Often, I share advice about how to get out of debt and live debt free. But, what if you've already eliminated your debt and you're ready to get back on track? What's next? Today, I am going to share tips on how to rebuild credit after a consumer proposal or bankruptcy. First, I don’t advise that anyone, after completing a consumer proposal or bankruptcy, jump right in and start borrowing again. If you can live without debt, that’s great! However, in today’s modern economy, you might need or want...
Apr 23, 2016•29 min
It’s no secret that payday loans charge an outrageously high interest rate. In Ontario, they can charge $21 for $100. If you take out a new $100 loan every two weeks, you would pay $546 a year, that's an interest rate is 546% on an annual basis. And therein lies the problem with these types of loans. But what is the solution? On today’s podcast, Doug Hoyes speak with Jonathan Bishop, a Research and Parliamentary Analyst at the Public Interest Advocacy Centre (PIAC) about Bill 156 and pay day loa...
Apr 16, 2016•29 min
It can be hard to know who to turn to when you are dealing with Canada Revenue Agency and you need tax debt help. Some situations are relatively simple and can be resolved on your own, while other situations may require more expertise. Choosing the wrong professional for your situation, may end up costing more than it should. On today’s show, Doug Hoyes speaks with Janette Martin , a Certified Credit Counsellor, and Ian Martin (no relation), a Licensed Insolvency Trustee with extensive experienc...
Apr 09, 2016•29 min
The payday loan industry in Canada loans an estimated $2.5 billion each year to over 2 million borrowers. Like it or not, payday loans often meet the need for urgent cash for individuals who can't, or won't, borrow from more traditional sources. If your hydro is about to be disconnected, the cost of a payday loan may be less than the hydro re-connection fee, so it may be a prudent financial decision in some cases. As a “one time” source of cash a payday loan may not be an issue. The real problem...
Apr 02, 2016•29 min
On today's podcast we talk with Ted Michalos about the Office of the Superintendent of Bankruptcy and how they regulate the bankruptcy process, and trustees, in Canada and why they changed the name from bankruptcy trustee to Licensed Insolvency Trustee (LIT).
Mar 26, 2016•29 min
A conventional mortgage today has a 25 year amortization, because the typical borrower wants, or needs, 25 years to pay off their mortgage. So is it possible to pay off your mortgage faster ? Sean Cooper became a media sensation after paying off his $255,000 mortgage in just three years. We talked with Sean about how he paid off his mortgage so quickly, what sacrifices he made, what he might have done differently in hindsight and what tips he has for anyone wanting to pay down their mortgage soo...
Mar 19, 2016•29 min
There are a number of personal finance personalities, especially on American radio and TV, who say that if you have too much debt it’s because you spent too much and you're the cause. After all, if you're actions aren't to blame, then they can't sell you their solutions and books. But is that opinion valid? Are all of our financial problems entirely our fault, or are there other factors that lead to debt problems? On today's show we talk about how circumstances can overtake anyone. Kelley Keehn ...
Mar 12, 2016•29 min
There are many reasons people find themselves in debt. For our guest today, the underlying cause of his financial difficulties was drug addiction. James inspires us with his story - both how he battled his addition and why bankruptcy was a part of his recovery. James actually contacted us with a moving letter about his recovery which is what inspired us to ask him to be on our podcast. On today’s show James tells the story of how he started using drugs at age 14, and was an addict until age 27. ...
Mar 05, 2016•29 min
At the end of 2015, updates and clarifications were made to existing Ontario bankruptcy laws that directly affect indebted consumers. On November 13, 2015 the Supreme Court of Canada put forth a ruling about the 407 ETR (a toll route in the Toronto area) concerning the treatment of 407 debts in a bankruptcy or consumer proposal . Another big change came on December 1, 2015, as the Execution Act in Ontario was updated. On today’s show Doug Hoyes and Ted Michalos, co-founders of Hoyes, Michalos &a...
Feb 27, 2016•29 min
Is it enough to calculate the amount of debt you have and focus exclusively on making that number smaller? I'm an accountant and a licensed insolvency trustee, so to me, the numbers matters. That being said, getting into debt and struggling to get out of debt again has a lot to do with behaviour and mindset. My guest today first appeared on episode 14 of Debt Free in 30 to talk about his newly released book, Wealthing Like Rabbits and followed up that interview with one about good debt vs. bad d...
