Debt Free in 30

We know it can be daunting to start your credit repair journey. We are often asked where to begin and what is the fastest way to rebuild. On today's podcast, Maureen Parent is back to answer some of the most common credit rebuilding questions and address fears and misconceptions about repairing your credit. Tune in for lots of great practical advice and recommendations on which tools to use. Related Links: Free Credit Rebuilding Course by Hoyes Michalos: https://courses.hoyes.com/courses/rebuild-credit How to Repair and Rebuild Credit: https://www.hoyes.com/blog/how-to-rebuild-credit-5-simple-steps/ Are Credit Cards Right for Credit Repair: https://youtu.be/Hy708HhFljk Fix Bad Credit Yourself – Tips & Tricks From an Expert: https://youtu.be/BtncJCxN4So

Self-employment has many advantages like you get to be your own boss, set your own hours, and even make more money. On the other hand, self-employment comes with challenges. Over the years, we've met with a lot of clients who were self-employed but became overwhelmed by unpaid tax debt. On today's podcast, Doug Hoyes and Ted Michalos break down what it means to be a self-employed person, explaining the benefits and pitfalls you need to be aware of before you decide to become your own employer. Tune in for lots of great practical advice! Links: Should You Start Your Own Business: https://youtu.be/hhawMCZF_kw Self-Employed: Financing Wisely to Avoid Debt Trouble: https://youtu.be/F_lo_0JP46Q What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/ Keeping Your Small Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/

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

The price at the gas pump includes a lot of hidden costs, and they are going up. How will this impact your budget? What does it mean for the future of car ownership? On today's podcast, Ted Michalos and Doug Hoyes discuss the hidden costs of gas and how the increase in some of the price components will mean you'll only be paying more to fuel your car. They also talk about the Ontario government's plans to increase ethanol in oil and how that may impact fuel efficiency, and again, your budget. Tune in for an insightful conversation! Related Links: Statistics Canada. Table 18-10-0001-01 Monthly average retail prices for gasoline and fuel oil, by geography https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000101 Government of Ontario, Fuel Price Components: https://www.ontario.ca/motor-fuel-prices/ Government of Ontario, Cleaner Transportation Fuels: https://www.ontario.ca/page/cleaner-transportation-fuels Ontario Regulation: O. Reg. 663/20: CLEANER TRANSPORTATION FUELS: RENEWABLE CONTENT REQUIREMENTS FOR GASOLINE AND DIESEL FUELS https://www.ontario.ca/laws/regulation/r20663 Government of Ontario Press Release, November 26, 2020: https://news.ontario.ca/en/release/59352/ontario-to-be-national-leader-and-require-cleaner-and-greener-gasoline Ethanol Production Using Corn, Switchgrass, and Wood; Biodiesel Production Using Soybean and Sunflower, research study: https://link.springer.com/article/10.1007/s11053-005-4679-8 The effect of bioenergy expansion: Food, energy, and environment, research study: https://www.sciencedirect.com/science/article/pii/S1364032114000677?via%3Dihub Federal government, Ethanol, https://natural-resources.canada.ca/energy-efficiency/transportation-alternative-fuels/alternative-fuels/biofuels/ethanol/3493 Environmental outcomes of the US Renewable Fuel Standard, research study: https://www.pnas.org/doi/10.1073/pnas.2101084119

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

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

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

Online shopping isn't new. Apps are not new. But is shopping supposed to be a game? That's the angle a new shopping app called Temu appears to have taken. Since its launch in September 2022, the app has millions of monthly users, offers very deep discounts, and has strong incentives to keep users coming back. On today's podcast, Doug Hoyes takes a closer look at how Temu works and interviews users from very different age groups for comparison. He also discusses whether we should be concerned about shopping gamification in general, how data is potentially treated on Temu, and whether cheaper is always better. Tune in for a unique show! Links: CNN Article: 'One of China's most popular apps has the ability to spy on its users' https://www.cnn.com/2023/04/02/tech/china-pinduoduo-malware-cybersecurity-analysis-intl-hnk/index.html How Temu topped by U.S. app charts by turning shopping into a game: https://restofworld.org/2023/temu-mobile-gaming/ Time Stamps: 00:32 What is Temu? 1:20 An 87-year-old's perspective of Temu 14:33 An 18-year-old's perspective of Temu 21:37 What are the risks to Temu & making informed decisions about spending

