Episoder
-
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 Oneâs 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 TikTok
Hoyes 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 youâre 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 â223 Ruleâ explained
(26:00) Two new âtrade linesâ 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 TikTok
Hoyes 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
âThe Credit Game: Play To Win â Richard MoxleyâStraight Talk On Your Money â 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. -
Mangler du episoder?
-
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! đ§ Subscribe to the Debt Free in 30 Podcast, hit the notification bell đ, and follow us on social media for actionable expert advice.
Timestamps:(0:00) Introduction: Debt is more common than you think
(2:00) How debt accumulates over time
(3:50) The math of debt: Interest rates
(6:05) Predatory lending and the danger of payday loans
(8:10) Why a consolidation loan isnât a simple fix for everyone
(12:00) Family pressures and their impact on your debt decisions
(13:55) Mental health struggles: Why many ignore their debt problems
(15:30) Debt fatigue: What it is and how it affects your motivation
(16:50) What happens when you ignore your debt and where to turn for help
(20:25) Step 1: How to begin tackling your debt
(25:25) Professional help: Realizing when your debt is too much
(28:00) The role of a Licensed Insolvency Trustee and exploring your options
Follow:
Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn
Resources:
Hoyes Michalos YouTube
Hoyes Michalos Blog
Doug Hoyes on X
Find a Hoyes Michalos Office in Your Area Here
DEBTASIZED DOCUMENTARY
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. -
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 researchâwhen itâs needed and notâalong 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 Davidâs Book: Why People Start Businesses Out of Necessity
(5:25) Choosing the Right Business When You Have to Start One
(6:40) Effectuation: Starting a Business Based on What You Can Do
(10:00) Conducting Market Research for Your Business Idea
(12:00) Starting a Business with No Money: Is It Possible?
(16:50) Top Tips for Launching a Business Without Capital
(19:50) Exploring Funding Sources for Small Businesses
(21:20) Side Hustles While Keeping Your Day Job
(22:30) Deciding Whether to Buy or Start a Business
(26:40) Understanding Bank Lending Motives for Business Loans
(29:30) The Importance of Community Support in Business
đ§ Subscribe to the Debt Free in 30 Podcast, hit the notification bell đ, and follow us on social media for actionable expert advice
Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn
Episode Resources:
David Barnett YouTube
Hoyes Michalos YouTube
Davidâs New Book: âStarting or Buying a Businessâ
David Barnettâs Website
Davidâs Online Business Course
Hoyes Michalos Blog
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. -
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 wonât 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 Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn
Resources:
âJoe Debtorâ Hoyes Michalos Annual Bankruptcy Study
Rising Interest Rates and Debt â 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 30âs 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 itâs 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 Isnât a âBudget Guyâ
(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:
Apple
Spotify
Podbay
Deezer
Amazon Music
Follow:
Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn
Resources:
âJoe Debtorâ Hoyes Michalos Annual Bankruptcy Study
Zero Based Budgeting â 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 â 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 â How Itâs 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 â Navigating Your Options21:45 Debt Re-Aging â 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 NextStop 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 youâre 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 Know2:55 What Are Installment Loans for Credit Cards?
8:30 Expert Credit Card Advice: Secrets Banks Donât 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 FAQâs Answered
Hoyes, Michalos and Associates YouTube Channel
How To Deal With Higher Interest Rates
When Debt Consolidation Doesnât 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 youâre 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 todayâs 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 donât count towards your score, and what to avoid so you donât harm your credit. Tune in for lots of practical advice!
Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/
Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034
-
Discover why chasing after more credit to achieve financial freedom may not be the most effective strategy, how it creates dependencies, and learn alternative paths to be more independent.
