Debt Free in 30

In a past episode we talked to four industry experts about good debt vs. bad debt. Having listened to that episode, my guest today argues that there is no such thing as good debt, there is only bad debt and not so bad debt. Today’s guest is Steve Stewart, a Financial Wellness Coach and podcast host from St. Louis, Missouri. Steve's opinion of debt is that ...we've made it almost a necessary evil. My opinion of debt is that we made it too easy for someone to get into it; and I don't mean just a little bit. I mean non-mortgage debt levels on cars, credit cards, our children's education. These debt levels can grow to be two, three, even four times our annual salary.

It's Financial Literacy Month here in Canada and to kick it off our guest today is retired math teacher of 30 years, educational speaker and publisher, Dave Mitchell to the show to talk about whether we should be teaching financial literacy in the high school classroom. We have a back and forth discussion about whether teaching financial skills to students who won't use it for many years is productive, or whether we need to focus on teaching skepticism instead.

As a trustee in bankruptcy, I meet with people every day who are struggling to pay off their debt. In the finance world, it's not uncommon to hear shocking stories from clients about threatening calls from collection agents or how they got into debt in the first place. On today's show, I'm joined by Hoyes Michalos bankruptcy trustee, Howard Hayes, collection agent Blair Demarco-Wettlaufer, credit counsellor, Nicole Olsen from Fitness Financial in Windsor and bankruptcy trustee at Hoyes Michalos, Rebecca Martyn from our Windsor and Leamington offices to hear some of the scary stories that they've heard over the years.

Interest rates are low and credit is readily accessible, making it easy to take on more debt. What's more is that debt becomes manageable in this kind of climate, until of course, it's not. This summer the Bank of Canada lowered interest rates, and since that time, media sources have been reporting that Canadians are managing their debt levels and that delinquency rates have fallen. On today’s show our guests are bankruptcy trustees Blair Mantin from Sands & Associates in British Columbia and Barton Goth from Goth and Company in Alberta, to talk about the kinds of trends they're seeing in their own provinces and whether they think those reports accurately represent consumer debt across the nation.

On today’s show Nora Spinks, CEO of the Vanier Institute of the Family, explains why debt is very complicated in the family context. When it comes to family debt, Nora explains that the majority of Canadians carry some sort of debt; the highest debt being mortgages, followed by car loans and education. The pattern has been, and continues to be, that people incur debt when they're starting out in life; buying a house and a car, having children and going to school. However, Nora explains that, “what we are now seeing, that's relatively new in sort of historic economics in this country, is older people with debt, more people retiring with debt and more people accumulating debt while in retirement.” We explore the implications of debt on the family, and discuss some possible strategies to deal with and eliminate debt.

As the cost of higher education increases, so to does the amount of student loan debt for those graduating from university or college and entering the workforce. On today's show we talk about the average student loan debtor, explain why females carrying student loan debt have more difficulty paying it off and Ted Michalos points out that student loan debt doesn't only delay big life events for graduates, but ultimately, it affects the overall economy as well.

Today's guest is Blair Demarco-Wettlaufer, Managing Partner of Kingston Data & Credit, a collection agency servicing Canada and parts of the United States. Blair is a past guest from show #20 where we discussed the collections process and how to stop collection calls. He's back to give us an insider's perspective about ways that collection agents find debtors, including the use of social media to do it, and what you should do once they've successfully contacted you. Gone are the days when collection agents sat smoking at their desks, flipping through index cards and telephone books to find ways to contact debtors. Blair explains that today, there is no shortage of information available to the general public and debt collectors because there are ridiculous amounts of data available now through the internet, through databases, through information technology, and a lot of people aren't aware of what can and can't be used.

It's been over seven years since the Canadian government made changes to the Bankruptcy & Insolvency Act (BIA) in Canada to make bankruptcy more expensive and to promote an alternative: a consumer proposal. Today they are more popular than ever because they have significant advantages over any other form of debt relief option in Canada. But since many still don't know a lot about what a consumer proposal is, we talk with Ted Michalos and Joel Sandwith, trustees at Hoyes Michalos, to answer some of the top questions about consumer proposals in Canada.

