Debt Free In 30

What does it mean to be house poor in today’s Canadian economy? With home prices rising much faster than wages, more people are stretching their finances to buy property, only to find themselves stressed, overleveraged, and without a financial safety net. We explore how the definition of "house poor" has evolved, the role gig work and income instability play, and whether it's ever worth it to stretch your finances for a home. Most importantly, we share practical tools to help you avoid becoming house poor—or to recover if you’re already there. (0:00) Defining "House Poor": Understanding the Basics (2:00) The Changing Definition of House Poor Over Time (3:45) House Prices vs. Wages & Inflation (6:00) Gig Work & the Modern Workforce (8:30) When Is Being House Poor Acceptable? (13:00) Rethinking Homeownership as Investment (14:30) Practical Advice: How to Avoid Becoming House Poor (19:30) Financial Planning Tools: Calculating Your Homeownership Affordability (22:00) The Link Between Homeownership &am

Loans are getting longer, interest rates are getting higher, and that shiny new car? It could lead to serious debt. We dive into Canadian data to help you make informed choices when it comes to buying, leasing, or walking away from a car loan that no longer makes sense.  Can I Buy a Car With Bad Credit? Car Buying Options Keep You In a Debt Cycle How GMC Revolutionized the Car Loan Industry DocumentaryWhat Not To Do When Getting a Car Loan DEBTASIZED - How Our Reliance on Credit Leads to Price Inflation FREE YouTube Doc Sign Up for the Debt Free Digest (00:00) – How to Get a Car Loan in Canada (02:00) – Exchange Rates & the Canadian Dollar Impact (03:30) – Used Car Prices Explained (04:30) – What Influences Interest Rates? (12:00) – Is Your Car Loan Secured? Risks of Repossession (13:30) – What Happens If You Miss Car Loan Payments? (15:00) – When and Why Do Lenders Repossess Cars? (19:00) – Smart Car Buying Tips: Save Money with Strategic Choices (22:00) – Car Leasing in Canada: Pros and Cons Compare

Saving money: the basic idea is easy, but the reality for Canadians often presents unexpected challenges. Join trusted Ontario experts Doug Hoyes and Ted Michalos as they discuss “saving” in today’s challenging economy. Learn how to calculate your personal savings rate, understand the obstacles many face (and strategies to overcome them!), and discover the true priorities, aspirations, and concerns driving those hard-earned Canadian dollars. (0:00) Defining Savings: More Than Just Money in the Bank (2:20) Calculating Your Personal Savings Rate (4:00) The History of Canadian Savings Rates: Trends and Insights (8:45) Canadian Savings Today: Analyzing Current Rates (11:00) Understanding Financial Vulnerability: Populations Struggling to Save in Canada (16:00) What Canadians Are Saving For: Current Financial Priorities (19:00) Setting Savings Goals: How Much Should You Aim to Save? (24:00) Practical Tips for Easier Saving (28:00) Debt vs. Savings: Prioritizing Your Financial Health 4 Personal Finance Ratios T

Artificial intelligence is no longer just a futuristic concept – it's actively reshaping the landscape of scams and posing a significant threat to your financial well-being. Are you prepared for this new era of fraud? In this episode, we delve into the alarming ways AI is being used to create more sophisticated and personalized scams that could directly impact your debt. We'll explore how even familiar cons are evolving and, crucially, equip you with the knowledge you need to recognize the red flags and protect yourself online. (0:00) The Rise of AI Scams (2:00) The Growing Sophistication of Granny Scams (5:45) How Scammers Obtain Your Personal Information: Protecting Your Data (6:45) The Pig Butchering Scam: Understanding This Long-Term Financial Con (10:20) AI-Powered: How Technology Targets You (11:40) Recognizing Scam Red Flags: What to Do If You Suspect Fraud (16:30) Avoiding False Government Notices: Spotting Official-Looking Scams (21:00) Identifying False Advertisements: Protecting Yourself from Misl

