Podcast appearances and mentions of doug hoyes

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.

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.

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.

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.

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.  

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.

This episode first aired on October 10, 2024 over at In This Economy?!, our sister show at the Frequency Podcast Network. The show helps Canadians understand the systems behind their money problems so they can make informed decisions about their personal finances. If you like what you hear, please consider giving us a follow! New data shows that consumer insolvency rates in Canada are approaching highs not seen since the financial crisis of 2008-09. Why are so many Canadians going broke? Will falling interest rates help change that? How can you tell if you're dangerously close to the edge, and what should you do about it if you are? We speak to licensed insolvency trustee, Doug Hoyes, to help understand the rising numbers and current options. We love feedback at The Big Story, as well as suggestions for future episodes. You can find us:Through email at hello@thebigstorypodcast.ca Or by calling 416-935-5935 and leaving us a voicemailOr @thebigstoryfpn on Twitter

New data shows that consumer insolvency rates in Canada are approaching highs not seen since the financial crisis of 2008-09. Why are so many Canadians going broke? Will falling interest rates help change that? How can you tell if you're dangerously close to the edge, and what should you do about it if you are? We speak to licensed insolvency trustee, Doug Hoyes, to help understand the rising numbers and current options. Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at hello@itepod.ca. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch.

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!

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

Equifax Canada says the mortgage delinquency rate in Ontario was up 135 per cent in the fourth quarter compared with a year earlier. Kitchener-based licensed insolvency trustee, Doug Hoyes joins Ontario Today with more.

In this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca. Related Links: Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca Office of the Superintendent of Bankruptcy – Canadian Consumer Debtor Profile – 2021: https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-2021 Credit Card Debt is a Problem For A Lot of Canadians: https://www.hoyes.com/debt-relief/credit-card-debt/ 2023 Debt Statistics and What It Means for Consumer Insolvencies: https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/ How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Student Loans and the 7 Year Rule: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

In this eye-opening episode of Debt Free in 30 host Doug Hoyes is joined by guest Richard Dunwoody to unravel the often-overlooked connection between human trafficking and coerced debt. With Ontario facing the second-highest rate of police-reported human trafficking in Canada, the conversation sheds light on how traffickers exploit victims financially. The focus turns to Bill 41, the "Protection from Coerced Debts Incurred in relation to Human Trafficking Act, 2023," exploring its role in safeguarding victims from crushing debts. From explaining what coerced debt means to tackling potential challenges, the episode breaks down the proposed legislation's impact on creditors, unlicensed debt consultants, and, most importantly, the victims. Join us for a discussion on how this legislation could be a crucial shield for those affected by human trafficking and coerced debts. Related Links:   Human Trafficking and Financial Fraud: A Survivor's Story   https://www.youtube.com/watch?v=9z8kNmVuFpY  A Different View of Credit Counselling & Getting Out of Debt  https://www.youtube.com/watch?v=qLWWNREu4x4  Concord Adex Survivors Fund https://www.survivorsfund.ca/

Kara is being asked to pay back all the money she received from the Canada Emergency Response Benefit back in 2020. But she's making less now than she was before the pandemic and all of her expenses have gone up. She doesn't have the means to pay the Canada Revenue Agency and might have to file bankruptcy as a result. Jordan talks to Elizabeth Mulholland to find out why the CRA is going after this money now. Then speaks with licensed insolvency trustee, Doug Hoyes, to learn more about what it means to go bankrupt in Canada. We love feedback at The Big Story, as well as suggestions for future episodes. You can find us:Through email at hello@thebigstorypodcast.ca Or by calling 416-935-5935 and leaving us a voicemailOr @thebigstoryfpn on Twitter