Today’s guest is financial blogger and podcast host, Jessica Moorhouse from Mo' Money Mo' Houses We discuss how to make big life changes including relocation, going back to school, buying a home and planning a wedding. These are all common life events that can take a toll on your finances and can be difficult to manage for those already facing debt. As a millennial, Jessica has recent experience with all of these changes and shares her experience and advice with listeners Jessica relocated from Vancouver to Toronto two years ago, and has lots of great advice on planning for a relocation. We also discuss buying a house, which may not be a great idea in an over-heated real estate market. We have lots of great content, so we have a special bonus podcast only segment with more great practical advice from Jessica.

Today’s guest is Susan Eng, Vice President of Advocacy at CARP, an organization focused on helping seniors and future generations with issues like financial security. Susan explains that studies like our Joe Debtor whitepaper catalogue the fears that seniors have today; fears about outliving their savings and their children's and grandchildren's lack of economic opportunities. During our talk, she describes the need for government reform and options for reducing senior debt levels. With the election campaign in full swing Ms. Eng talks about CARP’s past successes, and explains what she’s looking for from the politicians in this campaign. Poverty, debt, and payday loans, we cover it all. In fact, the show ran long, so we’ve got an extra bonus podcast only segment with lot’s of great additional information.

It’s the start of season number two of Debt Free in 30, and we start this season like we started the first season: we let Ted Michalos rant about payday loans. A lot has happened in the last year, and today talks about a presentation he attended this summer with the Ministry of Government and Consumer Services, where Ted gave his thoughts on how to deal with the rise of many new types of high interest lenders. These loans are easy to get, but charge a high interest rate. Ted explains who gets these loans (it’s not who you think), and what borrowers should do if they find themselves caught in a cycle of high interest loans.

For the month of August we are rebroadcasting our most popular shows. We're going to wrap up our "Best Of" summer series with a discussion we had with Jonathan Chevreau about obtaining your own version of Financial Independence or "Findependence" as Jonathan calls it. Jonathan's approach to getting out of debt is to adopt a form of guerrilla frugality in order to get out of debt, stay out of debt and reach your goal of financial freedom. Last week with talked about how people get so deep in debt without evening knowing how they got there. One of the underlying problems is a lack of a balanced budget. To get out of debt Jonathan suggested taking the concept of balancing your budget one step further to something he calls 'Guerrilla Frugality'. He suggests we should live below our means, not just for a year or two, but as a life-long habit. Only by doing so can you pay off your debts and build a strong financial foundation that will support you throughout your life. In many regards that is the lesson learned by most people who file bankruptcy or a consumer proposal. Without access to credit while they are bankrupt, they must learn to live within their means. No credit cards means paying for groceries, the rent and everything else by cash or cheque. This is the ultimate way to ensure you live within your means.

For the month of August we are rebroadcasting our most popular shows. On today's rebroadcast we talk with Gail Vaz-Oxlade about how to build a repayment plan to deal with your debt before it reaches the tipping point. If however you find that you are looking at years and years to pay back your debt then you may need to consider other options. We also talk with Ted Michalos, bankruptcy trustee and co-founder of Hoyes, Michalos about how a consumer proposal can help you get out of debt while avoiding the need to file for bankruptcy.

Gail Vaz-Oxlade is one of the most popular financial experts for a reason. Her no holds barred approach is based on one consistent message: You need to be the one to take action to take care of your debt problems. You may criticize the bank, the credit reporting agency or payday loan companies but at the end of the day you have to be able to identify that you are too deep in debt and need to do something about it. types of debts that most often trigger deep financial problems include credit card debt, high interest financing loans, payday loans and misused lines of credit. In our rebroadcast of one of our post popular podcasts, Gail calls these types of debt 'callable debt'. She recommends you focus any debt repayment plan on this type of debt first, and for good reason. This is the type of credit that can be taken away at a moment’s notice. The bank can cancel your credit cards, your line of credit and demand immediate payment. If you don't have a good credit score this could leave you struggling and at risk of bankruptcy. In the bonus segment Doug Hoyes discusses his experience on reality TV.

