy advice from Doug and Ted We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Episode Links Why Budgets Fail and How to Succeed Straight Talk on Your Money by Doug Hoyes Hoyes Michalos Blog Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

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 budgeting philosophy to share?   Timestamps: (1:00) – Why “Financial Literacy Month” might be missing the mark (2:30) – The truth about budgeting: why it often doesn't work (5:35) – A breakdown of popular budgeting styles… and why Doug thinks they fail (10:50) – Pre-budget essentials: what you need to do before creating a budget (16:00) – The pitfalls of old-school budgeting and how to revamp it (19:00) – Zero-Based Budgeting vs. its polar opposite: which works best? (23:30) – When budgets spiral out of control and what you can do about it (27:00) – Real-world money management advice from top experts (30:20) – Are you on Team Doug or Team Maureen? Share your budgeting philosophy! Episode Links: Why Budgeting is A Bad Idea 7 Reasons Budgets Fail Straight Talk on Your Money by Doug Hoyes Hoyes Michalos Free Money Management Resources Find a Hoyes Michalos Office in Your Area Here We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Disclaimer:The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

How much do you really know about the impact of credit cards on your credit score? Doug Hoyes and Ted Michalos bust common myths and reveal the true influence of credit cards on your financial health. Learn how credit scores work, get expert tips on managing your credit responsibly, and explore strategies to improve your credit standing. Whether you're new to building credit or refining your approach, these actionable insights will empower you to make smarter financial decisions. Timestamps: (1:00) – What's more important than a credit score? (6:00) – Breaking down the algorithm behind your credit score (10:30) – Credit vs. Debt: Understanding utilization rates (13:30) – Soft vs. hard credit inquiries—what you need to know (15:20) – The right way to manage your credit card (18:00) – Payment history is more important than you think (21:00) – Financial stability tips (24:00) – When should you actually check your credit score? (27:30) – Should you use credit cards to build credit? Final Answer Episode Links DEBTASIZED Documentary What is Credit History? What is Revolving Credit? How Long Does it Take to Get Credit Back After Bankruptcy? Straight Talk on Your Money by Doug Hoyes Hoyes Michalos YouTube Hoyes Michalos Blog Find a Hoyes Michalos Office in Your Area Here We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook  Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.  

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 your Debt-to-Income Ratio (DTI) (6:00) – Can you afford the payment? Key considerations (10:45) – Warning signs you have too much debt: What to watch out for (19:40) – Managing your Credit Utilization Rate (21:50) – Feeling stressed about debt? You have too much. (23:30) – How to assess the risks of taking on new debt (26:00) – Debt as a financial tool: Pros and cons (27:30) – Strategies for dealing with financial distress caused by debt We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Hoyes Michalos YouTube Debt Free in 30 YouTube Resources: Straight Talk on Your Money https://www.hoyes.com/straight-talk/ Hoyes Michalos Blog Doug Hoyes on X Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Back by popular demand: Canadian credit collector Blair DeMarco Wettlaufer! Even if you're not currently dealing with prohibited debt collectors, this eye-opening episode is captivating and informative.  Learn about your rights as a Canadian consumer, the tactics some creditors use to pressure debtors, and how to protect yourself from unethical and illegal debt collection practices. Covering key topics such as re-aged debt, prohibited collection methods, and how technology is transforming the debt collection industry. Whether you're managing debt or simply want to be informed, this episode provides essential knowledge to help safeguard your financial future. Timestamps: (0:00) - Introduction of Blair DeMarco Wettlaufer from Kingston Data and Credit (1:10) - Provincial differences in debt collection laws (2:25) - Why should creditors follow the rules? (5:15) - Common unethical creditor tactics (6:40) - Re-aged debt: What it is and how to avoid it (11:10) - Tips on making arrangements with creditors (17:25) - Predictive dialers and the impact of new technology (23:55) - Challenges with email communication in debt collection (27:45) - Are you talking to an AI collector without realizing it? (29:55) – Behind the curtain of prohibited practices in debt collection We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A's, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources: Straight from the Horse's Mouth - Things Collection Agents Can and Cannot Do With The Credit Bureaus Your Top Debt Collections Questions Answered! Navigating Debt Collectors: Practical Advice Hoyes Michalos YouTube Hoyes Michalos Blog Doug Hoyes on X Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed. 

