Debt Free In 30

Is tracking every single expense the key to taking control of your finances, or just a fast track to burnout? What are the pros and cons of meticulous money tracking? Doug Hoyes and guest Charlie Kovacs debate who benefits most from detailed spending logs, when it’s OK to simplify, and strategies to build a money system that actually sticks. 00:00 – Welcome & Introduction: Charlie explains why he’s a fan of tracking expenses 08:00 – Variable vs. Fixed Expenses: Focusing on variable expenses to reveal patterns 10:00 – How to Create a Simple Spending Summary 11:30 – The Motivation Problem: Why staying on track is hard 13:30 – Start Small: Charlie’s advice for tackling one category at a time 14:30 – One-Week Tracking Tip: Find Your Spending Baseline 20:00 – The Subtraction Method: Identifying savings opportunities 23:00 – Should You Have More Than One Bank Account? Pros and cons explained 26:00 – Finding What Works: Progress, not perfection Personal Budgeting Help and Free Spreadsheet DIY Credit Repai

Student loans can follow Canadians for years after graduation, sometimes delaying life milestones like buying a home or starting a family. In this episode, Doug Hoyes and Ted Michalos explain why student debt is so difficult to repay in Canada, the risks of borrowing for education, and the Supreme Court’s latest ruling on the “7-year rule” for government student loans. If you’re still paying off your education years later, this conversation sheds light on the challenges and options for relief. 00:00 – Why student loans in Canada are a massive problem 04:00 – When can government student loans be included in insolvency? 05:00 – Why does it take so long to pay off student loans? 06:15 – The future of specific jobs—and risks of student debt 08:50 – The hidden risks of borrowing for education 11:35 – Interest on student loans: federal vs. provincial rules 12:30 – Practical tips to pay off student loans faster 13:30 – The hidden costs of prolonged repayment 16:00 – How a consumer proposal might help with student l

Making only the minimum payment on credit cards may feel manageable, but it’s one of the riskiest financial habits for Canadians today. Doug Hoyes and Ted Michalos explain the real math behind minimum payments and share practical strategies for breaking out of the cycle for good. 00:00 – Setting the stage: the shift from “getting by” to falling behind 02:30 – The math behind minimum payments 08:30 – Quebec’s new rules - will increasing minimum payments make a difference? 12:00 – Canada’s credit card landscape after the pandemic: the growing debt burden 17:05 – Red flags that you’re stuck in a minimum payment trap 22:00 – Strategies to recover from minimum payment habits 24:00 – Converting credit card balances to fixed-term loans 27:00 – How to break the cycle for good How Credit Card Micropayments Can Reduce Your Debt Faster DIY Credit Repair Strategies and Free Course Credit Card Debt Help in Canada Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Disclaimer: The information provi

Are you considering stepping into the world of homeownership? This episode is packed with insights every first-time homebuyer needs. Doug Hoyes and Ted Michalos discuss why a declining market might benefit new buyers, the emotional traps leading to risky financial decisions, and the true cost of homeownership – beyond the mortgage. Learn how unexpected expenses (from land transfer taxes to home repairs) can derail your budget if you’re not prepared, the biggest regrets homeowners face, and how to avoid being “burned” by your first purchase. 00:00 - Why a declining market can be an opportunity for new homebuyers 02:30 - The emotional reasons people want to own a home over renting 04:45 - The biggest emotional mistake of buying a house 10:40 - The mortgage is just the tip of the iceberg for home costs 16:00 - Emergency fund vs. line of credit for home maintenance 18:00 - The inevitability of things needing repair 19:00 - Land transfer tax, and so much more 21:00 - The many other costs of buying a home: lawyer

Staying financially stable in Canada has never been harder. Even when you’re working, budgeting, and “doing everything right,” rising insolvencies, higher debt loads, and a cooling housing market are leaving many Canadians struggling to stay afloat in 2025. If you’ve ever wondered why it feels impossible to get ahead financially (even when you’re trying your best!?), this episode helps explain the challenges in today’s economy and offers practical strategies to help Canadians move forward. 0:00 – Season 12 kicks off, Doug Hoyes and Ted Michalos discuss the future of DFI30 2:00 – Canada’s economy today: rising insolvencies and financial strain 4:00 – The impact of higher unemployment and growing uncertainty 7:15 – Why home equity isn’t the financial safety net it once was 10:50 – How financial exhaustion affects mental health and overall wellness 13:00 – Breaking the stigma: addressing shame around debt 14:30 – Key warning signs that you may have too much debt 17:00 – Why many Canadians underestimate how muc