Heather Cudmore is a credit counsellor with Carizon Family and Community Services in Kitchener, Ontario, and on today's show we discuss credit counselling. Who does a credit counsellor work for? Is it true that they are just a collection agency for the big banks? What does it cost? What are the fees? Isn't a debt settlement better and cheaper? What about other options? Answers to those questions and a lot more on today's show.

For the month of August we are rebroadcasting (with updated information) our most popular shows. Dr. Lee Anne Davies, co-author of When Life Bites You in the Wallet, discusses the financial challenges faced by seniors and gives practical advice for over-coming "Bag Lady Fears". In an updated introduction to the podcast, we discuss some of the findings from our 2015 Joe Debtor study that revealed that seniors have the highest debt, and are also turning to payday loans. We discuss the implications, and options for dealing with debt.

From now until Labour Day we are rebroadcasting (with updated information) our most popular shows. Today’s guest is Christi Posner, a credit counsellor and new mother. Christ starts the show by telling us how, after graduating from university she had a lot of debt. She got married, and she and her husband wanted to start a family, so they knew they needed to tackle their debt. They did. They paid off their debt, and were in good shape financially to start a family. Even though Christi is an experienced credit counsellor, there were many expenses that surprised her when she went on maternity leave. She shares her practical tips for preparing for the birth of your first child, and gives advice on how to save money while on maternity leave.

On today's show I talk with Adam Rauf, a trustee in bankruptcy and consumer proposal administrator at the Hoyes Michalos St. Catharines and Niagara Falls offices. Adam receives many questions from his clients and came in with a list of 20 concerns that people have when they come in to see him to get out of debt. We narrowed down his list to some questions about what type of debts can be eliminated in a bankruptcy: Can I give back my financed vehicle and get out of my car lease if I file bankruptcy? Will my 407 debts be eliminated in a bankruptcy? If I pay off my consumer proposal early, will there be a penalty? Can a bankruptcy or consumer proposal stop a law suit or wage garnishment due to unpaid debts?

Trustee in Bankruptcy, Benny Mendlowitz answers the most pressing questions about paying down debt by filing bankruptcy. Benny is a trustee at Hoyes Michalos in charge of our Scarborough and North York offices and during the show he answers these frequently asked questions: What does it mean to go bankrupt? What does it cost to go bankrupt? What if I don't want to go bankrupt? Can I keep a credit card during bankruptcy and how will filing affect my credit score? How can I get rid of the stress caused by my overwhelming debt? Benny points out that not everyone has to go bankrupt. However if you can't pay your bills, have credit card debt, struggle with your car payments you need to do something. Meeting with a bankruptcy trustee is a start.

Today’s guest is Joel Sandwith, trustee in bankruptcy and consumer proposal administrator at Hoyes Michalos working out of our London and Sarnia offices. Normally we broadcast an FAQ show on the last Saturday of the month, but we receive so many questions that are worth taking the time to answer that we decided to run an FAQ series during July; starting with this one. To prepare for this show Joel made a list of the most frequently asked questions that he receives from clients. The burning questions on everyone's mind focuses on credit rebuilding, what happens to a house when you file bankruptcy and why clients should choose Hoyes Michalos. Tune in for the answers to these questions.

Today’s guest is Daniel Veinot, a lawyer and partner at Duncan Linton in Waterloo, and we discuss student loan debts and how they are handled by bankruptcy law. Daniel discusses whether student loans are automatically discharged in a bankruptcy or consumer proposal, when it's possible to go to court and how many years an individual needs to be out of school before they can discharge any outstanding student loan debts. Student loan debt is on the increase. In May, 2015 we released our biennial Joe Debtor study assessing debt levels based on over 6000 client files from 2013-2014 and revealed that student loan debt is a growing problem in Canada. From that study we found that 13.4% of people who filed bankruptcy or a consumer proposal with us had student loan debt (up from 12.7 two years earlier). What's more, average student loan debt increased 4.3% over the past two years to just under $14,000. On today’s show we discuss the law, and your options for dealing with student loan debt.

