Debt Free in 30

If you ignore an old debt, will it just go away? What if it's been removed from your credit report already? What if a creditor hasn't reached out to you about it in years? Does that mean you don't have to pay? Not exactly. On today's podcast, Doug Hoyes and Ted Michalos discuss how the Statute of Limitations works in Ontario, updates to the law, and which debts it does and doesn't apply to. They also review three scenarios to help you understand what may or may not happen when it comes to owing old debts. Tune in for lots of practical advice! Links: Ontario Limitations Act and Old Debts: https://www.hoyes.com/blog/ontario-limitations-act-old-debts/ What is the Limitations Act: https://youtu.be/97h2u9lqCCY Ontario Limitations Act via Ontario.ca: https://www.ontario.ca/laws/statute/02l24 Eyton Case, In re: John Trevor Eyton, 2021 ONSC 1819 (CanLII): https://www.canlii.org/en/on/onsc/doc/2021/2021onsc1719/2021onsc1719.html Superintendent of Bankruptcy, Directive 6R: https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02402.html

Is it always worth the expense to have an accountant file your taxes? When is it OK to file them on your own? On today's podcast, Ian Martin, LIT and CPA, returns to provide practical advice for how to approach tax filing on your own and when it's time to seek professional help. Ian and Doug Hoyes also discuss the high cost of instant tax refunds, why not filing your taxes can be risky even if you don't owe anything, and they address common myths about income tax filing. Tune in for a great discussion! Links: Instant Cash Back on Tax Refunds. Is It Worth It? https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/ Tax Returns Not Filed Because You Are Afraid You Have Tax Debts? https://www.hoyes.com/blog/tax-returns-not-filed/

2021 was an interesting year for Canadian consumer debt. Insolvencies remained at record lows and many people were able to pay off their credit cards. But will these trends continue? On today's podcast, Doug Hoyes and Ted Michalos review what happened with consumer debt, insolvencies, and savings in 2021 and, provide their predictions for what's to come in 2022. With government income supplements winding down, collections activity starting again, and limitations periods near expiry, the new year should be interesting, to say the least! Tune in for their analysis. Links: Debt Statistics: What Happened to Debt During the Pandemic & Recovery of 2021 - https://hoyes.news/what-happened-to-debt-2021 Episode 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8 Statistics Canada. Table: 36-10-0639-01. Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 Statistics Canada. Table: 36-10-0112-01. Current and Capital Accounts: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Statistics Canada. Table 14-10-0063-01. Employee wages by industry, monthly, unadjusted for seasonality: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301 Statistics Canada, Labour Force Participation Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Hoyes Michalos Homeowner's Bankruptcy Index https://www.hoyes.com/press/homeowner-bankruptcy-index/ Federal government, fiscal update: https://budget.gc.ca/efu-meb/2021/report-rapport/intro-en.html Bank of Canada, definition of Money Supply, and data: https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/ Money supply, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/ Monetary Aggregates, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/ Statistics Canada. Table 14-10-0063-01 Employee wages by industry, monthly, unadjusted for seasonality https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301 Statistics Canada, Labour Force Participation Rate https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 17-10-0005-01 Population estimates on July 1st, by age and sex https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000501 Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Consumer Price Index, annual avg, not seasonally adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

We all agree that life is getting more difficult for the average person. The cost of living is going through the roof; wages are stagnant, and no matter what you do, it seems impossible to get ahead. On today's podcast, Doug Hoyes explains the three forces that are conspiring against you: demographics, technology, and bad money. How did we get here? And how can you compete in today's challenging economy? Tune in to this special episode for Doug's insights and practical advice. Resources Mentioned in the Show: House Prices, Canadian Real Estate Association: https://creastats.crea.ca/en-CA/ Hourly Wages, Statistics Canada: shorturl.at/gGQT1 Rembrandt sketch, The Parable of the Talents: https://www.pubhist.com/w26841 NHL Statistics: https://www.quanthockey.com/nhl/seasons/2019-20-nhl-players-stats.html Inflation, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 2020 Canadian Federal Budget: https://www.budget.gc.ca/2021/report-rapport/anx1-en.html Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html Canada Emergency Response Benefit Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html High-Income Tax Filers, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action Baby Boom, Statistics Canada: https://www12.statcan.gc.ca/census-recensement/2011/as-sa/98-311-x/98-311-x2011003_2-eng.cfm Historical Price of Oil: https://www.macrotrends.net/1369/crude-oil-price-history-chart Historical Inflation Rate, Canada: https://www.macrotrends.net/countries/CAN/canada/inflation-rate-cpi Historical Wages, Project Link Data from Statistics Canada & various sources: https://worthwhile.typepad.com/stephen/link/ Episode #271, TFSA, RRSP and Debt: https://youtu.be/7zn3JeAonV4

