Debt Free in 30

You've got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage. They'll also share their advice on what steps to take if you're unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money. Time Stamps: 00:00 Pay off debt on your credit card 02:53 Pay off debt or put money in an RRSP? 04:54 Pay off your mortgage or invest in an RRSP? 06:16 Investing may be better than paying off debt for first time home buyers 07:03 Investing makes sense when you inherit a lot of money 08:08 RISK 11:42 The smart way to pay off your debt 13:17 Is there an advantage to paying off a secured debt vs an unsecured debt? 16:19 If you can't pay your debts you can file a consumer proposal 21:29 Receiving a lump sum of money during a consumer proposal 27:18 Final thoughts Related Links: Should You Pay Down Debt or Invest in RRSP? - https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/ Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/who-can-file-a-consumer-proposal/ Calculating Payments in a Consumer Proposal - https://www.hoyes.com/blog/calculating-payments-in-a-consumer-proposal-the-last-step/ How to File a Consumer Proposal in Ontario - https://www.hoyes.com/consumer-proposals/filing-consumer-proposal-process/ Consumer Proposal Help When Expecting Lump Sum Payments - https://www.hoyes.com/blog/consumer-proposal-when-lump-sum-payments-received/ Hidden cameras reveal how big banks are upselling you (Marketplace) by CBC - https://youtu.be/htm38oM5WFE?si=jNfQ-euLVoS-p7Sn Pay Down Debt or Invest Calculator - https://www.getsmarteraboutmoney.ca/calculators/pay-down-debt-or-invest-calculator/ Pay Down Your Mortgage, or Contribute to an RRSP? - https://www.taxtips.ca/rrsp/pay-down-mortgage-or-contribute-to-rrsp.htm Should You Ever Borrow Money to Invest? - https://youtu.be/XSTycxxd4Zc?si=KODHy7BZ28x52Qc4

Doug is joined by BIA Insolvency Counsellor Charlie Kovacs. They discuss banking in the digital age and cover topics such as service fees, chequing accounts, digital transactions, payment methods (digital vs. cheques), prepaid cards, credit scores, mobile payment options, how to manage digital finances, free tax filing, and finding the best bank rates online. If you're new to digital banking or eager to learn insider tips from finance experts, this episode is a must-listen! Time Stamps: 00:00 Introduction 01:25 How can you bank for free? 03:55 Using a mobile app for depositing cheques 05:14 Why do you have to open a new bank account if you file a consumer proposal or bankruptcy? 07:36 Cheques vs E-transfer 08:23 Debit Cards, Credit Cards, Prepaid Cards 14:57 What is the difference between a loadable credit card and secured credit card? 18:20 How do you keep track of your money digitally? 25:11 How do I file my taxes for free? 27:15 Shop around for the best rates 31:46 Final thoughts Related Links: Why You Should Bank at More Than One Bank - https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ Why Do I Need To Switch Banks? I Love My Bank - https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/ How to Open a New Bank Account For A Bankruptcy or Consumer Proposal - https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets. Time Stamps: 00:00 Introduction 02:43 Are all assets treated the same? 06:31 Cashing out your RRSP to pay debt 13:50 Should you file a consumer proposal or bankruptcy? 22:39 Are RESP's protected in a bankruptcy? 25:43 Owning a house and filing bankruptcy 30:44 Final thoughts Related Links: Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/ Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/ Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/ How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/ How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/ Can't Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/

In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement. Time Stamps: 00:00 Introduction 01:48 Why are payday loans a problem if you are a senior? 04:03 How does a senior end up in debt? 05:45 Payday loans and rapid loans 08:10 Seniors supporting their adult children 10:38 Seniors carrying debt into retirement 11:54 Practical advice 12:30 How can you tell if your parents are in debt? 15:13 How to retire with no debt 21:12 Seniors and financial scams 22:55 Co-signing loans for friends and family 25:00 Should seniors' cash in their RRSP to pay off debt? 27:15 Should seniors file a consumer proposal or bankruptcy? Related Links: Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/ Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/ Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/ Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/ Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/ Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/

In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt leading to insolvencies, and the decline in homeownership. They also share their predictions for the future, including whether inflation will continue to rise, and offer their advice on how to navigate these tough times. Time Stamps: 00:00 Introduction 00:44 Why did credit card debt drop during the pandemic? 03:05 Inflation rate for food 04:16 Shelter inflation 05:45 Credit card debt leads to insolvencies 08:15 How inflation and credit card debt affects everyone 14:35 Why are we not seeing homeowners? 16:52 Predictions 19:32 Practical advice Related Links: What to Know About Credit Cards So You Use Credit Wisely - https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/ Unpaid Credit Card Debt: What Are the Consequences? – https://www.hoyes.com/blog/unpaid-credit-card-debt-what-are-the-consequences/ Can Bankruptcy Stop a Tenant Eviction for Rent Arrears? - https://www.hoyes.com/blog/can-bankruptcy-stop-a-tenant-eviction-for-rent-arrears/ Can't Pay Your Mortgage? Options To Keep Your House – https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Renewing Your Mortgage as Rates Change -https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted - https://www150.statcan.gc.ca/n1/en/catalogue/1810000401 Bank of Canada, Monetary Aggregates https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

In this episode, Doug and Maureen tackle a common financial question: should you build an emergency fund first or pay off debt? They explain why prioritizing an emergency fund can be important, even if you have debt. Learn how developing a savings habit can shield you from unexpected expenses and stop lenders from reducing your credit limit. They also discuss the risks of relying solely on debt for emergencies and how savings can keep you financially secure. Plus, they cover the benefits of paying off debt first, like saving on interest, boosting your credit score, and having the option to use credit for emergencies. Time Stamps: 00:00 Introduction 01:50 What do you use your emergency fund for? 02:59 Reasons why an emergency fund is more important than paying down debt 06:40 The habit of savings 11:11 How much does your emergency fund need to be? 15:20 Where should you put your emergency savings? 23:11 Why should you pay off debt first before saving for an emergency fund 29:12 Final thoughts Related Links: Emergency Fund Critical For Single Parents - https://www.hoyes.com/blog/emergency-fund- - critical-for-single-parents/ Why You Need an Emergency Fund - https://www.hoyes.com/blog/why-you-need-an-emergency-fund/ Emergency Fund or Credit Card Debt? What's the Better Choice? - https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Which Debts Should You Pay First? - https://www.hoyes.com/blog/which-debts-should-you-pay-first/ Dr. Brad Klontz Financial Psychologist - https://www.bradklontz.com/

Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors. Time Stamps: 00:00 Introduction 03:35 Failure rate for consumer proposals 05:07 Why have consumer proposals overtaken bankruptcies in Canada? 08:33 Surplus income 12:12 Are the licensed insolvency trustees making more money on consumer proposals? 14:50 The creditors impact on a bankruptcy and consumer proposals 24:55 Unregulated debt advisors 33:39 Solutions for low-income debtors 44:22 Final thoughts Related Links: Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/ The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system Consumer Proposal vs Personal Bankruptcy - https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/ Is a Consumer Proposal the same as a Bankruptcy? - https://www.hoyes.com/blog/consumer-proposal-bankruptcy/ Who Does What in a Bankruptcy and Consumer Proposal? - https://www.hoyes.com/blog/who-does-what-in-a-bankruptcy-and-consumer-proposal/ Bankruptcy & Your Credit Score - https://www.hoyes.com/personal-bankruptcy/effect-bankruptcy-credit-rating/ Consumer Proposal And Your Credit Rating - https://www.hoyes.com/consumer-proposals/consumer-proposal-affect-credit-rating/ Negotiating Consumer Proposals. What Your Creditors Expect - https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/ Avoid The Surplus Income Penalty With A Consumer Proposal -https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/ Why Surplus Income Is an Important Part Of Your Debt Recovery - https://www.hoyes.com/blog/surplus-income-important-part-debt-recovery/ Surplus Income Bankruptcy Calculator - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/ Surplus Income Payments - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/ Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants? - https://www.hoyes.com/blog/will-the-federal-government-finally-put-an-end-to-unregulated-unlicensed-debt-consultants/

Doug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on the food bank, issues of food inflation and food insecurity, changes in demand since the pandemic, ways to donate, and how those in need can access food. Time Stamps: 00:00 Introduction 01:30 Food assistance programs 02:41 Hunger count 06:56 Food insecurity 08:13 How has the demand for the food bank changed since the pandemic 11:14 Food inflation 14:13 How does the food bank receive food 16:01 How can you donate cash to the food bank 16:51 The impact cost of living has had on food donations 18:20 How can you receive food from the food bank 22:04 Food bank delivery program 22:40 Food bank eligibility and agency support 29:44 Food banks most needed food items 33:40 Conclusion Related Links: Hoyes Michalos is a proud partner of the Food Bank of Waterloo Region - https://www.hoyes.com/community-involvement/ Food Bank of Waterloo Region - https://www.thefoodbank.ca/ Food for Thought Blog - https://www.thefoodbank.ca/blog/ Volunteer at the Food Bank - www.thefoodbank.ca/volunteer Community Food Assistance Network- www.thefoodbank.ca/network/map Hunger in Waterloo Region - www.thefoodbank.ca/about/hunger/

Join Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don't miss this informative discussion on the true cost of owning a home. Time Stamps: 00:00 Introduction 01:20 Mortgage vs rent payments 03:31 Upfront costs of purchasing a home 04:41 Maintenance costs 16:05 Unexpected costs of home ownership 18:18 Practical advice 27:22 Conclusion Related Links: Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Renting Vs. Buying: Which One Makes More Sense?: https://www.hoyes.com/blog/renting-vs-buying-which-one-makes-more-sense/ Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/ How to Avoid Being House Poor – https://www.hoyes.com/blog/how-to-avoid-being-house-poor/ Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/ How to Get a Mortgage Even After Bankruptcy: https://www.hoyes.com/blog/how-to-get-a-mortgage-after-bankruptcy/

Doug is joined by Technical Platform Cybersecurity Specialist, Eric Boivin from Flare. They discuss how cyber attacks can target your bank accounts and personal information, leading to money loss or identity theft. How weak cybersecurity can lead to debt, especially for those with student loans, mortgages, or credit card obligations. Eric shares practical advice on how to avoid fraud, choosing the best password using a password manager, and tools for watching financial accounts for suspicious activity. Time Stamps: 00:00 Introduction 04:46 How can you protect yourself against cyber attacks 10:00 Passwords 20:51 What can you do to protect yourself from a cyberattack? 31:32 Practical advice Related Links: Flare Website - https://flare.io/ Flare LinkedIn - https://www.linkedin.com/company/flare-io/ Bitwarden Password Manager - https://bitwarden.com/

Doug is joined by special guest Canadian economist and author, Jeff Rubin. Jeff discusses his latest book A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever. They discuss inflation, sanctions and their impact on Canadian wages and employment. The conversation also touches on the Bank of Canada, bond yields, mortgages, interest rates, international trade, and the potential for a recession soon and closes with practical advice for Canadians. Time Stamps: 00:00 Introduction 03:45 Inflation 10:47 What does the central bank do to make inflation higher or lower? 19:33 Mortgages and Interest rates 24:15 Are we in a recession now? 26:07 Credit card debt 27:37 Predictions for the future of Canada's economy Related Links: A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever by Jeff Rubin on Amazon https://amzn.to/4a5dSQI The Expendables - How the Middle Class Got Screwed by Globalization by Jeff Rubin on Amazon https://amzn.to/3UKTorM Globalization, Inequality and Debt with Jeff Rubin – Episode 317 https://www.youtube.com/watch?v=-4vvcQqFuxU Jeff Rubin X https://twitter.com/JeffRubin

In this episode, Doug and Ted discuss the subtle ways debt accumulates over time, highlighting the unnoticed expenses that may lead you into debt. Have you ever calculated how much you spend monthly on subscriptions? Consider services like Amazon, Netflix, Disney, meal kits such as HelloFresh or Factor, pet and beauty subscriptions, car subscriptions, book clubs, and newspapers. These examples highlight how your money can slip away without you realizing it and potentially lead you toward bankruptcy. Tune in for practical advice on what to do to reduce these expenses, so you don't find yourself in debt. Time Stamps: 00:00 Introduction 03:00 Set it and forget it method 04:03 Subscriptions 13:01 Why would a business want you to be on a subscription service? 16:49 Practical advice Related Links: The Marketing of Consumer Debt. Avoid The Traps - https://www.hoyes.com/blog/the-marketing-of-consumer-debt-avoid-the-traps/ 52 Tips to Avoid Debt - https://www.hoyes.com/blog/52-tips-avoid-debt/ 5 Debt Lessons Every Student Should Know - https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/ How To Minimize Debt as a Millennial - https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/ How to Minimize Debt as Your Family Grows - https://www.hoyes.com/blog/how-to-minimize-debt-as-your-family-grows/ How to Minimize Debt Before and After Retirement – https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Doug is joined by Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine. In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health. Amanda shares strategies for achieving financial objectives during times of struggle. We also discuss how financial decisions affect our relationships and the importance of values and goals. Time Stamps: 00:00 Introduction 01:17 What is a financial therapist? 03:35 How can a financial therapist help you? 04:13 Do financial problems cause psychological stress? 06:07 How does financial therapy work? 09:01 What's an example of how someone would describe their financial situation? 11:53 Advice for couples dealing with difficult financial decisions 17:00 Client trends in financial therapy 17:37 Values and goals 24:13 How many sessions of financial therapy will you need? Related Links: Are Debt and Mental Health Connected? Understanding Debt Stress: https://www.hoyes.com/blog/are-debt-and-mental-health-connected-understanding-debt-stress/ About Amanda: https://amandaclayman.com/about Amanda Clayman Website: https://amandaclayman.com/ Amanda's Podcast, Emotional Investment: www.Audible.com/emotionalinvestment Amanda Clayman LinkedIn: https://www.linkedin.com/in/amandaclayman/ Amanda Clayman Twitter: https://twitter.com/mandaclay Amanda Clayman Instagram: https://www.instagram.com/amandaclayman/ Amanda Clayman Facebook: https://www.facebook.com/AmandaClaymanFinancialTherapy/ Amanda Clayman Pinterest: https://www.pinterest.ca/claymanamanda/

Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians. Timestamps: 00:00 Documentary announcement 02:37 Why should you care about the Federal budget? 03:00 Taxes 06:28 What is a budget? 08:07 Automatic tax filing for low-income Canadians 10:29 Single sign in portal for government services 11:35 Reduce CRA call centre wait times 12:07 NSF Fees 14:23 Free and affordable bank accounts 17:47 Cell phone fees 18:38 Credit for paying rent 24:12 Credit utilization for rent 26:10 Student housing 27:45 Credit bureaus 29:03 Payday loans 29:55 Final thoughts Related Links: Should Rent Be a Part of a Credit Score?: https://www.hoyes.com/blog/should-rent-be-a-part-of-a-credit-score/ Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html TurboTax Personal Tax Calculator: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp Bretton Woods and Related Agreements Act: https://laws-lois.justice.gc.ca/eng/acts/b-7/index.html

How much does it cost to own a pet? Join Doug and special guest Maureen Parent as they break down the expenses, from breeder fees to food, vet bills, travel, dental, training, and more! Maureen offers valuable tips for managing your pet's expenses while avoiding debt. Time Stamps: 00:00 Introduction 02:05 What are the upfront costs of owning a pet? 06:11 The regular costs of owning a pet 16:55 The unexpected costs of owning a pet 20:33 How much does it cost to board your pet? 21:55 Practical advice for owning a pet 24:04 Pet Insurance 25:42 Smaller pets vs. large pets 27:30 Can rescue pets save you money? 27:55 Toy and treat tips to save you money 29:59 Conclusion Related Links: The Cost of Dog Parenthood in 2024 - https://www.rover.com/ca/blog/cost-of-dog-parenthood/

Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home. From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out. Time Stamps: 00:00 Introduction 01:00 Reasons you should own a home 03:38 Is a mortgage a forced savings plan? 06:10 Reasons not to buy a home 06:21 Timing is everything in real estate 08:17 Variable rate interest only mortgage vs. amortization mortgage 12:03 Moving if you own a home vs. if you rent 15:29 Maintenance 18:50 Credit creep 24:11 Practical advice Related Links: Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/ Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/ Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

Blair DeMarco-Wettlaufer, the Chief of Operations Officer of Kingston Data & Credit joins Doug to discuss the consequences of unpaid debts and their impact on your credit score. They look at real-life scenarios and provide practical advice to manage your credit report. They also discuss what collection agents can and cannot do when it comes to reporting your debts to the credit bureau and how to dispute old debts, so they don't affect your credit. Timestamps: 00:00 Introduction 01:45 If you don't pay a collection agent can it affect your credit score? 04:33 The Statute of Limitations Act. 05:30 The Credit Bureau. 09:45 How and when do collection agents report to the credit bureau? 16:20 What collection agents cannot do when reporting to the credit bureau. 18:14 Can a collection agency remove a debt from your credit report? 23:24 What happens if a collection agency keeps calling the wrong number? 26:07 How owing a collection agent can affect your credit score. 27:43 Practical advice from a collection agent. 34:05 How to reach out to Blair DeMarco-Wettlaufer. Related Links: How Old Tickets and Fines Can Destroy your Credit Score: https://www.hoyes.com/blog/how-old-tickets-and-fines-can-destroy-your-credit-score/ 'Insanely old' city ticket wreaks havoc on Ottawa man's credit score: https://www.cbc.ca/news/canada/ottawa/insanely-old-city-ticket-wreaks-havoc-on-ottawa-man-s-credit-score-1.7141166 Long-forgotten fines won't linger on credit records, city assures residents: https://www.cbc.ca/news/canada/ottawa/city-of-ottawa-parking-ticket-debt-owed-collection-credit-score-1.7152329 Blair Demarco-Wettlaufer's Blog "Receivable/Accounts - Information for Credit and Collection Issues": https://receivableaccounts.blogspot.com/ Legislation Links Cited in the Podcast: Collection and Debt Settlement Services Act of Ontario: https://www.ontario.ca/laws/statute/90c14 The Provincial Offenses Act, section 76: https://www.ontario.ca/laws/statute/90p33#BK105 The Limitations Act of Ontario sets a basic limitation period of two years: https://www.ontario.ca/laws/statute/02l24#BK16 The Consumer Reporting Act of Ontario: https://www.ontario.ca/laws/statute/90c33#BK11 Blair Demarco-Wettlaufer's Previous Appearance Links on Debt Free in 30: Episode 20 – January 17, 2015 - Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer: https://www.youtube.com/watch?v=0tsrKacdx4U Episode 57 – October 3, 2025 Collection Agents: How Did They Find Me?: https://www.youtube.com/watch?v=0SMU1R5N0ms Episode 70 – January 2, 2016 – Top 10 Tips for Dealing with a Collection Agent: https://www.youtube.com/watch?v=736J-IefWrI Episode 264 – September 21, 2019 - How to Negotiate With a Collection Agent: https://www.youtube.com/watch?v=ZgNWpKfBUwU Episode 296 – May 2, 2020 - Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact: https://www.youtube.com/watch?v=S86gnBEkeUY Episode 373 – October 23, 2021 - Your Top Collections Questions Answered by a Debt Collector!: https://www.youtube.com/watch?v=Ue8gFE2Z48w Episode 477 – October 21,2023 The Messy World of Debt Collection and Statute-Barred Claims: https://www.youtube.com/watch?v=6uN82x3ts1k&t=115s

This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy. He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth. Enjoy! Related Links: Build a Get Out of Debt Repayment Plan - https://www.hoyes.com/debt-relief/get-out-of-debt/ Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Statistics Canada, Wealth Gap - https://www150.statcan.gc.ca/n1/daily-quotidien/230331/dq230331b-eng.htm CPI Basked Weight Visualization - https://www150.statcan.gc.ca/n1/pub/71-607-x/2018016/cpi-ipc-eng.htm National balance sheet and financial flow accounts, fourth quarter 2023 -https://www150.statcan.gc.ca/n1/daily-quotidien/240313/dq240313a-eng.htm Wealth Gap, Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/240122/dq240122a-eng.htm Bank of Canada, Monetary Aggregates (Money Supply) - https://www.bankofcanada.ca/?p=47527 Canadian Real Estate Association, National Statistics - https://stats.crea.ca/en-CA/ November 2023 Federal Government Fall Economic Update - https://www.budget.canada.ca/fes-eea/2023/report-rapport/anx1-en.html#a1 Episode 270, The Fable of the 20 Dollar Bill - https://youtu.be/5fYfAvSnNps?si=ziTAfuUWwbdmYHvk

Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise. Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada's auto theft epidemic. They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement. This discussion is essential for Canadian vehicle owners looking to stay safe and understand what actions to take in case of a car theft and how to prevent yourself from falling victim. Timestamps: 00:00 Introduction 02:10 The latest update on car thefts in Canada 04:40 How many stolen vehicles end up departing Canada? 06:14 What is a VIN number and what is re-vinning? 10:44 What happens if you purchase a stolen used vehicle? 12:25 What is the solution to prevent car thefts? 17:45 What measures can individuals take to defend themselves against car theft? 28:40 The cost of enforcement 33:31 Conclusion Related Links: Can You Include Your Car Loan in a Consumer Proposal? - https://www.hoyes.com/blog/can-you-include-your-car-loan-in-a-consumer-proposal/ What Happens to a Financed or Leased Car in Bankruptcy? - https://www.hoyes.com/blog/what-happens-to-a-financed-or-leased-car-in-bankruptcy/ Should You Consolidate or Pay Bills with a Car Title Loan? -https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/ How Car Loans and Car Loan Rollovers Lead to Insolvency - https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Car Thefts Have Reached Crisis Levels Across Canada. How did we get here? - https://macleans.ca/society/car-thefts-have-reached-crisis-levels-across-canada-how-did-we-get-here/ Michael Rothe LinkedIn - https://www.linkedin.com/in/michael-rothe/ Canadian Finance & Leasing Association - https://cfla-acfl.ca/