In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup.  Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt.  Now is the time to review your finances and make a plan for the new year so you can set yourself up for success! Time Stamps   00:00 Introduction 01:20 Self Assessment 02:03 Review and Update Your Will 02:57 Power of Attorney for Personal Care & Power of Attorney Over Property 04:18 Insurance 04:24 Life Insurance 05:16 Term Insurance 06:15 Mortgage Insurance vs. Life Insurance 08:15 Medical/Disability Insurance 09:23 Asset Insurance (Car Insurance, Homeowners Insurance) 10:31 Credit Insurance 11:32 Investments 11:39 Do Investments Still Make Sense? 13:53 Bank Accounts 14:41 Should You Have More Than One Bank Account? 18:30 Big Banks vs. Virtual Banks Interest Rates and Fees 23:41 Should You Reconcile Your Bank Account? 25:36 Passwords 26:30 Taxes 26:58 Debt – Make a Plan 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/ RRSP, Registered Savings Accounts and Bankruptcy Laws https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/   Power of Attorney: Can I Deal With My Parents' Debts?  https://www.hoyes.com/blog/power-of-attorney-parents-debts/ Income Taxes and Bankruptcy – What You Need to Know https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/ Crushing Debt. Why Canadians Should Drop Everything and Pay Off Debt https://www.hoyes.com/blog/crushing-debt-why-canadians-should-drop-everything-and-pay-off-debt/ What is a Debt Free in 30 Debt Assessment? https://www.hoyes.com/about-hoyes-michalos/debt-free-in-30/

In this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP.   The discussion emphasizes the need for careful consideration of lifestyle preferences, budgeting, and financial goals when planning for retirement. The conversation also touches on the role of debt in retirement planning, highlighting the benefits of entering retirement with minimal debt. The episode aims to provide valuable information and perspectives to help individuals navigate the complexities of retirement planning.     Related Links:   Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments   Caring for Clients: www.careingforclients.com   Caring for Clients Facebook: https://www.facebook.com/profile.php?id=100033419084831   Caring for Clients YouTube: https://www.youtube.com/channel/UCZZL3BipR9-ZCLgUsOXE3Ag   Caring for Clients Twitter: https://twitter.com/Caring4Clients   Caring for Clients Blog: https://www.caringforclients.com/blog/   Rona Birenbaum, Episode 215, What is a Robo-Planner: Automated Financial Planning https://youtu.be/rXW7a7EdCKA?si=fHVry4vas4tIJbCo   Planning for Retirement? Pay Off Debt & Start Practicing: https://www.hoyes.com/blog/planning-for-retirement-pay-off-debt-start-practicing/   How to Minimize Debt Before and After Retirement: https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/   Debt Relief for Seniors. What are Your Options?: https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/   Seniors in Debt and Filing Bankruptcy: https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Doug Hoyes and Ted discuss a pressing issue that many Canadians face: the challenge of closing on a house when real estate prices have taken a hit. They discuss the complexities of the real estate market, particularly the implications for those who bought pre-construction homes or condos. They also explain the risks associated with pre-construction purchases, such as the potential loss of deposits and the financial difficulties of closing on a property with a lower appraised value. This episode provides practical advice and raises thought-provoking questions about the need for changes in deposit protection laws, shedding light on a crucial topic in today's housing market.   Related Links: StateView homes receivership https://www.tarion.com/media/important-information-purchasers-and-owners-stateview-homes Tarion New Home Deposit Protection https://www.tarion.com/media/deposit-protection-takes-stress-out-buying-new-homes Why a House Does Not Guarantee Financial Security https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