If you are new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today's podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don't count towards your score, and what to avoid so you don't harm your credit. Tune in for lots of practical advice! Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/ Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034 Maureen Parent, LIT on Twitter: https://twitter.com/MaureenParent7

A lot of personal finance advice is out of touch with today's reality of exorbitant house prices and stagnant wages. So how can a Millennial navigate our current economy and prepare themselves financially for the future? Enter Erica Alini, an experienced personal finance reporter at Global News. She's also the author of the new book Money Like You Mean It – Personal Finance Tactics for the Real World. On today's podcast Erica shares practical advice from her book about how Millennials should approach life milestones like home ownership, emergency events, student loans and how to deal with debt. Tune in for a great discussion! Links: Money Like You Mean It book on Amazon: https://www.amazon.ca/Money-Like-You-Mean-Personal/dp/1459748670 Money123 Newsletter by Erica Alini – how to sign up: https://globalnews.ca/news/4022683/money123-newsletter/ Erica Alini on Twitter: https://twitter.com/ealini

The price of the average home in Canada increased by a record $147,000 compared to last year. Is housing going up forever? How are first-time home buyers supposed to enter such a hot market? On today's podcast, Ben Rabidoux, founder of North Cove Advisors and Edge Realty Analytics, returns with his insights on the Canadian housing market and predictions for 2022. Ben also gives his thoughts on inflation, the impact on consumers if interest rates go up, and whether consumer debt levels will rise substantially in the coming months. Tune in for a great discussion! Links Mentioned in the Show: Podcast 94 What Happens to Debt When House Prices Fall: https://youtu.be/ETkZEc5FLYk Podcast 266 Real Estate, Personal Debt, and Recession Indicators: https://youtu.be/0TMRQ0f0_WQ Podcast 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession: https://youtu.be/fek4xUoIkrc Podcast 333 Mortgages, Consumer Debt and Delinquencies – What's Real & What's Fantasy: https://youtu.be/b-JYXZZ7eDQ Edge Realty Analytics: https://edgeanalytics.ca/ Ben Rabidoux on Twitter: https://twitter.com/BenRabidoux Employment chart, Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/211105/cg-a001-eng.htm Labour force characteristics chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Canadian Real Estate Association Chart: https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/ Current and capital accounts chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Hoyes Michalos Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Time Stamps: 2:21 – The most important trend in the housing market today: inventory levels are plunging 5:43 – At what point will house prices start to fall? 6:54 – How did real estate prices get so high? 8:49 – If high prices for single family homes are partially a supply issue, why are we not building more single family houses? 12:09 – Why immigration numbers don't tell the full story about population growth 14:51 – Will inflation and interest rates increase in 2022? 19:25 – Ben disagrees with Doug's deflationary prognostications for 2022 21:37 – Has employment bounced back to pre-pandemic levels? 26:08 – Ben's predictions for 2022 28:52 – Are mortgage borrowers going variable or fixed on their mortgages now? 32:14 – Will debt levels increase in 2022?

On the surface, a debt consolidation loan sounds like a great idea because you're left with only one monthly debt payment as opposed to several. But is consolidation always a good idea? And is it worth it if you're paying more in interest than you were before? On today's podcast, Scott Terrio and Doug Hoyes provide real stories of failed debt consolidation. While borrowers have good intentions and want to make their debts more manageable, consolidation loans can sometimes make debt repayment more difficult. Scott and Doug also give practical advice for when consolidation is the right move and which types of loans to steer clear of. Tune in for a great discussion! Links Mentioned in the Show: How Does a Debt Consolidation Loan Work: https://www.hoyes.com/blog/how-does-a-debt-consolidation-loan-work/ 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/ Podcast 231: Think Twice Before You Get a Home Equity Line of Credit: https://www.youtube.com/watch?v=RiKKbg_pyu8 Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