Planning a wedding on a budget? In this episode, Jessica Bishop, founder of The Budget Savvy Bride, shares expert advice on keeping your big day affordable without sacrificing style. Whether you are dreaming of a traditional ceremony or considering eloping, Jessica's insights will help you celebrate your love without breaking the bank. We discuss micro weddings, destination weddings, the cost of having an open bar, wedding party attire, and more! Don't miss out on these essential tips for a budget-friendly wedding! Time Stamps: 00:00 Introduction 01:42 What does a wedding cost? 03:50 How has the wedding world changed since the pandemic? 05:58 What is a micro wedding? 06:43 How do you save money on your wedding? 10:36 Wedding resources and finances 12:31 Do you consider the potential gift contributions from your guests when planning your wedding budget? 17:09 What amount of money is appropriate to give as a wedding gift? 21:06 Strategies for reducing wedding budget expenses 25:07 Are destination weddings more affordable? 26:59 Wedding party attire 30:29 Should I have an open bar? 32:47 Where to find The Budget Savvy Bride Related Links: Should You Get a Wedding Loan? - https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ The Budget Savvy Bride - https://thebudgetsavvybride.com/ The Budget Savvy Bride Real Wedding Budgets - https://thebudgetsavvybride.com/real-weddings/ Book: The Budget-Savvy Wedding Planner & Organizer: Checklists, Worksheets, and Essential Tools to Plan the Perfect Wedding on a Small Budget – on Amazon https://www.amazon.ca/Budget-Savvy-Wedding-Planner-Organizer-Checklists/dp/1623159857/ref=sr_1_1_sspa?&_encoding=UTF8&tag=moneyproblems-20&linkCode=ur2&linkId=a64ef88027584470ba33c94dfd58c76e&camp=15121&creative=330641 The Budget Savvy Bride on TikTok - https://www.tiktok.com/@budgetsavvybride The Budget Savvy Bride on YouTube - https://www.youtube.com/@TheBudgetSavvyBride The Budget Savvy Bride Twitter - https://twitter.com/savvybride The Budget Savvy Bride Threads - https://threads.net/@budgetsavvybride The Budget Savvy Bride Facebook - https://facebook.com/budgetsavvybride The Budget Savvy Bride Pinterest - https://pinterest.com/savvybride The Budget Savvy Bride Instagram - https://instagram.com/budgetsavvybride Jessica Bishop LinkedIn - https://linkedin.com/in/jessicalehrybishop The Bouquet Toss: A Wedding Planning Podcast - https://thebudgetsavvybride.com/the-bouquet-toss-podcast/ Marriage or Mortgage Podcast Episode - https://thebudgetsavvybride.com/podcast/episode-66-marriage-or-mortgage/ The Wedding Report - https://wedding.report/ Honeyfund - https://www.honeyfund.com/ Something Borrowed Blooms- https://www.somethingborrowedblooms.com/

Top tips on how to file taxes. How to file taxes in Canada, setup your CRA my account, deadlines, government benefits and how to receive your refund with no additional fees. We also discuss tax discounting services, the importance of gathering all your documents, claiming all legitimate deductions such as moving expenses and tuition and notifying CRA of any changes such as your marital status, address, etc. Tune in for great practical advice and recommendations on which tools to use to file your taxes for free in 2024. Time Stamps: 00:00 - Why should you file your taxes? 06:07 - Government benefits 08:30 - Deadlines 14:52 - Set up for CRA my account 24:20 - Do your taxes yourself and file for free 26:54 - Notify CRA of any changes 27:46 - Tax discounting services 32:24 - What if you cannot afford to pay your tax debts? Related Links: Avoid Instant Cash Back: https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/ Tax Debt Relief in Canada: https://www.hoyes.com/debt-relief/tax-debt/ Tax Returns Not Filed Because You Are Afraid You Have Tax Debts?: https://www.hoyes.com/blog/tax-returns-not-filed/ Income Taxes and Bankruptcy - What You Need to Know: https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/ CRA – My Account for Individuals: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html CRA – Due Dates and Payment Dates: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals.html CRA - Interest and Penalties on Late Taxes: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html CRA – Prescribed Interest Rates: https://www.canada.ca/en/revenue-agency/services/tax/prescribed-interest-rates.html CRA – Tax Credits and Benefits for Individuals: https://www.canada.ca/en/services/taxes/child-and-family-benefits.html CRA – Child and Family Benefits Calculator: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html CRA - Tuition Tax Credit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-32300-your-tuition-education-textbook-amounts/eligible-tuition-fees.html CRA - Free Tax Filing Software: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program.html

In this episode, Doug and Ted discuss the risks of co-signing on a loan. They discuss the differences between joint loans and co-signed loans and the impact they can have on your credit. They address common scenarios such as parental co-signing and provide advice on alternative ways to assist friends or children financially without assuming the burden of co-signing. This episode is a must-listen if you've ever considered co-signing a loan. Related Links: How Is Cosigned Debt Treated in a Consumer Proposal? https://www.hoyes.com/blog/how-is-cosigned-debt-treated-in-a-consumer-proposal/ A Complete Guide To Joint Debts https://www.hoyes.com/blog/a-complete-guide-to-joint-debts/ Should Married Couples Get a Joint Consolidation Loan? https://www.hoyes.com/blog/should-married-couples-get-a-joint-consolidation-loan/ Co-Signer vs Co-Borrower | What's the difference? https://www.youtube.com/watch?v=ee4R7mKxp1w Joint Debt and Co-Signing. Am I Responsible For My Spouse's Debt? https://www.youtube.com/watch?v=M9gBlzJXnG0 Don't Lend to Family or Co-Sign – It Can Hurt Your Finances https://www.youtube.com/watch?v=KGpQ4CX_IB4 What Is Joint Debt? https://www.youtube.com/watch?v=jRGcHSWl_nw

In this episode of Debt Free in 30, Ted and Doug discuss RRSP early withdrawals. They weigh the pros and cons of tapping into your savings before retirement and discuss tax implications, CPP and exceptions such as the Home Buyer's Program and the Lifelong Learning Plan. This helpful discussion will give you the knowledge to make the right decisions when it comes to withdrawing your RRSP. Time Stamps: 00:00 - Introduction 00:39 - What is an RRSP? 01:43 - Is there a good time to cash in an RRSP? 2:41 - Withdrawing money from your RRSP 4:38 - TFSA vs RRSP 6:29 - Is there a good time to cash in an RRSP before retirement? 8:23 - If you are buying a home for the first time is it a good idea to take out your RRSP? 10:28 - The lifelong learning plan 12:51 – Should I use my RRSP for living expenses? 15:00 – When should I take my CPP 17:58 – Creditors can't go after RRSP 22:42 – Bankruptcy vs. Consumer Proposal 28:03 – Conclusion Related Links: Canadian Retirement Income Calculator https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html RRSP New Home Buyer's Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html RRSP Life Long Learning Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan.html Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/ RRSP, Registered Savings Accounts and Bankruptcy Laws https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/