Links:
What To Do When You Have Too Much Debt to Handle: https://www.hoyes.com/blog/what-to-do-when-you-have-too-much-debt-to-handle/
-
Youâve 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. Theyâll also share their advice on what steps to take if youâre unable to pay off your debtâlike 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 canât pay your debts you can file a consumer proposal
21:29 Receiving a lump sum of money during a consumer proposal
27:18 Final thoughts
Related Links:
Should You Pay Down Debt or Invest in RRSP? - https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/
Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/who-can-file-a-consumer-proposal/
Calculating Payments in a Consumer Proposal - https://www.hoyes.com/blog/calculating-payments-in-a-consumer-proposal-the-last-step/
How to File a Consumer Proposal in Ontario - https://www.hoyes.com/consumer-proposals/filing-consumer-proposal-process/
Consumer Proposal Help When Expecting Lump Sum Payments - https://www.hoyes.com/blog/consumer-proposal-when-lump-sum-payments-received/
Hidden cameras reveal how big banks are upselling you (Marketplace) by CBC - https://youtu.be/htm38oM5WFE?si=jNfQ-euLVoS-p7Sn
Pay Down Debt or Invest Calculator - https://www.getsmarteraboutmoney.ca/calculators/pay-down-debt-or-invest-calculator/
Pay Down Your Mortgage, or Contribute to an RRSP? - https://www.taxtips.ca/rrsp/pay-down-mortgage-or-contribute-to-rrsp.htm
Should You Ever Borrow Money to Invest? - https://youtu.be/XSTycxxd4Zc?si=KODHy7BZ28x52Qc4
-
Doug is joined by BIA Insolvency Counsellor Charlie Kovacs. They discuss banking in the digital age and cover topics such as service fees, chequing accounts, digital transactions, payment methods (digital vs. cheques), prepaid cards, credit scores, mobile payment options, how to manage digital finances, free tax filing, and finding the best bank rates online. If you're new to digital banking or eager to learn insider tips from finance experts, this episode is a must-listen!
Time Stamps:
00:00 Introduction
01:25 How can you bank for free?
03:55 Using a mobile app for depositing cheques
05:14 Why do you have to open a new bank account if you file a consumer proposal or bankruptcy?
07:36 Cheques vs E-transfer
08:23 Debit Cards, Credit Cards, Prepaid Cards
14:57 What is the difference between a loadable credit card and secured credit card?
18:20 How do you keep track of your money digitally?
25:11 How do I file my taxes for free?
27:15 Shop around for the best rates
31:46 Final thoughts
Related Links:
Why You Should Bank at More Than One Bank - https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/
Why Do I Need To Switch Banks? I Love My Bank - https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/
How to Open a New Bank Account For A Bankruptcy or Consumer Proposal - https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/
-
Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets.
Time Stamps:
00:00 Introduction
02:43 Are all assets treated the same?
06:31 Cashing out your RRSP to pay debt
13:50 Should you file a consumer proposal or bankruptcy?
22:39 Are RESPâs 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? â https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/
Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/
How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/
How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/
Canât Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/
Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/
-
In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.
Time Stamps:
00:00 Introduction
01:48 Why are payday loans a problem if you are a senior?
04:03 How does a senior end up in debt?
05:45 Payday loans and rapid loans
08:10 Seniors supporting their adult children
10:38 Seniors carrying debt into retirement
11:54 Practical advice
12:30 How can you tell if your parents are in debt?
15:13 How to retire with no debt
21:12 Seniors and financial scams
22:55 Co-signing loans for friends and family
25:00 Should seniorsâ cash in their RRSP to pay off debt?
27:15 Should seniors file a consumer proposal or bankruptcy?
Related Links:
Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/
Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/
Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/
Seniors â A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/
Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/
Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/
-
In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt leading to insolvencies, and the decline in homeownership. They also share their predictions for the future, including whether inflation will continue to rise, and offer their advice on how to navigate these tough times.
Time Stamps:
00:00 Introduction
00:44 Why did credit card debt drop during the pandemic?
03:05 Inflation rate for food
04:16 Shelter inflation
05:45 Credit card debt leads to insolvencies
08:15 How inflation and credit card debt affects everyone
14:35 Why are we not seeing homeowners?
16:52 Predictions
19:32 Practical advice
Related Links:
What to Know About Credit Cards So You Use Credit Wisely - https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/
Unpaid Credit Card Debt: What Are the Consequences? â https://www.hoyes.com/blog/unpaid-credit-card-debt-what-are-the-consequences/
Can Bankruptcy Stop a Tenant Eviction for Rent Arrears? - https://www.hoyes.com/blog/can-bankruptcy-stop-a-tenant-eviction-for-rent-arrears/
Canât Pay Your Mortgage? Options To Keep Your House â https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/
Renewing Your Mortgage as Rates Change -https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/
Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted -
https://www150.statcan.gc.ca/n1/en/catalogue/1810000401
Bank of Canada, Monetary Aggregates https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/
-
In this episode, Doug and Maureen tackle a common financial question: should you build an emergency fund first or pay off debt? They explain why prioritizing an emergency fund can be important, even if you have debt. Learn how developing a savings habit can shield you from unexpected expenses and stop lenders from reducing your credit limit. They also discuss the risks of relying solely on debt for emergencies and how savings can keep you financially secure. Plus, they cover the benefits of paying off debt first, like saving on interest, boosting your credit score, and having the option to use credit for emergencies.