Doug Hoyes and Ted Michalos discuss the state of the economy and explore the possibility of a silent depression.  Their discussion includes topics such as unemployment rates, the challenges confronted by the Millennial and Gen-Z generations, the recent increase in credit card debt, and the state of the real estate market. They also offer guidance on how to regain hope and devise a path towards achieving success amidst these challenging circumstances.   Related Links: Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments The State of Mortgages with Ron Butler: https://www.youtube.com/live/e9lVf-moV1E?si=5O96QM8NfJbRc5Fo Statistics Canada. Table 14-10-0287-01  Labour Force Characteristics, Monthly, Seasonally Adjusted and Trend-Cycle, Last 5 Months: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 18-10-0004-01  Consumer Price Index, Monthly, Not Seasonally Adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Millennials Heavy Payday Loan Users and It's Costing Them Bigtime: https://www.hoyes.com/blog/millennials-heavy-payday-loan-users-and-its-costing-them-bigtime/ How To Minimize Debt as a Millennial: https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/   Student Debt Crisis – A Generation Buried in Student Debt: https://www.hoyes.com/press/joe-debtor/the-student-debtor/ I Can't Pay My Bills.  What Are My Alternatives?: https://www.hoyes.com/blog/cant-pay-bills-alternatives/ 7 Reasons Why Credit Cards Can Be So Dangerous: https://www.hoyes.com/blog/why-credit-cards-can-be-so-dangerous/   How Long Can You Run From Your Debt? And Should You?: https://www.hoyes.com/page/3/?s=can+i+afford+a+home My Child Has A Lot of Debt.  How Can I Help?: https://www.hoyes.com/blog/my-child-has-a-lot-of-debt-how-can-i-help/ Debt Relief for Seniors.  What are Your Options?: https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/ Seniors in Debt and Filing Bankruptcy: https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Doug Hoyes and special guest Ron Butler from The Angry Mortgage Podcast came together for a live episode on Monday, October 23rd. During this special event, they talked about current mortgage trends, real estate, Bank of Canada interest rates, inflation, and addressed questions from their audience. Whether you own a home or are planning to buy one in the near future, this conversation is definitely one you should listen to.   Related Links Ron's Links Ron Butler on Twitter: @ronmortgageguy - https://twitter.com/ronmortgageguy Ron Butler on Instagram: @ronmortgageguy https://www.instagram.com/ronmortgageguy/ Ron Butler LinkedIn: https://www.linkedin.com/in/ron-butler-345531b/ Butler Mortgage (mortgage rates) - https://www.butlermortgage.ca/mortgage-calculator/ Angry Mortgage Podcast - https://www.youtube.com/channel/UC8vl-_vvvf7VZcxKPJ-v-Xg   Hoyes Blog Links High Interest Rates: What Can You Do/ - https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Bank of Canada, share of mortgages with high Debt Service Ratio - https://www.bankofcanada.ca/rates/indicators/indicators-of-financial-vulnerabilities/ Average Toronto house prices: https://wowa.ca/toronto-housing-market What To Do If Your Mortgage Is In Arrears - https://www.hoyes.com/blog/what-to-do-if-your-mortgage-is-in-arrears/ Mortgages and Bankruptcy in Ontario: What You Need to Know - https://www.hoyes.com/blog/mortgages-and-bankruptcy-in-ontario-what-you-need-to-know/ Can't Pay Your Mortgage?  Options to Keep Your House - https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Walking Away from a Mortgage in Canada - https://www.hoyes.com/blog/walking-away-from-a-mortgage-in-canada/ Renewing Your Mortgage as Rates Change - https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Does The Mortgage Lender You Choose Matter? - https://www.hoyes.com/blog/does-the-mortgage-lender-you-choose-matter/ Homeowners Bankruptcy Index - https://www.hoyes.com/press/homeowner-bankruptcy-index/   YouTube Links 293 Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler - https://www.youtube.com/watch?v=VDSd6z5EJzA 334 Mortgages & Home Equity Refinancing: What Are The Risks in 2021? - https://www.youtube.com/watch?v=-CSt5J7CIQ0 376 Should You Help Your Child Get a Mortgage? with Ron Butler - https://www.youtube.com/watch?v=INc3t7ikv-w 403 What's Happening Now that Mortgage Rates are up? - https://www.youtube.com/watch?v=Iw-HtqgOgJM 421 - Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler - https://youtu.be/kJ9vyHA5pJw 440  What's Happening to Mortgages in 2023 with Ron Butler - https://youtu.be/3umCpEf8m4Y