In this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and break bad habits! Related Links: Maureen Parent - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Learn Price Matching Tips on the Flipp App to Save Big on Groceries - https://www.youtube.com/watch?v=VHu_cWGlUR8&t=1s What's Really Causing Grocery & Food Inflation? w/ The Food Professor https://www.youtube.com/watch?v=bZrsL4LgI2A&t=3s How to Improve Your Financial Wellness https://www.hoyes.com/blog/how-to-improve-your-financial-wellness/ PSYCHOLOGY OF SPENDING, PROF DRAZAN PRELEC https://betterworld.mit.edu/spectrum/issues/winter-1999/the-psychology-of-spending/ PSYCHOLOGY OF MONEY: SAVING AND SPENDING HABITS- by Erin Bruehl-journalist https://current.com/blog/the-psychology-of-money-saving-and-spending-habits/ HABITS MATTER MORE… REBECCA STRONG- MEDICALLY REVIEWED BY JOSLYN JELINEK LCSW https://www.healthline.com/health/mental-health/why-are-habits-important CONSUMER FINANCIAL PROTECTION BUREAU https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/ 7 SIMPLE WAYS TO BUILD GOOD MONEY HABITS- RENE BENNETT https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/

In this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca. Related Links: Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca Office of the Superintendent of Bankruptcy – Canadian Consumer Debtor Profile – 2021: https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-2021 Credit Card Debt is a Problem For A Lot of Canadians: https://www.hoyes.com/debt-relief/credit-card-debt/ 2023 Debt Statistics and What It Means for Consumer Insolvencies: https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/ How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Student Loans and the 7 Year Rule: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping. Additionally, Janette also explains the rebate app Checkout 51. Enjoy! Related Links: Flipp: https://flipp.com/ Checkout 51: https://www.checkout51.com/ Jannette Martin: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/janette-martin/

In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed. They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they are assisting Canadians in rebuilding credit. Enjoy! Related Links: Canada Gazette, Regulations https://www.gazette.gc.ca/rp-pr/p1/2023/2023-12-23/html/reg3-eng.html Criminal Code https://laws-lois.justice.gc.ca/eng/acts/c-46/page-51.html#h-122004

In this eye-opening episode of Debt Free in 30 host Doug Hoyes is joined by guest Richard Dunwoody to unravel the often-overlooked connection between human trafficking and coerced debt. With Ontario facing the second-highest rate of police-reported human trafficking in Canada, the conversation sheds light on how traffickers exploit victims financially. The focus turns to Bill 41, the "Protection from Coerced Debts Incurred in relation to Human Trafficking Act, 2023," exploring its role in safeguarding victims from crushing debts. From explaining what coerced debt means to tackling potential challenges, the episode breaks down the proposed legislation's impact on creditors, unlicensed debt consultants, and, most importantly, the victims. Join us for a discussion on how this legislation could be a crucial shield for those affected by human trafficking and coerced debts. Related Links: Human Trafficking and Financial Fraud: A Survivor's Story https://www.youtube.com/watch?v=9z8kNmVuFpY A Different View of Credit Counselling & Getting Out of Debt https://www.youtube.com/watch?v=qLWWNREu4x4 Concord Adex Survivors Fund https://www.survivorsfund.ca/

In this episode of Debt Free in 30, Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fees over the last two years! Doug questions the effectiveness of government actions while providing practical tips to avoid falling prey to debt relief scams. Related Links: Position Paper on the Adverse Effects of the Debt Advisory Marketplace on the Insolvency System. https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system OSB Statutory Complaint Portal https://www.ic.gc.ca/eic/site/bsf-osb.nsf/frm-eng/LSMH-BB2MMW Competition Bureau's Complaint Form https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/frm-eng/GH%C3%89T-7TDNA5 Debt Consultants: Why You Should Avoid the Extra Cost https://www.hoyes.com/blog/debt-consultants-why-you-should-avoid-the-extra-cost/ The Problem with Debt Consultants https://www.hoyes.com/blog/the-problem-with-debt-consultants/ Debt Counsellors and Debt Coaches - Real or Scam? https://www.hoyes.com/blog/debt-counsellors-and-debt-coaches-real-or-scam/ Use of Debt Consultants Questioned by OSB https://www.hoyes.com/blog/use-of-debt-consultants-questioned-by-office-of-the-superintendent-of-bankruptcy/ Debt Consultants or Licensed Insolvency Trustees? Who to Trust https://www.hoyes.com/blog/debt-consultants-or-licensed-insolvency-trustees/ The Cold-Hard Truth About Unlicensed Debt Consultants https://www.hoyes.com/blog/the-cold-hard-truth-about-unlicensed-debt-consultants/

Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income, offering practical tips to make your financial journey in 2024 a success. Don't wait – hit play now and make this your best financial year yet! Related Links: How are habits formed: Modelling habit formation in the real world, European Journal of Social Psychology, Phillipa Lally https://onlinelibrary.wiley.com/doi/abs/10.1002/ejsp.674 Getting Out Of Debt Requires A System, Not Just A Goal https://youtu.be/ysvkV0uN7mM?si=tcUHlcE7gWVzdAK9 https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/ Debt Management Plan https://www.hoyes.com/debt-relief/debt-management-plan/ Build a Get Out of Debt Repayment Plan https://www.hoyes.com/debt-relief/get-out-of-debt/

In this year-end podcast, Doug and Ted review their 2023 predictions and share insights on what to expect in 2024. They discuss the accuracy of last year's forecasts on inflation, interest rates, and insolvency rates. Doug predicts a decline in inflation due to an anticipated recession, and Ted adds insights on borrowing for essential living costs and the potential rise in insolvencies. They acknowledge wildcard factors like the real estate market and unemployment rates. Tune in for predictions on what is on the horizon for 2024 and how it could shape your financial future. Related Links: 2023 Debt Statistics and What It Means for Consumer Insolvencies https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/ Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions] https://youtu.be/3i22JpmcozY Bank of Canada Interest Rates https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Federal Budget Deficit https://hillnotes.ca/2023/04/06/the-2023-federal-budget-at-a-glance/ Bank of Canada: Definition of M2 https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/ Statistics Canada. Table 36-10-0639-01, Credit liabilities of households (x 1,000,000) https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Statistics and Research from Statistics Canada https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110006501 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3810023801 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Join Doug and Ted as they break down simple strategies for financial success in 2024. Whether you're dreaming of starting a business, planning for retirement, or making big purchases, their advice can make a real impact. They discuss the importance of having a personal plan and explore the significance of setting long-term goals. Don't miss out on valuable insights. Take charge of your financial future in 2024! Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments Episode 482 - Setting Yourself Up for Success in 2024 – Annual Financial Check Up https://youtu.be/yBJZkk6JSjk?si=_-3JSHJtzDtjwpI3 Episode 227 – Getting Out of Debt Requires a System, Not Just a Goal https://youtu.be/ysvkV0uN7mM?si=K2L_Yuo_D5h4GXll Getting Out Of Debt Requires A System, Not Just A Goal https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/ Save Money with Recipes from Cashflow Cookbook https://www.hoyes.com/blog/save-money-with-recipes-from-cashflow-cookbook/ Planning for Retirement? Pay Off Debt & Start Practicing https://www.hoyes.com/blog/planning-for-retirement-pay-off-debt-start-practicing/ How to Minimize Debt Before and After Retirement https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/ Build a Get Out of Debt Repayment Plan https://www.hoyes.com/debt-relief/get-out-of-debt/