Looking to save more and spend smarter? This episode is packed with practical, expert-backed tips - from insider grocery hacks and avoiding hidden fees to smarter banking strategies. Learn how simple shifts, like opening a second bank account or using preloaded credit cards, can help you take control of your money and reach your financial goals faster. (01:00) Avoiding hidden service charges (04:00) Top Canadian grocery tips: Snacks vs. Groceries with The Food Professor (05:40) How preventive costs can save you big (09:45) Why you should open a second bank account (10:30) More grocery hacks to cut your bill (15:00) The payoff of investing in insurance (17:50) Top 3 shopping tips to save money (20:00) Why a home isn’t always an investment: Renting vs. owning (24:00) The benefits of preloaded credit cards with digital banks (28:00) The importance of diversifying your money Free Canadian Credit Repair Resources 10 Tips for Dealing With Collection Agencies Ontario Consumer Proposal and Bankruptcy FAQ Hoyes Mi

Listen for great get-out-of-debt advice from some of our most popular guests! Featuring Canadian financial experts from Hoyes Michalos and Chris Enns, founder of Rags to Reasonable, and Danielle Park, author of Juggling Dynamite. From spotting predatory financial advisors to the importance of building an emergency fund, this episode is packed with practical, real-world tips and strategies you can start using today to get out of debt! 00:00 – The Snowball vs. Avalanche Method with Licensed Insolvency Trustee Joel Sandwith 01:20 – How to Avoid Predatory Financial Advice with Danielle Park 04:40 – How to Realistically Start Managing Your Money with Chris Enns 07:45 – Predatory Credit Advisors – What You Need to Know cont. 11:30 – Why Canadians Aren’t Prepared for Financial Emergencies with Scott Terrio 13:00 – Snowball and Avalanche Method – Advanced Tips 16:30 – Why Your Perspective on Loans Matters 19:50 – Getting Out of Debt and Building Savings Has To Be Practical with Danielle Park 22:35 – Key Indicato

This special compilation episode is packed with nuggets of wisdom and strategies for getting out of debt. We've pulled together the best clips on avoiding credit traps, building emergency funds, and implementing practical “budgeting” strategies. 00:00 – August is a special month before launching a new season 01:00 – Why people end up in debt 02:10 – How to avoid the minimum payment trap 03:40 – Building and maintaining an emergency fund 06:00 – How insolvency clients are a leading indicator of the economy 07:30 – Why you shouldn’t rely on credit in an emergency 10:00 – First steps to begin getting out of debt 12:05 – The problems with consolidation loans 14:00 – Practical budgeting tips: tracking income and expenses 16:00 – The benefits of putting your bills on autopay 19:00 – Don’t ignore your finances 21:10 – Why paying off high-interest debt is the best strategy (and why you still need an emergency fund) 24:00 – Why debt consultants send their clients to Licensed Insolvency Trustees Debt Relief in Ontario

From shady loan offers to AI voice fraud and everything in between, this special edition of Debt Free in 30 is your go-to for avoiding financial scams. We’ve compiled some of the most important scam warnings from past episodes. These are real risks facing Canadians today, and knowing the red flags could protect your money, identity, and peace of mind. 00:00 – August is a special episode month before launching a new season this fall 01:30 – Housing and rental scams 03:55 – Payday loan and installment loan traps 05:00 – Debt consultant scams 06:30 – “Granny scams” and AI voice fraud 08:00 – Upfront fee fraud 10:30 – Pig butchering scams (crypto and romance fraud) 14:45 – The truth about so-called “savings loans” 17:00 – Red flags and scam warning signs 20:00 – CRA impersonation and email phishing scams 23:30 – Another look at pig butchering scams 24:45 – Final thoughts: trust, but verify… verify, verify Fraud Can Cause Debt Problems: How To Stay Protected Beware of Fake CRA Calls Hoyes Michalos Free Canadian

While we're known for expert debt advice, let’s say it’s a good thing we’re better at being LITs than we are at staying on script! Join us for a compilation of our funniest on-air flubs, the kind of candid moments that usually end up on the cutting room floor. It's the perfect mix of lighthearted fun and the valuable debt insights you've come to expect. Don't miss this special (and hilarious) blooper episode! 00:00 – A long-requested episode: bloopers and funny moments from Debt Free in 30! 00:30 – Leaky Boat Incident 03:30 – "Size Matters" 04:30 – To Ted's Wife – We Are Sorry 06:10 – Debt, Death, and Zombies’ Discussion 09:30 – Maureen Forgets Her Name 10:00 – Scott Terrio on Watching the Podcast Hoyes Michalos Free Canadian Credit Rebuilding and Repair Course Debt Repayment / Consumer Proposal Calculator Hoyes Michalos Debt-to-Income Ratio Calculator Hoyes Michalos YouTube Channel Sign Up For The Monthly Debt Free Digest Disclaimer: The information provided in the Debt Free in 30 Podcast is for enter