Doug Hoyes is joined by special guest, Blair Demarco-Wettlaufer, a collection agent, who serves as the Chief Operations Officer at collection agency Kingston Data & Credit. This marks Blair's seventh appearance on the show! In this episode, Doug and Blair discuss the messy world of debt collection, statute-barred claims, and credit reporting. They answer questions such as, how long does it take for a credit card company to send your debt to collections? Does a statute-barred debt affect your credit report? What happens if you don't pay it? Can you be sued and when is it time to speak to a Licensed Insolvency Trustee? Tune in for lots of great advice and tips!   00:00 Introduction 01:44 How long does it take for collection agencies to report to a collection agency? 04:44 How does a collection agency receive new files to collect? 06:36 How do collection agencies contact and monitor those in debt? 09:59 When do collection agencies report to the credit bureau? 11:05 What is the difference between a trade line and a registered item? 15:11 What is the difference between soft inquiries and hard inquires and how do they affect your credit score? 16:34 How often should you pull your credit bureau? 18:56 Statute-Barred Claims: Do I Have to Pay? 23:13 Proof of Claim Forms 29:12 Creditors plan 32:49 Settlements 37:14 Concluding comments     Related Links:   Blair Demarco-Wettlaufer on Twitter (X) https://twitter.com/kdcblair Blair's blog: https://receivableaccounts.blogspot.com/ Blair Demarco-Wettlaufer's previous appearances on Debt Free in 30: Episode 20, January 17, 2025 – Stop the Collection Calls https://www.youtube.com/watch?v=0tsrKacdx4U Episode 57, October 3, 2015, Collection Agents – How Did They Find Me? https://www.youtube.com/watch?v=0SMU1R5N0ms Episode 70, January 2, 2016, Top 10 Tips for Dealing with a Collection Agent https://www.youtube.com/watch?v=736J-IefWrI Episode 264, September 21, 2019, How to Negotiate with a Collection Agent, https://youtu.be/ZgNWpKfBUwU?si=czAQLjQqWTOLctml  59,000 Views Episode 296, May 2, 2020 -  Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact https://youtu.be/S86gnBEkeUY?si=r0HLIpLHlWfTXdN_ (During Covid, I had a beard) Episode 373, October 23, 2021, Your Top Collections Questioned Answered by a Debt Collector, https://www.youtube.com/watch?v=Ue8gFE2Z48w Ontario Ministry of Government and Consumer Services  https://www.ontario.ca/page/ministry-government-and-consumer-services I've Filed Bankruptcy & Collection Agents Are Still Calling Blog: https://www.hoyes.com/blog/ive-filed-bankruptcy-collection-agents-are-still-calling/ Collection Agents: How Did They Find Me? Blog: https://www.hoyes.com/blog/collection-agents-how-did-they-find-me/ Top 10 Tips For Dealing With A Collection Agent Blog: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/ How Long Can a Collection Agency Collect on Debt in Canada? Blog: https://www.hoyes.com/blog/how-long-can-a-collection-agency-collect-on-a-debt-in-canada/ Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer Blog: https://www.hoyes.com/blog/stop-the-collection-calls-advice-from-blair-demarco-wettlaufer/ Can a Collection Agency Sue You in Canada? Blog: https://www.hoyes.com/blog/can-a-collection-agency-sue-you-in-canada/

You've probably noticed that Artificial Intelligence is everywhere these days, but can it help you out with debt and managing your money? Doug Hoyes and Scott Terrio are here to chat about just that! They discuss how AI looks at your spending habits, and discuss concerns related to biases and privacy, talk about the pros and cons of using ChatGPT to handle your finances, and help you understand what it can and can't do.  Don't miss out on valuable tips and advice for making smart financial decisions in our AI-driven world.   Related Links: Straight Talk on Your Money - https://www.hoyes.com/straight-talk/ How Credit Karma is Demystifying Personal Finance with AI - https://www.interactions.com/podcasts/how-credit-karma-is-demystifying-personal-finance-with-ai Chat GPT - https://chat.openai.com/

Are you a small business dealing with the CEBA loan repayment dilemma?  Ted Michalos and Doug Hoyes dive deep into the world of CEBA loans and the crucial decisions you need to make about repaying them.  For many small businesses, the loan was a lifeline during the pandemic but as the repayment deadline is looming it's time to evaluate your options.  Join us as we help you to understand the pros and cons of getting a bank loan to repay the CEBA loan, tax considerations that could impact your decision and explore what to do if you don't qualify for the CEBA loan repayment. Related Links: What happens it you can't pay your CEBA loan blog:  https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/ Federal Government CEBA loan page: https://ceba-cuec.ca/

