Debt Free in 30

Is it possible to financially recover from the coronavirus pandemic of 2020? Yes, but it starts with $20. On today's podcast we discuss the pandemic, and then present a special rebroadcast of the fable of the 20 dollar bill, and explain how $20 can set you up for financial success. A fable, as it were. Enjoy!

Doug Hoyes explains why even with high debt and high pandemic-related unemployment bankruptcy filings continue to drop, and he gives his predictions for the next few months, and then, given the stress caused by the COVID-19 lock down, we rebroadcast our conversation with Shannon Lee Simmons, author of Living Debt-Free: The No-Shame, No-Blame Guide to Getting Rid of Your Debt about how negative feelings towards debt can create more debt and strategies that can put you in the right direction when dealing with your debt.

Doug Hoyes gives an update on how collection agents are dealing with the COVID shut down (spoiler alert: they've found a way to keep calling), and then we rebroadcast our discussion with Blair Demarco-Wettlaufer, a real-life collection agent, who explains how a collection agent gets paid, and how you can negotiate with a collection agent. Enjoy!

Are you a success because of your superior brain power, and skill, and hard work? Or was it all luck? If you are having a rough time, is it because you screwed up, or was it bad luck? On today's show Doug Hoyes days that most of what happens to you and me, good or bad, is luck. We've all just endured the great coronavirus lock down of 2020, many businesses have failed, millions of people lost their jobs, some permanently. That was all bad luck. None of us caused the big bad virus, but we are all suffering the effects. That's one example of bad luck; we've got lots more on today's show. And no, we are not saying you shouldn't work hard. Of course you should. It's just that sometimes stuff happens, and we need to recognize what we control, and what we don't. Tune in to the luck episode, this week on Debt Free in 30. Links: The Long-Term Labor Market Consequences of Graduating From College in a Bad Economy by Lisa B. Kahn https://www.sciencedirect.com/science/article/abs/pii/S0927537109001018#! Outliers: The Story of Success by Malcolm Gladwell Book on Amazon: https://www.amazon.ca/Outliers-Story-Success-Malcolm-Gladwell/dp/0316017930 Podcast 300: Can You Create Your Own Reality? https://www.youtube.com/watch?v=PuiP9I6_cMg

As a new parent on maternity leave, you'll have a lot to do. The last thing you want is to worry about how you will make ends meet. On today's podcast, we have first-time guest and Hoyes Michalos Licensed Insolvency Trustee, Julie Wildman. Julie is a mother of two young children and recently returned from her second maternity leave. She outlines how expecting parents can prepare financially for the income drop that happens during mat leave, how to navigate the different benefits available in Canada such as EI and parental benefits, and how to budget for increased spending on childcare. Julie also discusses the importance of paying off debt before going on leave. There's lots of practical advice in this episode so be sure to tune in! Related Links: Maternity Benefits Overview Canada: https://www.canada.ca/en/services/benefits/ei/ei-maternity-parental.html The Secret to Budgeting Part 1: https://www.hoyes.com/blog/the-secret-to-budgeting-part-1-video/ The Secret to Budgeting Part 2: https://www.hoyes.com/blog/the-secret-to-budgeting-part-2-video/ Straight Talk on Your Money on Amazon, Kindle Edition: https://www.amazon.ca/Straight-Talk-Your-Money-Financial-ebook/dp/B074QWL3XG/

When this podcast was recorded on the morning of July 8, 2020 the Canadian government was projected to run a deficit for the year of $250 billion. By the end of the day, after this podcast was recorded, the Finance Minister was projecting a deficit of $343 billion. That's a lot of debt, and it leads many to wonder how we'll ever pay it back. But a prominent economist, Dr. Stephanie Kelton, says the government shouldn't be concerned with massive deficits as long as they control the printing of their currency. In fact, she argues that the government should spend even more money so that more jobs are created until unemployment is no longer an issue, based on Modern Monetary Theory (MMT). On today's podcast, Doug Hoyes challenges this economic theory by explaining its unintended consequences and real life implications. Yes, we need to help those in need, but MMT may cause more problems than it solves. You be the judge. He also outlines what our current deflationary environment means for individuals carrying debt. Tune in to this insightful episode! Related Links: Canada Emergency Response Benefit Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html Federal Finance Minister, Bill Morneau, in his Debt Management Report to Parliament: https://www.canada.ca/en/department-finance/services/publications/debt-management-report/2018-2019.html#s1 President Obama's Remarks on the Deficit and Economy: https://www.nytimes.com/2012/11/09/us/politics/transcript-of-president-obamas-remarks-on-the-deficit-and-economy.html The Deficit Myth by Stephanie Kelton on Amazon https://amzn.to/2DaT54e Can You Create Your Own Reality? Podcast #300: https://www.youtube.com/watch?v=PuiP9I6_cMg Canadian Dollar Chart: https://yhoo.it/2AtXluG Statistics Canada Consumer Price Index: https://www.statcan.gc.ca/eng/subjects-start/prices_and_price_indexes/consumer_price_indexes

