Debt Free in 30

Unlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today's podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide their recommendations on how this unregulated industry should be eliminated. Tune in for a great discussion! Additional Links: Podcast 220: The Cold-Hard Truth About Unlicensed Debt Consultants: https://youtu.be/6ESHYGnwcOU 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 How Credit Counselling agencies really work today: https://www.hoyes.com/blog/a-different-view-of-credit-counselling/ and https://www.hoyes.com/blog/are-not-for-profit-credit-counselling-agencies-now-just-debt-collectors/ Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services Ontario Collection and Debt Settlement Services Act https://www.ontario.ca/laws/statute/90c14 $23 million in fees paid to debt consultants – OSB data: https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03754.html Time Stamps: 3:08 What is credit counselling? 4:42 What is a consumer proposal? 5:50 How 'debt consultants' work 7:59 The debt consultant business model 11:22 What are debt consultant tricks? 13:50 What questions to ask when meeting with a debt professional 23:10 Advice to the Office of the Superintendent of Bankruptcy to better regulate debt consultant scams

Experts say you should have 10 times your income saved to retire, but for many people that's a difficult target. What can you do if your savings are nowhere near that amount or, more likely, you haven't even started saving yet? How can you plan a retirement on a limited income? Enter Jason Heath, Certified Financial Planner. On today's podcast, Jason provides practical advice on retirement income sources like CPP, OAS, GIS, and how and when to claim them. He also helps listeners understand how to be strategic and make the most of their TFSAs and RRSPs for retirement. Tune in! Links: Objective Financial Partners Inc. website: https://objectivefinancialpartners.com/ Jason Heath on Twitter: (@JasonHeathCFP) https://twitter.com/JasonHeathCFP Podcast 198 – How to Find a Credible Financial Planner: https://www.youtube.com/watch?v=ORuEiYR5zpI CPP Information Canada.ca: https://www.canada.ca/en/services/benefits/publicpensions/cpp.html Guaranteed Income Supplement (GIS) Information: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement.html Old-Age Security Overview: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html

There are a lot of scenarios where borrowing makes sense: buying a home, a car, or paying for school. But if you don't stop to think before borrowing, you can face some serious unintended consequences. Sure, that 8-year car loan seems affordable today, but what if you face reduced income or something happens to the car and you're stuck with repayment? Would you still be able to afford it? On today's podcast, guest Ted Michalos and Doug Hoyes go through eight borrowing scenarios and the potential problems that come with them, along with practical advice for each case. Tune in! Links: 5 Debt Lessons Every Student Should Know https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/ How Car Loans and Car Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ Why Does Home Ownership Cause Financial Problems? https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/ 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/ 8 Alternatives to Payday Loans https://www.hoyes.com/blog/8-alternatives-to-payday-loans/ Time Stamps - Unintended Consequences of: 1:42 Car Loans 5:01 Mortgage Loans 7:15 Credit Cards 8:33 Payday Loans 10:29 Student Loans 14:15 Wedding Loans 18:55 Borrowing to Invest 24:23 Borrowing to Start a Business

Times have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don't require 4-year degrees necessarily. Knowing this, why do we still give the same financial advice we gave decades ago? On today's podcast guest Scott Terrio and Doug Hoyes discuss six pieces of common financial advice that we may want to rethink in 2021. Tune in for lots of practical advice! Additional Links: Podcast 231: Think Twice Before Getting a Home Equity Line of Credit https://youtu.be/RiKKbg_pyu8 Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/

We are now 16 months into the Coronavirus pandemic, and everything has changed. Canadians have increased their savings rate and put a dent in their unsecured debt obligations. But are these trends going to last? Will savings go back down and credit card balances surge once the economy fully reopens? And will stress levels increase when we are back together in the workplace? Join guest Ted Michalos for a lively discussion on what's happening and what's next. Time Stamps: 3:50 How much are Canadians saving now? 6:54 What's happening with credit card debt? 11:11 What's in store for the future? 20:00 When will things return to normal? 24:48 Practical advice Related Links: Ep. 290 Dealing with Debt During COVID-19 https://youtu.be/lWmZDLaJ63o Ep. 291 COVID-19 & Debt Update: Dealing with your Creditors https://youtu.be/NPUSxwQR-pg Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession with Ben Rabidoux https://youtu.be/fek4xUoIkrc Ep. 295 The Vultures are Circling: COVID-19 & High-Interest Loans https://youtu.be/yLK40Eq0vZw Ep. 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact https://youtu.be/S86gnBEkeUY Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 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

If you have a little money, is it better to invest it or just leave it in a savings account? And if you do invest, how can you do so with very small amounts of money? Enter Robert Brown, author of Wealthing Like Rabbits. On today's podcast, Robert shares best practices for beginner investors. Robert reviews where to store your money depending on your financial goals (RRSPs, TFSAs) and which types of investments are sound, which ones should be avoided, and the importance of looking at the 'costs' of investing. Tune in to this podcast for lots of valuable practical advice! Additional Links: Wealthing Like Rabbits – An Original Introduction to Personal Finance On Amazon: https://amzn.to/35sEmN0 (Kindle, Paperback and Audiobook) Robert Brown's previous appearances on Debt Free in 30: -Episode 14: https://www.hoyes.com/blog/wealthing-like-rabbits-robert-brown/ -Episode 77: Change Your Debt Perspective, https://youtu.be/u8MK9XVI5rA -Episode 140: Banks Behaving Badly, Who to Trust, and Has Toronto Real Estate Peaked? https://www.hoyes.com/debt-free-30-podcast/page/21/ -Episode 184: Debt: Why is no-one listening https://youtu.be/nCZ6ojT9h5k -Episode 211: Are you Having a Personal Financial Crisis? https://youtu.be/tuNN3c54kaU (first video podcast in Kitchener, before the studio was built) -Episode 275: The Huge Business of Marketing, https://youtu.be/jbX6ZzS1Gdc