Does the cost-of-living soar when you're flying solo? Join Doug in this episode as he's joined by Heather Cudmore, a Certified Credit Counsellor, and Client Service Specialist at Hoyes Michalos. Together, they delve into the concept of the 'single tax' and discuss the unique financial hurdles that singles often encounter. Drawing on her extensive experience assisting single clients, Heather shares valuable insights and practical advice. She discusses the importance of building an emergency fund to navigate unexpected life events and advocates for budgeting to uncover potential savings. From housing and transportation to entertainment, pets and food, Heather provides actionable tips, including exploring unconventional living arrangements, embracing online grocery shopping, and minimizing food waste. Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments Heather Cudmore (BA, Certified Credit Counsellor and Client Service Specialist) - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/heather-cudmore/ Statistics Canada. 2023. Census Profile. 2021 Census. Statistics Canada Catalogue no. 98-316-X2021001. Ottawa. Released February 8 2023: https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/index.cfm Financial Stress Facing Single Parents: https://www.hoyes.com/blog/financial-stress-facing-single-parents/ Emergency Fund Critical for Single Parents: https://www.hoyes.com/blog/emergency-fund-critical-for-single-parents/ Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/

In this episode, Doug sits down with Joel Sandwith, a Licensed Insolvency Trustee based at the Hoyes Michalos London office. Together, they explore effective debt management strategies and delve into optimal approaches for debt repayment. The episode provides a comprehensive comparison of the snowball and avalanche methods. If you're trying to figure out the best way to pay off your debts, this episode is a helpful guide. It's here to support you on your journey to financial freedom, giving you insights into different methods and assisting you in selecting the one that suits you best. Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments Joel Sandwith BA, Licensed Insolvency Trustee - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/ Debt Snowball Method vs High Interest First - https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/ Debt Repayment Worksheet - https://www.hoyes.com/debt-repayment-worksheet/ Debt Repayment & Consumer Proposal Calculator - https://www.hoyes.com/debt-repayment-calculator/

In this week's episode of Debt Free in 30, credit expert Richard Moxley returns to tackle the burning question: Why are credit reports always wrong? From the importance of credit ratings to practical tips on finding and fixing errors, we cover it all. Discover how to navigate post-insolvency challenges, handle account changes, and conquer stubborn collection accounts. Don't miss this deep dive into credit report complexities with actionable solutions! Timestamps: 00:00 Introduction 01:21 Why is my credit rating important? 04:19 Do I care what's on my credit report if I don't plan to borrow? 07:54 Should you check your credit report for errors? 09:40 Is current employment updated on your credit report? 11:00 How do you I find errors on my credit report and what errors do I look for? 14:11 I filed a consumer proposal why is a creditor reporting I am behind on my payments? 17:25 What happens if you sue the credit bureaus. 20:36 Can you go to individual creditors to fix errors on late payments? 23:21 Are there any strategies you can use to fix errors on your credit report? 28:00 How much will it cost to have a credit expert fix the errors on my credit report? 29:08 Are free credit score apps worth it? 33:14 Disputes and account numbers 37:24 Concluding comments Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments Richard Moxley's Website: https://creditgame.net/ The Credit Game: Rules Every Canadian Must Know to Win: https://www.amazon.ca/Credit-Game-Rules-Every-Canadian-ebook/dp/B07XKG1VHP TransUnion Credit Report Explained: https://www.youtube.com/watch?v=BWFO_C336BM How to get and print your FREE Equifax report: https://www.youtube.com/watch?v=Z03_DvfFY38 How to get and print your Free credit report from TransUnion: https://www.youtube.com/watch?v=K6a_R8gZFnw How to Dispute Errors on Your Credit Report: https://www.youtube.com/watch?v=zuuGtBR40QY How to Rebuild Your Credit Score Fast!: https://www.youtube.com/watch?v=Y6OJoQPia28 How to Read a Credit Bureau: Equifax Canada: https://www.youtube.com/watch?v=PEVHQOAFw64 Debt Free in 30 Episode #284 - Rules to Master Your Credit with Richard Moxley https://www.youtube.com/watch?v=jP6etPo_CQc February 8, 2020 (from Toronto) Debt Free in 30 Episode #329 - Fix Bad Credit Yourself - Tips & Tricks From an Expert https://www.youtube.com/watch?v=BtncJCxN4So December 19, 2020 (by Zoom) 7 Facts About Your Credit Rating (What's in your Credit Score?) https://www.hoyes.com/blog/7-facts-credit-rating/ Free Credit Score Comes With a Catch: https://www.hoyes.com/blog/free-credit-score-comes-with-a-catch/ The Big Credit Score Scam: https://www.hoyes.com/blog/the-big-credit-score-scam/ What Are The Common Factors That Affect A Credit Score?: https://www.hoyes.com/blog/what-are-the-common-factors-that-affect-a-credit-score/

In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup. Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt. Now is the time to review your finances and make a plan for the new year so you can set yourself up for success! Time Stamps 00:00 Introduction 01:20 Self Assessment 02:03 Review and Update Your Will 02:57 Power of Attorney for Personal Care & Power of Attorney Over Property 04:18 Insurance 04:24 Life Insurance 05:16 Term Insurance 06:15 Mortgage Insurance vs. Life Insurance 08:15 Medical/Disability Insurance 09:23 Asset Insurance (Car Insurance, Homeowners Insurance) 10:31 Credit Insurance 11:32 Investments 11:39 Do Investments Still Make Sense? 13:53 Bank Accounts 14:41 Should You Have More Than One Bank Account? 18:30 Big Banks vs. Virtual Banks Interest Rates and Fees 23:41 Should You Reconcile Your Bank Account? 25:36 Passwords 26:30 Taxes 26:58 Debt – Make a Plan Related Links: Why You Should Bank at More Than One Bank https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ Why Do I Need To Switch Banks? I Love My Bank. https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/ How to Open a New Bank Account For A Bankruptcy or Consumer Proposal https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/ RRSP, Registered Savings Accounts and Bankruptcy Laws https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/ Power of Attorney: Can I Deal With My Parents' Debts? https://www.hoyes.com/blog/power-of-attorney-parents-debts/ Income Taxes and Bankruptcy – What You Need to Know https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/ Crushing Debt. Why Canadians Should Drop Everything and Pay Off Debt https://www.hoyes.com/blog/crushing-debt-why-canadians-should-drop-everything-and-pay-off-debt/ What is a Debt Free in 30 Debt Assessment? https://www.hoyes.com/about-hoyes-michalos/debt-free-in-30/