Join the conversation with Ian Penney, a Licensed Trustee from Janes & Noseworthy, and Doug Hoyes as they provide insights into managing your finances in the aftermath of the pandemic, with a focus on the distinctions between Newfoundland and Ontario.  During the discussion, they delve into the economic landscapes of these regions, spotlighting key industries such as oil and gas, fishing, forestry, tourism, and mining.  Tune in to gain valuable advice on navigating your financial journey post-pandemic. Related Links: Website: https://janesnoseworthy.ca/ LinkedIn Janes & Noseworthy: https://www.linkedin.com/company/janes-and-noseworthy/ Facebook: https://www.facebook.com/JanesNoseworthy Twitter: https://twitter.com/JanesNoseworthy

Higher education isn't getting any cheaper. The cost of going to university has more than tripled since the 1990s and we see first-hand the financial burden caused by student loans. So, is it still worth it to get into debt for post-secondary schooling? With so many advancements in free online education, aren't there cheaper alternatives? When is college the better option? Is an undergraduate degree still going to give you a job right away? Tune in to this discussion with Ted Michalos and Doug Hoyes as they share graduate statistics and give practical advice on how to think through your career and education choices. Resources Mentioned in the Show: Statistics Canada, National Student Survey: https://www150.statcan.gc.ca/n1/pub/75-006-x/2020001/article/00005-eng.htm University of Toronto, Facts & Figures https://data.utoronto.ca/facts-and-figures/ Ontario, graduation rates: https://www.iaccess.gov.on.ca/OsapRatesWeb/enterapp/home.xhtml Ontario budget, 2022-2023 https://www.ontario.ca/page/expenditure-estimates-ministry-colleges-and-universities-2023-24#vote2 Chat GPT: https://chat.openai.com/ Hoyes Michalos Annual Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ 13 Stats on Average Student Debt in Canada: https://reviewmoose.ca/blog/average-student-debt-canada/ National Graduates Survey 2018 results: https://www150.statcan.gc.ca/n1/pub/75-006-x/2020001/article/00005-eng.htm Statistics Canada – Student Debt from all sources: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710003601

Welcome to Season #10 of Debt Free in 30.  Debt is up.  Interest rates are up.  Not surprisingly, personal insolvency filings are way up.  Many people are hitting the wall.  On today's abbreviated podcast, Doug Hoyes explains the numbers and why we live in a “Tale of Two Economies.”  If you are rich, all is good.  If you have depleted your savings and have debt, times are tough. We explain the impact of the numbers and “tease” some of the topics we will be discussing in the coming weeks. Tune in, and enjoy!

For our final rebroadcast of the summer, we are rebroadcasting episode #452. We know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today's podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you're living paycheque to paycheque and the dos and don'ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They also help you think about the root causes of financial trouble so you can come up with good solutions. Tune in for a great discussion!   Related Links:   Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/ Are Credit Cards Right for Credit Repair? https://youtu.be/Hy708HhFljk Buy Now Pay Later – Is It Debt? https://youtu.be/KvCO7_PUCDI Zero-based budgeting: How to Give Every Dollar a Purpose: https://www.hoyes.com/blog/zero-based-budgeting-how-to-give-every-dollar-a-purpose/

Today we rebroadcast episode #453. Online shopping isn't new. Apps are not new. But is shopping supposed to be a game? That's the angle a new shopping app called Temu appears to have taken. Since its launch in September 2022, the app has millions of monthly users, offers very deep discounts, and has strong incentives to keep users coming back. On today's podcast, Doug Hoyes takes a closer look at how Temu works and interviews users from very different age groups for comparison. He also discusses whether we should be concerned about shopping gamification in general, how data is potentially treated on Temu, and whether cheaper is always better. Tune in for a unique show! Links: CNN Article: ‘One of China's most popular apps has the ability to spy on its users' https://www.cnn.com/2023/04/02/tech/china-pinduoduo-malware-cybersecurity-analysis-intl-hnk/index.html How Temu topped by U.S. app charts by turning shopping into a game: https://restofworld.org/2023/temu-mobile-gaming/  

Today we rebroadcast episode #448. Most money experts will tell you that the best way to avoid money problems is to cut costs. And they're right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today's podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it's best to go back to school to increase your earning potential. Finally, they review the dos and don'ts of increasing income if you have a lot of debt. Tune for great tips!   Links:   Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/ Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/ Surplus Income Calculator 2023: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/