Right now, interest rates are at record lows, benefiting those who have good credit. But what if you don't have good credit or can't get credit at all? Today’s guest is Jim Dunbar, the Managing Partner and Chief Commercial Officer for Affirm Financial Services, a company that provides consumer loans, term loans and unsecured credit cards to individuals who have been turned down by the banks. Jim explains the type of credit card that they offer, who the card is intended for and how it could help to rebuild credit. Disclaimer: The guests that on this show offer a different perspective and many times a different one than my ours. We have people on this show not as a commercial for their product, but rather, to provide information and multiple points of view for my listeners. The guests on this show are not paying to be here and alternatively, they are not being paid to talk to us. Nor are we endorsing their views or their product. What we are here for is to discuss options. All financial decisions should be researched and assessed as a specific solution to your unique situation.

Richard Dunwoody has 30 years experiences providing consulting services to the financial services industry through AFO Venture Group. On today's show Richard offers his opinion on how credit counselling agencies in Canada operate and what this means to consumers. At our firm we work a lot with local, not-for-profit credit counselling agencies that meet face-to-face with clients using a "whole person" approach. I am a supporter of these kinds of organizations because they meet with people face-to-face, help people deal with the underlying causes of their financial difficulties and teach useful money management skills like creating a budget and finding ways to save money. In fact, I've had two local credit counsellors on this show: Heather Cudmore from Carizon in Kitchener and Sue Davey from Brant Family Counselling. Richard's disapproval does not lie with these local not-for-profit agencies, but rather, the systems in place in Canada for credit counsellors regarding aspects like qualification and accreditation. He also expresses concerns that consumers are not asking the right questions when it comes to entering into a program like a debt management plan to deal with their debts.

Before now, there really were no rules governing debt settlement companies in Ontario, which meant that they could charge large up-front fees, only to refer the client to a bankruptcy trustee once legal action was taken by a creditor. The process has already started and on January 1st, 2015 the Collection Agency Act was renamed the Collection and Debt Settlement Services Act. On today’s show Ted Michalos talks about the new legislation and what it means for consumers. We often hear that clients are afraid to seek help from a trustee in bankruptcy because of the stereotypes and misconceptions about the process. Debt settlement companies feed off this fear by placing ads claiming to be able to settle their debts for pennies on the dollar, while avoiding bankruptcy. Unfortunately, more often than not, these informal debt settlement companies fail, hurting the consumer both emotionally and financially. The new debt settlement legislation attempts to protect consumers from these abuses.

It's time for another FAQ podcast and today we talk about if and when you might be responsible for your spouse's debt and how one spouse filing bankruptcy might affect the other. To answer these questions we talk with Hoyes Michalos Trustee in Bankruptcy Jason Quinney about joint debts and co-signed loans. Jason explains what a joint debt is, what happens to a co-signer if a debt goes unpaid and clears up the misconception that joint debts settled in a bankruptcy or consumer proposal need to be filed individually.

Today’s guest is Ian Penney, President of Janes & Noseworthy in Newfoundland and Labrador. Recently, oil prices have declined, affecting the finances of those who work and/or live in a boom-bust economy. Alberta is a prime example of this type of economy, but the sting is also being felt in Newfoundland and Labrador. As lay-offs continue and people are forced to find alternatives, Ian has noticed that personal finances are taking a hard hit, and that as a result, people are turning to bankruptcies and consumer proposals to eliminate debt. When oil prices were lucrative and the industry was booming, many Canadians joined the ranks to cash in; including a high volume of workers from the east coast. Oil companies would often fly workers home on their off days and set them up in a hotel or a camp while in Alberta - life was good. But now that oil prices have fallen, how are workers coping? That’s the topic of discussion on today’s podcast, and Ian gives some practical advice for managing debt in a boom and bust economy.