When a financial product is more affordable (or even free), banks aren't too keen on promoting it or helping you access it. Why? Because they want to make money. Banks are also very good at manipulating consumers into thinking they're getting a 'deal' when they're really paying a hefty price. So, how can you know when it's truly free money and when it's a ploy? Enter Alan Whitton (aka Big Cajun Man). On today's podcast, Alan gives real examples of false 'free' financial services and products to help us make more informed banking and investing decisions. Alan also explains how RDSPs and RESPs work and how to access income-based benefits in the two plans. Tune in for lots of practical advice! Resources: Canadian Personal Finance Blog: https://www.canajunfinances.com RESP & University Expenses Page: https://www.canajunfinances.com/RESP/ RDSP Information: https://www.canajunfinances.com/RDSP Alan Whitton on Twitter (@bigcajunman): https://twitter.com/bigcajunman Alan Whitton (Canajun Finances) on Facebook: https://www.facebook.com/canajunfinances

The economic shutdown has been costly for small businesses. If you're an owner concerned about the future health of your business, what should you do? Sell your business? What are your options if you have a lot of business debt? On today's podcast, David Barnett, a business broker, returns to discuss how COVID-19 has impacted small businesses and why some businesses are having a harder time selling than others. He also shares strategies some companies have deployed to stay afloat during the pandemic and advice to avoid bad business funding choices. David also explains the sunk-cost fallacy and recency bias to help you understand whether it's financially worthwhile to maintain your business. Tune in for lots of practical advice! Related Links: Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg David Barnett's Website: davidcbarnett.com and https://www.investlocalbook.com/ David Barnett on Twitter: https://twitter.com/DBarnettMoncton

With the rapid rise in the real estate market, you may find yourself with significant equity in your home, yet you are also carrying high interest unsecured debt. On paper you have equity in your home, but you may still be "insolvent", meaning you can't pay your bills as they come due. So, what should you do? On today's podcast, guest Ted Michalos explains how you can deal with debt as a homeowner through either a home equity line of credit, a second mortgage, or by filing a consumer proposal. Tune in for lots of practical advice! Helpful Links: Second Mortgage Home Equity Loan or Interest-Free Consumer Proposal? https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/ Will a Second Mortgage Clean Up All Your Debts? https://www.hoyes.com/blog/will-a-second-mortgage-clean-up-all-your-debts/

Making the minimum payment on your credit card can make you believe your debt is manageable. But the reality is, minimum payments will keep you in debt forever. On today's podcast, guest and Certified Credit Counsellor Diane Cunha explains the 'lie' behind minimum payments and why people fall into the trap. Diane also gives practical advice on how to avoid the minimum payment debt cycle. Related Links: 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/ Straight Talk on Your Money, available on Amazon, Kindle and as an audiobook: https://www.hoyes.com/straight-talk/

There are a lot of misconceptions about why someone files for bankruptcy in Canada. Did they spend too much? Were they reckless or irresponsible? The truth is debt problems can happen to anyone at any time and when they least expect it. On today's podcast, Doug Hoyes and guest Ted Michalos share stories and dig deep into how the debt trap often starts for individuals and dispel common myths surrounding why Canadians face insolvency. They also share practical advice for anyone struggling with debt. Tune in! Links: Hoyes Michalos Study: Bankruptcy Causes in Canada: https://www.hoyes.com/press/joe-debtor/causes-of-insolvency/

Is there any point in teaching a kid in Grade 10 mortgage amortizations? And if you as a parent aren't a money expert, isn't it counter productive for you to try to explain money to your kid? Robin Taub is a Chartered Professional Accountant and author of the just released book The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life, and she says that teaching kids money management is very important, and on today's podcast she gives practical examples of how to empower your children and help them learn about money management (in a post-pandemic world) in a clear and simple way, no matter how old they are. Related Links: Robin's Book: The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life on Amazon: https://amzn.to/3hhPnbh The Wisest Investment website: https://www.thewisestinvestment.com/ Robin Taub's website: https://robintaub.com/ Robin Taub on Twitter: https://twitter.com/robintaub Robin's first appearance on Debt Free in 30: Podcast 23 - The Importance of Teaching Kids That Money Matters: https://www.hoyes.com/blog/the-importance-of-teaching-kids-that-money-matters/

Should you put all of your savings at risk in the stock market to earn enough for a down payment on a house? Probably not. Danielle Park, lawyer, and wealth manager explains why some financial advice is "heinous", how to recognize bad financial advice, and why you should think critically about the financial advice we are bombarded with every day. Related Links: Links: Danielle's blog post on Doug Hoyes' TV appearance: https://jugglingdynamite.com/2021/04/22/financial-stress-rising-for-households/ The Questrade ad: https://youtu.be/Ta2a7LkVVHc Doug Hoyes on BNN Bloomberg on April 21, 2021: https://www.bnnbloomberg.ca/video/~2185816 Podcast 248 – Danielle's first appearance: Building Wealth in a Challenging World: https://youtu.be/Y9mc-3ht0Uw Podcast 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8 Danielle Park's website: https://jugglingdynamite.com/​ Danielle's book: Juggling Dynamite: An Insider's Wisdom on Money Management, Markets, and Wealth That Lasts on Amazon: https://amzn.to/3h349lZ Danielle on Twitter: https://twitter.com/kdaniellepark Danielle's investment management firm – Venable Park: http://www.venablepark.com/

We worry about inflation, but the technology we increasingly use is deflationary. Hard to believe, but that's why most of the apps on your phone are free. Deflation is great if you can buy things for less, but debt doesn't deflate, so you could end up with much higher debt costs in real dollars. On today's podcast first-time guest Jeff Booth, entrepreneur, and author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, explains why we should think about deflation, and how it will impact the economy, inequality, your job, and your debt. You may not agree with Jeff's perspective, but it will make you think. Enjoy! Related Links: Jeff Booth's book, The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, on Amazon: https://amzn.to/3dVDrKc Jeff on Twitter: https://twitter.com/JeffBooth @JeffBooth Jeff Rubin episode #317: https://youtu.be/-4vvcQqFuxU: Modern Monetary Theory episode https://youtu.be/TMGDaTGx3V4 Statistics Canada Inflation statistics: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