In the season 9 finale episode of Debt Free in 30, Doug Hoyes and Ted Michalos discuss the current state of consumer insolvencies in Canada and why they're going back up. They also discuss the impact of inflation remaining higher than wage increases, higher credit card debt, and higher interest rates.  Where are we heading in the latter part of 2023? Has the recession begun? What can homeowners expect in this climate? Tune in for a great discussion! Related Links: Episode 435, Debt Free in 30 Year End Prediction Show https://youtu.be/3i22JpmcozY Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Statistics Canada, Average Weekly Earnings https://www150.statcan.gc.ca/n1/daily-quotidien/230629/dq230629a-eng.htm?HPA=1&indid=3555-1&indgeo=0 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 Mortgage Rate History from Ratehub.ca: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history Mortgage Calculator, Butler Mortgage: https://www.butlermortgage.ca/mortgage-calculator/ Bank of Canada, Monetary Aggregates (Money Supply) https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

Buying a car has never been more expensive. But what if you have no choice but to buy one? How can you avoid buying too much car these days? On today's podcast, Ted Michalos and Doug Hoyes explain what's causing high car prices in both the new and used car categories, as well as, how to buy without taking out a huge auto loan. Tune in for lots of practical tips on shopping for a car and dealing with salesmen.   Resources Mentioned i the Show: Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/ Auto Trader Price Index March 2023: https://editorials.autotrader.ca/media/klxhaqq5/autotrader_priceindex_finalv3_march2023_en.pdf?_gl=1*uou0k4*_gcl_au*OTQ3ODQ3MTMzLjE2ODc0OTI1NDQ.&_ga=2.183395302.1188701862.1687492545-911279650.1687492545 Car Guru – Price Trends: https://www.cargurus.ca/Cars/price-trends/ CBC Car Market Analysis: https://www.cbc.ca/news/business/car-market-analysis-1.6873747

Your bank is a business, so they're always trying to sell to you because they want to make more money. How do you navigate their tricks? How do you avoid upsells when you just want to do a simple transaction? On today's podcast, Scott Terrio and Doug Hoyes discuss the pervasive sales culture at financial institutions, what you need to look out for, and teach you the basics to making better money decisions on the spot. Tune in for a great discussion!   Related Links:   Pervasive Sales Culture at Canadian Banks – Globe and Mail article: https://www.theglobeandmail.com/investing/personal-finance/article-pervasive-sales-culture-at-canadian-banks-positions-system-against-its/ Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/ Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

With nine interest rate hikes since March 2022, mortgage borrowers have either already started to feel the increased payment pressures or will at renewal time. So, what if your mortgage payments become too much to manage? How do you avoid risking your home? On today's podcast, Doug Hoyes and Ted Michalos give practical advice for what to do if you're struggling with your mortgage payments, including the dos and don'ts, and ways to cut back on interest costs if you can afford it. Tune in for a great show! Related Links: Rising Interest Rates and Debt: What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Walking Away From a Mortgage in Canada: https://www.hoyes.com/blog/walking-away-from-a-mortgage-in-canada/ Can't Pay Your Mortgage? Options to Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Bank of Canada Financial System Review: https://www.bankofcanada.ca/2023/05/financial-system-review-2023/#Households Butler Mortgage Interest Rates: https://www.butlermortgage.ca/rates/

Self-employment has many advantages like you get to be your own boss, set your own hours, and even make more money. On the other hand, self-employment comes with challenges. Over the years, we've met with a lot of clients who were self-employed but became overwhelmed by unpaid tax debt. On today's podcast, Doug Hoyes and Ted Michalos break down what it means to be a self-employed person, explaining the benefits and pitfalls you need to be aware of before you decide to become your own employer. Tune in for lots of great practical advice! Links: Should You Start Your Own Business: https://youtu.be/hhawMCZF_kw Self-Employed: Financing Wisely to Avoid Debt Trouble: https://youtu.be/F_lo_0JP46Q What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/ Keeping Your Small Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/