In this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP. The discussion emphasizes the need for careful consideration of lifestyle preferences, budgeting, and financial goals when planning for retirement. The conversation also touches on the role of debt in retirement planning, highlighting the benefits of entering retirement with minimal debt. The episode aims to provide valuable information and perspectives to help individuals navigate the complexities of retirement planning. Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments Caring for Clients: www.careingforclients.com Caring for Clients Facebook: https://www.facebook.com/profile.php?id=100033419084831 Caring for Clients YouTube: https://www.youtube.com/channel/UCZZL3BipR9-ZCLgUsOXE3Ag Caring for Clients Twitter: https://twitter.com/Caring4Clients Caring for Clients Blog: https://www.caringforclients.com/blog/ Rona Birenbaum, Episode 215, What is a Robo-Planner: Automated Financial Planning https://youtu.be/rXW7a7EdCKA?si=fHVry4vas4tIJbCo Planning for Retirement? Pay Off Debt & Start Practicing: https://www.hoyes.com/blog/planning-for-retirement-pay-off-debt-start-practicing/ How to Minimize Debt Before and After Retirement: https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/ Debt Relief for Seniors. What are Your Options?: https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/ Seniors in Debt and Filing Bankruptcy: https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Doug Hoyes and Ted discuss a pressing issue that many Canadians face: the challenge of closing on a house when real estate prices have taken a hit. They discuss the complexities of the real estate market, particularly the implications for those who bought pre-construction homes or condos. They also explain the risks associated with pre-construction purchases, such as the potential loss of deposits and the financial difficulties of closing on a property with a lower appraised value. This episode provides practical advice and raises thought-provoking questions about the need for changes in deposit protection laws, shedding light on a crucial topic in today's housing market. Related Links: StateView homes receivership https://www.tarion.com/media/important-information-purchasers-and-owners-stateview-homes Tarion New Home Deposit Protection https://www.tarion.com/media/deposit-protection-takes-stress-out-buying-new-homes Why a House Does Not Guarantee Financial Security https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

Doug Hoyes and Ted Michalos discuss the state of the economy and explore the possibility of a silent depression. Their discussion includes topics such as unemployment rates, the challenges confronted by the Millennial and Gen-Z generations, the recent increase in credit card debt, and the state of the real estate market. They also offer guidance on how to regain hope and devise a path towards achieving success amidst these challenging circumstances. Related Links: Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments The State of Mortgages with Ron Butler: https://www.youtube.com/live/e9lVf-moV1E?si=5O96QM8NfJbRc5Fo Statistics Canada. Table 14-10-0287-01 Labour Force Characteristics, Monthly, Seasonally Adjusted and Trend-Cycle, Last 5 Months: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 18-10-0004-01 Consumer Price Index, Monthly, Not Seasonally Adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Millennials Heavy Payday Loan Users and It's Costing Them Bigtime: https://www.hoyes.com/blog/millennials-heavy-payday-loan-users-and-its-costing-them-bigtime/ How To Minimize Debt as a Millennial: https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/ Student Debt Crisis – A Generation Buried in Student Debt: https://www.hoyes.com/press/joe-debtor/the-student-debtor/ I Can't Pay My Bills. What Are My Alternatives?: https://www.hoyes.com/blog/cant-pay-bills-alternatives/ 7 Reasons Why Credit Cards Can Be So Dangerous: https://www.hoyes.com/blog/why-credit-cards-can-be-so-dangerous/ How Long Can You Run From Your Debt? And Should You?: https://www.hoyes.com/page/3/?s=can+i+afford+a+home My Child Has A Lot of Debt. How Can I Help?: https://www.hoyes.com/blog/my-child-has-a-lot-of-debt-how-can-i-help/ Debt Relief for Seniors. What are Your Options?: https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/ Seniors in Debt and Filing Bankruptcy: https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Doug Hoyes and special guest Ron Butler from The Angry Mortgage Podcast came together for a live episode on Monday, October 23rd. During this special event, they talked about current mortgage trends, real estate, Bank of Canada interest rates, inflation, and addressed questions from their audience. Whether you own a home or are planning to buy one in the near future, this conversation is definitely one you should listen to. Related Links Ron's Links Ron Butler on Twitter: @ronmortgageguy - https://twitter.com/ronmortgageguy Ron Butler on Instagram: @ronmortgageguy https://www.instagram.com/ronmortgageguy/ Ron Butler LinkedIn: https://www.linkedin.com/in/ron-butler-345531b/ Butler Mortgage (mortgage rates) - https://www.butlermortgage.ca/mortgage-calculator/ Angry Mortgage Podcast - https://www.youtube.com/channel/UC8vl-_vvvf7VZcxKPJ-v-Xg Hoyes Blog Links 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/toronto-housing-market What To Do If Your Mortgage Is In Arrears - https://www.hoyes.com/blog/what-to-do-if-your-mortgage-is-in-arrears/ Mortgages and Bankruptcy in Ontario: What You Need to Know - https://www.hoyes.com/blog/mortgages-and-bankruptcy-in-ontario-what-you-need-to-know/ Can't Pay Your Mortgage? Options to Keep Your House - https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Walking Away from a Mortgage in Canada - https://www.hoyes.com/blog/walking-away-from-a-mortgage-in-canada/ Renewing Your Mortgage as Rates Change - https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Does The Mortgage Lender You Choose Matter? - https://www.hoyes.com/blog/does-the-mortgage-lender-you-choose-matter/ Homeowners Bankruptcy Index - https://www.hoyes.com/press/homeowner-bankruptcy-index/ YouTube Links 293 Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler - https://www.youtube.com/watch?v=VDSd6z5EJzA 334 Mortgages & Home Equity Refinancing: What Are The Risks in 2021? - https://www.youtube.com/watch?v=-CSt5J7CIQ0 376 Should You Help Your Child Get a Mortgage? with Ron Butler - https://www.youtube.com/watch?v=INc3t7ikv-w 403 What's Happening Now that Mortgage Rates are up? - https://www.youtube.com/watch?v=Iw-HtqgOgJM 421 - Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler - https://youtu.be/kJ9vyHA5pJw 440 What's Happening to Mortgages in 2023 with Ron Butler - https://youtu.be/3umCpEf8m4Y