A loved one can leave assets in their will, but what about debts?  Can you inherit debt? What makes you legally responsible for debt, and what should you do if creditors come calling? Doug Hoyes and Ted Michalos tackle common concerns about a sensitive topic with a touch of lighthearted fun. They discuss joint accounts and credit cards, the role of executors, and life insurance paying off mortgages. They break down what happens to debt after death in Canada and offer important advice for seniors and families planning their financial futures. Whether you're an executor, a spouse with joint accounts, or just curious, this episode provides clear (and candid) answers and essential insights for Canadians. Timestamps: (0:00) Creditors Calling About a Loved One's Debts (2:30) Joint Credit Cards and Supplementary Credit Cards (5:30) Estates and Executors (8:10) Can You Go Bankrupt After Death? (9:00) Can You File a Consumer Proposal for a Deceased Person? (9:50) Key Responsibilities of an Executor When Managing Debt (11:00) Should You Have a Joint Account with Your Spouse (or Anyone Else)? (14:10) Using Life Insurance to Pay Off Mortgages: What You Need to Know (17:00) Planning for the Future: Family Conversations About Debt (19:00) Advice for Seniors: What Happens to Your Debts After Death? (26:00) The Final Answer: Can You Inherit Debt in Canada?  Follow us:  Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources: What Happens to Debt When You Die in Canada Hoyes Michalos YouTube Hoyes Michalos Blog Doug Hoyes on X Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Is 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 you worry about your credit score? (5:10) Credit utilization rate and access to debt (7:40) How many credit cards are too many?  (11:10) Can items be removed from your credit report? (12:25) How often should you check your credit report? (14:00) Practical strategies for reducing debt   (17:10) What is a consumer proposal? How does it impact your credit score? (20:00) Why saving cash is more important than you think   (21:50) The importance of paying your bills on time   (24:00) The “223 Rule” explained (26:00) Two new “trade lines” and additional credit repair tips   Subscribe to the DFI30 Newsletter here (only one email per month!)  Follow: Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Episode Resources: Rules to Master Your Credit with Richard Moxley Why Are Credit Reports Always Wrong? Fixing Errors w/ Richard Moxley “The Credit Game: Play To Win – Richard Moxley” Straight Talk On Your Money – Doug Hoyes Hoyes Michalos YouTube Hoyes Michalos Blog Doug Hoyes on X Find a Hoyes Michalos Office in Your Area Here Disclaimer:The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.  

Does it feel impossible to make any progress with your debt? Getting out of debt is a battle against high interest rates, financial traps like payday loans, and the emotional toll that debt takes on your mental health. Doug Hoyes and Ted Michalos explore the hidden factors that keep you stuck, from the predatory lending practices that pile on to your balance to the family pressures and stress that make it harder to break free. Learn how to stop the cycle of borrowing and why ignoring debt only makes things worse. Discover the tools available to help you, including guidance from licensed insolvency trustees who will review all the options available to you and your unique financial situation.   You can get out of debt!

Thinking about starting a side hustle or going out on your own? Whether you're a seasoned entrepreneur or a first-timer, this insightful episode with author and business expert David Barnett is packed with valuable advice. David returns to Debt Free in 30 to delve into starting or buying a business out of necessity. Discussing the importance of market research—when it's needed and not—along with creative strategies for securing funding when resources are scarce. He also provides practical guidance on starting with limited or no capital, and the types of businesses that align with your abilities, financial situation, and more.    Timestamps:  (0:00) Introduction to David Barnett: Business Broker, Consultant, and Entrepreneur  (3:50) Excerpt from David's Book: Why People Start Businesses Out of Necessity  (5:25) Choosing the Right Business When You Have to Start One  (6:40) Effectuation: Starting a Business Based on What You Can Do  (10:00) Conducting Market Research for Your Business Idea  (12:00) Starting a Business with No Money: Is It Possible?  (16:50) Top Tips for Launching a Business Without Capital  (19:50) Exploring Funding Sources for Small Businesses  (21:20) Side Hustles While Keeping Your Day Job  (22:30) Deciding Whether to Buy or Start a Business  (26:40) Understanding Bank Lending Motives for Business Loans  (29:30) The Importance of Community Support in Business 

