Debt Free In 30

In this episode, Doug and Ted discuss the subtle ways debt accumulates over time, highlighting the unnoticed expenses that may lead you into debt. Have you ever calculated how much you spend monthly on subscriptions? Consider services like Amazon, Netflix, Disney, meal kits such as HelloFresh or Factor, pet and beauty subscriptions, car subscriptions, book clubs, and newspapers. These examples highlight how your money can slip away without you realizing it and potentially lead you toward bankruptcy. Tune in for practical advice on what to do to reduce these expenses, so you don’t find yourself in debt.   Time Stamps: 00:00 Introduction 03:00 Set it and forget it method 04:03 Subscriptions 13:01 Why would a business want you to be on a subscription service? 16:49 Practical advice   Related Links: The Marketing of Consumer Debt. Avoid The Traps - https://www.hoyes.com/blog/the-marketing-of-consumer-debt-avoid-the-traps/ 52 Tips to Avoid Debt -  https://www.hoyes.com/blog/52-tips-avoid-debt/ 5 Debt Lessons E

Doug is joined by Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine. In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health.  Amanda shares strategies for achieving financial objectives during times of struggle. We also discuss how financial decisions affect our relationships and the importance of values and goals. Time Stamps: 00:00 Introduction 01:17 What is a financial therapist? 03:35 How can a financial therapist help you? 04:13 Do financial problems cause psychological stress? 06:07 How does financial therapy work? 09:01 What’s an example of how someone would describe their financial situation? 11:53 Advice for couples dealing wit

Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians.   Timestamps:   00:00 Documentary announcement   02:37 Why should you care about the Federal budget?   03:00 Taxes   06:28 What is a budget?   08:07 Automatic tax filing for low-income Canadians   10:29 Single sign in portal for government services   11:35 Reduce CRA call centre wait times   12:07 NSF Fees   14:23 Free and affordable bank accounts   17:47 Cell phone fees   18:38 Credit for paying rent   24:12 Credit utilization for rent   26:10 Student housing   27:45 Credit bureaus   29:03 Payday loans   29:55 Final thoughts   Related Links:   Should Rent Be a Part of a Credit

How much does it cost to own a pet? Join Doug and special guest Maureen Parent as they break down the expenses, from breeder fees to food, vet bills, travel, dental, training, and more! Maureen offers valuable tips for managing your pet's expenses while avoiding debt. Time Stamps: 00:00 Introduction 02:05 What are the upfront costs of owning a pet? 06:11 The regular costs of owning a pet 16:55 The unexpected costs of owning a pet 20:33 How much does it cost to board your pet? 21:55 Practical advice for owning a pet 24:04 Pet Insurance 25:42 Smaller pets vs. large pets 27:30 Can rescue pets save you money? 27:55 Toy and treat tips to save you money 29:59 Conclusion   Related Links: The Cost of Dog Parenthood in 2024 - https://www.rover.com/ca/blog/cost-of-dog-parenthood/

Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home.  From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out. Time Stamps: 00:00 Introduction 01:00 Reasons you should own a home 03:38 Is a mortgage a forced savings plan? 06:10 Reasons not to buy a home 06:21 Timing is everything in real estate 08:17 Variable rate interest only mortgage vs. amortization mortgage 12:03 Moving if you own a home vs. if you rent 15:29 Maintenance 18:50 Credit creep 24:11 Practical advice   Related Links: Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Why Does Home Ownership C

Blair DeMarco-Wettlaufer, the Chief of Operations Officer of Kingston Data & Credit joins Doug to discuss the consequences of unpaid debts and their impact on your credit score. They look at real-life scenarios and provide practical advice to manage your credit report.  They also discuss what collection agents can and cannot do when it comes to reporting your debts to the credit bureau and how to dispute old debts, so they don’t affect your credit. Timestamps: 00:00 Introduction 01:45 If you don’t pay a collection agent can it affect your credit score? 04:33 The Statute of Limitations Act. 05:30 The Credit Bureau. 09:45 How and when do collection agents report to the credit bureau? 16:20 What collection agents cannot do when reporting to the credit bureau. 18:14 Can a collection agency remove a debt from your credit report? 23:24 What happens if a collection agency keeps calling the wrong number? 26:07 How owing a collection agent can affect your credit score. 27:43 Practical advice from a collection agen