Ever feel like managing money comes with its own set of challenges? If you're neurodivergent, those challenges can sometimes feel amplified. In this episode, we welcome Licensed Insolvency Trustee Maureen Parent and dive into the crucial intersection of neurodivergence and debt, exploring how executive dysfunction, time blindness, and impulse spending can impact your financial life. Discover the power of habit stacking, mind mapping, "body-doubling" (hello, budget buddy!), and how tech can be a tool for embracing simplicity. Plus, we'll discuss guilt-free spending and why it's okay to invest in what truly supports you.  Tune in for actionable advice and a fresh perspective on navigating your finances! (0:00) - Understanding Neurodivergence: Impact & Why It Matters (4:45) - The Impact of Executive Dysfunction on Debt Management(7:00) - Strategies for Reducing Decision Fatigue in Finances(9:00) - Building Low-Effort Financial Habits with Habit Stacking(10:45) - How Time Blindness Can Affect Your Financi

Is shopping becoming a dangerous game? From live streams to influencer deals to 'Buy Now, Pay Later' offers—your brain's reward system is constantly being triggered to encourage constant spending. Join us for a discussion with Credit Counsellor Charlie Kovacs, who exposes the risks tied to retailer financing, debunks the myth of discount savings, and explores the real impact these marketing 'tricks' have on your financial health. (1:30) – The Modern-Day Shopping Channel: How Retailers Keep You Hooked (4:00) – Live Shopping & Influencers: The New Age of Consumer Marketing (7:45) – Dopamine & Shopping: How Social Media Fuels Impulse Buys (14:00) – How Algorithms Are Designed to Make You Spend More (15:10) – Buy Now, Pay Later: The Rise of Consumer Credit Debt (17:00) – The Hidden Risks of Financing Through Retailers (21:00) – The Gamification of Consumerism: How Retailers Turn Shopping into a Game (23:30) – The Gamification of Credit: Why Your Debt Feels Manageable (But Isn't) (25:00) – Credit Counsell

Did you know the price of your dinner tonight might be tied to decisions made in the US? Doug and Ted explain the surprising impact of the Canadian dollar on your everyday spending. They'll break down how this affects your wallet, from filling up your gas tank to putting food on the table. Discover the surprising upsides and downsides of our tightly linked economy, and as always, arm yourself with practical tips to manage your debt and build lasting financial security. Tune in to understand the forces shaping your everyday spending! (0:00) – What’s happening with the Canadian dollar right now? (3:30) – What makes the Canadian dollar rise and fall? (5:00) – How interest rates affect the Canadian dollar (7:45) – The “reserve” currency and maintaining buying power (8:50) – How currency changes impact the average Canadian (12:00) – How US food and gas prices affect Canadians (14:00) – The pros and cons of connected economies (20:00) – Why are so many things priced in US dollars? (25:00) – The benefits of shopp

Debt often gets a bad rap, but what if you could use it to your advantage? This episode unlocks the power of strategic debt! Learn to leverage other people's money, distinguish between good and bad debt, and manage borrowing effectively. Doug and Ted, co-founders of Hoyes Michalos, provide practical strategies for building wealth with debt, including a look at crypto's role. Learn how to make debt work for you, not against you. (0:00) - Using Debt as a Wealth-Building Tool (4:00) - Understanding Leverage and Margin: Risks and Rewards of Investing with Borrowed Money (7:00) - Good Debt vs. Bad Debt: Identify the Difference (15:45) - Building Wealth While in Debt, Is It Possible? (17:30) - Opportunity Cost and Interest Rates (20:00) - The Challenge of Paying Interest While Building Assets (22:40) - Cryptocurrency and Debt: A Viable Investment Strategy? (24:00) - Practical Debt Management Strategies for Wealth Growth (26:30) - Strategic Borrowing: Using Debt for Investments? Myths About Credit Card Debt in Ca

Alarming trend: Canadians are finding themselves unable to follow through on pre-con real estate purchases. So, what happens if you can’t close on a pre-construction real estate deal? In this episode, the co-founders of Hoyes Michalos break down the reality of pre-construction deals in Canada, including assignment sales, how rising rates and blanket appraisals impact your deal, and what happens if you can’t secure financing. They also explore the legal and financial consequences of “walking away” and whether solutions like a consumer proposal or bankruptcy might apply to your situation. Walking Away From a Pre-Con Deal with Consumer Proposal What To Do When You Can’t Close The Real Problem with Pre-Con Deals by Doug Hoyes LinkedIn (0:00) – What is a pre-construction deal in real estate? (3:30) – What is an assignment sale? (5:15) – Trends in Canadian pre-construction real estate deals (8:00) – “Blanket appraisals” and why they matter (11:45) – The financial and legal consequences of “walking away” (13:0