Life's milestones like going to college or university, buying a house, or getting married cost money. And often the pressure to achieve these milestones at a young age leads to hasty decisions that come with a big debt load. But what if you took time off before making a major financial move? Would life turn out so differently if we didn't follow conventional wisdom? On today's podcast, Scott Terrio and Doug Hoyes explore the idea of delayed gratification and discuss why pausing before big decisions can lead to a more fulfilling future. While you may not be able to delay or avoid all of life's major milestones, you can take your time with at least one major financial decision to avoid being overwhelmed. Tune in to the show for lots of thought-provoking discussion! Links: Why You Want to Avoid Debt at Every Age: https://www.hoyes.com/blog/why-you-want-to-avoid-debt-at-every-age/ Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ Student Debt Crisis - A Generation Buried in Student Debt: https://www.hoyes.com/press/joe-debtor/the-student-debtor/​

A lot has changed as a result of COVID-19. There are obvious reasons for pessimism, but there are a lot of reasons to be optimistic. For example, more people have made meaningful changes to their financial habits. Canadians are saving more and some are even able to pay off more of their debt. Many of us have also used the time to learn a new skill. With every major life transition comes positive and negative change and we are forced to adjust to a new reality. On today's podcast, Doug and Ted share social and economics reasons for why we should be optimistic about the future and explain how we can use this new reality to our advantage. Lots of great thought-provoking commentary on this episode, so tune in! Related Links: Dealing with the Consequences of Loan Deferrals: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/ Savings, Debt & Modern Monetary Theory with Hilliard MacBeth: https://www.youtube.com/watch?v=Wx_7T6YWT8w​ Episode 290, our first COVID-19 show https://youtu.be/lWmZDLaJ63o Canadian unemployment rate https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028703 Canadians applying for CERB https://www.canada.ca/en/services/benefits/ei/claims-report.html

We have record unemployment and millions of Canadians are relying on CERB payments to make ends meet, and yet our savings rate is increasing. How is that possible? On today's podcast, our guest is author and financial analyst, Hilliard MacBeth, who provides insight on how the savings rate is calculated, and whether increased savings mean Canadians are curbing their appetite for debt. We also discuss what to expect with the real estate market and deflation, and we talk about Modern Monetary Theory and whether we should really worry about national deficits. There's lots to learn from this episode, so tune in! Related Links: ​How Banks and Faulty Economics Contribute to the Consumer Debt Binge: https://www.youtube.com/watch?v=0d7CLXsk7N0 Hilliard MacBeth's book, When The Bubble Bursts: https://amzn.to/2YMigRT Hilliard's Client Notes - The Return of the Saver: https://web.richardsongmp.com/MacBeth.MacLeod/blog/1724032-The-return-of-the-saver Hilliard MacBeth on Twitter: https://twitter.com/hmacbe Statistics Canada Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Stephanie Kelton's book, The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy: https://amzn.to/2UX6BOY CERB Claims Report: https://www.canada.ca/en/services/benefits/ei/claims-report.html

If you're thinking of buying a small business, this podcast is for you. Over the years, we've had a lot of clients who decided to buy a business either because they were frustrated with working for someone else and they wanted to go out on their own, or maybe the owner of their company wanted to retire. While there are benefits to small business ownership, how do you avoid the debt traps? How can you make the most of your purchase and avoid undervaluing your own contributions? And what does owning or selling a small business look like now in COVID-19? On today's show David Barnett, a business broker and adviser, shares practical advice to help you think through the costs of purchasing a business and provides insight into how transactions are doing amid the pandemic. Related Links: David Barnett's Website: www.davidcbarnett.com David Barnett on Twitter: https://twitter.com/DBarnettMoncton