According to a May 2021 survey by the Canadian Federation of Business (CFIB), only 39% of small businesses in Canada are currently making the sales they consider normal. CFIB also estimates that total Canadian small business debt related to COVID-19 sits at $139 billion. With ongoing pandemic restrictions and slow economic activity, will these small businesses recover? On today's podcast, Ted Michalos and Doug Hoyes give practical advice for how a small business struggling with debt can do a self-test to ensure they are viable and when it may be time to consider professional debt solutions. They also discuss the impacts government subsidies have had on the economy and whether or not it's a good idea to continue government financial support for small business. Tune in for a great discussion! Related Links: Small Business Debt: The COVID-19 Impact: https://content.cfib-fcei.ca/sites/default/files/2021-08/Small-Business-Debt-The-COVID-19-Impact.pdf The new challenges facing Canada's small businesses: https://thoughtleadership.rbc.com/the-new-challenges-facing-canadas-small-businesses/ Keeping Your Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/ Top 5 Bankruptcy Issues for Small Business Owners: https://www.hoyes.com/blog/top-5-bankruptcy-issues-for-small-business-owners-and-self-employed/

According to an October 2021 CIBC report, the average down payment gift from a parent to their child has risen to a record high of $82,000. But while most of these gifts are cash savings, and not debt, is it still wise to gift your child a down payment for their first home? Could there be repercussions and if so, what? On today's podcast, mortgage broker extraordinaire Ron Butler, gives first-hand insight into the rise of down payment gifts for first-time home buyers and discusses the increase in co-signers on mortgages. Ron also explains whether an interest rate hike will affect home prices and much, much more! Tune in. Related Links: CIBC Report – "Gifting for a down payment – perspective" by Benjamin Tal: https://economics.cibccm.com/cds?id=9dc124d8-9764-4c1d-83b4-9e89a5d568b8&flag=E Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Podcast 334 – Mortgage & Home Equity Refinancing: What Are the Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0 Ron Butler on Twitter: https://twitter.com/ronmortgageguy Butler Mortgage Website: https://www.butlermortgage.ca/ TIME STAMPS: 2:18 Today's mortgage rates 3:27 Have people regretted moving away from the city? 6:24 How are bank approvals for mortgages? 8:15 Variable vs. Fixed Rates – what's better? 13:55 Are down payment gifts a good idea? 17:38 How are parents affording down payment gifts? 18:26 Cautionary tales of borrowing to help kids and cosigning on mortgages 20:22 If we have 70s-type inflation, what's going to happen? 23:54 Is the US-style mortgage better for customers? 25:36 Where does Ron see rates in the future? 28:35 Is there more diversity in mortgage providers these days? (A vs. B lenders) 31:10 Should parents be gifting down payments and practical advice

If you don't qualify for a regular credit card or don't want one, but still need to make credit purchases, a good option may be to use a prepaid credit card. But are prepaid cards entirely safe? Can you ever get into money problems with them? On today's podcast, Diane Cunha, a certified credit counsellor, breaks down how prepaid cards work, how they differ from regular credit cards, whether they'll help your credit, the pros and cons of using them and potential pitfalls. Tune in for lots of practical advice! Links: NOT and AFFILIATE LINK: KOHO Card: https://www.hoyes.com/fresh-start/banking/koho/ Fresh Start to Banking after Insolvency: https://www.hoyes.com/fresh-start/banking/

Does a student in grade 9 with no income, savings or financial responsibilities really need to learn about down payments or how to calculate mortgage amortization schedules? Should we even be teaching these financial literacy concepts so early in life? Is there a more effective, practical way to teach kids how to understand money? On today's podcast, Doug Hoyes and Ted Michalos critique the 2021 grade 9 and 10 financial literacy curriculum for Ontario and share their thoughts on money topics and scenarios that would be more fitting for young students. Tune in! Links: Financial Literacy: Does It Belong in Ontario's Curriculum? https://www.hoyes.com/blog/financial-literacy-ontarios-curriculum/ Grade 9 Ontario Mathematics Curriculum 2021: https://assets-us-01.kc-usercontent.com/fbd574c4-da36-0066-a0c5-849ffb2de96e/2c41223a-5f39-4dd2-b94c-c75d2fae1fbd/Math_9_strand%20chart_AODA_06-May-21.pdf

