Today our guest is Scott Schaefer, Chartered Accountant, Consumer Proposal Administrator, and Trustee in Bankruptcy at Hoyes, Michalos and Associates to discuss the roles of specific parties during a bankruptcy and consumer proposal. Scott explains the meaning of a debtor, creditor, and trustee, and breaks down the filing process, step by step. Scott also explains the role of the trustee. Who does the trustee really work for? We cover that question in the second and third segments. In the final ...
Feb 28, 2015•28 min
Today's guest is David Trahair, Chartered Professional Accountant and author of several books about personal finance including the book we talked about today: Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt . David makes an excellent case for why consumers should pay off their debts rather than save money. David explains that most of us have bought into the dream that we can have anything we want because debt allows us to do that. This is particularly true in today's temptin...
Feb 21, 2015•28 min
Today we answer the question: is all debt bad, or is there such a thing as good debt? Our first guest is Par Foran from the CTV Television Network who gives his opinions (and not surprisingly he doesn’t believe that borrowing for a vacation is good debt). Our second guest is Robert Brown, author of Wealthing Like Rabbits, who has a very interesting take on good-bad debt and bad-good debt. Listen carefully; it’s a brilliant concept. Robin Taub, CPA, returns to give her thoughts, and in the Let’s ...
Feb 14, 2015•28 min
Our guest today is Robin Taub, a Chartered Professional Accountant, financial literacy consultant, public speaker, blogger, and author of The Parent's Guide to Raising Money-Smart Kids. Robin discusses why it's so important to teach children about money, the challenges that parents face, and solutions for getting started. Money management isn't always easy and teaching it to someone else can be just as difficult. There are many reasons that discussions about money might not take place, but it's ...
Feb 07, 2015•32 min
Today’s first guest is Ian Martin, a bankruptcy trustee who explains that in many cases there is a “better” time of year to file a bankruptcy or consumer proposal. Howard Hayes is our second guest, and he explains how a bankruptcy filing impacts you acting as an immigration sponsor. Ian returns in our Let’s Get Started segment to answer our final question of the day: is bankruptcy morally wrong.
Jan 31, 2015•28 min
Our guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry. Eric explains how credit bureaus work, and who they work for (hint: they don’t work for you). He explains how to check yoOur guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry. Eric explains how credit bureaus work, and who they work for (hint:...
Jan 24, 2015•30 min
Our guest on today is Blair Demarco-Wettlaufer, a Managing Partner for Kingston Data & Credit, a Canadian debt collection agency. Blair gave us the ins-and-outs of the collection world, including the typical life of a debt once it has gone to a collection agency and what your options are for dealing with collection calls. He gives lots of practical advice, including what to do when legal action is threatened, and how to negotiate a payment arrangement.
Jan 17, 2015•33 min
Our first guest is Gail Vaz-Oxlade who says it’s time to “stop whining about being in debt, you had your fun, you made a mess, now it’s time to clean it up, get busy.” She provides a four step plan for cleaning up your debt mess. In our second segment Ted Michalos returns, and we consider the case of Mary and Joe, who have a good income, but have more debt than they can ever hope to pay off on their own. We discuss how a consumer proposal can help them clean up their debt mess. Their options for...
Jan 10, 2015•22 min
On today’s show Doug Hoyes interviews Ted Michalos, and they offer their opinions on the current state of the economy, and outlined several predictions for the coming year, touching on important financial topics such as the economy, unemployment, and interest rates. We start with a look back to the credit crisis of 2008, and the resulting peak in bankruptcy filings in 2009. As interest rates have declined many debtors now act as though money is virtually free, and have financed large mortgages a...
Jan 03, 2015•22 min
This is our final show for 2014, and as the holiday season ends and we move into 2015 we take a look back at some of the topics we’ve discussed here on Debt Free in 30. Ted Michalos explains that 11% of Canadians will file a bankruptcy or a consumer proposal in their lifetimes; he explains why. Dr. Lee Anne Davies discussed her research on the topic of aging, and how debt will impact older Canadians. Our most popular guest from 2014, Gail Vaz-Oxlade, discussed debt and financial literacy....
Dec 27, 2014•22 min
In our 2014 Holiday Season Tip Show, we invite back three of our most popular guests with some all new holiday season tips. Dr. Lee Anne Davies gives a tip for keeping credit card debt under control, an important consideration at this time of year. Gail Vaz-Oxlade returns with a tip about managing your banking relationship, a very important tip any time of the year. Credit Counsellor Heather Cudmore gets into the holiday spirit with a tip for a more meaningful, and cost-effective holiday season....
Dec 20, 2014•22 min
Today’s guest is Sarah Milton, author, blogger, and personal finance expert. Sarah gave a great explanation of the four money personalities, and explained how we each have a money thermostat. To improve your money management skills, understand which money personality you are, and then adjust your money thermostat to an appropriate level for your unique circumstances. In the bonus podcast segment Sarah discusses why women have different money issues than men, and gives more practical advice on mo...
Dec 13, 2014•36 min
Today’s guest is Robert Brown, author of a new book called “Wealthing Like Rabbits – An Original Introduction to Personal Finance”. Robert gives us lots of practical advice, including his thoughts on house buying and mortgages, and debt in general. In the second and third segments we discuss Robert’s more controversial opinions, including Starbucks, where Robert believes that having an expensive coffee is not always a bad financial decision. We also discuss savings and debt. If you have debt, is...