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: Inflation vs. Wage Growth (4:50) How Has Everyone Been Coping with Rising Prices and Stagnant Wages? (8:10) Looking Ahead: Why Falling Behind Might Be Inevitable for Some (9:20) Bank of Canada Rate Cuts: Why They Won't Make a Big Impact (10:28) The Reality of Recession: Focusing on the Most Vulnerable (13:10) The Pitfalls of Side Gigs and Increasing Income (14:50) Strategies to Decrease Expenses (17:22) Mindset Matters: Breaking Out of Unhelpful Financial Habits (19:15) The Future of Debt Free in 30: What to Expect Master Your Money! Subscribe to the Debt Free in 30 podcast, enable notifications, and follow us on socials for practical expert advice and engaging content: Watch: Debt Free in 30 YouTube Follow: Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources:“Joe Debtor” Hoyes Michalos Annual Bankruptcy StudyRising Interest Rates and Debt – Current Rates Tips to Avoid Debt Inflation is Driving Up Credit Card Usage  What To Do? Advice for Overwhelming Debt Disclaimer:The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized guidance from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

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 without being a "budget guy" and offers practical tips for those who struggle with budgeting. From understanding different budgeting styles to finding the right balance between debt repayment and saving, this season finale has everything you need to know to make budgeting work for you. Episode Timestamps: (0:00) Doug Hoyes Isn't a “Budget Guy”  (0:50) Maureen Explains the 50/30/20 Budget Concept  (4:20) Is Traditional Budgeting Overly Simplistic?  (5:50) Doug Reconsiders His Stance on the Value of Budgeting  (6:45) Budgeting Based on Pay Cycle (9:50) Is Saving 20% of Your Income Realistic? A Breakdown of Saving vs. Debt Repayment (14:40) Annual Budgeting: Why It Can Be Helpful and Practical Tips (19:20) Consumer Proposal Budgeting Sessions: What to Expect (21:20) Overcoming Difficulties of Starting a Budget   (22:10) Exploring Budgeting Styles (23:45) The Importance of Being Realistic in Budgeting and Making Tools Work for You Stay ahead of financial challenges with expert advice delivered straight to your device. Subscribe to Debt Free in 30, turn on notifications, and follow us on your favorite social channels for more entertaining and educational content. Watch: YouTube Listen: AppleSpotify PodbayDeezerAmazon Music Follow: Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources:“Joe Debtor” Hoyes Michalos Annual Bankruptcy StudyZero Based Budgeting – Giving Every Dollar a Purpose 7 Reasons Budgets Fail and How to Succeed Budget Mistakes to Avoid (Youtube)Is the 50-30-20 Budget Rule Do-Able Today? Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

In this eye-opening episode of Debt Free in 30, host Doug Hoyes dives into the world of debt collection with Blair DeMarco of Kingston Data and Credit. Together, they unravel the complexities of debt collection and help you understand your rights from initial contact to facing settlement offers or legal threats. Whether you're grappling with old debts or dealing with aggressive collectors, this episode equips you with the knowledge and strategies you need to protect your credit and manage your debt effectively.    Timestamps and Titles:    00:00 - Introduction with Guest Blair DeMarco – How Collection Agencies Work   03:05 The Collection Process: Best Questions Answered   06:05 Understanding Your Rights: Statute of Limitations and Credit Reporting  12:10 Can You Be Sued by A Collection Agency?   15:00 Old Debt – How It's Affecting Your Credit and What to Do About It  17:45 Insights on Handling Aggressive Debt Collectors   20:10 Consumer Proposals and Stay of Proceedings – Navigating Your Options   21:45 Debt Re-Aging – Creditors Can Reset the Clock  24:45 What to Say When Debt Collectors Call      Stay ahead of financial challenges with expert advice delivered straight to your device. Subscribe and turn on notifications here:     Watch:  YouTube    Listen:  Apple  Spotify  Podbay  Deezer  Amazon Music    Resources:   Kingston Data and Credit    Wage Garnishing: Know Your Rights    Frozen Bank Accounts: What You Can Do Next   Stop Debt Collection Calls for GOOD      Special Thanks:   Blair DeMarco  Scott Terrio      Disclaimer    The information provided in the Debt Free in 30 podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed. 