It can be hard to know that you've reached a tipping point with your debt, especially when you're keeping up with minimum payments. So, when do you know that it's time to fold? On today's podcast, Ted Michalos and Doug Hoyes explain key warning signs of a debt problem – from emotional stress to relying on credit to make ends meet. They also give practical advice on how to beat an endless debt cycle. Tune in! Related Links: Warning Signs You Have a Debt Problem: https://www.hoyes.com/blog/20-warning-signs-you-have-debt-problems-what-to-do-next/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Are half of Canadians really just $200 away from bankruptcy? No. But that does make a compelling headline, doesn't it? Media outlets compete for our attention – it makes them money. But clickbait headlines about Canada's personal debt (or any subject for that matter) shouldn't be accepted at face value. Doug Hoyes and Ted Michalos explain how and why the media "enrages to engage" and they offer practical advice to help you navigate news stories to be better informed. Tune in! Related Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

You have a budget, and you try to stay within it, but a lack of planning leads you to overspend. This is one of the most common ways people sabotage their own budgets. On today's podcast, credit counsellor Diane Cunha and host Doug Hoyes discuss the common mistakes people make when budgeting – from using debt as an extension of income to paying too much for transportation. They also share advice for how to avoid making these mistakes so you can budget more successfully! Tune in for lots of practical advice. Helpful Links: Hoyes Michalos Fresh Start Program: https://www.hoyes.com/fresh-start/ Hoyes Michalos Newsletter: https://www.hoyes.com/subscribe-newsletter/

You may think that human trafficking is something that only happens in countries outside of Canada, or only happens to poor people, or recent immigrants. That is not the case. Most police reported cases in Ontario are girls and women who are Canadian citizens or permanent residents. But what does human trafficking have to do with debt and financial fraud? On today's podcast, we have a first-time special guest who shares her remarkable story of survival and explains how trafficking victims are targeted in Canada, how common this is, and how perpetrators financially abuse their victims. This leaves many trafficking survivors with not only psychological and emotional trauma, but also major debt problems to overcome. We have resources listed below to help you recognize the signs of human trafficking, what you can do to protect yourself and others you know and to help you understand that human trafficking in Canada is more common than we'd like to believe. Resources Mentioned in the Show: Human Trafficking - Know the Signs: https://www.ontario.ca/page/human-trafficking RAP Sheet – Human Trafficking: https://preventingcrime.ca/wp-content/uploads/2020/02/RAP-Sheet-on-Human-Sex-Trafficking.pdf Project Recover Organization: https://projectrecover.ca/ Concord Adex Survivor's Fund: https://www.survivorsfund.ca/donations/the-concord-end-of-crisis-housing-fund/ Waterloo Regional Police Services – How to Stay Safe Against Human Trafficking: https://www.wrps.on.ca/en/staying-safe/human-trafficking.aspx Ontario's Anti-Human Trafficking Strategy: https://www.ontario.ca/page/ontarios-anti-human-trafficking-strategy-2020-2025 What is Human Trafficking: https://www.canada.ca/en/public-safety-canada/campaigns/human-trafficking.html

The coronavirus pandemic and job losses have led many people to rethink their careers. What can you do if your job no longer exists? How can you reinvent yourself? And how do you do that without taking on debt? On today's podcast, Scott Terrio and Doug Hoyes discuss how jobs are expected to change post-pandemic and share several success stories of clients relying on their skills to find new employment. They also provide tips for taking on a career change, without harming your finances. Tune in! Resources Mentioned: McKinsey Report: The Future of Work After COVID-19 https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-after-covid-19#

Having a savings fund helps you avoid a lot of financial headache in the event of an emergency. The trouble is, how do you get started on saving if cash is tight? On today's podcast, Certified Credit Counsellor Diane Cunha provides realistic tips for saving money, so you stay motivated. She also shares advice for how to save if you have a limited income and which accounts are best for storing a savings fund. Tune in! Helpful Links: Emergency Fund or Credit Card Debt? https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/ The Secret to Budgeting? Don't Budget: https://www.youtube.com/watch?v=u5q1Qge3k8s

Payday loans aren't the only predatory loans out there. These days, several fintech companies offer 'easy' installment loans at high rates, ranging from 39% to 59%! On today's podcast, Ted Michalos and Doug Hoyes explain how these loans work and what makes them predatory. Doug and Ted also discuss high-cost loan regulations, the changes the Government of Ontario is proposing, and give their two cents on consumer protections they believe should be implemented to help borrowers make informed financial decisions. Tune in! Helpful Links: Government of Ontario High-Cost Credit Consultation Paper: https://www.ontariocanada.com/registry/view.do?postingId=36067&language=en Why Bad Credit Installment Loans Are Seldom the Answer: https://www.hoyes.com/blog/why-bad-credit-financing-loans-are-seldom-the-answer/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

E-transfer fraud is on the rise. From e-transfers being redirected to a hacker's bank account to job and puppy scams - how do you stay protected? How can you tell what's real and what's fake? Enter Rachel Jolicoeur – Director of Fraud Prevention and Partnerships at Interac. On today's podcast, Rachel discusses common ways people become victims of e-transfer fraud. She also explains how to spot e-transfer scams and how to keep your accounts safe from fraudsters. Tune in to the show for lots of practical advice and see our resources below to keep your finances safe. #FraudPreventionMonth Helpful Resources: Interac e-Transfer Security & Fraud Prevention: https://www.interac.ca/en/consumers/security/interac-e-transfer/ Canadian Anti-Fraud Centre – Protect Yourself From Scams: https://www.antifraudcentre-centreantifraude.ca/protect-protegez-eng.htm Time Stamps: 4:10 Fraud #1 - E-mail Account Compromise 8:45 Prevent Fraud with Auto Deposit 13:05 Fraud #2 - Bad Deposit Transfer 14:08 Fraud #3 – Big Cheque Scam 15:39 Fraud #4 - Job Scams 19:02 Fraud #5 - Puppy Scams 22:19 What Can I Do If I Get Scammed? 26:10 Practical Tips to Stay Safe