Is debt still avoidable, or has borrowing become a fact of life in Canada? Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos answer our questions, share a simple test to assess new debt, and provide an action plan for those struggling to make ends meet. (00:00)  What’s changed in Canada’s economy recently? (02:30)  The problem with “good debt” as conventional wisdom (04:00)  Auto loans: smart purchase or risky commitment? (10:00)  Student loans: are they worth it? (14:00)  What the household debt-to-income ratio tells us (17:00)  Red and green flags when borrowing money (18:45)  Is it still possible to live debt-free in Canada? (20:00)  Doug & Ted’s 5-point test for smart borrowing (22:00)  Understanding the hidden risks of borrowing (23:50)  Your debt action plan: what to do starting today (25:00)  Mortgage tips: borrowing for a home in today’s market (27:30)  The best kind of debt - and what to do if yours isn’t working for you DEBTASIZED – Full Length Documentary Debt Repayment / Con

Don't just brace for a recession, prepare to come out stronger. This conversation is about turning Canada’s economic uncertainty into an opportunity for financial growth (or, at least, stability). We'll equip you with proactive strategies for managing debt, finding new income streams, and building a mindset of resilience. Learn how to take decisive control of your financial future, no matter what the economy throws at you. (00:00) – Prediction: How We Knew a Recession Was Coming  (02:30) – Rising Costs & Reduced Work Hours Impacting Households  (04:00) – Forecast: Hitting Recession Thresholds by End of Summer  (05:30) – Managing Money vs. Managing Debt: Good Times vs. Bad  (07:45) – First Steps When You Feel Financial Pressure  (11:00) – Side Hustles 101: Pros & Cons of Supplemental Income  (14:00) – Leveraging Networks & Community Support  (15:45) – How to Start (and Grow) an Emergency Fund  (18:00) – Recession-Proofing Strategies for Homeowners  (19:15) – Top Tips for Canadians in Debt as Reces

Is it ever “too late” to get out of debt? Whether you're mid-career, nearing retirement, or already retired, this episode will shatter the “too late” myth and walk you through clear, actionable steps to take control of your finances, no matter your age or life stage. Visit hoyes.com to get personalized support in Ontario from a Licensed Insolvency Trustee to reduce debt before retirement, and access the FREE Hoyes Michalos credit rebuilding course. (00:45) Age & Debt: Does Your Age Limit Your Options? (03:00) Why It Feels “Too Late” – Common Concerns Explained (04:45) Step 1: Identify Your Income Streams (06:40) Step 2: Track Your Expenses and Spending Habits (10:00) Step 3: Review All Your Debts and Available Credit (10:45) Step 4: Build a Realistic Repayment Plan (Budget) (14:20) Approaching Retirement? Key Actions You Need to Take (17:00) Where to Apply Extra Payments: Tackling High-Interest Loans First (20:00) Why Debt Consolidation Often Falls Short (22:00) Downsizing, Selling Assets & Tapping

When parents ask their adult children to co-sign a loan, add their name to a mortgage, or take out a car loan “for the family,” it can feel impossible to say no. But what are the risks? Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos break down the financial (and emotional) minefield of taking on debt for your parents. From credit utilization issues to legal responsibility and long-term credit damage, they explain how even well-meaning help can backfire, and offer solutions to support aging parents without risking your financial stability. (00:00) Risks of Co-Signing for Your Parents' Credit (02:30) Why Parents Ask Their Kids to Co-Sign Loans (05:50) Supplemental vs. Joint Credit: What’s the Difference? (07:30) Co-Signing Auto Loans: Why It’s Risky (09:00) Credit Utilization: How It Hurts Even If Payments Are On Time (12:30) Planning for the Worst: Protecting Yourself from Family Debt (14:45) What to Do If You Can’t (or Don’t Want to) Help Your Parents (16:30) Safe Ways to Support Parents W

For many newcomers to Canada, the Canadian credit system can feel like a high-stakes challenge. Although it's essential for building a financial life, aggressive lending practices, cultural mindsets around credit, and a lack of clear guidance can lead to overwhelming debt before fully understanding how the system works. In this essential episode, Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos discuss the challenges newcomers may face, explain how banks and lenders operate, and pinpoint the critical warning signs to watch for when navigating a new financial life in Canada. 00:00 – Why do banks and lenders target new Canadians? 03:30 – How Canada’s credit culture affects immigrants 06:00 – How do credit and banks work in Canada? Can they be trusted? 09:00 – Unique financial challenges for newcomers 11:00 – What banks consider when lending to new Canadians 12:30 – Is building credit the only way to succeed? Ted’s advice 14:00 – Red flags for immigrants seeking financial help: Who can y

