Debt Free In 30

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 o

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

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 (

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 Budget

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 Option

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

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/198834403

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: S

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 Y

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 Fil

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 T

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-cre

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:

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

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/communit

Join Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don’t miss this informative discussion on the true cost of owning a home. Time Stamps: 00:00 Introduction 01:20 Mortgage vs rent payments 03:31 Upfront costs of purchasing a home 04:41 Maintenance costs 16:05 Unexpected costs of home ownership 18:18 Practical advice 27:22 Conclusion Related Links: Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Renting Vs. Buying: Which One Makes More Sense?: https://www.hoyes.com/blog/renting-vs-buying-which-one-makes-more-sense/ Why Does Home Ownership Cause Finan

Doug is joined by Technical Platform Cybersecurity Specialist, Eric Boivin from Flare. They discuss how cyber attacks can target your bank accounts and personal information, leading to money loss or identity theft. How weak cybersecurity can lead to debt, especially for those with student loans, mortgages, or credit card obligations. Eric shares practical advice on how to avoid fraud, choosing the best password using a password manager, and tools for watching financial accounts for suspicious activity. Time Stamps: 00:00 Introduction 04:46 How can you protect yourself against cyber attacks 10:00 Passwords 20:51 What can you do to protect yourself from a cyberattack? 31:32 Practical advice Related Links: Flare Website - https://flare.io/ Flare LinkedIn - https://www.linkedin.com/company/flare-io/ Bitwarden Password Manager - https://bitwarden.com/

Doug is joined by special guest Canadian economist and author, Jeff Rubin. Jeff discusses his latest book A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever. They discuss inflation, sanctions and their impact on Canadian wages and employment. The conversation also touches on the Bank of Canada, bond yields, mortgages, interest rates, international trade, and the potential for a recession soon and closes with practical advice for Canadians. Time Stamps: 00:00 Introduction 03:45 Inflation 10:47 What does the central bank do to make inflation higher or lower? 19:33 Mortgages and Interest rates 24:15 Are we in a recession now? 26:07 Credit card debt 27:37 Predictions for the future of Canada’s economy     Related Links: A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever by Jeff Rubin on Amazon https://amzn.to/4a5dSQI  The Expendables - How the Middle Class Got Screwed by Globalization by Jeff Rubin on Amazon https://amzn.to/3UKTorM G