This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy.  He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth.  Enjoy!  Related Links: Build a Get Out of Debt Repayment Plan - https://www.hoyes.com/debt-relief/get-out-of-debt/ 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, Wealth Gap - https://www150.statcan.gc.ca/n1/daily-quotidien/230331/dq230331b-eng.htm CPI Basked Weight Visualization - https://www150.statcan.gc.ca/n1/pub/71-607-x/2018016/cpi-ipc-eng.htm National balance sheet and financial flow accounts, fourth quarter 2023 -https://www150.statcan.gc.ca/n1/daily-quotidien/240313/dq240313a-eng.htm Wealth Gap, Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quo

Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise.  Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada’s auto theft epidemic.  They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement. This discussion is essential for Canadian vehicle owners looking to stay safe and understand what actions to take in case of a car theft and how to prevent yourself from falling victim. Timestamps: 00:00 Introduction 02:10 The latest update on car thefts in Canada 04:40 How many stolen vehicles end up departing Canada? 06:14 What is a VIN number and what is re-vinning?                10:44 What happens if you purchase a stolen used vehicle? 12:25 What is the solution to prevent car thefts? 17:45 What measures can individuals take to defend themse

Planning a wedding on a budget? In this episode, Jessica Bishop, founder of The Budget Savvy Bride, shares expert advice on keeping your big day affordable without sacrificing style. Whether you are dreaming of a traditional ceremony or considering eloping, Jessica's insights will help you celebrate your love without breaking the bank. We discuss micro weddings, destination weddings, the cost of having an open bar, wedding party attire, and more!  Don't miss out on these essential tips for a budget-friendly wedding! Time Stamps: 00:00 Introduction 01:42 What does a wedding cost? 03:50 How has the wedding world changed since the pandemic? 05:58 What is a micro wedding? 06:43 How do you save money on your wedding? 10:36 Wedding resources and finances 12:31 Do you consider the potential gift contributions from your guests when planning your wedding budget? 17:09 What amount of money is appropriate to give as a wedding gift?                21:06 Strategies for reducing wedding budget expenses 25:07 A

Top tips on how to file taxes. How to file taxes in Canada, setup your CRA my account, deadlines, government benefits and how to receive your refund with no additional fees. We also discuss tax discounting services, the importance of gathering all your documents, claiming all legitimate deductions such as moving expenses and tuition and notifying CRA of any changes such as your marital status, address, etc.  Tune in for great practical advice and recommendations on which tools to use to file your taxes for free in 2024. Time Stamps: 00:00 - Why should you file your taxes? 06:07 - Government benefits 08:30 - Deadlines 14:52 - Set up for CRA my account 24:20 - Do your taxes yourself and file for free 26:54 - Notify CRA of any changes 27:46 - Tax discounting services 32:24 - What if you cannot afford to pay your tax debts? Related Links: Avoid Instant Cash Back: https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/ Tax Debt Relief in Canada: https://www.hoyes.com/debt-relief/tax-debt/ Tax

In this episode, Doug and Ted discuss the risks of co-signing on a loan. They discuss the differences between joint loans and co-signed loans and the impact they can have on your credit. They address common scenarios such as parental co-signing and provide advice on alternative ways to assist friends or children financially without assuming the burden of co-signing. This episode is a must-listen if you've ever considered co-signing a loan.  Related Links: How Is Cosigned Debt Treated in a Consumer Proposal? https://www.hoyes.com/blog/how-is-cosigned-debt-treated-in-a-consumer-proposal/ A Complete Guide To Joint Debts https://www.hoyes.com/blog/a-complete-guide-to-joint-debts/ Should Married Couples Get a Joint Consolidation Loan? https://www.hoyes.com/blog/should-married-couples-get-a-joint-consolidation-loan/ Co-Signer vs Co-Borrower | What's the difference? https://www.youtube.com/watch?v=ee4R7mKxp1w Joint Debt and Co-Signing. Am I Responsible For My Spouse’s Debt? https://www.youtube.com/watch?v=M9gB