Canadian credit card debt is surging! Many people are feeling the squeeze of rising costs, stagnant wages, and mounting unsecured debt. This crucial episode offers timely financial guidance on improving credit card habits (which you may not realize are hurting your finances!) and effectively managing debt. FREE Credit Rebuilding Course (0:00) – Credit Cards Are Now the Norm, Should They Be? (4:00) – What minimum purchase amount should you charge to credit? (5:45) – The biggest problem with credit cards (7:20) – Everyone knows about interest- why do people use credit regardless?   (9:00) – The positives of using credit cards (11:00) – Paying off one credit card with another – pros and cons (13:00) – Being “mindful” aka having a plan (14:00) – Gaming the points system – travel points, buy now pay later, (17:00) – Canadians are in hot water – the numbers of unsecured debt are up – prices are up and wages are not, credit cards are a survival tool (19:00) – Is debit a better idea for better financial decision

Is having zero debt the key to financial freedom, or could it hold you back? Expert Licensed Insolvency Trustees Doug and Ted explore the pros and cons of being completely debt-free, from psychological and financial benefits to the impact on your credit score and long-term opportunities.  (0:00) – Introduction: What does financial independence really mean? (5:00) – Is Zero Debt a good goal for everyone? (6:15) – The benefits of being debt-free: Psychological and financial impacts (10:25) – The downside of Zero Debt: Credit score considerations (13:30) – The hidden cost of Zero Debt: Opportunity costs explained (17:00) – The role of credit: Why access to credit matters (19:00) – Debt as a financial tool: When and how to use it wisely (23:00) – Forget budgeting—why you need a financial plan instead (28:00) – Setting realistic financial goals for long-term success Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 How Much Debt Does It Take To File Bankruptcy? Debt Repayment Calculator https://www.h

Canadians are being crushed by debt—and we have the data to prove it. In this exclusive episode, Hoyes Michalos co-founders Doug Hoyes and Ted Michalos break down the findings from the 2024 Joe Debtor study, Canada’s leading consumer insolvency report. Our research reveals how rising debt levels are impacting Canadians like never before. From millennials facing record-high debt to homeowners running out of options, we analyze the trends, why they matter, and what the average insolvent Canadian looked like in 2024. You won’t hear this anywhere else—tune in for expert insights from Canada’s leading Licensed Insolvency Trustees. Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 (0:00) – Who is Hoyes Michalos? What is the Joe Debtor study? (2:15) – Studies vs. Surveys, and understanding the term “Consumer Insolvencies”  (4:00) – Debt is Surging – even we’re shocked by the numbers (8:10) – Why did Millennials have the most significant increases in debt? (12:30) – The average monthly income of an insol

Why is it so hard to break bad money habits? Doug Hoyes and Ted Michalos dig into the psychology of impulse buying, the powerful influence of marketing on buying decisions, and the easy-purchase pathway spending cycle that keeps so many people stuck. They share personal anecdotes from decades in the insolvency industry and provide real-world strategies for building sustainable financial habits. (0:00) – Has Ted ever regretted an impulse buy?   (4:30) – Marketing tactics: how fear and urgency drive sales (8:00) – Spending triggers: product placements and targeted ads (11:00) – The Influencer Effect (15:00) – Easy purchase pathways encourage overspending (17:30) – Debt is normalized by society (19:30) – Resisting change: people are creatures of habit (21:00) – Practical tips to curb spending and build better habits (23:30) – How reflection and mindfulness can change your financial future Dealing With Debt When Living Paycheque to Paycheque Needs vs. Wants – A Budget Should Balance Both Break The Payda

More credit means a higher score, right? Not exactly. #debtfreein30 Many assume more loans and higher credit means a higher score, but the reality is more complex. Doug Hoyes and Ted Michalos break down how multiple loans impact your credit score and share expert advice on when accessing more credit makes sense—and when it doesn’t. (0:00) – What impacts your credit score? (5:35) – How important is your credit score in Canada’s unique rating system? (6:45) – Understanding credit utilization rate and debt-to-income ratio (9:00) – What’s the difference between hard and soft inquiries? (14:30) – The impact of credit history and canceling accounts (16:30) – Why missed payments hurt more than you think (17:40) – A fictional but realistic debt scenario (24:20) – Why dealing with your debt should be your priority—and how to start (26:00) – How to decide if taking out another loan is the right move Credit Card Debt Consolidation in Canada - What You Need to Know What is Credit History and How To Influence It