So you’ve got a bunch of debts. You owe money on three different credit cards, and a payday loan, and you still owe some money on an old cellphone bill. You’ve got a job, and you’ve got money coming in every month, but it’s hard to juggle five different debt payments every month, all on different days, in addition to all of your regular bills. Wouldn’t it be great to consolidate all of your debts into one monthly payment? No more juggling your paycheque to make a bunch of payments every month; you would just have one easy monthly payment. Sounds great, right? Debt consolidation does sound great, and in some cases it is a good idea. Other times, not so much. On today’s show Mark Moreau explains how you can use the equity in your home to consolidate your debts, and he explains why it may or may not be a good idea.

On today’s show Ted Michalos and Doug Hoyes discuss the just released Hoyes Michalos study: Joe Debtor: Marginalized by Debt. Canadians do not appear to be worried about high debt levels. Interest rates are at record lows, and bankruptcy rates have declined for the last five years. Unfortunately that obscures the fact that at risk groups, including seniors, single parents and people with student loans, don’t qualify for traditional low cost borrowing options, so they turn to payday loans, quick cash installment loans, and other high interest crippling forms of debt. Doug and Ted discuss the results, and explain how to recognize the warning signs of excessive debt.

Today’s guest is Mark Silverthorn, who was once the most prominent collection agency lawyer in Canada, sending out 10,000 collection letters every month. Today he’s a consultant for debtors, and is the author of The Wolf at the Door, a book about “What to do when collection agents come calling”. Mark Silverthorn says on the show that collection agents have every right to collect money that is legitimately owed, but he believes they should follow the rules and behave in a professional manner. He surveyed his contacts in the collection industry and gives us the five dirtiest tricks used by collection agents, and gives advice on how to avoid or stop collection calls.

On today’s show Ted Michalos explains that bankruptcy isn’t free. Even though you may have limited resources, it does cost money to go bankrupt. Ted explains why it costs money, and how the concept of surplus income impacts on the cost of your bankruptcy. Ted also explains how a consumer proposal is an effective solution for avoiding the excessive monthly cost of bankruptcy.

On today’s show Leigh Taylor, a bankruptcy trustee with LC Taylor and Associates in Winnipeg, gives his opinion on how to deal with debt. He explains why cashing in your RRSP to pay off debt may not be a good decision. He also explains why you should avoid co-signing a loan, how debt consolidation works, and whether or not you are a good person if you have debt.

On today’s show Vikram Barhat, a finance writer whose work has appeared in The Globe & Mail, BBC, and Morningstar Canada, answers a common question: If I save up $1,000, should I use it to pay off debt, or should I contribute it to my RRSP? It’s a difficult question. Paying down debt saves future interest, but contributing to an RRSP generates a significant tax saving for many people. Vikram provides his thought process for helping make that decision. In the Let’s Get Started segment gives his thoughts (and not surprisingly he is not a big fan of debt).

On today’s show we talk with mortgage agents Michael Smele and Bev Gay about whether it's possible to get a mortgage to buy a house after, or even during, a personal bankruptcy or consumer proposal. They each give their opinion about who can qualify for a mortgage and what options are available to individuals with poor credit. The biggest take-away from our conversation is that when considering buying a house, saving up the biggest down payment possible will not only reduce your monthly payments, but it could also mean that CMHC insurnace fees will not be included in those monthly payments.

Today’s guest is Ian Martin. Ian is both a licensed Bankruptcy Trustee and Chartered Professional Account, and he also has seven years of experience working at Canada Revenue Agency. As someone who understands both tax law and insolvency law, Ian brings a wealth of knowledge to the conversation and provides in-depth answers to many common tax debt questions. On today’s show we answer many frequently asked questions about tax debt, including whether or not tax debt can be included in a bankruptcy, and whether or not it’s possible to make a deal with Revenue Canada.