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/ Time Stamps: 2:38 What is negative equity 10:32 Budgeting for car expenses 15:30 When should you give your car back 16:58 How to give your car back

The Hoyes Michalos 2020 Bankruptcy Study revealed that for the first time in four years insolvencies shifted back to an older demographic. The share of insolvencies among those 50 and older increased from 28% in 2019 to over 30% post-lockdown, while the share among younger generations declined. How did this happen? On today's podcast, Ted Michalos and Doug Hoyes discuss how the pandemic changed insolvency trends, including who is filing bankruptcy, and what the numbers might mean to you. Tune in! Related Link: Hoyes Michalos 2020 Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

One of the simplest ways to increase your credit score is to lower your credit utilization. But how do you do that? And what utilization percentage is optimal? On today's podcast, Certified Credit Counsellor Diane Cunha is back to share practical advice for how to maintain a good utilization rate for healthy credit. Diane also discusses common credit utilization misconceptions and the risks of having too much available credit. Tune in to the show! Helpful Links: What is Credit Utilization: https://www.youtube.com/watch?v=hW8lcbGwyq8 Rules to Master Your Credit with Richard Moxley: https://www.youtube.com/watch?v=jP6etPo_CQc Fix Bad Credit Yourself – Tips & Tricks: https://youtu.be/BtncJCxN4So Straight Talk on Your Money Book: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

ohn Pasalis, President of Realosophy Realty, makes his first appearance on the podcast, and he tells us that, even though unemployment is high and we are in a lockdown, the real estate market is "on fire". Why? Is government policy deliberately inflating house prices? When will this boom end? Is now a good time to buy? Or rent? All that and more. Enjoy! Time Stamps: 2:05 What's happening in the real estate market? 3:55 How is it possible that the economy is in lockdown, unemployment is high, and real estate prices are "on fire"? 6:15 More people are working from home, so we understand why single family homes are going up in value, but why are downtown condos also holding their value when everyone has abandoned the city? 9:00 Is this boom different that the 2016/2017 boom? 11:30 Do governments care that real estate prices are going up? Will they do anything to cool the market? 16:45 Are we approaching buyer fatigue? 17:45 Should I buy a house now? 20:40 How some purchasers in 2017 lost their entire investment 22:17 When will the boom end? 24:45 Condo sales prices have dropped slightly, but rental rates are down significantly. Why? 27:00 Is now a good time to rent? Advice for renters?29:00 John's advice for dealing with market hysteria 30:00 What will be the signs of the end of the real estate boom? Related Links: Realosophy Website: https://www.realosophy.com/ John Pasalis on Twitter: https://twitter.com/JohnPasalis John Pasalis' YouTube channel – Move Smartly: https://www.youtube.com/movesmartly

Managing a business is difficult, and the pandemic has made things much worse for Canadian small business owners. If you're a small business owner facing debt problems, what are your options? On today's podcast Ted Michalos is back to explain what you can do if you have both business debts and debts you've personally guaranteed for your business; strategies if your business was doing fine before the lockdown but is now struggling, and what to do if your business will be viable again after the lockdown. Ted and Doug also discuss your options if you can't repay the CEBA (Canada Emergency Business Account) loan. Enjoy! Time Stamps: 3:27 Why government support hasn't been enough. 6:00 What's happening with business bankruptcies? 8:50 Sole Proprietorship vs. Corporation: What's the difference? 9:52 When do business debts become personal debts? 11:20 What to do if business is struggling due to COVID-19. 15:07 What to do if your business isn't viable at all. How do you close it? 20:25 Dealing with secured creditors. 21:44 Dealing with debt as a sole proprietorship. 23:36 What to do if business will be viable after lockdown. 22:20 CEBA loan – what to do if you can't repay. 31:38 Final practical advice Related Links: Should I File Personal Bankruptcy if My Business Closes? https://hoyes.info/small-business-closure The Canada Emergency Business Account: https://ceba-cuec.ca/ Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html

Housing activity in Ontario has been nothing short of crazy. In the middle of a global pandemic, we're seeing multiple offers on homes and rising real estate prices. Why? And is it a good time to refinance if you have debt? Enter Ron Butler – noted mortgage expert. On today's podcast, Ron explains what's going on with mortgages, the impact of low-interest rates, and whether house prices will keep climbing. Ron and Doug also discuss debt consolidation with home equity risks and what you should consider before refinancing. Tune in to this lively discussion! Related Links: Ron Butler's appearance on show 293: https://youtu.be/VDSd6z5EJzA Butler Mortgages Website: https://www.butlermortgage.ca/ Ron Butler on Twitter (@ronmortgageguy): https://twitter.com/ronmortgageguy Time Stamps: 1:54 – Going to the bank vs mortgage broker 5:50 – What's going on with mortgages in this crazy market? 7:00 – Low interest rates are a fuel to buy sooner 8:14 – Can we expect another mortgage deferral? 10:30 – Should we be thinking about debt consolidation in 2021? What are the risks? 15:48 – Can you use a HELOC for a down-payment again? 18:42 – Will real estate keep going up forever? 22:31 – Impact of bidding wars on mortgage qualification 25:07 – Are parents still helping their kids buy a home? 26:09 – Is housing a religion? 29:37 – It's an unusual time, but this too shall pass, so think before buying.