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 Loans for Credit Cards? 8:30 Expert Credit Card Advice: Secrets Banks Don't Share 10:45 Variable vs. Fixed Mortgage Rates Explained 11:45 Should You Sell Your House to Eliminate Debt? 16:00 Consumer Proposals: Mortgages and Home Equity 18:40 Considering Refinancing Your Mortgage 20:40 Avoiding High-Interest Debt Traps 21:50 Debt Consolidation Loans: Problems and Pitfalls (feat. Scott Terrio) 24:20 Installment Loans and Payday Lender Risks (feat. Scott Terrio) 28:10 Effective Ways to Start Paying Off Debt - Snowball vs. Avalanche 33:10 What to Do When Debt Repayment Methods Fail   Never miss a practical tip on improving your financial health. Subscribe below where you listen to podcasts: YouTube Apple Spotify Podbay Deezer Amazon Music Resources: Credit Card Debt Consolidation in Canada: What You Need to Know Dealing With Debt Living Paycheque to Paycheque Consumer Proposal FAQ's Answered Hoyes, Michalos and Associates YouTube Channel How To Deal With Higher Interest Rates When Debt Consolidation Doesn't Go As Planned Rising Interest Rates And Debt: What Can You Do? Special Thanks: Scott Terrio - Manager, Consumer Insolvency at Hoyes Michalos https://ca.linkedin.com/in/scott-terrio Disclaimer The information provided in the Debt Free in 30 podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Can You Improve Your Credit Score Without Debt? | Debt Free In 30 | Ep 381. If you're 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 strategically improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don't count towards your score, and what to avoid so you don't harm your credit. Tune in for lots of practical advice! Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/ Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

Discover why chasing after more credit to achieve financial freedom may not be the most effective strategy, how it creates dependencies, and learn alternative paths to be more independent.  Links: What To Do When You Have Too Much Debt to Handle: https://www.hoyes.com/blog/what-to-do-when-you-have-too-much-debt-to-handle/

You've got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage.  They'll also share their advice on what steps to take if you're unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money. Time Stamps: 00:00 Pay off debt on your credit card 02:53 Pay off debt or put money in an RRSP? 04:54 Pay off your mortgage or invest in an RRSP? 06:16 Investing may be better than paying off debt for first time home buyers 07:03 Investing makes sense when you inherit a lot of money 08:08 RISK 11:42 The smart way to pay off your debt 13:17 Is there an advantage to paying off a secured debt vs an unsecured debt? 16:19 If you can't pay your debts you can file a consumer proposal 21:29 Receiving a lump sum of money during a consumer proposal 27:18 Final thoughts Related Links: Should You Pay Down Debt or Invest in RRSP? - https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/ Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/who-can-file-a-consumer-proposal/ Calculating Payments in a Consumer Proposal - https://www.hoyes.com/blog/calculating-payments-in-a-consumer-proposal-the-last-step/ How to File a Consumer Proposal in Ontario - https://www.hoyes.com/consumer-proposals/filing-consumer-proposal-process/ Consumer Proposal Help When Expecting Lump Sum Payments - https://www.hoyes.com/blog/consumer-proposal-when-lump-sum-payments-received/ Hidden cameras reveal how big banks are upselling you (Marketplace) by CBC - https://youtu.be/htm38oM5WFE?si=jNfQ-euLVoS-p7Sn   Pay Down Debt or Invest Calculator -  https://www.getsmarteraboutmoney.ca/calculators/pay-down-debt-or-invest-calculator/ Pay Down Your Mortgage, or Contribute to an RRSP? - https://www.taxtips.ca/rrsp/pay-down-mortgage-or-contribute-to-rrsp.htm Should You Ever Borrow Money to Invest? - https://youtu.be/XSTycxxd4Zc?si=KODHy7BZ28x52Qc4