Can you identify and escape the pitfalls of debt traps? Learn from the co-founders of Hoyes Michalos how marketing and psychology fuel debt cycles. Spot the warning signs of financial trouble—from payday loans to student debt—and understand the emotional toll that debt can take. Plus, gain practical, proven strategies to break free from the cycle and achieve financial stability. (0:00) – What is a debt trap, and how does it work? (3:30) – Inflation still stretching budgets (4:30) – The student loan dilemma   (5:30) – Homeownership can be a debt trap (7:15) – Utilization Rate – borrowing more than you can handle (8:30) – Stress and the emotional toll of being trapped in debt (11:00) – How a debt traps are created– the power of marketing and psychology (21:20) – Warning signs you’re falling into a debt trap (24:30) – Practical solutions to escape the cycle of debt (27:45) – What’s really keeping you stuck in a debt trap   ‘Debtasized’ Full Length Documentary – Free on YouTube HERE Payday Loan Debt Relie

Are credit card points and rewards as beneficial as they seem, or are they secretly costing you more than you realize? Doug Hoyes and Ted Michalos discuss the truths behind credit card reward systems, revealing how spending habits, annual fees, and high-interest cards may affect your financial health. Learn how credit card companies use your data, the psychology behind reward marketing, and whether these points and rewards are worth it in the long run. (0:50) – Have you changed your spending habits to earn credit card rewards? (1:45) – The history of credit card rewards: How they started and why they’re popular. (5:45) – What personal data do credit card companies collect from you? (8:00) – How credit card companies market rewards and why we’re drawn to them. (10:45) – The biggest downside of credit card rewards (12:55) – Doug and Ted's advice: How many credit cards should you really have? (14:30) – Why using high-interest cards can lead to risky financial situations. (18:20) – How credit card usage affect

Real estate is often seen as the ultimate investment, but is it really? Doug and Ted discuss the financial realities of homeownership, from the hidden costs of maintenance and repairs to the risks of negative equity, pre-con agreements, and even becoming a landlord. This episode explains why a house may not always be the wealth-building asset it’s made out to be—especially if it’s beyond your financial reach. (2:00) – What exactly qualifies as an investment? (3:45) – Liquidity and diversification: why they matter (6:00) – Doug’s take: a house is a consumer good, not an investment (10:00) – Why owning a home is often more expensive than renting (13:30) – The forced savings argument: does it hold up? (15:00) – Negative equity and the risks of market downturns (16:10) – Preconstruction agreements and the challenges they could bring in 2025 (18:20) – The overlooked costs of maintenance and repairs (24:15) – Forced holding: why homeownership limits your flexibility (25:45) – Renting out your home doesn’t autom

It’s crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted?  Doug and Ted provide insight into potential lending trends, emerging marketing tactics, unintended consequences, and how this change will impact the most vulnerable borrowers and secondary lenders in the future. Timestamps: (0:30) – Short explanation of the Criminal Interest Rate (2:40) – What is changing, and who does it impact? (3:30) – Payday Loans and Vulnerable Borrowers (9:20) – “Net Charge Off Rate” a rationale for high interest  (12:30) – The “dubious speculation part of the show that is not based on fact” (14:00) - Unintended consequences – predatory lenders pivoting (18:30) – Secondary lenders diversifying product lines? To what? (21:00) – Microloans, Insurance, Rent to Own, and more (28:00) – Heads up for new marketing tactics – Buyer Beware Learn more from Hoyes Michalos: Episode 491 of DFI30 (Thorough Background of Criminal

As 2024 comes to an end, Doug Hoyes and Ted Michalos revisit their past predictions to see what they nailed—and what surprised them. They cover everything from inflation and insolvency to unemployment and real estate and, using the latest economic data and trends, share their evidence-based predictions for 2025. Do you agree with Doug and Ted, or do you have a different perspective to share? Let us know in the comments! Timestamps: (2:00) – Doug and Ted’s 2024 predictions on inflation (6:00) – Insolvency trends and forecasts from 2024 (10:00) – Returning to pre-pandemic insolvency numbers and trending upward (10:50) – Discussion on unemployment rates (14:20) – A closer look at rising credit card debt (15:15) – Real estate, homeownership, and pre-construction agreements (19:00) – Is Canada in a recession? Examining GDP trends (23:00) – Doug’s take: Why Canada is already in a recession (24:00) – Predictions for 2025 in key economic areas (26:00) – Wildcard topic: Should Canada be concer