Doug Hoyes is joined by special guest, Blair Demarco-Wettlaufer, a collection agent, who serves as the Chief Operations Officer at collection agency Kingston Data & Credit. This marks Blair's seventh appearance on the show! In this episode, Doug and Blair discuss the messy world of debt collection, statute-barred claims, and credit reporting. They answer questions such as, how long does it take for a credit card company to send your debt to collections? Does a statute-barred debt affect your credit report? What happens if you don't pay it? Can you be sued and when is it time to speak to a Licensed Insolvency Trustee? Tune in for lots of great advice and tips! 00:00 Introduction 01:44 How long does it take for collection agencies to report to a collection agency? 04:44 How does a collection agency receive new files to collect? 06:36 How do collection agencies contact and monitor those in debt? 09:59 When do collection agencies report to the credit bureau? 11:05 What is the difference between a trade line and a registered item? 15:11 What is the difference between soft inquiries and hard inquires and how do they affect your credit score? 16:34 How often should you pull your credit bureau? 18:56 Statute-Barred Claims: Do I Have to Pay? 23:13 Proof of Claim Forms 29:12 Creditors plan 32:49 Settlements 37:14 Concluding comments Related Links: Blair Demarco-Wettlaufer on Twitter (X) https://twitter.com/kdcblair Blair's blog: https://receivableaccounts.blogspot.com/ Blair Demarco-Wettlaufer's previous appearances on Debt Free in 30: Episode 20, January 17, 2025 – Stop the Collection Calls https://www.youtube.com/watch?v=0tsrKacdx4U Episode 57, October 3, 2015, Collection Agents – How Did They Find Me? https://www.youtube.com/watch?v=0SMU1R5N0ms Episode 70, January 2, 2016, Top 10 Tips for Dealing with a Collection Agent https://www.youtube.com/watch?v=736J-IefWrI Episode 264, September 21, 2019, How to Negotiate with a Collection Agent, https://youtu.be/ZgNWpKfBUwU?si=czAQLjQqWTOLctml 59,000 Views Episode 296, May 2, 2020 - Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact https://youtu.be/S86gnBEkeUY?si=r0HLIpLHlWfTXdN_ (During Covid, I had a beard) Episode 373, October 23, 2021, Your Top Collections Questioned Answered by a Debt Collector, https://www.youtube.com/watch?v=Ue8gFE2Z48w Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services I've Filed Bankruptcy & Collection Agents Are Still Calling Blog: https://www.hoyes.com/blog/ive-filed-bankruptcy-collection-agents-are-still-calling/ Collection Agents: How Did They Find Me? Blog: https://www.hoyes.com/blog/collection-agents-how-did-they-find-me/ Top 10 Tips For Dealing With A Collection Agent Blog: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/ How Long Can a Collection Agency Collect on Debt in Canada? Blog: https://www.hoyes.com/blog/how-long-can-a-collection-agency-collect-on-a-debt-in-canada/ Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer Blog: https://www.hoyes.com/blog/stop-the-collection-calls-advice-from-blair-demarco-wettlaufer/ Can a Collection Agency Sue You in Canada? Blog: https://www.hoyes.com/blog/can-a-collection-agency-sue-you-in-canada/

What happens to debt when someone passes away? Host Doug Hoyes is joined by Ted Michalos to discuss a topic that might sound eerie but is incredibly important. They chat about the different types of debt: credit card balances, car loans, and mortgages. Ted provides clear and valuable advice on important topics such as life insurance, wills, and power of attorney. Doug also highlights the significance of his "Death Checklist" and the importance of informing your spouse to guarantee seamless access to your accounts. This informative conversation gives great insights for financial planning when dealing with an inevitable part of life. Related Links: How many humans have ever lived? https://www.visualcapitalist.com/cp/how-many-humans-have-ever-lived/ Doug's book, Straight Talk on Your Money https://www.hoyes.com/straight-talk/

You've probably noticed that Artificial Intelligence is everywhere these days, but can it help you out with debt and managing your money? Doug Hoyes and Scott Terrio are here to chat about just that! They discuss how AI looks at your spending habits, and discuss concerns related to biases and privacy, talk about the pros and cons of using ChatGPT to handle your finances, and help you understand what it can and can't do. Don't miss out on valuable tips and advice for making smart financial decisions in our AI-driven world. Related Links: Straight Talk on Your Money - https://www.hoyes.com/straight-talk/ How Credit Karma is Demystifying Personal Finance with AI - https://www.interactions.com/podcasts/how-credit-karma-is-demystifying-personal-finance-with-ai Chat GPT - https://chat.openai.com/

Are you a small business dealing with the CEBA loan repayment dilemma? Ted Michalos and Doug Hoyes dive deep into the world of CEBA loans and the crucial decisions you need to make about repaying them. For many small businesses, the loan was a lifeline during the pandemic but as the repayment deadline is looming it's time to evaluate your options. Join us as we help you to understand the pros and cons of getting a bank loan to repay the CEBA loan, tax considerations that could impact your decision and explore what to do if you don't qualify for the CEBA loan repayment. Related Links: What happens it you can't pay your CEBA loan blog: https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/ Federal Government CEBA loan page: https://ceba-cuec.ca/

Join the conversation with Ian Penney, a Licensed Trustee from Janes & Noseworthy, and Doug Hoyes as they provide insights into managing your finances in the aftermath of the pandemic, with a focus on the distinctions between Newfoundland and Ontario. During the discussion, they delve into the economic landscapes of these regions, spotlighting key industries such as oil and gas, fishing, forestry, tourism, and mining. Tune in to gain valuable advice on navigating your financial journey post-pandemic. Related Links: Website: https://janesnoseworthy.ca/ LinkedIn Janes & Noseworthy: https://www.linkedin.com/company/janes-and-noseworthy/ Facebook: https://www.facebook.com/JanesNoseworthy Twitter: https://twitter.com/JanesNoseworthy

Every successful budget makes room for fun spending. But how much is OK to spend on fun? What if you feel guilty? Is it ever wrong to spend money on your hobbies and interests? On today's podcast, Maureen Parent returns to give advice on this less explored area of our budget and gives practical advice on how to allocate your income wisely towards leisure and why it's essential for your mental and financial health to do so. Tune in! Related Links: The Secret To Budgeting? Don't Budget https://youtu.be/u5q1Qge3k8s The P.L.A.N. Account for Budgeting: https://youtu.be/pSQ3jvrFVHU Is The 50/30/20 Budget Rule Even Possible Today? https://youtu.be/hANI5zadF2I

Higher education isn't getting any cheaper. The cost of going to university has more than tripled since the 1990s and we see first-hand the financial burden caused by student loans. So, is it still worth it to get into debt for post-secondary schooling? With so many advancements in free online education, aren't there cheaper alternatives? When is college the better option? Is an undergraduate degree still going to give you a job right away? Tune in to this discussion with Ted Michalos and Doug Hoyes as they share graduate statistics and give practical advice on how to think through your career and education choices. Resources Mentioned in the Show: Statistics Canada, National Student Survey: https://www150.statcan.gc.ca/n1/pub/75-006-x/2020001/article/00005-eng.htm University of Toronto, Facts & Figures https://data.utoronto.ca/facts-and-figures/ Ontario, graduation rates: https://www.iaccess.gov.on.ca/OsapRatesWeb/enterapp/home.xhtml Ontario budget, 2022-2023 https://www.ontario.ca/page/expenditure-estimates-ministry-colleges-and-universities-2023-24#vote2 Chat GPT: https://chat.openai.com/ Hoyes Michalos Annual Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ 13 Stats on Average Student Debt in Canada: https://reviewmoose.ca/blog/average-student-debt-canada/ National Graduates Survey 2018 results: https://www150.statcan.gc.ca/n1/pub/75-006-x/2020001/article/00005-eng.htm Statistics Canada – Student Debt from all sources: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710003601

Welcome to Season #10 of Debt Free in 30. Debt is up. Interest rates are up. Not surprisingly, personal insolvency filings are way up. Many people are hitting the wall. On today's abbreviated podcast, Doug Hoyes explains the numbers and why we live in a "Tale of Two Economies." If you are rich, all is good. If you have depleted your savings and have debt, times are tough. We explain the impact of the numbers and "tease" some of the topics we will be discussing in the coming weeks. Tune in, and enjoy!

For our final rebroadcast of the summer, we are rebroadcasting episode #452. 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-purpose/

Today we rebroadcast episode #453. 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/