Doug is joined by BIA Insolvency Counsellor Charlie Kovacs. They discuss banking in the digital age and cover topics such as service fees, chequing accounts, digital transactions, payment methods (digital vs. cheques), prepaid cards, credit scores, mobile payment options, how to manage digital finances, free tax filing, and finding the best bank rates online. If you're new to digital banking or eager to learn insider tips from finance experts, this episode is a must-listen!   Time Stamps: 00:00 Introduction 01:25 How can you bank for free? 03:55 Using a mobile app for depositing cheques 05:14 Why do you have to open a new bank account if you file a consumer proposal or bankruptcy? 07:36 Cheques vs E-transfer 08:23 Debit Cards, Credit Cards, Prepaid Cards 14:57 What is the difference between a loadable credit card and secured credit card? 18:20 How do you keep track of your money digitally? 25:11 How do I file my taxes for free? 27:15 Shop around for the best rates 31:46 Final thoughts     Related Links: Why You Should Bank at More Than One Bank - https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ Why Do I Need To Switch Banks? I Love My Bank - https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/ How to Open a New Bank Account For A Bankruptcy or Consumer Proposal - https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets. Time Stamps: 00:00 Introduction 02:43 Are all assets treated the same? 06:31 Cashing out your RRSP to pay debt 13:50 Should you file a consumer proposal or bankruptcy? 22:39 Are RESP's protected in a bankruptcy? 25:43 Owning a house and filing bankruptcy 30:44 Final thoughts   Related Links: Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/ Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/ Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/ How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/ How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/ Can't Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/

In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.   Time Stamps: 00:00 Introduction 01:48 Why are payday loans a problem if you are a senior? 04:03 How does a senior end up in debt? 05:45 Payday loans and rapid loans 08:10 Seniors supporting their adult children 10:38 Seniors carrying debt into retirement 11:54 Practical advice 12:30 How can you tell if your parents are in debt? 15:13 How to retire with no debt 21:12 Seniors and financial scams 22:55 Co-signing loans for friends and family 25:00 Should seniors' cash in their RRSP to pay off debt? 27:15 Should seniors file a consumer proposal or bankruptcy? Related Links: Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/ Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/ Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/ Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/ Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/ Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/

In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt leading to insolvencies, and the decline in homeownership. They also share their predictions for the future, including whether inflation will continue to rise, and offer their advice on how to navigate these tough times. Time Stamps: 00:00 Introduction 00:44 Why did credit card debt drop during the pandemic? 03:05 Inflation rate for food 04:16 Shelter inflation 05:45 Credit card debt leads to insolvencies 08:15 How inflation and credit card debt affects everyone 14:35 Why are we not seeing homeowners? 16:52 Predictions 19:32 Practical advice   Related Links: What to Know About Credit Cards So You Use Credit Wisely - https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/ Unpaid Credit Card Debt: What Are the Consequences? – https://www.hoyes.com/blog/unpaid-credit-card-debt-what-are-the-consequences/ Can Bankruptcy Stop a Tenant Eviction for Rent Arrears? - https://www.hoyes.com/blog/can-bankruptcy-stop-a-tenant-eviction-for-rent-arrears/ Can't Pay Your Mortgage? Options To Keep Your House – https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Renewing Your Mortgage as Rates Change -https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Statistics Canada. Table 36-10-0639-01  Credit liabilities of households (x 1,000,000) -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted - https://www150.statcan.gc.ca/n1/en/catalogue/1810000401 Bank of Canada, Monetary Aggregates https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