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/

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

Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today's podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won't want to miss this episode. Tune in! Time Stamps 7:42 What is Shrinkflation? 8:31 Groceries vs. Snacks + Tax 11:55 Is the Grocery Rebate Even Helpful? 19:01 Which Days of The Week To Shop Groceries? 23:30 Shop at 3 Different Stores 27:04 Consumers Can Make a Difference Links: The Food Professor Podcast: https://the-food-professor.simplecast.com/episodes Dr. Sylvain Charlebois on Twitter: https://twitter.com/FoodProfessor CRA: GST/HST on food products: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-020/bars.html Toronto Sun article on the food rebate: https://torontosun.com/opinion/columnists/charlebois-government-handouts-are-mirage-for-needy Episode #254 – What Costco Can Teach Us About Making Financial Decisions: https://www.youtube.com/watch?v=-8PlGkHjHG8 Episode #270 – The Fable of the 20 Dollar Bill - https://www.youtube.com/watch?v=5fYfAvSnNps

We are no strangers to inflation, with the cost of living soaring to new records. But what's really causing inflation? Where are our dollars going and what's the impact on the economy? On today's podcast, David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, returns to discuss his research on why we see inflation and who benefits. David also shares his thoughts on employment, where wages are headed, and whether credit card debt will continue to trend upwards. Tune in for a very informative discussion! Related Links: Podcast 319: CERB Transition to EI https://youtu.be/piEhsYgWU8I Podcast 114: Basic Income, Is it a Silver Bullet for Poverty? https://youtu.be/mi3tWjg1bC4 Where Are Your Inflation Dollars Going Report: https://policyalternatives.ca/publications/reports/where-are-your-inflation-dollars-going David Macdonald on Twitter: https://twitter.com/DavidMacCdn Canadian Centre for Policy Alternatives: https://policyalternatives.ca/ Episode 435 December 31, 2022, Year-End Predictions show, https://youtu.be/3i22JpmcozY Statistics Canada Consumer Price Index Portal: https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes 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 Time Stamps: 1:34 What is Inflation and Where Is It Going 5:10 Who Benefits From Inflation? 12:42 Wages vs. Inflation 16:27 Is Unemployment Actually Low? 18:48 Why We Didn't Have the Great Resignation in Canada 24:30 Is Now the Best Time To Change Jobs? 27:10 Will Credit Card Debt Keep Going Up?

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

The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today's podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion! Links: What Happens If You Can't Pay Your CEBA Loan? https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/ Hoyes Michalos Bankruptcy Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/ CERB and EI Statistics: https://web.archive.org/web/20220606110225/https:/www.canada.ca/en/services/benefits/ei/claims-report.html CRB Statistics: https://web.archive.org/web/20220604110136/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-statistics.html CRCB Statistics: https://web.archive.org/web/20220604103941/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-caregiving-benefit/crcb-statistics.html

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

Fraudsters and scammers look for every available opportunity to prey on you. How can you protect yourself? Enter Rachel Jolicoeur. Rachel is the Director of Cyber Market Intelligence & Financial Crimes at Interac, and she is back on the podcast with Doug Hoyes to share the top scams she's seeing in 2023, from renter scams to investment cons. Rachel shares lots of practical tips and helpful information to help you stay vigilant. You won't want to miss this show. Tune in & share to spread awareness. 1:40 Renter Scams 5:55 Loan Scams 9:51 Employment/Job Scams 15:59 Investment Scams 21:06 Canada Revenue Agency (CRA) Scam 25:04 How Interac Auto-Deposit Prevents Fraud Links: How to Avoid E-Transfer Email Scams: https://youtu.be/971-DQWk4CI Interac Digital Self-Care Checkup: https://www.interac.ca/en/content/life/digital-self-care-stay-safe-online-with-the-ultimate-cyber-security-checkup/ Online Investment Cyber Crime: https://ottawa.ctvnews.ca/it-s-heartbreaking-ottawa-woman-says-she-lost-100-000-in-an-online-investment-cyber-crime-1.6296899

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

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

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

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

Less than one year ago, the Bank of Canada overnight rate was just 25 basis points. Today, it's 450 basis points – an 18X increase. How have record rate increases affected homeowners and potential homebuyers? What about borrowers with a home equity line of credit (HELOC)? On today's podcast, Ron Butler, mortgage broker extraordinaire, gives us insight into the mortgage world in 2023. He also discusses how recency bias affects our decision-making, with lots of practical advice to avoid paying more for your mortgage than you need to. Tune in! Links: Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/ High Interest Rates: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Bank of Canada, share of mortgages with high Debt Service Ratio: https://www.bankofcanada.ca/rates/indicators/indicators-of-financial-vulnerabilities/ Average Toronto house prices: https://wowa.ca/toronto-housing-market Podcast 293 - Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA Podcast 334 - Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0 Podcast 376 - Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w Podcast 403 - What's Happening Now that Mortgage Rates are up? https://www.youtube.com/watch?v=Iw-HtqgOgJM Podcast 421 - Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler https://youtu.be/kJ9vyHA5pJw