You asked. We answered. On today's podcast guest Blair Demarco-Wettlaufer, CEO of Kingston Data and Credit (a collection agency), returns to answer your most pressing debt collection questions, like whether a collection agency can add interest to your debt or force you to file bankruptcy. Blair also discusses whether you should even bother with collectors if the debt isn't listed on your credit report and many, many more of your questions! Tune in for lots of great practical advice. Resources: Blair Demarco-Wettlaufer on Twitter: https://twitter.com/kdcblair Blair's blog for information on credit and collection issues: https://receivableaccounts.blogspot.com/ Hoyes Michalos free credit repair course: https://courses.hoyes.com/courses/rebuild-credit Hoyes Michalos blogs on dealing with collections: https://www.hoyes.com/blog/tag/collection-calls/ Rights & Responsibilities – Collection Agencies – Ontario.ca: https://www.ontario.ca/page/stop-collection-agency-calls Episode 264 How to Negotiate with a Collection Agent https://youtu.be/ZgNWpKfBUwU Episode 240 Can a Collection Agency Take me to Court https://youtu.be/6UHpCGqVP4k Episode 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals and Credit Report Impact https://youtu.be/S86gnBEkeUY Time Stamps: 4:29 – Should I ignore a debt collector? 11:53 – Can debt collectors add interest or fees to a debt? 14:33 – Can a collection agency show up at my work or call my boss? 18:44 – Should I even bother with a collector if the debt is not listed on my credit report? 20:17 – Should I accept a settlement offer and pay it or don't pay it? Will that reset the statute of limitations? 22:02 – What if you don't have the cash to repay debt, how do you settle or negotiate? 23:55 – Can a credit collection agency force you to file for bankruptcy? 24:30 – I had to shut down my business during the pandemic. I had internet shut off and said I would pay off in payments. Now I got a collections letter directed to my business. Should I deal with the collector, and will this show on my personal credit score? 26:05 – Would a collection agency take the advice of a bank rep and ask family to repay a debt? 28:34 – How do collection agencies communicate with people who don't have voice mail or answer the phone? 31:04 – How do collection agencies get paid?

Do you need a physical bank? Or are you better off using a virtual bank instead? On today's podcast, guest Scott Terrio and host Doug Hoyes do a deep dive on what to consider when choosing banks, including some recommendations for no-fee accounts, why you should switch banks entirely if you're filing a bankruptcy or consumer proposal, and how to protect yourself from the bank's right of offset. They also discuss why Canadians are so attached to their banks in general and how the banker-customer relationship has changed over the years and why that matters. There's tons of practical advice in this show, so be sure to tune in! Helpful Links: Hoyes Michalos Fresh Start Program – Banking Information: https://www.hoyes.com/fresh-start/banking/ Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit What is the Right of Offset & What To Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/ Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ How to Open a New Bank Account for a Bankruptcy or Consumer Proposal: https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

Depending on your financial situation, you may benefit from asking your employer to take more tax off your paycheque. But how can you know when that's a good idea? Enter Ian Martin. Ian is an LIT and CPA and spent 6 years working at Canada Revenue Agency, so he knows a fair bit about income taxes. On today's podcast, Ian explains when it's in your best interest to have your employer deduct higher taxes (like if you think you'll owe due to CERB/CRB, or if you'll owe because you work more than one job). He also gives tips for how to handle income taxes if you're self-employed or if you're bankrupt. Tune in for lots of practical advice! Links: CRA TD1 Form: https://www.canada.ca/en/revenue-agency/services/forms-publications/td1-personal-tax-credits-returns/td1-forms-pay-received-on-january-1-later/td1.html

What if your car insurance rate was decided by your credit score? Well, this is the case in New Brunswick and may one day become a reality in Ontario. But is it fair? Are credit scores a good determinant of our driving habits? On today's roundtable podcast, guests Scott Terrio, Maureen Parent, and host Doug Hoyes discuss the potential pitfalls to using credit scores to decide car insurance rates. They also discuss privacy issues and why this policy is particularly unfair to certain segments of the population (seniors, renters, newcomers). Tune in for a lively discussion! Links: Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit Auto Insurers' Interests in N.B. Credit Scores is Bad News for Many – CBC: https://www.cbc.ca/news/canada/new-brunswick/auto-insurers-credit-scores-new-brunswick-1.6172978 New Brunswick Insurance Board November 24, 2020 Decision: http://www.nbib-canb.org/assets/files/pdf/decisions/2020/2020_11_24%20TDHA%20PPV%20RFG-1%20Decision%20E.pdf

We Canadians consume a lot of American media, so it's possible that the ideas we have about bankruptcy are actually what happens to indebted individuals in the United States, and not the Canadian reality. On today's podcast, Doug Hoyes and Ted Michalos explain how bankruptcy in Canada is a rehabilitative and supportive process, with limited barriers. They address common fears and misconceptions and give insight on why filing bankruptcy is so much simpler in Canada than it is in America. Tune in for a great discussion! Links: Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit Chapter 7 Bankruptcy: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics Chapter 13 Wage Earner's Plan: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics Surplus income in a bankruptcy: https://www.hoyes.com/blog/new-surplus-income-limits-for-2021/ Hoyes Michalos Joe Debtor Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