As we enter 2021, some interesting trends are emerging: Canadian household savings rate is still high, yet so is our debt-to-income ratio; residential mortgages are also on a sharp rise. How do we explain this? Ben Rabidoux returns to share his insights on what's really happening with debt, savings, and where he sees the real estate market heading. Ben also talks about the possibility of an inflationary environment in Canada as a result of the pandemic. You won't want to miss this discussion, so tune in! Related Links: Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, & Guaranteed Recession: https://www.youtube.com/watch?v=fek4xUoIkrc Ben Rabidoux on Twitter: https://twitter.com/BenRabidoux North Cove Advisors' Website: https://northcove.net/ Statistics Canada Labour Force Survey: https://www150.statcan.gc.ca/n1/daily-quotidien/210108/dq210108a-eng.htm Household Saving Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Statistics Canada Permanent Residents Data: https://open.canada.ca/data/en/dataset/f7e5498e-0ad8-4417-85c9-9b8aff9b9eda

Budgeting is difficult, but you need to keep track of your money. So how do you budget if you don't like budgeting? On today's podcast, guest Julie Wildman, LIT, shares practical advice on how to match your expenses to your income, without the need to spend a lot of time tracking every dollar you spend. Julie and Doug Hoyes also discuss how to be ready for unexpected expenses and how to adapt debt payments to your pay cycle too. Tune in for lots of great advice! More information: The Secret to Budgeting: Pay Your Bills as You Get Paid https://www.hoyes.com/blog/the-secret-to-budgeting/

Car loans are one of the most common entry points into debt problems. That's because if you're not careful, you will easily spend more than you can really afford on a vehicle. While it's hard to avoid borrowing for a car altogether, there are steps you can take to protect your financial health. On today's show, guest Scott Terrio explains when a car loan becomes bad debt by sharing auto loan pitfalls, the dangers of loan rollovers, and budgeting considerations before buying a car. He also explains why you should think twice before borrowing against your car to consolidate debt. Tune in for lots of practical advice! Related Links: How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/ 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/ Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

The unemployment rate dramatically increased, debt levels continue to grow, and yet the personal insolvency rate in Canada dropped to 20-year lows when the COVID-19 lockdowns started in the spring. How long will insolvency rates remain low? Doug Hoyes and Ted Michalos review the unprecedented events of 2020, and offer their predictions on what will happen with debt and bankruptcy and consumer proposal filings in 2021, in one of our most anticipated podcasts of the year. Enjoy! Full details of everything discussed: https://www.hoyes.com/blog/how-covid-19-affected-household-debt-in-2020/ Time Stamps 0:20 A review of Doug and Ted's predictions for 2020 2:12 With high debt and high unemployment, why insolvencies didn't skyrocket 2:50 The personal savings rate hit an all-time high; why? 3:48 The impact of CERB on household income 4:49 The problem with statistics 5:32 COVID-19 impact on high, middle and low income earners 9:00 An example of a middle income earner most impacted by the lock down 10:40 The impact of deferrals 13:40 What will happen with debt in 2021? 16:06 The psychology of spending; why some of us will not increase out spending early in 2021 16:41 Comments on the real estate market 18:53 Prediction time! 19:17 Ted's prediction 19:51 Doug's predictions 24:55 The impact of an economic recovery on insolvency filings

The first step in rebuilding credit is figuring out what's causing your bad credit in the first place? Too much debt? A recent bankruptcy filing? Depending on the reason, there will be different ways to approach the rebuilding process. On today's podcast, our guest is credit expert Richard Moxley, who walks us through the importance of having good credit, causes of bad credit, common misconceptions, and steps to rebuilding credit on your own. Tune in to the show for lots of practical advice! More information: Richard Moxley's Website: https://creditgame.net/ Rules to Master Your Credit Podcast 284: https://www.youtube.com/watch?v=jP6etPo_CQc The First Step to Rebuilding Credit is No More Debt: https://www.hoyes.com/blog/the-first-step-to-credit-rebuilding-is-no-more-debt/ Time Stamps: 1:46: Why Does Good Credit Matter? 4:28: What Causes Bad Credit? 6:53: How Do You Know If You Have Bad Credit? 11:02: What are the Barriers to Rebuilding Credit? 12:13: What Are The Steps to Rebuilding Credit?

Nearly 9 million Canadians applied for CERB in 2020 to deal with the financial effects of COVID-19. To distribute the benefit quickly, the Canadian government conducted very little eligibility verification up-front. Many people believed they were eligible to get CERB but are now discovering that that was not the case. So, what happens if you received CERB but were not eligible? Will you be audited by the Canada Revenue Agency? And if you are audited, how do you prove you were eligible? Enter Jason Rosen. Jason is an experienced tax lawyer and co-founder of Rosen Kirshen (RK) Tax Law. On today's podcast Jason shares his thoughts on how the CRA might treat ineligible receipt of CERB and CEWS for employers. He provides practical advice for how Canadians can prepare themselves in the event of a tax audit and explains what may happen to those who applied to CERB knowing they were not entitled to receive it. Tune in to the show for lots of guidance on this pressing issue. Relevant Links: Rosen Kirshen Tax Law Website: https://www.rktaxlaw.com/ CRA Collection Letters for CERB Ineligibility & Repayment: https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment CERB Eligibility: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/eligibility-periods.html CERB Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html New T4 Reporting Requirements for Employers: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html CERB Eligibility Criteria: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/who-apply.html