Boomer budgeting tips collide with millennial money challenges in this candid conversation about debt, savings, housing costs, and the rise of gig-work income. Whether saving for a first home or paying off old credit cards, this episode bridges the generation gap with actionable insights for any age, complete with tried-and-true tactics Boomers still swear by, tech-savvy hacks Millennials can’t live without. 0:00 - Do Boomers Have It Easier? Debunking Generational Money Myths 3:10 - Why Millennials Lead Insolvency Filings & Credit-Card Debt 6:00 - “Credential Creep”: Rising Education Costs and Student Loans 9:00 - Buying a Home: 1980s Down Payment vs. 2020s Reality 13:00 - Starting Adulthood in Debt: How Timing Shapes Finances 16:00 - Shifting Attitudes: From Debt-Free Dreams to “Normal” Borrowing 18:00 - Gig Economy 101: Income Streams Boomers Never Faced 19:30 - Interest-Rate Shocks: Then (18%) vs. Now (Variable & Rising) 22:00 - 31 Flavours of Credit: BNPL, Lines of Credit, & More 25:00 - Boo

Have you ever wondered what life would look like if your credit score didn’t exist? Licensed Insolvency Trustees Doug Hoyes and Ted Michalos compare Canada’s score-driven system with France’s radically different, no-score approach. You’ll learn: How France decides who can borrow—without a three-digit score. The cultural attitudes that shape lending and spending in France and Canada Why credit-report errors and identity theft are bigger issues than most Canadians realize. Whether Canada could (or should) adopt parts of France’s model—and what you can do right now to work the system in your favour. (00:00)  Intro – How Canada Tracks Credit with TransUnion & Equifax  (04:45)  France’s “No-Score” System: How Trustworthiness Is Judged  (07:10)  Lending Culture in France: Relationships Over Ratings  (09:00)  Lending Culture in Canada: Why Scores Still Rule  (13:00)  Could Canada Move Toward a French-Style Model?  (15:50)  Credit-Report Errors: The Hidden Cost of Scores  (19:00)  Building Ra

Zombie memberships are real – and they’re feasting on your budget every month. Forgotten fitness app? Digital subscription you thought was cancelled? Auto-renewals can quietly drain your finances if you're not paying attention. Doug Hoyes and Ted Michalos discuss why some subscriptions are so easy to miss, and how to track, cancel, and avoid them going forward. This episode includes real examples, expert tips, and even a personal story from the Hoyes Michalos team, proving it can happen to anyone. (00:00) Are You Paying for Subscriptions You Forgot About? (03:00) Fitness Classes, Digital Apps & Other Zombie Memberships  (07:00) Why Auto-Renewal Is a Red Flag  (12:00) How to Identify What’s Draining Your Cash  (16:00) Our Own Zombie Membership Story  (17:30) Why Cancelling Is So Hard  (19:30) Track It and Cancel It Fast  (21:00) Use the “One In, One Out” Rule  (24:00) Try Before You Buy: Avoid Entering Credit Card Info  (27:00) You Don’t Have to Give Up What Works for You  Hoyes Michalos FRE

What legal actions can creditors take if you stop paying your debts? From collection calls to lawsuits and wage garnishments, Licensed Insolvency Trustees explain the real timeline of creditor actions—including how the CRA (Canada Revenue Agency) collects without going to court, and how to avoid scams when seeking help. ✅ Know your rights✅ Understand the legal process✅ Learn when (and how) to take action with confidence 00:00 – Can You Go to Jail for Not Paying Debt in Canada? 03:00 – When Do Creditors Start Calling After Missed Payments? 06:45 – When Can Creditors Start Legal Action Against You? 09:40 – Understanding the Statute of Limitations on Debt in Canada 12:20 – Debt Collections vs. Debt Buyers: Why Debts Are Sold 16:00 – How to Know If You're Actually Being Sued 17:00 – Superior Court vs. Small Claims Court: What If You Ignore It? 20:00 – CRA Collection Powers: Wage Garnishment Without Court 24:00 – Court-Ordered Support Payments (e.g., Child or Spousal Support) 26:00 – Practical Tips for Dealin

Denied credit when you need it most? Learn why creditors reject credit and loan applications and what steps you can take next. This guide covers real solutions to dealing with emergency credit denial, from avoiding payday loan traps to protecting yourself financially in tough times. Doug and Ted also recommend using the links below to access your free credit reports, a right for all Canadians! You do not need to pay for your credit score, and finding the free report option on these websites can sometimes be tricky: Link to access your FREE Equifax Credit Report Link to access your FREE TransUnion Report Sign Up for the Debt Free Digest (A monthly financial-motivation newsletter to your inbox!) (00:00) - Why You May Be Denied Credit  (02:35) – What Is and Is Not on Your Credit Report  (05:30) – Why Banks Prefer Lending Large Amounts  (07:00) – How Lending Criteria Differs Between Lenders  (08:00) – Why People Are Relying on Credit in Emergencies (10:00) – What to Do Before Considering a Payday Loan