Episódios
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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 Instagram
Hoyes 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Maureen and Doug discuss outdated budgeting norms, explore innovative approaches, and provide expert-backed tips for rethinking your money strategies.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 FailStraight 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 Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes 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. -
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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 LinksDEBTASIZED 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 TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedInDisclaimer:
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 LinkedInHoyes Michalos YouTube
Debt Free in 30 YouTube
Resources:
Straight Talk on Your Money
https://www.hoyes.com/straight-talk/
Hoyes Michalos Blog
Doug Hoyes on X
Find a Hoyes Michalos Office in Your Area Here
Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed. -
Back by popular demand: Canadian credit collector Blair DeMarco Wettlaufer!
Even if you’re not currently dealing with prohibited debt collectors, this eye-opening episode is captivating and informative.
Learn about your rights as a Canadian consumer, the tactics some creditors use to pressure debtors, and how to protect yourself from unethical and illegal debt collection practices.
Covering key topics such as re-aged debt, prohibited collection methods, and how technology is transforming the debt collection industry. Whether you’re managing debt or simply want to be informed, this episode provides essential knowledge to help safeguard your financial future.Timestamps:
(0:00) - Introduction of Blair DeMarco Wettlaufer from Kingston Data and Credit
(1:10) - Provincial differences in debt collection laws
(2:25) - Why should creditors follow the rules?
(5:15) - Common unethical creditor tactics
(6:40) - Re-aged debt: What it is and how to avoid it
(11:10) - Tips on making arrangements with creditors
(17:25) - Predictive dialers and the impact of new technology
(23:55) - Challenges with email communication in debt collection
(27:45) - Are you talking to an AI collector without realizing it?
(29:55) – Behind the curtain of prohibited practices in debt collection
We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A’s, and more!
Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn
Resources:Straight from the Horse’s Mouth - Things Collection Agents Can and Cannot Do With The Credit Bureaus
Your Top Debt Collections Questions Answered!
Navigating Debt Collectors: Practical Advice
Hoyes Michalos YouTube
Hoyes Michalos Blog
Doug Hoyes on X
Find a Hoyes Michalos Office in Your Area Here
Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed. -
A loved one can leave assets in their will, but what about debts?
Can you inherit debt? What makes you legally responsible for debt, and what should you do if creditors come calling?Doug Hoyes and Ted Michalos tackle common concerns about a sensitive topic with a touch of lighthearted fun. They discuss joint accounts and credit cards, the role of executors, and life insurance paying off mortgages. They break down what happens to debt after death in Canada and offer important advice for seniors and families planning their financial futures. Whether you're an executor, a spouse with joint accounts, or just curious, this episode provides clear (and candid) answers and essential insights for Canadians.
Timestamps:
(0:00) Creditors Calling About a Loved One’s Debts
(2:30) Joint Credit Cards and Supplementary Credit Cards
(5:30) Estates and Executors
(8:10) Can You Go Bankrupt After Death?
(9:00) Can You File a Consumer Proposal for a Deceased Person?
(9:50) Key Responsibilities of an Executor When Managing Debt
(11:00) Should You Have a Joint Account with Your Spouse (or Anyone Else)?
(14:10) Using Life Insurance to Pay Off Mortgages: What You Need to Know
(17:00) Planning for the Future: Family Conversations About Debt
(19:00) Advice for Seniors: What Happens to Your Debts After Death?
(26:00) The Final Answer: Can You Inherit Debt in Canada?
Follow us:
Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos 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 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 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
“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! 🎧 Subscribe to the Debt Free in 30 Podcast, hit the notification bell 🔔, 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 isn’t 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 research—when it’s needed and not—along with creative strategies for securing funding when resources are scarce. He also provides practical guidance on starting with limited or no capital, and the types of businesses that align with your abilities, financial situation, and more.
Timestamps:
(0:00) Introduction to David Barnett: Business Broker, Consultant, and Entrepreneur
(3:50) Excerpt from David’s Book: Why People Start Businesses Out of Necessity
(5:25) Choosing the Right Business When You Have to Start One
(6:40) Effectuation: Starting a Business Based on What You Can Do
(10:00) Conducting Market Research for Your Business Idea
(12:00) Starting a Business with No Money: Is It Possible?