Fintech has come up with a new way for making purchases online with Buy Now Pay Later apps. But is 'buy now, pay later' just another form of debt? Do these new apps actually help your budget or fast track financial problems? On today's podcast, we have first-time guest and Hoyes Michalos LIT Jennifer Kwon who walks us through how these apps work, how they benefit from people using them, and she simplifies the terms and conditions so you know what you're signing up for. And Doug Hoyes does the math to show much you'd really pay in interest if you fall behind on payments. Jennifer and Doug also share practical advice for how to use these apps safely to avoid financial trouble. Tune in to this episode for lots of great insight. Resources Mentioned in the Show: Leon's Financing: https://www.leons.ca/pages/visa-desjardins-financing Coupon Follow's Millennial Shopping Report: https://couponfollow.com/research/millennial-shopping-report Afterpay App: https://www.afterpay.com/en-ca/index Afterpay's Annual Report: https://www.afterpay.com/attachment/315/show Afterpay & Debit Card Usage: https://www.afterpay.com/attachment/67/show Afterpay Instalment Agreement: https://www.afterpay.com/en-CA/instalment-agreement Sezzle App: https://sezzle.com/ Sezzle & Credit Score Impact: https://shopper-help.sezzle.com/hc/en-us/articles/360046383071-How-does-Sezzle-impact-my-credit-score- Sezzle Late Fees: https://shopper-help.sezzle.com/hc/en-us/articles/360046781511-Why-was-I-charged-a-fee- Sezzle Info on Purchasers Spending More in App: https://sezzle.com/merchants Paybright: https://paybright.com/en/break-up-the-cost-7

Some loans feel like you've been paying them forever without an end in sight. In other cases, you may even be surprised to see your loan balances grow instead of shrink with regular payments. On today's podcast, Doug Hoyes and Ted Michalos define important terms for understanding how loans work, how to spot an expensive loan, and the risks you face with longer term loans. They also teach you how to avoid borrowing more than you can afford and provide practical advice for what to ask your lender while you're in the borrowing process. Helpful resources: Term vs Amortization Explainer: https://www.youtube.com/watch?v=gaMt1zW7ViA How Does Compound Interest Work: https://www.youtube.com/watch?v=mO5lhuXhWFk Debt Servicing Costs: https://www.youtube.com/watch?v=qoV5LD0eMk4 What is a Line of Credit: https://www.youtube.com/watch?v=yFR9Cag40OU How Car Loans and Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Why Payday Loans Won't Go Away: https://www.hoyes.com/blog/why-payday-loans-wont-go-away/

An unprecedented number of Canadians went from being office employees to working from home during this pandemic. Many also took on home office costs in 2020. So, what does this mean for our 2020 income tax filing? Which expenses will we be able to deduct and which ones will we not? On today's podcast, Ian Martin, CPA and Licensed Insolvency Trustee, shares his thoughts on how the CRA may approach expenses like office supplies, masks, furniture, internet and rent next year. Ian also gives us his honest opinion on how the CRA should approach tax audits of individuals. Tune in to this meaningful discussion with lots of practical tips! Additional Resources: 10 Tips for Dealing with CRA and Tax Debts: https://www.youtube.com/watch?v=Pp7rVK02OVI T2200 Declaration of Conditions of Employment: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2200.html T777 Statement of Employment Expenses: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t777.html

Every January, we meet with clients who tell us they spent way too much during the holiday season. But given the current pandemic, income problems, and gathering restrictions, will 2020 finally be the year when Canadians spend less? On today's podcast, Diane Cunha and Doug Hoyes discuss what generally drives people to spend so much over the holidays and why this year might be different. They share practical advice for how to cope with COVID fatigue and resist the temptation to over-buy. Diane also answers spending questions from our newsletter readers. Lots of great tips in this show so be sure to tune in! Related Links: Deloitte 2020 Holiday Retail Survey: https://www2.deloitte.com/us/en/insights/industry/retail-distribution/holiday-retail-sales-consumer-survey.html Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034 Podcast 322: How to Build an Emergency Fund if You Have Debt: https://www.youtube.com/watch?v=YxyO8in9Swg​ Sign up for the Debt Free Digest Newsletter: https://www.hoyes.com/subscribe-newsletter/

It's the 10th annual financial literacy month sponsored by the federal government. Are we more financially literate than we were 10 years ago? Our debt levels keep increasing, so it doesn't appear so. Is it possible to learn money management skills, or do you have to be born with it, like athletic ability. On today's short podcast Doug Hoyes explains why he believes you can learn to manage your money, and he gives four lessons on how to do it. #FLM2020 Time Stamps: 7:28 – Lesson 1 – What do you want? 9:47 – Lesson 2 – Do it the easy way 11:11 – Lesson 3 – Understand the Other Guy 14:54 – Lesson 4 – Ask Questions Related Links: Government of Canada Financial Literacy Month website: https://www.canada.ca/en/financial-consumer-agency/campaigns/financial-literacy-month.html Government of Canada, have a plan to pay off your debt: https://www.canada.ca/en/financial-consumer-agency/campaigns/it-pays-to-know.html Government of Canada, de-emphasizing the most powerful debt relief options: https://www.canada.ca/en/financial-consumer-agency/services/debt.html The "Don't Budget" Video: https://youtu.be/u5q1Qge3k8s Can you create your own reality? https://youtu.be/PuiP9I6_cMg Getting out of debt requires a system, not just a goal https://youtu.be/ysvkV0uN7mM The Fable of the $20 bill https://youtu.be/5fYfAvSnNps Doug's Book, Straight Talk on Your Money, available on Amazon, Kindle and as an audio book: https://www.hoyes.com/straight-talk/

Every financial guru says you need an emergency fund. But if you also have debt, is it possible to balance saving and paying down high-interest credit cards or lines of credit? What are the steps to get started? On today's podcast, Diane Cunha, Certified Credit Counsellor at Hoyes Michalos discusses the different types of emergency funds, teaches us how to set aside cash even if we have debt, and gives tips on where to store our savings so they are easily accessible. Tune in to the show for lots of practical advice! Related Links: Credit and Debt Decisions That Can Backfire Podcast 288: https://www.youtube.com/watch?v=0mHPf8CLhs0 What To Know About Credit Cards So You Use Credit Wisely Podcast 235: https://www.youtube.com/watch?v=u-bMxcdl55A 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/ Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/