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

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

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

It's the start of a new year and a good time to plan your finances for the next few months. On today's podcast, Maureen Parent is back to walk you through the steps. She explains how you can plan for your expenses and the importance of looking at costs on an annual basis instead of monthly. Maureen also gives practical advice on adjusting your budget for inflation as grocery costs keep rising, as well as on how to budget for longer-term goals. And, if you don't like budgeting, there are lots of tips for you, too, so your finances are still organized! Tune in for a great discussion. Related Links: 7 Reasons Why Budgets Fail & How You Can Succeed: https://www.hoyes.com/blog/7-reasons-why-budgets-fail-and-how-you-can-succeed/ Use a P.L.A.N. Account When Budgeting: https://youtu.be/pSQ3jvrFVHU The Secret To Budgeting – Pay Your Bills As You Get Paid: https://www.hoyes.com/blog/the-secret-to-budgeting/ Free Budgeting Workbook: https://www.hoyes.com/free-budgeting-workbook/ Mint.com Budget App: https://mint.intuit.com/ Goodbudget App: https://goodbudget.com/ Investing Basics – Where To Start Now That You're Debt Free: https://youtu.be/VSgb8POKcjs

Both consumer debt and insolvencies have turned sharply upward again. What's contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what's happened with bankruptcies this year and give their predictions for what's the come in 2023. Tune in for a great discussion! Sources & Related Links: Top 10 Debt Statistics for 2022 & What's Ahead for Consumer Insolvencies: https://www.hoyes.com/blog/top-10-debt-statistics-for-2022-and-whats-ahead-for-consumer-insolvencies/ National Rent Report, Rentals.ca: https://rentals.ca/national-rent-report Teranet-National Bank House Price Index: https://housepriceindex.ca/2022/11/october2022/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Consumer Price Index Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Hourly Wages Data Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001 Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Last year's show: Predictions for Consumer Debt Coming Out Of The Pandemic, Ep. 383: https://youtu.be/LCE6EkOwi8E

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

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

If a company goes bankrupt, should the employees lose their pension or have their benefits reduced? No, of course not. But it has happened. There is new legislation before Parliament to protect pensions, but will it have unintended consequences? What will this mean for average person? How does this affect businesses? On today's podcast, Doug Hoyes and Ted Michalos explain the different types of pensions employers offer, what happens when a company goes out of business, and they discuss the broader implications of the incoming legislation. Tune in! Related Links: Should Company Pensions be Protected in Bankruptcy? https://www.hoyes.com/blog/should-pensions-be-protected-in-a-corporate-bankruptcy/ Hansard, debate on Bill C-228 https://www.ourcommons.ca/DocumentViewer/en/44-1/house/sitting-130/hansard Sears Canada pension settlement: https://kmlaw.ca/cases/sears-canada/ Bankruptcy & Insolvency Act, section 60 (1.5) https://laws-lois.justice.gc.ca/eng/acts/B-3/page-10.html#docCont Bankruptcy & Insolvency Act, section 136, Scheme of Distribution, Priority of Claims https://laws-lois.justice.gc.ca/eng/acts/b-3/page-24.html#h-27334 Bill C-228, House of Commons: https://www.parl.ca/legisinfo/en/bill/44-1/c-228

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

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

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

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

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

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

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

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

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

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

With record inflation, many people are feeling the pinch, and we've even been asked if it's possible to skip a bill or two just to get to the next month. Well, on today's podcast, we're addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in. Links: Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Hoyes Michalos Kanata Office: https://www.hoyes.com/ontario-offices/kanata/ Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web Credit Counselling and Getting Out of Debt https://www.hoyes.com/blog/a-different-view-of-credit-counselling/ https://www.hoyes.com/blog/are-not-for-profit-credit-counselling-agencies-now-just-debt-collectors/ Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services

Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you're probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today's podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good time to buy. Ron also shares a special announcement at the end of the podcast – be sure to tune in for some great insights and practical advice. Links: Ron Butler on Twitter: https://twitter.com/ronmortgageguy High Interest Rates and Debt: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Average Toronto House Prices: https://wowa.ca/toronto-housing-market Butler Mortgage (Mortgage Rates): https://www.butlermortgage.ca/mortgage-calculator/ Show 293: Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA Show 334: Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0 Show 376: Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w Show 403: What's Happening Now that Mortgage Rates Are Up? https://www.youtube.com/watch?v=Iw-HtqgOgJM