In this episode of Debt Free in 30, Ted and Doug discuss RRSP early withdrawals. They weigh the pros and cons of tapping into your savings before retirement and discuss tax implications, CPP and exceptions such as the Home Buyer's Program and the Lifelong Learning Plan. This helpful discussion will give you the knowledge to make the right decisions when it comes to withdrawing your RRSP. Time Stamps: 00:00 - Introduction 00:39 - What is an RRSP? 01:43 - Is there a good time to cash in an RRSP? 2:41 - Withdrawing money from your RRSP 4:38 - TFSA vs RRSP 6:29 - Is there a good time to cash in an RRSP before retirement? 8:23 - If you are buying a home for the first time is it a good idea to take out your RRSP? 10:28 - The lifelong learning plan 12:51 – Should I use my RRSP for living expenses? 15:00 – When should I take my CPP 17:58  – Creditors can’t go after RRSP              22:42 – Bankruptcy vs. Consumer Proposal 28:03 – Conclusion   Related Links: Canadian Retirement Income Calculator https://www.canada.ca

In this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and break bad habits!   Related Links: Maureen Parent - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Learn Price Matching Tips on the Flipp App to Save Big on Groceries - https://www.youtube.com/watch?v=VHu_cWGlUR8&t=1s What’s Really Causing Grocery & Food Inflation? w/ The Food Professor https://www.youtube.com/watch?v=bZrsL4LgI2A&t=3s How to Improve Your Financial Wellness https://www.hoyes.com/blog/how-to-improve-your-financial-wellness/ PSYCHOLOGY OF SPENDING, PROF DRAZAN PRELEC https://betterworld.mit.edu/spectrum/issues/winter-1999/the-psychology-of-spending/ PSYCHO

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-c

In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping.  Additionally, Janette also explains the rebate app Checkout 51.  Enjoy! Related Links:  Flipp: https://flipp.com/  Checkout 51: https://www.checkout51.com/  Jannette Martin: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/janette-martin/ 

In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed.  They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they are assisting Canadians in rebuilding credit.  Enjoy!   Related Links:  Canada Gazette, Regulations https://www.gazette.gc.ca/rp-pr/p1/2023/2023-12-23/html/reg3-eng.html  Criminal Code  https://laws-lois.justice.gc.ca/eng/acts/c-46/page-51.html#h-122004 

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

In this episode of Debt Free in 30, Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fees over the last two years! Doug questions the effectiveness of government actions while providing practical tips to avoid falling prey to debt relief scams.   Related Links:  Position Paper on the Adverse Effects of the Debt Advisory Marketplace on the Insolvency System.   https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system  The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System   https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insol

Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income, offering practical tips to make your financial journey in 2024 a success. Don't wait – hit play now and make this your best financial year yet! Related Links:  How are habits formed: Modelling habit formation in the real world, European Journal of Social Psychology, Phillipa Lally  https://onlinelibrary.wiley.com/doi/abs/10.1002/ejsp.674 Getting Out Of Debt Requires A System, Not Just A Goal  https://youtu.be/ysvkV0uN7mM?si=tcUHlcE7gWVzdAK9  https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/  Debt Management Plan  https://www.hoyes.com/debt-relief/debt-management-plan/  Bui

In this year-end podcast, Doug and Ted review their 2023 predictions and share insights on what to expect in 2024. They discuss the accuracy of last year's forecasts on inflation, interest rates, and insolvency rates. Doug predicts a decline in inflation due to an anticipated recession, and Ted adds insights on borrowing for essential living costs and the potential rise in insolvencies. They acknowledge wildcard factors like the real estate market and unemployment rates. Tune in for predictions on what is on the horizon for 2024 and how it could shape your financial future.    Related Links:  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/   Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions]   https://youtu.be/3i22JpmcozY   Bank of Canada Interest Rates  https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/  Federal Budget Deficit  https://hillnotes.