How often should you check your credit score? Is it wrong to obsess over credit scores? Where is the best place to get your credit report? On today's podcast, seasoned credit counsellor Diane Cunha and LIT (& lawyer!) Jennifer Kwon join Doug Hoyes in a roundtable discussion on whether or not Canadians need to worry about their credit scores and who credit scores are really designed for. They also share practical advice for managing your credit health and where to find accurate information about your credit activity. Tune in for a lively chat! Resources Mentioned in the Show Straight on Personal Finance Credit Repair Course: courses.hoyes.com Did You Know You Have a Bankruptcy Score? https://www.hoyes.com/blog/forget-credit-score-did-you-know-you-have-a-bankruptcy-score/ Podcast 327: New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI Podcast 140: Banks Behaving Badly, Who To Trust, and Has Toronto Real Estate Peaked? https://www.youtube.com/watch?v=TNN-gAyODxg Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/

Canadians with the lowest credit scores paid down their credit cards the most since the pandemic started. Incredible, right? So, will this downward trend in debt continue? Or is this temporary because most of us are still at home and collections activity is slim? Today we review the latest debt statistics and discuss why Canadians are paying off so much debt, who's actually taking on more debt, and whether borrowing will rise again in the near future. We also share practical advice for managing debt and what to do if you owe the CRA. Tune in for a lively discussion! Links: Hoyes Michalos Straight Talk on Personal Finance Course on Credit Rebuilding: courses.hoyes.com Trends in household non-mortgage loans: The evolution of Canadian household debt before and during COVID-19, Statistics Canada: https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2021004-eng.htm Bank of Canada, Financial System Review – 2021 https://www.bankofcanada.ca/2021/05/financial-system-review-2021/ Canadians with Lowest Credit Scores Led Wave of Pandemic Credit Card Debt Repayment: https://www.reddeeradvocate.com/business/canadians-with-lowest-credit-scores-led-wave-of-pandemic-credit-card-debt-repayment/ Hoyes Michalos Bankruptcy Study www.joedebtor.ca Time Stamps: 0:50 Bank of Canada says Canadians increased "prudence" 2:00 Household non-mortgage debt collapses 3:00 Spending dropped during the pandemic 6:00 Credit card debt collapses 9:15 HELOCS – Massive increase in Home Equity Lines of Credit 12:20 Outstanding credit card balance by credit score 13:00 Who paid down credit cards the most? Not who you would expect 13:40 How were people with low credit scores able to pay down their credit cards the most during the pandemic? 18:50 What will happen in the future? 24:30 Dubious speculation on when CRA will start aggressively collecting tax debt 28:30 Where the economy is now 28:50 Practical Advice

Regular episodes resume next week, but for today, a quick overview of our plans for the eighth season of Debt Free in 30. You've told us - we've listened. And this year, we will focus on what you've told us you want the most: practical advice on how to manage your money and live debt free. You'll see a lot of our regular contributors, like Ted Michalos, Scott Terrio and Diane Cunha, and we will be introducing a new feature later this month: the Debt Free in 30 roundtable, where Doug Hoyes and two guests will give their opinions on important issues. All that and more this season on Debt Free in 30.

This episode first aired as episode number 227 in January, 2019, and even two and a half years later it continues to have a lot of downloads each week. We are taught to set a goal, and that's a good plan in some cases, but a better long-term solution is to create a system, as we discuss this week. Enjoy! Resources Mentioned in the Show Systems vs. Goals http://blog.dilbert.com/2013/11/18/goals-vs-systems/ This episode on YouTube: https://youtu.be/ysvkV0uN7mM Podcast: the 80/20 Rule of Money Management https://www.hoyes.com/blog/the-80-20-rule-of-money-management/

Originally broadcast as episode 254 in July, 2019, today we rebroadcast our show about a wonderful, magical place called Costco. Is it a store? A finance company? Something else? And why does it matter? All that and more on today's podcast (and we've got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube https://youtu.be/-8PlGkHjHG8 ).

It's August 2021, and many Canadians filed their 2020 taxes and discovered they owe taxes on the CERB they received last year, or they have to pay it all back because CRA said they weren't eligible. What can they do? Today we rebroadcast our chat with Jason Rosen, a tax lawer and co-founder of Rosen Kirshen (RK) Tax Law. 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! 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

This episode first aired two years ago and is one of our most-watched videos on YouTube. Today Ted Michalos and Doug Hoyes return with updated information on how the COVID-19 lockdown impacted the Limitations Period, which impacts whether or not a creditor can take you to court. We explain when they are most likely to take you to court, and what your options are if they do. Enjoy!

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