Description: Amid economic uncertainty, side hustles have become a popular way to earn extra income. But while many side hustles are good, some are risky and can lead to serious debt problems.​ On today's podcast, guest and Hoyes Michalos LIT Julie Wildman discusses the risks of multi-level marketing ventures (or MLMs). While an MLM can seem like a great opportunity to "be your own boss" and work from home, it often comes with significant upfront costs that are rarely recovered. Julie walks us through how MLMs work, their success rates, and who is often targeted in MLM schemes. She also shares practical advice for how to ensure that if you do go into the business of selling products, you avoid taking on a massive debt burden. Tune in! Related links: AARP Study of Multilevel Marketing, 2018: https://www.aarp.org/content/dam/aarp/aarp_foundation/2018/pdf/AARP%20Foundation%20MLM%20Research%20Study%20Report%2010.8.18.pdf

As of August 31st, 778,000 Canadians with a mortgage at Canada's big banks deferred or skipped a payment on their mortgage. The deferral periods for many mortgages and other credit loans and products have now come to an end. What does this mean for your debt? On today's podcast, Ted Michalos and Doug Hoyes review different credit products (mortgages, credit cards, lines of credit, auto loans) and discuss what may happen to your balances and debt carrying costs now that the deferral periods are over. They also share practical advice for how to negotiate with your creditors and steps you can take if you don't have the cash to start making your debt payments again. Tune in to this very timely and helpful episode! Helpful Links: Dealing with the Consequences of Loan Deferrals When the Deferral Period Ends: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/ What To Do If You Can't Pay Deferred Mortgage Payments: https://www.hoyes.com/blog/what-to-do-if-you-cant-pay-deferred-mortgage-payments/ CMHC Residential Mortgage Industry Report: https://assets.cmhc-schl.gc.ca/sites/cmhc/data-research/publications-reports/residential-mortgage-industry-report/2020/residential-mortgage-industry-report-2020-en.pdf CBA Fast Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-the-covid-19-pandemic Scotiabank Auto Loan Payment Relief Terms: https://www.scotiabank.com/ca/en/personal/scotia-support/terms-and-conditions/auto-loan-spl-payment-relief.html

The Canada Emergency Response Benefit (CERB) has now come to an end and is transitioning to four different financial aid programs: EI, CRB, CRSB, and CRCB. But what do these income supports mean for Canadians' household budgets and debt repayment? Will they be enough to help Canadians still battling the financial effects of COVID-19? And which individuals no longer qualify to receive federal help? On today's podcast, our guest is David Macdonald, Senior Economist at the Canadian Centre for Policy Alternatives (CCPA). David explains the financial impact of switching from CERB to these new aid programs. He walks us through how these programs work, eligibility, and whether Canadians who have returned to work at reduced hours can still get help. He also shares his thoughts on the long-term implications of these supports for the Canadian economy. Tune in to this important discussion with Doug Hoyes. We also encourage you to check the Government of Canada website for up-to-date information as these programs may evolve: https://www.canada.ca/en/department-finance/economic-response-plan.html#individuals Additional Links: David Macdonald on Twitter: https://twitter.com/DavidMacCdn CCPA Report – 1.8 Million Canadians Better Off with a Higher EI and CRB Floor: https://behindthenumbers.ca/2020/09/28/1-8-million-canadians-better-off-with-a-higher-ei-and-crb-floor/ Canadian Centre for Policy Alternatives: https://www.policyalternatives.ca/ David Macdonald's first appearance on Debt Free in 30 – ep. 114: Basic Income: Is It a Silver Bullet for Poverty? https://www.hoyes.com/blog/basic-income-is-it-a-silver-bullet-for-poverty/ and on YouTube (audio only): https://youtu.be/mi3tWjg1bC4 Our podcast on Modern Monetary Theory https://youtu.be/TMGDaTGx3V4 Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Time Stamps: 2:22 CERB – How it worked, qualification requirements 5:44 The new Employment Insurance, how it works, who qualifies 8:32 How taxes work for CERB and EI 9:44 Why a lot of Canadians may have a big tax bill in the spring of 2021 12:15 Is it possible that CRA creates special rules to mitigate the big tax bill many Canadians will face in 2021? 17:00 CRB (Canada Recovery Benefit) – what it is, who qualifies 21:00 CRSB (Canada Recovery Sickness Benefit) – what it is, who qualifies 22:30 CRCB (Canada Recovery Caregiving Benefit) – what it is, who qualifies 24:30 What if I'm only working one day per week? How does that impact my benefits? 27:50 Who qualified for CERB, but now won't receive any income support? 30:25 What are some of the shortcomings in the current programs you would like to see addressed? 33:30 Are we moving towards a Basic Income? 37:00 These programs are very expensive; how will we pay for them?

Filing income taxes can be complicated, especially if you're a self-employed individual. And if you can't afford an accountant, you fall behind on filing your taxes and face trouble with the Canada Revenue Agency. Could we make the Canadian tax system simpler? And what would a simpler system mean for tax deductions? Enter Neal Winokur, author of the The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System​. On today's podcast, Neal shares his radical vision for an easier income tax system and what it would look like for everyday Canadians. He and Doug Hoyes also discuss whether the government could consider other sources of revenue instead of income taxes and the impact on Canadian politics. It's a lively discussion so be sure to tune in! Related Links: Neal Winokur's website: https://grumpyaccountant.ca/ The Grumpy Accountant - One Fed-Up Tax Pro's Practical Plan to Fix Canada's Senselessly Complicated Tax System On Amazon: https://amzn.to/33Wpnd9