(16:50) Top Tips for Launching a Business Without Capital
(19:50) Exploring Funding Sources for Small Businesses
(21:20) Side Hustles While Keeping Your Day Job
(22:30) Deciding Whether to Buy or Start a Business
(26:40) Understanding Bank Lending Motives for Business Loans
(29:30) The Importance of Community Support in Business
🎧 Subscribe to the Debt Free in 30 Podcast, hit the notification bell 🔔, 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
David’s New Book: “Starting or Buying a Business”
David Barnett’s Website
David’s 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 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 Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn
Resources:
“Joe Debtor” Hoyes Michalos Annual Bankruptcy Study
Rising 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:
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Podbay
Deezer
Amazon Music
Follow:
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Hoyes Michalos Facebook
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Hoyes Michalos LinkedIn
Resources:
“Joe Debtor” Hoyes Michalos Annual Bankruptcy Study
Zero 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 Options21:45 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 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 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 Know2:55 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
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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/
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You’ve got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage. They’ll also share their advice on what steps to take if you’re unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money.
Time Stamps:
00:00 Pay off debt on your credit card
02:53 Pay off debt or put money in an RRSP?
04:54 Pay off your mortgage or invest in an RRSP?
06:16 Investing may be better than paying off debt for first time home buyers
07:03 Investing makes sense when you inherit a lot of money
08:08 RISK
11:42 The smart way to pay off your debt
13:17 Is there an advantage to paying off a secured debt vs an unsecured debt?
16:19 If you can’t pay your debts you can file a consumer proposal
21:29 Receiving a lump sum of money during a consumer proposal
27:18 Final thoughts
Related Links:
Should You Pay Down Debt or Invest in RRSP? - https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/
Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/who-can-file-a-consumer-proposal/
Calculating Payments in a Consumer Proposal - https://www.hoyes.com/blog/calculating-payments-in-a-consumer-proposal-the-last-step/
How to File a Consumer Proposal in Ontario - https://www.hoyes.com/consumer-proposals/filing-consumer-proposal-process/
Consumer Proposal Help When Expecting Lump Sum Payments - https://www.hoyes.com/blog/consumer-proposal-when-lump-sum-payments-received/
Hidden cameras reveal how big banks are upselling you (Marketplace) by CBC - https://youtu.be/htm38oM5WFE?si=jNfQ-euLVoS-p7Sn
Pay Down Debt or Invest Calculator - https://www.getsmarteraboutmoney.ca/calculators/pay-down-debt-or-invest-calculator/
Pay Down Your Mortgage, or Contribute to an RRSP? - https://www.taxtips.ca/rrsp/pay-down-mortgage-or-contribute-to-rrsp.htm
Should You Ever Borrow Money to Invest? - https://youtu.be/XSTycxxd4Zc?si=KODHy7BZ28x52Qc4
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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/
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Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets.
Time Stamps:
00:00 Introduction
02:43 Are all assets treated the same?
06:31 Cashing out your RRSP to pay debt
13:50 Should you file a consumer proposal or bankruptcy?
22:39 Are RESP’s protected in a bankruptcy?
25:43 Owning a house and filing bankruptcy
30:44 Final thoughts
Related Links:
Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/
Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/
Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/
How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/
How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/
Can’t Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/
Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/
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In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.
Time Stamps:
00:00 Introduction
01:48 Why are payday loans a problem if you are a senior?
04:03 How does a senior end up in debt?
05:45 Payday loans and rapid loans
08:10 Seniors supporting their adult children
10:38 Seniors carrying debt into retirement
11:54 Practical advice
12:30 How can you tell if your parents are in debt?
15:13 How to retire with no debt
21:12 Seniors and financial scams
22:55 Co-signing loans for friends and family
25:00 Should seniors’ cash in their RRSP to pay off debt?
27:15 Should seniors file a consumer proposal or bankruptcy?
Related Links:
Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/
Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/
Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/
Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/
Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/
Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/
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In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt leading to insolvencies, and the decline in homeownership. They also share their predictions for the future, including whether inflation will continue to rise, and offer their advice on how to navigate these tough times.
Time Stamps:
00:00 Introduction
00:44 Why did credit card debt drop during the pandemic?
03:05 Inflation rate for food
04:16 Shelter inflation
05:45 Credit card debt leads to insolvencies
08:15 How inflation and credit card debt affects everyone
14:35 Why are we not seeing homeowners?
16:52 Predictions
19:32 Practical advice
Related Links:
What to Know About Credit Cards So You Use Credit Wisely - https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/
Unpaid Credit Card Debt: What Are the Consequences? – https://www.hoyes.com/blog/unpaid-credit-card-debt-what-are-the-consequences/
Can Bankruptcy Stop a Tenant Eviction for Rent Arrears? - https://www.hoyes.com/blog/can-bankruptcy-stop-a-tenant-eviction-for-rent-arrears/
Can’t Pay Your Mortgage? Options To Keep Your House – https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/
Renewing Your Mortgage as Rates Change -https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/
Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted -
https://www150.statcan.gc.ca/n1/en/catalogue/1810000401
Bank of Canada, Monetary Aggregates https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/
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