Today's guest is Rob Carrick, the personal finance columnist for the Globe & Mail. When the Globe announced they were going to start a financial boot-camp, Rob discovered that the most urgent concern for Canadians is debt, and they told Rob that they are in debt because they can't control their spending. On today’s show Rob talks about debt for both seniors and Gen Y, and he gives is thoughts on why it’s better to save for retirement as compared to paying down your mortgage.

Today’s guests are Rebecca Martin, Trustee in Bankruptcy and Consumer Proposal Administrator at Hoyes, Michalos & Associates Inc. and our co-founder, Ted Michalos. We talk about one of the biggest reasons people contact a Bankruptcy Trustee in a panic - they've received notice from a creditor or their employer that their wages are being garnished. Today's podcast explains everything you need to know about wage garnishments and what you can do about it. Rebecca explains what a wage garnishment is, how it works, and who it effects. To round out the discussion, Ted offers solutions for dealing with a wage garnishment if it happens to you. His biggest piece of advice: be proactive and take control of your financial situation. Don't let a wage garnishment be the straw that breaks the camel's back; make a plan to deal with debt before it gets that far.

Today’s guest is Christi Posner, a credit counsellor and new mother. Christ starts the show by telling us how, after graduating from university she had a lot of debt. She got married, and she and her husband wanted to start a family, so they knew they needed to tackle their debt. They did. They paid off their debt, and were in good shape financially to start a family. Even though Christi is an experienced credit counsellor, there were many expenses that surprised her when she went on maternity leave. She shares her practical tips for preparing for the birth of your first child, and gives advice on how to save money while on maternity leave.

Today our guest is Scott Schaefer, Chartered Accountant, Consumer Proposal Administrator, and Trustee in Bankruptcy at Hoyes, Michalos and Associates to discuss the roles of specific parties during a bankruptcy and consumer proposal. Scott explains the meaning of a debtor, creditor, and trustee, and breaks down the filing process, step by step. Scott also explains the role of the trustee. Who does the trustee really work for? We cover that question in the second and third segments. In the final Let’s Get Started segment Scott tells a success story.

Today's guest is David Trahair, Chartered Professional Accountant and author of several books about personal finance including the book we talked about today: Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt. David makes an excellent case for why consumers should pay off their debts rather than save money. David explains that most of us have bought into the dream that we can have anything we want because debt allows us to do that. This is particularly true in today's tempting low interest rate environment. But as David points out, things can change, and not for the better. A prime example of this is what happened in the US housing market melt-down of 2008 - 2009. And it looks like it's happening again in Fort McMurray. So many Canadians earning a good income, taking on huge debt only to find that, suddenly, their economic circumstances took a sudden u-turn. Find out more on today's show.

Today we answer the question: is all debt bad, or is there such a thing as good debt? Our first guest is Par Foran from the CTV Television Network who gives his opinions (and not surprisingly he doesn't believe that borrowing for a vacation is good debt). Our second guest is Robert Brown, author of Wealthing Like Rabbits, who has a very interesting take on good-bad debt and bad-good debt. Listen carefully; it's a brilliant concept. Robin Taub, CPA, returns to give her thoughts, and in the Let's Get Started segment Dr. Lee Anne Davies rounds out the discussion with her thoughts. Did we answer the question? You be the judge.

Our guest today is Robin Taub, a Chartered Professional Accountant, financial literacy consultant, public speaker, blogger, and author of The Parent's Guide to Raising Money-Smart Kids. Robin discusses why it's so important to teach children about money, the challenges that parents face, and solutions for getting started. Money management isn't always easy and teaching it to someone else can be just as difficult. There are many reasons that discussions about money might not take place, but it's important to overcome those challenges and make it a priority. In Robin's book she explains that challenges include a lack of knowledge by parents, not knowing how to approach the topic, limited opportunities to talk about money, or parents might not be good at money management themselves.