After a three year absence (she was a guest on episodes 131 and 133), Victoria Ryce is back on the show, and today we discuss transitions, like having a child, getting married (or separated), and starting or completing a consumer proposal or bankruptcy. In a crises we tend to freeze up; Victoria has lots of practical advice on how to make a plan to manage transitions, and what to do if you have an unplanned transition. We recorded this episode just before the COVID-19 lock-down took place, but the lessons and advice that Victoria provides are more relevant now than ever. Tune in. Related Reads: How to Master Being Suddenly Single: https://www.hoyes.com/blog/how-to-master-being-suddenly-single/ The Financial Impact of Becoming the CEO of Everything: https://www.hoyes.com/blog/the-financial-impact-of-becoming-the-ceo-of-everything/

This is episode #300, so for something completely different, today we discuss whether or not you can create your own reality. That would appear to be a silly thought; if I hit my thumb with a hammer, I can't create a reality where my thumb doesn't hurt. I can't just imagine that I'm the King of England. That makes logical sense, but it is also true that how we see the world determines how we respond to it, so in that sense we can create our own reality. There is of course a lot more to it than that, so on today's show we start with Plato, and discuss the work of Professor Donald Hoffman, and relate it all to the world of debt, and men's beards during the COVID-19 lock down. Enjoy!

With many Canadians facing a cash crunch during the COVID-19 lockdown, a quick-fix solution has been to defer debt payments. Deferring a debt payment can provide you with funds in the short-term to pay for needed expenses. But what you may not realize is that a deferment will raise the carrying cost of your debt overall. On today's podcast, Ted Michalos and Doug Hoyes explain how much more expensive a mortgage, car loan, and credit card can get if you defer payments and offer practical advice to avoid getting overwhelmed by debt. They also remind listeners of the tax implications of the Canada Emergency Response Benefit (CERB). Tune in to this episode, filled with lots of practical tips. Related Posts: Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/ You Can Now File a Consumer Proposal and Bankruptcy Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/​

We've heard from the economists, statisticians, and politicians but what's really going on with everyday individuals and the state of their finances after several weeks of lock-down? On today's podcast Scott Terrio returns to talk about what he's seeing "on the ground". How are people's stress levels? Are credit limits being reduced as a result of CERB? Who is calling in for debt help? Is there a rise in homeowner bankruptcies? Tune in for a lively discussion, including the answers to our Twitter followers' questions. Related Links: Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ You Can Now File a Bankruptcy or Consumer Proposal Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/ Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Canadians are carrying a record level of debt, and while we are off work during the pandemic of 2020, many of us will pile on more debt. Small businesses and contractors will take on debt to pay rent while they generate little or no revenue. Consumers will take on additional debt to make their mortgage payment or pay rent, buy groceries, and pay for necessities. Unfortunately, much of this debt will be of the high-interest sub-prime variety. Payment deferrals may help in the short term, but will only add to the debt load post-COVID19. For some, the result will be an insurmountable amount of debt — more than they will ever be able to repay. It's no surprise then that people are calling for a Debt Jubilee. A debt jubilee is exactly what it sounds like: debt gets wiped out. But is this a good idea? How would it affect the economy? Would it be fair? On today's podcast, Doug Hoyes gives us an in-depth analysis of how a debt jubilee would look in 2020 and whether that's the answer to our collective debt problem. 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/

On episode 295 last week, Ted Michalos and Doug Hoyes said that collection agents are not making as many phone calls as they used to due to COVID-19. While that's true, there are still calls being placed. So what can you do in this crisis if you get a collection call on overdue debt? Are collectors open to a deal in these times? Enter Blair Demarco-Wettlaufer, COO at Kingston Data and Credit. On today's podcast, Blair explains how collection agencies are operating during the lock-down and shares advice for how you can negotiate realistic debt repayment. He also discusses how debt deferrals will potentially impact our credit reports and gives insights on how the collections industry will change going forward. Lots of practical tips & advice in this show so tune in! Helpful Links: Stop The Collection Calls: https://www.hoyes.com/blog/stop-the-collection-calls-advice-from-blair-demarco-wettlaufer/ Collection Agents: How Did They Find Me? https://www.hoyes.com/blog/collection-agents-how-did-they-find-me/ How to Negotiate with a Collection Agent, Episode 264: https://youtu.be/ZgNWpKfBUwU Blair Demarco-Wettlaufer's Blog: https://receivableaccounts.blogspot.com/2020/04/covid-19-what-will-this-do-to-credit.html How to get your free credit report from Equifax https://www.consumer.equifax.ca/personal/products/credit-report/​ And TransUnion https://secure-ocs.transunion.ca/secureocs/credit-agree.html