In this episode, Doug and Maureen tackle a common financial question: should you build an emergency fund first or pay off debt? They explain why prioritizing an emergency fund can be important, even if you have debt. Learn how developing a savings habit can shield you from unexpected expenses and stop lenders from reducing your credit limit. They also discuss the risks of relying solely on debt for emergencies and how savings can keep you financially secure. Plus, they cover the benefits of paying off debt first, like saving on interest, boosting your credit score, and having the option to use credit for emergencies. Time Stamps: 00:00 Introduction 01:50 What do you use your emergency fund for? 02:59 Reasons why an emergency fund is more important than paying down debt 06:40 The habit of savings 11:11 How much does your emergency fund need to be? 15:20 Where should you put your emergency savings? 23:11 Why should you pay off debt first before saving for an emergency fund 29:12 Final thoughts Related Links: Emergency Fund Critical For Single Parents - https://www.hoyes.com/blog/emergency-fund- - critical-for-single-parents/ Why You Need an Emergency Fund - https://www.hoyes.com/blog/why-you-need-an-emergency-fund/ Emergency Fund or Credit Card Debt? What's the Better Choice? - https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Which Debts Should You Pay First? - https://www.hoyes.com/blog/which-debts-should-you-pay-first/ Dr. Brad Klontz Financial Psychologist - https://www.bradklontz.com/

Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors. Time Stamps: 00:00 Introduction 03:35 Failure rate for consumer proposals 05:07 Why have consumer proposals overtaken bankruptcies in Canada? 08:33 Surplus income 12:12 Are the licensed insolvency trustees making more money on consumer proposals? 14:50 The creditors impact on a bankruptcy and consumer proposals 24:55 Unregulated debt advisors 33:39 Solutions for low-income debtors 44:22 Final thoughts Related Links: Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/ The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system Consumer Proposal vs Personal Bankruptcy - https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/ Is a Consumer Proposal the same as a Bankruptcy? - https://www.hoyes.com/blog/consumer-proposal-bankruptcy/ Who Does What in a Bankruptcy and Consumer Proposal? - https://www.hoyes.com/blog/who-does-what-in-a-bankruptcy-and-consumer-proposal/ Bankruptcy & Your Credit Score - https://www.hoyes.com/personal-bankruptcy/effect-bankruptcy-credit-rating/ Consumer Proposal And Your Credit Rating - https://www.hoyes.com/consumer-proposals/consumer-proposal-affect-credit-rating/ Negotiating Consumer Proposals. What Your Creditors Expect - https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/ Avoid The Surplus Income Penalty With A Consumer Proposal -https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/ Why Surplus Income Is an Important Part Of Your Debt Recovery - https://www.hoyes.com/blog/surplus-income-important-part-debt-recovery/ Surplus Income Bankruptcy Calculator - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/ Surplus Income Payments - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/ Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants? - https://www.hoyes.com/blog/will-the-federal-government-finally-put-an-end-to-unregulated-unlicensed-debt-consultants/

Doug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on the food bank, issues of food inflation and food insecurity, changes in demand since the pandemic, ways to donate, and how those in need can access food. Time Stamps: 00:00 Introduction 01:30 Food assistance programs 02:41 Hunger count 06:56 Food insecurity 08:13 How has the demand for the food bank changed since the pandemic 11:14 Food inflation 14:13 How does the food bank receive food 16:01 How can you donate cash to the food bank 16:51 The impact cost of living has had on food donations 18:20 How can you receive food from the food bank 22:04 Food bank delivery program 22:40 Food bank eligibility and agency support 29:44 Food banks most needed food items 33:40 Conclusion   Related Links: Hoyes Michalos is a proud partner of the Food Bank of Waterloo Region - https://www.hoyes.com/community-involvement/ Food Bank of Waterloo Region - https://www.thefoodbank.ca/ Food for Thought Blog - https://www.thefoodbank.ca/blog/ Volunteer at the Food Bank - www.thefoodbank.ca/volunteer Community Food Assistance Network- www.thefoodbank.ca/network/map Hunger in Waterloo Region - www.thefoodbank.ca/about/hunger/