Debt Free In 30

Sometimes borrowing money is a necessity. But do we always borrow because we need to? What role do banks, credit unions, and credit score providers play in influencing our decisions? On today’s podcast, Scott Terrio is back with Doug Hoyes to break down how lenders encourage borrowing and they share practical advice for how to say no. Tune in for a great discussion! Related Links: Loan Affordability – What To Know Before You Borrow: https://youtu.be/GgdykU5lGvw Banks Can Take Your Money Without Warning: https://youtu.be/OgO-3JE6wGM The Average Joe and Jane Guide to Smart Borrowing: https://www.hoyes.com/blog/average-joe-jane-guide-smart-borrowing/

When you’ve got a lot of debt to deal with, it can be tough to know where to start. Should you pay off the smallest debt first? Or the highest interest one? On today’s podcast, Doug Hoyes and Ted Michalos break down how to answer this age-old question with lots of practical advice, a discussion about the debt snowball vs. debt avalanche method, whether debt consolidation is a good idea, and when it’s time to speak to a Licensed Insolvency Trustee. Tune in for lots of great tips!   Links:   Which Debts Should You Pay First? https://www.hoyes.com/blog/which-debts-should-you-pay-first/ Debt Snowball Method vs. High Interest First https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/

It’s the start of a new year and a good time to plan your finances for the next few months. On today’s podcast, Maureen Parent is back to walk you through the steps. She explains how you can plan for your expenses and the importance of looking at costs on an annual basis instead of monthly. Maureen also gives practical advice on adjusting your budget for inflation as grocery costs keep rising, as well as on how to budget for longer-term goals. And, if you don’t like budgeting, there are lots of tips for you, too, so your finances are still organized! Tune in for a great discussion. Related Links: 7 Reasons Why Budgets Fail & How You Can Succeed: https://www.hoyes.com/blog/7-reasons-why-budgets-fail-and-how-you-can-succeed/ Use a P.L.A.N. Account When Budgeting: https://youtu.be/pSQ3jvrFVHU The Secret To Budgeting – Pay Your Bills As You Get Paid: https://www.hoyes.com/blog/the-secret-to-budgeting/ Free Budgeting Workbook: https://www.hoyes.com/free-budgeting-workbook/ Mint.com Budget App: https://mint.in

Both consumer debt and insolvencies have turned sharply upward again. What’s contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what’s happened with bankruptcies this year and give their predictions for what’s the come in 2023. Tune in for a great discussion! Sources & Related Links: Top 10 Debt Statistics for 2022 & What’s Ahead for Consumer Insolvencies: https://www.hoyes.com/blog/top-10-debt-statistics-for-2022-and-whats-ahead-for-consumer-insolvencies/ National Rent Report, Rentals.ca: https://rentals.ca/national-rent-report  Teranet-National Bank House Price Index: https://housepriceindex.ca/2022/11/october2022/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Consumer Price Index Statistics Canada: https://www150

We spend a lot of our time in the virtual world these days – on our phones, apps, social media – and sometimes the line between virtual reality and physical reality gets blurred. Sometimes even to the point where we make real world decisions based on what we see in the virtual world. On today’s special and short podcast, Doug Hoyes helps us understand why it’s important to distinguish between physical and virtual reality so we don’t end up in serious financial trouble.

For the last 30 years, credit card debt has been going up. In November 1990, Canadian households owed $9.8 billion on their credit cards. Today, they owe nearly $90 billion. Why has credit card spending surged in the last three decades? On today’s podcast, Doug Hoyes and Ted Michalos discuss how inflation and easier access to credit products have contributed to our indebtedness and provide practical advice for how to deal with your credit card debt. Tune in for a great discussion.   Related Links: Statistics Canada. Table 36-10-0639-01  Credit liabilities of households https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 What to Know About Credit Cards To Use Credit Wisely: https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/ How to Pay Credit Cards – Pay More Than The Minimum: https://www.hoyes.com/blog/how-to-pay-credit-cards-minimum/

If a company goes bankrupt, should the employees lose their pension or have their benefits reduced? No, of course not. But it has happened. There is new legislation before Parliament to protect pensions, but will it have unintended consequences? What will this mean for average person? How does this affect businesses? On today’s podcast, Doug Hoyes and Ted Michalos explain the different types of pensions employers offer, what happens when a company goes out of business, and they discuss the broader implications of the incoming legislation. Tune in! Related Links:   Should Company Pensions be Protected in Bankruptcy? https://www.hoyes.com/blog/should-pensions-be-protected-in-a-corporate-bankruptcy/ Hansard, debate on Bill C-228 https://www.ourcommons.ca/DocumentViewer/en/44-1/house/sitting-130/hansard Sears Canada pension settlement: https://kmlaw.ca/cases/sears-canada/ Bankruptcy & Insolvency Act, section 60 (1.5) https://laws-lois.justice.gc.ca/eng/acts/B-3/page-10.html#docCont Bankruptcy & Insolve

At some point in life, you’re going to need a loan. But before you sign on the dotted line for a loan, figure out if you can afford it. How? That’s the focus on today’s podcast. Ted Michalos is back to share practical advice for how to figure out loan costs by yourself so you don’t get take on more debt than you can handle. Ted and Doug review three common loan types: debt consolidation loans, auto loans, and installment loans. Tune in for lots of great tips! Resources Mentioned in the Show: Debt Consolidation Loan Calculator: https://www.calculator.net/debt-consolidation-calculator.html Car Loan Calculator: https://wowa.ca/car-loan-calculator Installment Loan Calculator: https://www.calculator.net/loan-calculator.html

We need good credit to get things like an apartment or a cell phone or to qualify for an affordable loan. But what if you’ve struggled with managing credit and now have bad credit? Is a credit card the solution to fixing bad credit? It can be if you know how to use it. On today’s podcast, Jennifer Kwon, LIT, returns with lots of practical advice for how to use a credit card wisely to rebuild credit, what types of credit cards exist, and the dos and don’ts of credit rebuilding. Tune in for the discussion with Jennifer Kwon and Doug Hoyes!

Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today’s podcast, Ted Michalos and Doug Hoyes discuss the true cost of these installment plans, the extra fees you need to pay, and why they can put your finances at risk. Tune in for lots of practical advice.   Links Mentioned In The Show:   Should You Be Charged a Fee For Using Credit Cards? https://youtu.be/k-R_ipxjjHk New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI CIBC Pace It https://www.cibc.com/en/personal-banking/credit-cards/manage/installment-plans.html Canadian Tire Bank equal payment plan: https://triangle-uat15.cantire.net/en/financing.

Some of our clients get the unhappy surprise of seeing a zero-dollar balance in their bank accounts because the bank took their money. Yes, this is legal. It’s called the right of offset. If you owe the bank money and you’re behind on payments, they can clear your bank account, without warning. How do you avoid this happening to you? Enter Scott Terrio. On today’s podcast, Scott and Doug discuss why, how, and when the bank can exercise their right of offset and how you can avoid this, even if you can’t afford to pay your debts as they come due. Tune in for lots of practical advice!   Related Links:   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/ Why Do I Need to Switch Banks? https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/

The price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today’s podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in!   Links Mentioned in the Show:   What’s The Point of Financial Literacy Today? https://youtu.be/ALp2KEV5atw Christmas Etiquette When You’re Dealing with Debt: https://www.hoyes.com/blog/christmas-etiquette-when-youre-dealing-with-debt/ Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

It’s that time of the year again – Financial Literacy Month (2022). Is there any point to it?  Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he’d like to share with you regarding today’s economy, how it’s impacting Canadians, and what you can do.   #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy   Links: Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos website: https://www.hoyes.com/  

Mortgage rates are up, and real estate prices are down. What does this mean for you if you’re renewing your mortgage? Can your bank decline your renewal and what are your options if they do? On today’s podcast, Ted Michalos returns to give practical advice for how to approach your mortgage renewal in a rising rate environment, whether selling is a good option, and how to deal with unsecured debts if you’re overwhelmed. Tune in for lots of tips! Related Links: Mortgage Challenges After Record Rate Hikes with Ron Butler: https://youtu.be/kJ9vyHA5pJw Renewing Your Mortgage as Rates Change: https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Can’t Pay Your Mortgage? Options To Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit score and a credit report? Maureen Parent is back on today’s podcast to answer all these questions and offer practical advice for maintaining healthy finances. Tune in. Resources Mentioned in the Show: Free Credit Rebuilding Course: https://courses.hoyes.com/courses/rebuild-credit A Clean Credit Report Does Not Equal a Good Credit Report: https://www.hoyes.com/blog/a-clean-credit-report-does-not-equal-a-good-credit-report/

Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going to switch to cash? How will this affect our budgets? And is this even fair to the consumer? Ted Michalos is back to discuss and offer lots of practical advice. Tune in.   Resources Mentioned in the Show:   What You Need to Know About the New Credit Card Surcharge: https://www.cbc.ca/news/credit-card-surcharge-faq-1.6610356 Loblaws Financial Statements: https://www.loblaw.ca/en/investors-overview Canadian Tire Financial Statements: https://corp.canadiantire.ca/English/investors/financials-reporting/annual-disclosures/default.aspx

Did you know that bankers often refer to debt consolidation loans as a ‘never, never plan,’ meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today’s podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a ‘never, never plan,’ and offer practical advice to help borrowers actually eliminate their debts. Tune in! Links: Risks of Debt Consolidation Loans – The Hidden Traps: https://www.hoyes.com/blog/debt-consolidation-loans-the-hidden-trap/ Hoyes Michalos Debt Repayment Calculator: https://www.hoyes.com/debt-repayment-calculator/ Hoyes Michalos Debt to Income Ratio Calculator: https://www.hoyes.com/debt-to-income-ratio-calculator/ Government of Canada Credit Card Payment Calculator: https://itools-ioutils.fcac-acfc.gc.ca/CC

With record inflation, many people are feeling the pinch, and we’ve even been asked if it’s possible to skip a bill or two just to get to the next month. Well, on today’s podcast, we’re addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in. Links: Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Hoyes Michalos Kanata Office: https://www.hoyes.com/ontario-offices/kanata/ Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/             Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web Credit Counsel

Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you’re probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today’s podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good time to buy. Ron also shares a special announcement at the end of the podcast – be sure to tune in for some great insights and practical advice. Links: Ron Butler on Twitter: https://twitter.com/ronmortgageguy High Interest Rates and Debt: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Average Toronto House Prices: https://wowa.ca/toronto-housing-market Butler Mortgage (Mortgage Rates): https://www.butlermortgage.ca/mortgage-calculator/ Show 293: Debt, HELOCs, and The New Wor

We’ve now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender’s discretion. On today’s podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice to help you spot when your own finances may be at risk. Tune in for a great discussion!   Related Links:   Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/