New Livestream guest- Doug Hoyes I'm happy to have Doug join me on a live broadcast. Doug Hoyes is a Licensed Insolvency Trustee in Kitchener, Ontario and co-founder of Hoyes Michalos. Tune in and we'll be discussing problems that people get into with money and debt when they buy a business. While Doug takes care of people going bankrupt or filing creditor proposals in Canada, I'm sure the lessons shared will be valuable for business buyers around the world. This is a ‘must see event' for anyone considering a business purchase. Find Doug's show online here: https://www.youtube.com/c/DebtFreein30 Thanks to our sponsors: Mark Willis of Lake Growth Financial Services. Build an equity asset that is guaranteed to grow over time, never lose value and give you access to liquidity whenever you need it without having to qualify for credit- EVER. Learn more and sign up for a no-obligation consultation at https://www.NewBankingSolution.com If you enjoyed this show and want more great small business content, head over to https://www.SMBPodcastNetwork.com and find more great shows and conversations.

While bank failures are not a common occurrence in Canada, it may still be in your best interest to have more than one bank account. On today's podcast, Joel Sandwith, our LIT in London, joins Doug Hoyes to discuss banking best practices, including how many accounts you should have, where to store your savings, and why it's important to understand the right of offset if you owe your bank. They also explain how deposit insurance works and high-interest savings accounts. Tune in for an informative discussion and practical advice! Links: Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ Frozen Bank Account. Your Rights and What To Do Next: https://www.hoyes.com/blog/frozen-bank-account-your-rights-and-what-to-do-next/ What is the Right of Offset and What Can You Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/ Joel Sandwith, LIT in London: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/

The price at the gas pump includes a lot of hidden costs, and they are going up. How will this impact your budget? What does it mean for the future of car ownership? On today's podcast, Ted Michalos and Doug Hoyes discuss the hidden costs of gas and how the increase in some of the price components will mean you'll only be paying more to fuel your car. They also talk about the Ontario government's plans to increase ethanol in oil and how that may impact fuel efficiency, and again, your budget. Tune in for an insightful conversation! Related Links: Statistics Canada. Table 18-10-0001-01  Monthly average retail prices for gasoline and fuel oil, by geography  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000101 Government of Ontario, Fuel Price Components: https://www.ontario.ca/motor-fuel-prices/ Government of Ontario, Cleaner Transportation Fuels: https://www.ontario.ca/page/cleaner-transportation-fuels Ontario Regulation: O. Reg. 663/20: CLEANER TRANSPORTATION FUELS: RENEWABLE CONTENT REQUIREMENTS FOR GASOLINE AND DIESEL FUELS https://www.ontario.ca/laws/regulation/r20663 Government of Ontario Press Release, November 26, 2020: https://news.ontario.ca/en/release/59352/ontario-to-be-national-leader-and-require-cleaner-and-greener-gasoline Ethanol Production Using Corn, Switchgrass, and Wood; Biodiesel Production Using Soybean and Sunflower, research study: https://link.springer.com/article/10.1007/s11053-005-4679-8 The effect of bioenergy expansion: Food, energy, and environment, research study: https://www.sciencedirect.com/science/article/pii/S1364032114000677?via%3Dihub Federal government, Ethanol, https://natural-resources.canada.ca/energy-efficiency/transportation-alternative-fuels/alternative-fuels/biofuels/ethanol/3493 Environmental outcomes of the US Renewable Fuel Standard, research study: https://www.pnas.org/doi/10.1073/pnas.2101084119

Say your bank offers you a credit limit increase. You may be tempted to take it, but should you? When is seeking more credit a sign that your finances aren't in good shape? On today's podcast, Mark Borysiak, our LIT in Barrie, joins Doug Hoyes to discuss just how much access to credit you should have and why getting an increase can cause debt problems. Mark and Doug also explain why the banks offer credit increases in the first place and why it's good to first evaluate your finances before taking on any offers. Tune in for a great discussion! Related Links: The Pros & Cons of a Pre-Approved Credit Limit Increase: https://www.hoyes.com/blog/the-pros-cons-of-a-pre-approved-credit-limit-increase/ Mark Borysiak, LIT in Barrie: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/