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

The Criminal Code of Canada says that it's a criminal offence to charge an interest rate of more than 60%. The federal government is considering lowering that rate. Is this a good idea? What could go wrong? On today's podcast, Ted Michalos returns to discuss whether this plan by the Government of Canada will make any meaningful difference, and what the unintended consequences of the proposal may be. Doug and Ted also share their four recommendations to the Government to better protect consumers when it comes to usury laws. Please note that the government will be accepting your comments until October 7, 2022, so tune in to this podcast to understand the issue and then send them an email with your thoughts at [email protected] with 'Predatory Lending Consultation' as the subject line. Resources Mentioned in the Show: Department of Finance Canada Issues Consultation Paper on Criminal Rate of Interest: https://www.mccarthy.ca/en/insights/blogs/techlex/department-finance-canada-issues-consultation-paper-criminal-rate-interest Garland vs. Consumers' Gas Company: https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/2138/index.do Criminal Code, section 347, criminal interest rate: https://qweri.lexum.com/w/calegis/rsc-1985-c-c-46-en#!fragment/sec347/BQCwhgziBcwMYgK4DsDWszIQewE4BUBTADwBdoJC4BmAFgHYBKAGmW1MIgEVFDcBPaAHIhzSmFwIefQSLGEJCAMp5SAIUEAlAKIAZbQDUAggDkAwtuakwAI2ilscRoyA Bank of Canada posted interest rates, chartered banks: https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

It's Season #9 of Debt Free in 30! Life is changing fast – there's no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premiere rant to share what you can expect from our show this season and helpful resources to get you through these tough times. Tune in. Resources Mentioned in the Show: How One Man Retired Debt-Free at Age 48: https://www.hoyes.com/blog/how-one-man-retired-debt-free-at-48/ Debt Free in 30 Newsletter Archive & Sign Up: https://www.hoyes.com/newsletter-archive/ Insolvency Updates Newsletter Sign Up: https://lp.constantcontactpages.com/su/wAp31r4/insolvencyupdates How to Rebuild Credit course: https://courses.hoyes.com/

It's our final rebroadcast episode of the summer, and today we rebroadcast episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it's that no job is secure. So, what can you do to avoid getting financially burned if you're out of work? If you're unhappy with your job, should you switch? What's the smartest way to go about making a change? On today's podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world. Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Follow Doug Hoyes on Twitter: https://twitter.com/doughoyes

When the pandemic first started, the Canada Revenue Agency slowed their collection efforts on income tax debt owing. But with the economy reopened, we are starting to see notices filed by the CRA to individuals owing on income tax, including CERB and CRB debts. Is this a sign that the CRA is ramping up efforts again? What are your options if your employer is served with a Requirement to Pay notice from the government? What if you get a notice that you were overpaid for CERB/CRB or ineligible? Tune in to this panel discussion with Ian Martin, CPA, LIT and Scott Schaefer, CPA, LIT (our in-house tax experts) and host Doug Hoyes for lots of practical advice! Additional Resources: CRA Collection Letters for CERB Ineligibility or Overpayment. Can You File Bankruptcy? https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment/ What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/ Should I Borrow to Pay Taxes to CRA? https://www.hoyes.com/blog/should-i-borrow-to-pay-taxes-to-cra/

Today we rebroadcast episode #339 (and it's even more timely today). For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is now creating financial problems? What are your options? Is it possible to get out of a car loan? On today's podcast, Ted Michalos and Doug Hoyes discuss when you might want to hand your vehicle back, how to do it, and what happens with the loan shortfall. Tune in for lots of practical advice! Related link: Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/

For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food. If you have a limited income, how can you manage your food budget effectively? Is it possible eat healthy without breaking the bank? On today's show we welcome Heidi Pola, a Registered Dietician who gives practical advice on how to eat healthy and save money.

The summer is only half over, yet so much has happened to the economy in 2022. Gas prices have started to come down after intense surging, and interest rate hikes are at record highs and may keep going. What can we expect for the next six months of the year? Enter Doug and Ted. On today's podcast, Doug Hoyes and Ted Michalos give us their mid-year review and share their predictions for consumer debt levels, inflation, bankruptcy filings, and whether CRA collections will intensify in the Fall. Tune in for a lively discussion and practical advice on managing your finances for the rest of the year. Additional Resources: Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

So far in 2022 the Bank of Canada has raised its overnight lending rate four times. Its most recent hike in July was the biggest one since 1998. If you're trying to buy a home now, what can you do to make the purchase affordable? Is it a good time to even get a mortgage? Would it be better to rent and wait? On today's podcast, Doug Hoyes and Ted Michalos walk you through the basics of mortgage borrowing, costs that comes with it, explain common mortgage terms, and discuss the factors to consider before buying a home in the first place. Tune in for lots of practical advice & explainers! Links: CMHC Mortgage Loan Insurance Cost: https://www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost What's Happening to Mortgages Now That Rates Are Up? With Ron Butler: https://youtu.be/Iw-HtqgOgJM