Today's first guest is Ian Martin, a bankruptcy trustee who explains that in many cases there is a "better" time of year to file a bankruptcy or consumer proposal. Howard Hayes is our second guest, and he explains how a bankruptcy filing impacts you acting as an immigration sponsor. Ian returns in our Let's Get Started segment to answer our final question of the day: is bankruptcy morally wrong.

Our guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry. Eric explains how credit bureaus work, and who they work for (hint: they don’t work for you). He explains how to check yoOur guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry. Eric explains how credit bureaus work, and who they work for (hint: they don’t work for you). He explains how to check your credit report, and how to improve your credit score.ur credit report, and how to improve your credit score.

Our guest on today is Blair Demarco-Wettlaufer, a Managing Partner for Kingston Data & Credit, a Canadian debt collection agency. Blair gave us the ins-and-outs of the collection world, including the typical life of a debt once it has gone to a collection agency and what your options are for dealing with collection calls. He gives lots of practical advice, including what to do when legal action is threatened, and how to negotiate a payment arrangement.

Our first guest is Gail Vaz-Oxlade who says it’s time to “stop whining about being in debt, you had your fun, you made a mess, now it’s time to clean it up, get busy.” She provides a four step plan for cleaning up your debt mess. In our second segment Ted Michalos returns, and we consider the case of Mary and Joe, who have a good income, but have more debt than they can ever hope to pay off on their own. We discuss how a consumer proposal can help them clean up their debt mess. Their options for dealing with debt, but it takes a plan, and the sooner you start, the sooner you will be debt free.

On today’s show Doug Hoyes interviews Ted Michalos, and they offer their opinions on the current state of the economy, and outlined several predictions for the coming year, touching on important financial topics such as the economy, unemployment, and interest rates. We start with a look back to the credit crisis of 2008, and the resulting peak in bankruptcy filings in 2009. As interest rates have declined many debtors now act as though money is virtually free, and have financed large mortgages and car loans, which will cause serious financial issues when interest rates inevitably increase. We offer some advice on strategies to protect yourself in 2015.

This is our final show for 2014, and as the holiday season ends and we move into 2015 we take a look back at some of the topics we’ve discussed here on Debt Free in 30. Ted Michalos explains that 11% of Canadians will file a bankruptcy or a consumer proposal in their lifetimes; he explains why. Dr. Lee Anne Davies discussed her research on the topic of aging, and how debt will impact older Canadians. Our most popular guest from 2014, Gail Vaz-Oxlade, discussed debt and financial literacy.

In our 2014 Holiday Season Tip Show, we invite back three of our most popular guests with some all new holiday season tips. Dr. Lee Anne Davies gives a tip for keeping credit card debt under control, an important consideration at this time of year. Gail Vaz-Oxlade returns with a tip about managing your banking relationship, a very important tip any time of the year. Credit Counsellor Heather Cudmore gets into the holiday spirit with a tip for a more meaningful, and cost-effective holiday season.

Today’s guest is Sarah Milton, author, blogger, and personal finance expert. Sarah gave a great explanation of the four money personalities, and explained how we each have a money thermostat. To improve your money management skills, understand which money personality you are, and then adjust your money thermostat to an appropriate level for your unique circumstances. In the bonus podcast segment Sarah discusses why women have different money issues than men, and gives more practical advice on money management. She also lists some books that she recommends for everyone wanting to improve their knowledge of personal finance.

Today’s guest is Robert Brown, author of a new book called “Wealthing Like Rabbits – An Original Introduction to Personal Finance”. Robert gives us lots of practical advice, including his thoughts on house buying and mortgages, and debt in general. In the second and third segments we discuss Robert’s more controversial opinions, including Starbucks, where Robert believes that having an expensive coffee is not always a bad financial decision. We also discuss savings and debt. If you have debt, is it always better to pay off your debt and then start saving? Not according to Robert, who gives his opinions on why he believes you should start saving immediately.