COVID-19 is making Canadian's financial situations increasingly precarious, and high interest lenders are seizing this chance to market their services to those in need of fast cash. Not knowing their options, desperate borrowers take the bait and get sucked into a never-ending cycle of debt servitude. On today's podcast, Doug Hoyes and Ted Michalos explain what alternative lenders are doing to present themselves as being helpful to borrowers; and what borrowers can do to make ends meet without resorting to high interest loans. Doug and Ted also talk about what happens to unsecured debt levels and personal insolvency rates in a recession, with lots of charts and data presented throughout the show, so tune in! Related Links: Why Bad Credit Financing Loans are Seldom the Answer: https://www.hoyes.com/blog/why-bad-credit-financing-loans-are-seldom-the-answer/ You Can Now File a Bankruptcy or Consumer Proposal Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/

If you're facing an income shortage, what can you do if you need to defer your rent payment? And what's going to happen to the rental market now that more AirBnB units are being listed as long-term rentals? On today's podcast, our guest is Rachelle Berube, owner of Landlord Rescue, a property management company helping landlords find and manage tenants. Rachelle shares the dos and don'ts of requesting a rent deferral from your landlord. She also talks about how COVID-19 has impacted the rental market, the death of the AirBnB industry, and why landlords will have to set more manageable rent prices going forward. Tune in; you won't want to miss her insights! Related Links: Tenant Guide - No Rent! Negotiating https://landlordrescue.ca/tenant-guide-no-rent-negotiating/ Rachelle on Twitter: https://twitter.com/LandlordRescue Advice for Tenants Renting a Property with Bad Credit: https://www.hoyes.com/blog/advice-for-tenants-renting-a-property/

How has COVID-19, job loss, declining income, and physical distancing impacted the mortgage industry? And how are home values going to be affected by all this? Enter Ron Butler. Ron is a seasoned mortgage broker and a first-time guest on the Debt Free in 30 podcast. On today's show, we discuss the current real estate market and what will happen when the lockdown is over; why banks are tightening HELOC availability for borrowers; and why now may not be the best time to refinance your mortgage if you are carrying unsecured debt. Ron also provides insight into the 'death' of the private mortgage industry and describes the new world of mortgage lending. There's lots to learn from this mortgage insider. Enjoy!

Ben Rabidoux was the guest on podcast episode 266 in October 2019 where he correctly predicted lower interest rates, deflation and a weakening economy, and that was even without t foreseeing COVID-19. On today's show he has many new predictions, including: Lenders will, very soon, lower HELOC borrowing availability, and likely convert HELOCs to regular loans requiring payments of interest and principal each month. He also predicts that residential rents will fall by 10%, and perhaps more in many markets. Many investors in second mortgages will be wiped out. Population growth will slow dramatically, and that, combined with a 95% reduction in Airbnb bookings will reduce house prices (but not immediately, because the real estate market is essentially frozen, with less buying and selling).​ It's a jam-packed episode with lots of insight and probably our longest show yet. Enjoy! Time Stamps (if you want to skip ahead) 4:37 – The numbers are staggering; employment insurance claims could be as much as 20 times normal 5:20 – Q2 GDP could have a minus 20% to 30% annualized GDP growth (it was a third of that in the depths of the 2008-2009 recession) 6:58 – We aren't epidemiologists; we have no clue when this will end; so far, if you believe the numbers, Canada is tracking under the worst countries, but it's still early; hopefully social distancing will flatten the curve; Ben is optimistic and hopes 9:13 – big question is what is the hit to the economy, and how will it change consumer behaviour; the headlines will be scary for months; not likely a V shaped recovery 12:33 – our economy was built on consumer consumption, fueled by debt 14:00 – economic growth in the last five years has been levered around 80% of household consumption and residential investment (building, buying and selling houses). Almost 2% of our economy is real estate transaction costs (realtor fees, legal fees) which is stunning. 17:00 – We are missing that population growth is largely from immigration, and a lot of that is from non-permanent residents 18:42 – 3.6% of the entire Canadian population is the non-permanent resident cohort, which has grown by over 200,000 in the last year, which has accounted for over a third of our total population growth. It will shrink, and no-body is expecting that. 20:45 - Airbnb rentals will be entering the long term rental pool; Airbnb has been decimated; big under-apr… GDP growth per capita was negative before the recession started. 22:35 – Isn't this going to crash the real estate market? The real estate market is frozen. No-one wants to buy or sell. 25:09 – Could rents go down 10%? 20%? 26:58 – will renovictions stop? 29:37 – if you are a renter now, is it likely there will be better deals in the future than there are today? 31:07 – Will we see structural change? Will people get used to working from home, and will that impact the real estate market? Will the suburbs be a big winner? 32:37 – Amazon will come out of this a big winner. Canadian Tire, not so much. 34:55 – Listener questions; Ben's thoughts on secondary mortgage lenders (not the big banks). 36:17 - The average guy who invested in mortgages is at risk of getting wiped out 40:08 – Impact on mortgage insurers (CMHC, Genworth) is huge; in a foreclosure, the second mortgage holder may lose everything 41:45 – HELOCs – how big is our exposure? 44:48 – If the bank wanted to, they can call a HELOC at any time. More likely, they will force amortization, and cancel HELOCs 47:50 – What the banks are going to do: 1. Cut limits on lines of credit; 2. Force amortization to turn lines of credit (both unsecured and HELOCs) into regular loans, with payments of principal and interest 53:40 – some words of encouragement and reasons for optimism

The Hoyes Michalos Team is working from home, so today's podcast was recorded yesterday morning in my guest boardroom, so the sound quality isn't studio quality, but we wanted to get the information out to you; here's the rundown of today's show, with time stamps: Dealing with Creditors during Coronavirus: https://www.hoyes.com/blog/dealing-with-creditors-during-a-financial-crisis-like-the-coronavirus/ 1:15 All HMA offices closed to in person meetings, but we are working from home by phone or video 2:25 Limitations Act of Ontario suspended – creditors have more time to sue you 3:40 Right of offset – don't bank where you owe money 5:30 How to deal with your landlord if you can't pay your rent 6:22 Mortgage deferral – what it really means 7:24 Should I worry about my credit score? – Equifax and TransUnion offering free credit reports Links: https://www.consumer.equifax.ca/personal/products/credit-report/ and https://secure-ocs.transunion.ca/secureocs/credit-agree.html 10:58 Canada Emergency Response Benefit – CERB - $2,000 per month four months https://www.canada.ca/en/department-finance/economic-response-plan/covid19-individuals.html 15:00 CERB can't be given as security – will Payday loans – using Tom Cooper's Twitter: @tomcoopster 20:39 Six month suspension on student loans and four month deferral on taxes 22:30 What are lenders doing? My discussions with senior lenders – will they give you a break? 25:13 Proposal Amendments – help if you are in a consumer proposal and can't make the payments 28:10 Stories from clients – many people have gone from a good income to zero Final Comments 43:00 Don't Panic with respect to your debt – the courts are closed, no-one will sue you this week

We normally record Debt Free in 30 weeks in advance, but today, given the rapidly changing situation, we decided to record a special COVID-19 episode. We discuss what is happening right now (all 22 Hoyes Michalos offices are closed for in person meetings, but our full team is available by phone and video conference), how COVID-19 will impact the finances of Canadians ("public facing" workers for small businesses will be hardest hit), we predict how this will impact the number of bankruptcy filings, we give our practical advice for dealing with collection calls, and we end the show with why, after we get through the next few months, we are optimistic for the future.

Beau Humphreys appeared on episode 147 back in June, 2017; he shared his struggle with a gambling addiction, and that episode is one of our most downloaded episodes ever. Beau filed a consumer proposal with us in 2009, paid it off in three years, became a financial coach, and is now a fully accredited credit counsellor here at Hoyes Michalos. On today's show Beau explains his approach to credit counselling, and he gives lots of practical advice on how he uses insolvency counselling to give our clients a fresh financial start.

Have you ever made a decision that seemed like a good idea at the time, but ended up backfiring? Today credit counsellor Diane Cunha returns, and she's got lots of examples of bad credit decisions that can backfire, including debt consolidation loans (that don't actually reduce your debt), high car payments, "do not pay for 24 months" deals, making multiple loan applications in a short period of time, and many more.

Should you pay someone to do your taxes, or should you just do them yourself? Simple question; what's the answer? Scott Schaefer is here, and we'll discuss four factors to consider: Complexity, expertise, time, and who you hire. There is a lot of practical advice on this episode, and we end with a warning NOT to use cash back (it's too expensive in most cases).

How do you strike a balance between your finances and your personal happiness? Enter Melissa Leong – financial expert and author of Happy Go Money. In her latest book, Melissa combines psychology and personal finance to provide an easily digestible guide to spending, budgeting, and investing. On today's podcast, she joins Doug Hoyes to discuss why more money in the bank doesn't correlate with happiness, how you can revamp your relationship with money, and other practical financial advice for listeners. This is a "must listen" podcast. Enjoy!

Once a year we crunch the numbers and release our annual Hoyes Michalos Joe Debtor Bankruptcy Study. It's the only study that exists that looks at real numbers from actual people (it's a study, not a survey) so every year it generates a lot of media attention. Today's podcast is the only interview Ted and I do together on Joe Debtor, and we explain the four key trends we identified this year: Income are up (but not because our clients are getting big pay increases). Expenses are also up, so there is less cash available to pay debt. As a result the credit profile of our clients is deteriorating, leading to more payday loans and high interest instalment loans. The student loan crises is leading to more younger people going bankrupt or filing a consumer proposal. Full explanations and more on today's show. Full details with all of the charts can be found here: https://www.hoyes.com/press/joe-debtor/

On today's show we have a first time guest, Richard Moxley, who explains how to win at the credit game. He explains why the credit score you buy is not the same one your lender uses, why age matters, and what practical steps you can take to rebuild or improve your credit.

I have no idea whether or not we will have a recession soon, but whether we do or not, there are some steps you can take to prepare. On today's show Scott Terrio returns to discuss what causes a "personal recession", and what steps you can take to prepare for whatever happens.

Ted Michalos returns to discuss loan scams, including advance fee loans, savings loans, and "pay off your consumer proposal" loans. Listeners may quibble with our characterization of these loans as "scams", but we explain why we believe they should be avoided, and we give our suggestions on better alternatives for people who want to improve their credit and are tempted to get these types of loans.

Kelley Keehn returns after a three year absence, and on today's show we discuss some of the many interesting ideas she has in her new book, Talk Money to Me. We discuss the impact of low interest rates, whether or not she thinks budgets are a good idea, why she thinks the fourth asset class is your career, and what we need to know about the reciprocity rule. That and lots more on today's show!

On today's show first time guest Alexandra Macqueen, CFP explains what a reverse mortgage is, how they work, and who qualifies. More importantly, Ms. Macqueen does not sell reverse mortgages; she's a financial planner and university educator, so she has no vested interest in whether or not you get a reverse mortgage, so she is able to offer unbiased advice on this increasingly popular borrowing option for home-owning seniors. Are they a good idea? That answer and more on today's show.

On today's show Scott Terrio explains that, for most of our clients, debt "sneaks up on you". You borrow the money and expect to have no trouble paying it off, but then life happens, and the debt problems begin. We discuss how debt causes problems, and Scott creates a new term: Financially Catatonic. All that and more on today's show.

For the last show of the year Doug Hoyes and Ted Michalos look back on 2019 and ask the obvious question: the economy is doing well, unemployment is low, and yet bankruptcy and consumer proposal filings in Ontario have had the largest spike upward in over a decade, up about 16% so far this year. Why? We debunk the conventional wisdom from the talking heads on TV (it has nothing to do with unemployment or interest rates, and it's not a temporary blip) and explain what's really happening. We play a clip from our predictions show from last year so you can see how accurate we were, and then Ted and Doug close the show with their predictions for personal insolvencies in 2020.

If you listen to the news, or read the comments on YouTube, you may think the world is getting worse. All we hear about are political scandals, crime, and economic problems. That's not surprising; bad news sells; negative clickbait works! But as we discuss on today's podcast, world health continues to improve, and extreme poverty is at its lowest level in history. So why do we think things are getting worse? It's partly due to the "negativity instinct", a concept discussed in the book Factfulness: Ten Reasons We're Wrong About the World, and Why Things are Better Than you Think by Hans Rosling. On today's show we discuss how to spot negativity, and how you can see the positive side of life.