Dec 06, 2014•33 min
On today's show Barry Choi, a personal finance expert, gives his tips for going broke. Tip #1 - Having too many credit cards. Barry gives his views on how many are enough. Tip #2 - Ignoring the interest you are paying on your debts. Tip #3 - Keeping up with the Joneses Tip #4 - Spending money you don't have (particularly on presents) Tip #5 - Buying too much house Those tips and much more on today's podcast.
Nov 29, 2014•30 min
Today’s guest is Barton Goth, a bankruptcy trustee from Alberta who tells us that even in an economy booming due to the oil industry, personal debt is still a big problem. Barton explains how even highly paid oil patch workers can get into debt problems, and he offers some practical solutions for becoming debt free. Barton discusses consumer proposals, a legislated debt settlement option that is now more popular than bankruptcy in both Alberta and Ontario. In the bonus podcast only segment Barto...
Nov 22, 2014•34 min
Today’s guest is Chris deVries, a former banker who provides personal financial counselling to people of all ages. He advocates a straight forward approach to resolving money problems, and on today’s show he gives many practical examples of strategies to deal with debt issues. He discusses the importance of knowing where your money goes, and then taking steps to save money. He gives practical examples, including a strategy to reduce cell phone costs. Through his many years of counselling Chris h...
Nov 15, 2014•36 min
On today's show, Ellen Roseman, a Toronto Star columnist and consumer advocate, explains that we tend to get financial advice from people with a vested interest, like car salesmen and bankers. They all have "skin in the game", so consumers need to find someone who can give them unbiased advice. Ms. Roseman suggests reading financial blogs (and particularly the comments) and using Google to research everything before you buy. To improve your financial literacy: be suspicious. Ask questions, and n...
Nov 08, 2014•24 min
Today’s guest is Jane Rooney, Canada’s Financial Literacy Leader, who explains why she believes the federal government should take an active role in promoting financial literacy. While there are numerous groups promoting financial literacy, Ms. Rooney explains that her role is to bring together the various groups so that Canadians have easy access to all resources. Ms. Rooney is working towards a national strategy on financial literacy, to be released in 2015, that will identify any gaps in reso...
Nov 01, 2014•32 min
On today’s show Blair Mantin, a bankruptcy trustee with Sands & Associates, British Columbia’s largest personal insolvency firm, discusses his objections to U.S. based debt settlement companies that take advantage of Canadians. We discuss legislation in both Ontario and B.C. to curb this practice. Blair believes that consumer proposals are often a better option, and he discusses why more than half of the people he helps are now choosing a consumer proposal instead of bankruptcy. In the bonus...
Oct 25, 2014•33 min
Today’s guest is Sue Davey, a credit counsellor with the Family Counselling Centre of Brant, who explains what credit counselling is, and what it costs. Sue explains the differences between those debt reduction companies you see advertising all the time, and a not for profit credit counselling agency. She tells us about the problems caused by excessive payday loans, and gives real life stories of people she has helped during her 19 year career as a credit counsellor....
Oct 18, 2014•36 min
On today’s show we have three guests. Mike Davies is a financial planners with IPC Investment Corporation in Brantford, and he explains the RESP rules, including how much you can contribute. In the second segment Barton Goth, a bankruptcy trustee based in Edmonton, Alberta, explains what happens to an RESP if you go bankrupt. Alberta has different rules than Ontario, and we discuss the differences. In the bonus segment Ted Michalos, co-founder of Hoyes Michalos, gives his opinion on how the fede...
Oct 11, 2014•30 min
Jonathan Chevreau’s byline has appeared on the National Post for over 20 years writing about personal finance topics. As he says in today’s interview: “To me, debt is something to be dispensed with as soon as possible.” It's impossible to be financially independent if you are carrying debt. Eliminating debt is the first step. How do you do that? Mr. Chevreau explains his concept of guerrilla frugality to live as frugally as possible, so that you can pay down debt, and then start saving money....
Oct 04, 2014•29 min
Heather Cudmore is a credit counsellor with Mosaic Counselling and Family Services, a program of Carizon Family and Community Services in Kitchener, Ontario, and on today's show we discuss credit counselling. Who does a credit counsellor work for? Is it true that they are just a collection agency for the big banks? What does it cost? What are the fees? Isn't a debt settlement better and cheaper? What about other options? Answers to those questions and a lot more on today's show, and in the bonus...
Sep 27, 2014•36 min
Today's guest is one of the most well-known personal finance experts in Canada, Gail Vaz-Oxlade. Gail was the host of three popular television shows: Till Debt Do Us Part Princess Money Moron She is also a very prolific writer, having written for many publications, and she is also the author of 12 books. Her latest book is Money Rules , and it does a great job of debunking some of the rules about money we follow that we should never have followed in the first place. Gail explains why she no long...
Sep 20, 2014•34 min
The fastest growing age group of people who declare bankruptcy are seniors. How is that possible? Isn't it true that seniors are the richest generation, benefiting from high real estate values and company pensions? While some seniors are financially secure, a large group of seniors face serious financial challenges. In today's podcast, Dr. Lee Anne Davies, co-author of When Life Bites You in the Wallet , discusses the financial challenges faced by seniors, and gives practical advice for over-com...
Sep 13, 2014•22 min
Host Doug Hoyes talks to Ted Michalos about the new Debt Free in 30 radio show and podcast. In this first episode they discuss their plan for the show in the first segment. In the second segment Ted explains his biggest "pet peeve": payday loans. In the bonus podcast-only segment Doug and Ted give practical advice on what to do when you have a short term cash flow crunch and you are tempted to use payday loans.
Sep 01, 2014•30 min