Time Stamps:
00:00 Introduction
01:50 What do you use your emergency fund for?
02:59 Reasons why an emergency fund is more important than paying down debt
06:40 The habit of savings
11:11 How much does your emergency fund need to be?
15:20 Where should you put your emergency savings?
23:11 Why should you pay off debt first before saving for an emergency fund
29:12 Final thoughts
Related Links:
Emergency Fund Critical For Single Parents - https://www.hoyes.com/blog/emergency-fund- - critical-for-single-parents/
Why You Need an Emergency Fund - https://www.hoyes.com/blog/why-you-need-an-emergency-fund/
Emergency Fund or Credit Card Debt? Whatâs the Better Choice? - https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/
Which Debts Should You Pay First? - https://www.hoyes.com/blog/which-debts-should-you-pay-first/
Dr. Brad Klontz Financial Psychologist - https://www.bradklontz.com/
-
Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors.
Time Stamps:
00:00 Introduction
03:35 Failure rate for consumer proposals
05:07 Why have consumer proposals overtaken bankruptcies in Canada?
08:33 Surplus income
12:12 Are the licensed insolvency trustees making more money on consumer proposals?
14:50 The creditors impact on a bankruptcy and consumer proposals
24:55 Unregulated debt advisors
33:39 Solutions for low-income debtors
44:22 Final thoughts
Related Links:
Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/
The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system
Consumer Proposal vs Personal Bankruptcy - https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/
Is a Consumer Proposal the same as a Bankruptcy? - https://www.hoyes.com/blog/consumer-proposal-bankruptcy/
Who Does What in a Bankruptcy and Consumer Proposal? - https://www.hoyes.com/blog/who-does-what-in-a-bankruptcy-and-consumer-proposal/
Bankruptcy & Your Credit Score - https://www.hoyes.com/personal-bankruptcy/effect-bankruptcy-credit-rating/
Consumer Proposal And Your Credit Rating - https://www.hoyes.com/consumer-proposals/consumer-proposal-affect-credit-rating/
Negotiating Consumer Proposals. What Your Creditors Expect - https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/
Avoid The Surplus Income Penalty With A Consumer Proposal -https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/
Why Surplus Income Is an Important Part Of Your Debt Recovery - https://www.hoyes.com/blog/surplus-income-important-part-debt-recovery/
Surplus Income Bankruptcy Calculator - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/
Surplus Income Payments - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/
Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants? - https://www.hoyes.com/blog/will-the-federal-government-finally-put-an-end-to-unregulated-unlicensed-debt-consultants/
-
Doug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on the food bank, issues of food inflation and food insecurity, changes in demand since the pandemic, ways to donate, and how those in need can access food.
Time Stamps:
00:00 Introduction
01:30 Food assistance programs
02:41 Hunger count
06:56 Food insecurity
08:13 How has the demand for the food bank changed since the pandemic
11:14 Food inflation
14:13 How does the food bank receive food
16:01 How can you donate cash to the food bank
16:51 The impact cost of living has had on food donations
18:20 How can you receive food from the food bank
22:04 Food bank delivery program
22:40 Food bank eligibility and agency support
29:44 Food banks most needed food items
33:40 Conclusion
Related Links:
Hoyes Michalos is a proud partner of the Food Bank of Waterloo Region - https://www.hoyes.com/community-involvement/
Food Bank of Waterloo Region - https://www.thefoodbank.ca/
Food for Thought Blog - https://www.thefoodbank.ca/blog/
Volunteer at the Food Bank - www.thefoodbank.ca/volunteer
Community Food Assistance Network- www.thefoodbank.ca/network/map
Hunger in Waterloo Region - www.thefoodbank.ca/about/hunger/
-
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. Donât 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 Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/
How to Avoid Being House Poor â https://www.hoyes.com/blog/how-to-avoid-being-house-poor/
Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/
How to Get a Mortgage Even After Bankruptcy: https://www.hoyes.com/blog/how-to-get-a-mortgage-after-bankruptcy/
-
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/
- Se mer