Today's first time guest is Jeff Rubin, who was the Chief Economist at CIBC World Markets (where he worked for over 20 years). He has just released a new book: The Expendables: How the Middle Class Got Screwed by Globalization, where he says that the decline in permanent, well paying full time jobs is a direct result of free trade agreements that transferred jobs to lower wage countries, leaving factories in Canada idle. On today's show Jeff Rubin argues that globalization allows the rich to get richer, and that leads to increasing inequality, and that leads to high debt levels for the average Canadian. Is there a solution? We discuss that and a lot more on today's show. Helpful Links: Jeff Rubin on Twitter https://twitter.com/jeffrubin The Expendables How the Middle Class Got Screwed By Globalization link to book on Amazon: https://amzn.to/2FLeORE Debt Free in 30 Podcast on Modern Monetary Theory: https://youtu.be/TMGDaTGx3V4 Topics Covered: 00:47 What is globalization, and who are the expendables who got screwed by it? 2:48 What's wrong with moving jobs to lower wage countries? Consumers pay less, and corporate profits are higher; what's the problem? 5:55 Does outsourcing lead to lower wages, lower interest rates, and lower inflation? 7:40 How are low wages tied to consumer debt? 9:50 Interest rates are very low, so does it matter that governments have high deficits? 11:18 How does globalization lead to more middle class debt? 13:43 Does globalization lead to speculative bubbles (like the stock market and the housing bubble)? 15:51 Do you agree or disagree with David Ricardo's Theory of Comparative Advantage? Are we not better off if we do what we are best at? 18:48 With globalization we have more exposure to other cultures; does that increase the chances for world peace? Is that not an upside of globalization? 20:14 What are the solutions to the problems caused by globalization? 21:27 Donald Trump and Bernie Sanders both have the same trade policy 23:39 Not being able to get N95 masks was a big problem, because we didn't produce them in Canada. Do you expect in the future to see more manufacturing returning to Canada? 27:15 Contrary to popular belief, why do you not think we have a progressive tax system? 29:10 But if we had a more progressive tax system, would that not lead to money and jobs and wealthy people leaving the country, making our economic situation even worse? 33:00 Closing comments: advice for the average Canadian hurt by globalization.

Like debt problems, food insecurity can happen to anyone. What causes individuals and families to require food assistance? On today's podcast, we have first-time guest Wendi Campbell, CEO at The Food Bank of Waterloo Region to help us get a better understanding of local food issues and what "food insecurity" really means. Wendi also addresses common misconceptions surrounding food bank visitors and discusses the importance of working together as a society to help alleviate the problem of food insecurity. The Food Bank of Waterloo Region is accepting non-perishable food donations through contactless drop-offs at their location on 50 Alpine Court in Kitchener, ON. Financial donations can be made online at https://www.thefoodbank.ca/donate/. Of course, if you are outside of the K-W region, you can donate to your local food bank if you have the means. Helpful links: The Food Bank of Waterloo Region Website: https://www.thefoodbank.ca/ Stats on Hunger in Waterloo Region: https://www.thefoodbank.ca/network/hunger/ The Food Bank 2018-19 Financial Statement: https://www.thefoodbank.ca/wp-content/uploads/2019/09/FBWR-2019-financial-statements-final.pdf

Last week, Doug Hoyes walked us through several key statistics, including insolvency filings, household savings rates, and loan deferrals. On today's show, he digs deeper into the 'whys' behind the numbers with guest Ted Michalos. Tune in as they give an update on why personal insolvencies are down and how much longer they expect filings will decline; They also discuss why savings rates are up and whether they will remain high; and why car sales have increased despite many people working from home. Doug and Ted also offer practical advice for managing your debt if you are still looking for work or if you have benefited financially from the lock-down. Don't miss a great discussion! Related Links: Season 7 Premiere & What's Going to Happen with Debt in the Fall: https://www.youtube.com/watch?v=odokdpoPng8​ Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

Welcome to the season 7 premiere of Debt Free in 30. It's only September but it's been an eventful year already, eh? Insolvency filings were high at the start of 2020 but fell to record lows by the month of May. Unemployment is high, but so is the savings rate. How is that possible? Today we discuss these stats, and look ahead to the Fall. Collection agencies are starting to make more calls, so will insolvencies go back up? The federal government has also announced that the CERB will soon end and transition to EI. Will this be enough for individuals still out of work? That and more on the first show of Season 7; enjoy! Relevant Links: Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Coping with Consumer Debt as the Economy Reopens: https://www.hoyes.com/blog/coping-with-consumer-debt-as-the-economy-reopens/ Canadian Bankers Association - Facts on Bank Measures in Response to COVID-19: https://cba.ca/fast-facts-on-bank-measures-in-response-to-the-covid-19-pandemic Retail Trade, June 2020, Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/200821/dq200821a-eng.htm Savings, Debt & Modern Monetary Theory with Hilliard MacBeth: https://www.youtube.com/watch?v=Wx_7T6YWT8w Debt Free in 30 Full Podcast Archives: https://www.hoyes.com/debt-free-30-podcast/

Millions of Canadians have received CERB (and may have a tax debt next year), and many Canadians have incurred and deferred debt to survive the pandemic. How will they repay that debt? First aired in May, today we have a new introduction and update, and then we rebroadcast our episode on an ancient concept that is getting a lot of new interest: a debt jubilee. Enjoy! Helpful Reads: Is A Debt Jubilee the Solution to Our Collective Debt Problem: https://www.hoyes.com/blog/is-a-debt-jubilee-the-solution-to-our-collective-debt-problem/ Insolvency Predictions Post COVID-19: https://www.hoyes.com/blog/insolvency-predictions-post-covid-19/ ...and forgive them their debts by Michael Hudson: https://michael-hudson.com/2018/08/and-forgive-them-their-debts/ Can We Avoid Another Financial Crisis by Steve Keen: https://www.dw.com/en/can-we-avoid-another-financial-crisis/a-41111841 10 Key Canadian Debt Statistics That Explain Consumer Insolvency Growth in 2019: https://www.hoyes.com/blog/10-top-debt-statistics/ 7-Year Waiting Rule on Student Loans: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/​ ​Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Costco became the "go to" store during the 2020 pandemic, as long lines formed so we could all buy toilet paper. Today we revisit our podcast on that wonderful, magical place called Costco, with some updated thoughts on the pandemic. Is it a store? A finance company? Something else? And why does it matter? All that and more on today's podcast (and I've got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube).