Debt Free In 30

While bank failures are not a common occurrence in Canada, it may still be in your best interest to have more than one bank account. On today’s podcast, Joel Sandwith, our LIT in London, joins Doug Hoyes to discuss banking best practices, including how many accounts you should have, where to store your savings, and why it’s important to understand the right of offset if you owe your bank. They also explain how deposit insurance works and high-interest savings accounts. Tune in for an informative discussion and practical advice! Links: Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ Frozen Bank Account. Your Rights and What To Do Next: https://www.hoyes.com/blog/frozen-bank-account-your-rights-and-what-to-do-next/ What is the Right of Offset and What Can You Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/ Joel Sandwith, LIT in London: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trust

The price at the gas pump includes a lot of hidden costs, and they are going up. How will this impact your budget? What does it mean for the future of car ownership? On today’s podcast, Ted Michalos and Doug Hoyes discuss the hidden costs of gas and how the increase in some of the price components will mean you’ll only be paying more to fuel your car. They also talk about the Ontario government’s plans to increase ethanol in oil and how that may impact fuel efficiency, and again, your budget. Tune in for an insightful conversation! Related Links: Statistics Canada. Table 18-10-0001-01  Monthly average retail prices for gasoline and fuel oil, by geography  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000101 Government of Ontario, Fuel Price Components: https://www.ontario.ca/motor-fuel-prices/ Government of Ontario, Cleaner Transportation Fuels: https://www.ontario.ca/page/cleaner-transportation-fuels Ontario Regulation: O. Reg. 663/20: CLEANER TRANSPORTATION FUELS: RENEWABLE CONTENT REQUIREMENTS

Tipping has always been a part of the dining experience. But lately, the expectation to leave a tip has become so common that we have to make it a new budgeting item. So how do you navigate tip creep? On today’s podcast, we have a special guest, Sean Cassidy, who shares his experience with tipping prompts and how he’s adapted his budget. Doug and Sean discuss why tip nudges are so prevalent post-Covid and lots of practical advice on how to budget for this new cost and minimize social awkwardness. Tune in for a great discussion!   Resources Mentioned in the Show:   The Fable of the 20 Dollar Bill: https://youtu.be/5fYfAvSnNps The Angry Mortgage Podcast with Ron Butler: https://www.youtube.com/@angrymortgage What’s Really Causing Grocery & Food Inflation? https://youtu.be/bZrsL4LgI2A Should Shopping Be a Game? Risks of Apps Like Temu: https://youtu.be/B7Duzop33mM Zero-Based Budgeting – How To Give Every Dollar a Purpose: https://www.hoyes.com/blog/zero-based-budgeting-how-to-give-every-dollar-a-purpose/

Everyone says you need an emergency fund. But how much is enough? And what is an emergency vs. an inconvenience? Where should you store your savings? Enter Maureen Parent. Maureen returns to share lots of practical advice on how to setup a realistic system to create your emergency fund. She also explains how much you should have saved at different stages, the types of emergencies to prepare for, and why credit cards and lines of credit are not good rainy day fund tools to rely on. Tune in for lots of great tips! Links: Build an Annual Budget You Can Adjust For Inflation & Goals: https://youtu.be/4N9rX_x8Wjc How to Manage Your Money in a Crisis: https://youtu.be/1iYKQAX1koI Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/ Maureen Parent, LIT https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Maureen on Twitter: https://twitter.com/MaureenParent7

Say your bank offers you a credit limit increase. You may be tempted to take it, but should you? When is seeking more credit a sign that your finances aren’t in good shape? On today’s podcast, Mark Borysiak, our LIT in Barrie, joins Doug Hoyes to discuss just how much access to credit you should have and why getting an increase can cause debt problems. Mark and Doug also explain why the banks offer credit increases in the first place and why it’s good to first evaluate your finances before taking on any offers. Tune in for a great discussion! Related Links: The Pros & Cons of a Pre-Approved Credit Limit Increase: https://www.hoyes.com/blog/the-pros-cons-of-a-pre-approved-credit-limit-increase/ Mark Borysiak, LIT in Barrie: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/

Online shopping isn’t new. Apps are not new. But is shopping supposed to be a game? That’s the angle a new shopping app called Temu appears to have taken. Since its launch in September 2022, the app has millions of monthly users, offers very deep discounts, and has strong incentives to keep users coming back. On today’s podcast, Doug Hoyes takes a closer look at how Temu works and interviews users from very different age groups for comparison. He also discusses whether we should be concerned about shopping gamification in general, how data is potentially treated on Temu, and whether cheaper is always better. Tune in for a unique show! Links: CNN Article: ‘One of China’s most popular apps has the ability to spy on its users’ https://www.cnn.com/2023/04/02/tech/china-pinduoduo-malware-cybersecurity-analysis-intl-hnk/index.html How Temu topped by U.S. app charts by turning shopping into a game: https://restofworld.org/2023/temu-mobile-gaming/   Time Stamps: 00:32 What is Temu? 1:20 An 87-year-old’s perspective

We know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today’s podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you’re living paycheque to paycheque and the dos and don’ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They also help you think about the root causes of financial trouble so you can come up with good solutions. Tune in for a great discussion! Related Links: Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/ Are Credit Cards Right for Credit Repair? https://youtu.be/Hy708HhFljk Buy Now Pay Later – Is It Debt? https://youtu.be/KvCO7_PUCDI Zero-based budgeting: How to Give Every Dollar a Purpose: https://www.hoyes.com/blog/zero-based-budgeting-how-to-give-every-dollar-a-pu

According to TransUnion, the average credit consumer with a balance in Canada saw a 10% year-over-year increase in their minimum monthly debt payments in Q4 2022. If your minimum payments start going up, what should you do? What if they already have? On today’s podcast, Maureen Parent returns to discuss why minimum payments increase in the first place, and practical advice on how to get ahead of them. Maureen and Doug also share specific tips for you to negotiate with your credit card company to possibly reduce your debt costs. Tune in for a great discussion! Related Links: TransUnion Q4 2022 Release: https://newsroom.transunion.ca/credit-health-in-canada-remains-steady-despite-high-interest-rate-and-inflation-environment/ Podcast Ep 352 - The Minimum Payment Lie: https://youtu.be/6nbkc8UBW54 Minimum Payments on Credit Cards Are Keeping You In Debt: https://www.hoyes.com/blog/minimum-payments-on-credit-cards-are-keeping-you-in-debt/ Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Maureen Paren

Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today’s podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won’t want to miss this episode. Tune in! Time Stamps 7:42 What is Shrinkflation? 8:31 Groceries vs. Snacks + Tax 11:55 Is the Grocery Rebate Even Helpful? 19:01 Which Days of The Week To Shop Groceries? 23:30 Shop at 3 Different Stores 27:04 Consumers Can Make a Difference Links: The Food Professor Podcast: https://the-food-professor.simplecast.com/episodes Dr. Sylvain Charlebois on Twitter: https://twitter.com/FoodProfessor CRA: GST/HST on food products: https://www.canada.ca/en/reven

We are no strangers to inflation, with the cost of living soaring to new records. But what’s really causing inflation? Where are our dollars going and what’s the impact on the economy? On today’s podcast, David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, returns to discuss his research on why we see inflation and who benefits. David also shares his thoughts on employment, where wages are headed, and whether credit card debt will continue to trend upwards. Tune in for a very informative discussion! Related Links: Podcast 319: CERB Transition to EI https://youtu.be/piEhsYgWU8I Podcast 114: Basic Income, Is it a Silver Bullet for Poverty? https://youtu.be/mi3tWjg1bC4 Where Are Your Inflation Dollars Going Report: https://policyalternatives.ca/publications/reports/where-are-your-inflation-dollars-going David Macdonald on Twitter: https://twitter.com/DavidMacCdn Canadian Centre for Policy Alternatives: https://policyalternatives.ca/ Episode 435 December 31, 2022, Year-End Predic

Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increase your earning potential. Finally, they review the dos and don’ts of increasing income if you have a lot of debt. Tune for great tips! Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/ Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/ Surplus Income Calculator 2022: https:/

The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today’s podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion!   Links:   What Happens If You Can’t Pay Your CEBA Loan? https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/ Hoyes Michalos Bankruptcy Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/ CERB and EI Statistics: https://web.archive.org/web/20220606110225/https:/www.canada.ca/en/services/benefits/ei/claims-report.html CRB Statistics: https://web.archive.org/web/20220604110136/https://www.canada.ca/en

The Canadian government just announced a new Tax-Free First Home Savings Account (FHSA), which will launch on April 1, 2023. This new account gives first-time home buyers the ability to save $40,000 tax-free to put towards their first home. But don’t we already have this program through RRSPs First Time Home Buyers Plan? And what about Tax-Free Savings Accounts (TFSA)? How do these savings vehicles differ? That’s the discussion on today’s podcast, with guest Ted Michalos. Doug and Ted also discuss what happens to money in these accounts when you file a consumer proposal or bankruptcy and whether you should first pay down debt or invest. Tune in for lots of practical advice! Helpful Links: Design of the First Home Savings Account: https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html Ottawa’s New Tax-Free Home Savings Account is Coming – What To Know: https://www.jamiegolombek.com/articledetail.php?article_id=1998 Should You Pay Down Debt or Invest in

Fraudsters and scammers look for every available opportunity to prey on you. How can you protect yourself? Enter Rachel Jolicoeur. Rachel is the Director of Cyber Market Intelligence & Financial Crimes at Interac, and she is back on the podcast with Doug Hoyes to share the top scams she’s seeing in 2023, from renter scams to investment cons. Rachel shares lots of practical tips and helpful information to help you stay vigilant. You won’t want to miss this show. Tune in & share to spread awareness. 1:40 Renter Scams 5:55 Loan Scams 9:51 Employment/Job Scams 15:59 Investment Scams 21:06 Canada Revenue Agency (CRA) Scam 25:04 How Interac Auto-Deposit Prevents Fraud Links: How to Avoid E-Transfer Email Scams: https://youtu.be/971-DQWk4CI Interac Digital Self-Care Checkup: https://www.interac.ca/en/content/life/digital-self-care-stay-safe-online-with-the-ultimate-cyber-security-checkup/ Online Investment Cyber Crime: https://ottawa.ctvnews.ca/it-s-heartbreaking-ottawa-woman-says-she-lost-100-000-in-an-on

A debt service ratio basically the amount of your monthly income that’s used to service your monthly debt payments. But why does this ratio matter and what’s a good debt service ratio to have? On today’s podcast, Doug Hoyes and Ted Michalos break down how a debt service ratio is calculated, what it means for your financial health and practical advice for how to avoid a high ratio and debt problems. Tune in to this episode, which also serves as a great introduction to financial literacy. Links: What’s the Wealth Effect (And Why It Matters To You): https://youtu.be/jVjVS8gik2o 4 Personal Finance Ratios That Measure Debt Risk: https://www.hoyes.com/blog/4-personal-finance-ratios-that-measure-debt-risk/

When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if you can repay only some of your debt? On today’s podcast, Scott Terrio returns with Doug Hoyes to give practical advice on dealing with collection agencies and spotting their tricks. They also share specific tips for approaching Canada Revenue Agency when you have unpaid tax debt. Tune in for a great show! Related Links: Exposing Collection Agencies’ Dirty Tricks: https://www.hoyes.com/blog/collection-agency-dirty-tricks/ Collection Agents: How Did They Find Me? https://www.hoyes.com/blog/collection-agency-dirty-tricks/ Top 10 Tips for Dealing with a Collection Agent: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/ Can a Collection Agency Take Me to Court? https://youtu.be/6UHpCGqVP4k

We just released our 2022 Hoyes Michalos Consumer Insolvency Study which found that 49% of all insolvencies are now being filed by Millennials. Millennials were the only age demographic to see a rise in their unsecured debt obligations last year. On today’s podcast, Doug Hoyes and Ted Michalos explain why Millennial insolvencies are rising. They also discuss another alarming trend from our study – the growth in Rapid Loan (high-cost payday and installment loan) usage. Tune in for a great discussion! Links: Hoyes Michalos Consumer Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/ Rapid Loans & Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/how-insolvent-borrowers-use-payday-loans/

Amid layoff announcements and rising cost of living, you may be feeling like you’re in a crisis or about to face one. What do you do? And what should you avoid doing? How can you manage your financial health when your stress levels are at an all-time high? Enter Maureen Parent. On today’s podcast, Maureen gives lots of practical advice along with dos and don’ts of dealing with job loss, high food costs, and managing your bill payments when money is tight. Tune in for an inspiring discussion! Links: Five Tips to Survive an Economic Crisis: https://www.hoyes.com/blog/five-tips-survive-economic-crisis/ Maureen Parent, LIT: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Maureen Parent on Twitter: https://twitter.com/MaureenParent7

Less than one year ago, the Bank of Canada overnight rate was just 25 basis points. Today, it’s 450 basis points – an 18X increase. How have record rate increases affected homeowners and potential homebuyers? What about borrowers with a home equity line of credit (HELOC)? On today’s podcast, Ron Butler, mortgage broker extraordinaire, gives us insight into the mortgage world in 2023. He also discusses how recency bias affects our decision-making, with lots of practical advice to avoid paying more for your mortgage than you need to. Tune in! Links: Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/ High Interest Rates: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Bank of Canada, share of mortgages with high Debt Service Ratio: https://www.bankofcanada.ca/rates/indicators/indicators-of-financial-vulnerabilities/ Average Toronto house prices: https://wowa.ca

When you think you're rich, you’re more likely to spend more. And when you’re not so confident about money, you may hold back and save. This is how the wealth effect works. But are there any risks to this effect? On today’s podcast Doug Hoyes and Ted Michalos give real-life examples of how the wealth effect works and why it may cause you unwanted debt problems if you’re not careful. Tune in for a great discussion. Links: Are Wealth Effects Important For Canada? https://www.bankofcanada.ca/wp-content/uploads/2010/06/pichettee.pdf Podcast 435 – Why Are Consumer Insolvencies Back Up? https://youtu.be/3i22JpmcozY