Everyone likes gift cards. Free money! An easy gift for anyone on your Christmas list, but there is a downside. On today's podcast, first time guest and Hoyes Michalos credit counsellor Patty Sweeney explains the advantages and disadvantages of gift cards, and she gives lots of practical advice if you give or receive gift cards.

Robert Brown, author of Wealthing Like Rabbits, returns for his sixth appearance on the podcast, where we discuss marketing in its many forms. Cross selling, upselling and reselling are happening all the time, and we often don't realize it. We provide many examples, and strategies to keep more of your money in your pocket.

Over 600 big name store locations have closed in Canada in the last three years, resulting in over 17,000 lost jobs, and that doesn't include hundreds more small stores that have shut down. Is this just the impact of Amazon, or is there something deeper happening? And what does this mean for the Canadian economy going forward? On today's show first-time guest Stephanie Hughes explains why the stores are closing, and what this means for the typical retail worker specifically, and the Canadian economy and real estate.

The Sunk Cost Fallacy is easy to understand: you've spent the money, it's gone, but you keep on doing what you're doing, whether or not it makes sense, because you've spent the money. You go to a restaurant and eat every morsel of food on your plate, whether you are full or not, because you've spent the money! On today's show Ted Michalos explains how the Sunk Cost Fallacy is a disaster with how you treat debt, and we give some practical advice on how to overcome it.

On today's podcast we've got two hockey parents: Kristen Kral, a credit counsellor in our Brantford office, and Rebecca Martyn, our Windsor trustee, who give their thoughts on how to save money on kid's sports (particularly hockey). Enjoy!

It's amazing how many of my client are confused about the difference between a TFSA and an RRSP, so today Ian Martin and I go through the basics. But isn't this a podcast about debt? Yes it is, so we also discuss what happens to a TFSA or RRSP if you go bankrupt, and we discuss which savings vehicle is best once you are out of debt and are getting back on track.

It's the start of Financial Literacy Month in Canada, so instead of following the crowd and telling you to make a budget (which is the most common suggestion you will hear this month), I will go a different route and tell you a story about a 20 dollar bill. A fable, as it were. Enjoy!

We advise our clients to open a new bank account at a new bank where they don't owe any money, before filing a consumer proposal or bankruptcy, to ensure that their money is not "accidentally" seized by a creditor. It's wise to have a bank account at a bank where you don't owe money even if you aren't in financial trouble, for exactly that reason. But which bank should you pick? Are they all the same? On today's podcast credit counsellor Diane Cunha walks you through how to pick a bank and save money on bank fees.

Ted Michalos often says "no good deed goes unpunished". What does he mean by that? Does he have a negative view of humanity? On today's show he gives examples to illustrate his point, and we give practical advice on how to make sure that if you are helping friends of family with money problems, you don't put yourself in financial jeopardy.

On today's show: no statistics, no numbers, just stories about the clients we help. Scott Terrio talks about the growing trend of renovictions, how the decline of retail stores is impacting our clients, and how stagnant incomes but rising living costs are putting the squeeze on everyone.

After a three year absence Ben Rabidoux is back on the show. We start with the story of how he got sued for libel due to some tweets he sent out, and then we discuss how borrowers can deal with the more restrictive mortgage rules, and we discuss whether or not we are headed for a recession. It's our longest show of the year, so far, so sit back and enjoy.

My guest today is Cameron Huddleston, who wrote a new book called Mom and Dad, We Need to Talk: How to have essential conversations with your parents about their finances. How do you have the "money talk" with your parents as they get older? How do you even know if they need help? Those topics and more on today's episode.

Today on the show my guest is Blair Demarco-Wettlaufer, a real-life collection agent, who explains how a collection agent gets paid, and how you can negotiate with a collection agent.

If you start a business, and get into trouble, no problem, you can go bankrupt or file a consumer proposal to get debt relief. Even tax debt goes away in a bankruptcy. But, if you have a government guaranteed student loan, the law says you must wait 7 years after you leave school to be able to automatically discharge student loan debt in a bankruptcy or consumer proposal. That's both unfair and punitive, so on today's podcast we explain how the rule works, and give our suggestions for fixing this injustice.

In season #5 I started doing "rants", single topic shows with just me talking. The most downloaded show of the past 12 months was a "rant", Show #227 where I talked about why systems are better than goals, and that was the show that I replayed just last week. What's in store for this year? Lots more guests, and rants, and who knows what else. Thanks for listening, and please enjoy Season #6!