Feb 20, 2016•29 min
Getting sick or injured is common and it can often mean missing work for a few weeks or for a prolonged period of time. To cover any missing income, people tend to turn to credit to survive , leading to more debt than they can handle. On today’s how our guest is Promod Sharma, an actuary at Taxevity in Etobicoke, Ontario. Promod is here to talk about life and health insurance, why everyone needs to have it and how to decide which coverage is best for you and your family....
Feb 13, 2016•28 min
Fifty years ago if you wanted to steal money from someone you had to steal cash. Today money is electronic, so if your identity is stolen you can lose a lot of money very quickly, and that can lead to a mountain of debt. How big a problem is identity theft and fraud? That's the question we asked today's guest, Kelley Keehn , the author of Protecting You and Your Money: A Guide to Identity Theft and Fraud . She told us that: A third of Canadians have been victims of some type of fraud. What was m...
Feb 06, 2016•29 min
Do we fully understand the cost of debt? We see the ads for loans where you "only pay $20 on a hundred". $20 sounds like a good deal, but is it? On today's show, Meg Penstone, the Manager of Financial Health and Literacy for Family Counselling and Support Services in Guelph Wellington, shares some sobering numbers and gives listeners advice for dealing with their debt.
Jan 30, 2016•29 min
When you think of debt, numbers and interest rates probably come to mind. But debt isn't always about the numbers. Our guest today is Melanie Lockert, a blogger at Dear Debt and someone who recently paid off $81,000 in student loan debt. Melanie explains that the reason we go into debt and have a hard time getting out of it, is emotional. She points out that: “If it really was just about spend less, earn more, all of us would be rich and never face debt. And we'd all be successful, but a lot of ...
Jan 23, 2016•29 min
Budgeting. It's a word that people either love or hate (mostly hate). We may get mixed reviews about the advice that I share on today's episode, but for many, budgeting is a waste of time. Budgeting takes discipline, it takes time and it takes some skill to use a budgeting spreadsheet or app. Because it's difficult, for some people it can actually have a negative impact on their finances. They lose motivation or interest, and eventually discouraged, stop paying attention to their finances all to...
Jan 16, 2016•29 min
The weekly trip to the grocery store is a big expense for a family, so saving money on food can go a long way. But how do you save money? Is the only way to save by clipping coupons and buying no-name brands? There are other strategies, and on today's show, Nicole Olsen, the Financial Literacy Program Director for Financial Fitness in Windsor and Sarnia, Ontario, joins us back on the show to share her smart shopping tips....
Jan 09, 2016•29 min
Today we present our top ten tips for dealing with collection agents. We are joined by two industry insiders, Blair Demarco-Wettlaufer who on a previous show told us how to stop collection calls , and Mark Silverthorn who previously revealed several "dirty tricks" that some collection agencies use to collect on a debt. We've taken their comments and compiled our top ten tips for dealing with collection agents....
Jan 02, 2016•29 min
In today's technology filled world there are more resources and tools available to us than ever before. Although the traditional pen, paper and calculator method for budgeting still works , mobile apps offer new ways to organize your money and save money. As we end 2015 and move into a brand new year, it's a great time to make financial changes and start tracking your money to make a plan for every single dollar that comes in to your bank account. Today's episode strays from our usual guest inte...
Dec 26, 2015•29 min
Every year, the focus of the holiday season is on consumerism and the need to spend money on the perfect gifts, the perfect decorations and creating the perfect dinner. And every year, Canadians end up spending too much money, putting them at risk for financial difficulties once the holiday season is over. For advice about how to limit Christmas spending, we have invited Heather Cudmore, manager of credit counselling at Carizon Family and Community Services in Kitchener, Ontario, back to the sho...
Dec 19, 2015•28 min
The holidays are known for being a time of happiness and joy. But for those struggling with depression, anxiety or loss, the holidays can be a difficult. Our guest today is Theresa Karn, Manager of Clinical Services at Carizon Family & Community Services in Kitchener, Ontario. Attempting to create the perfect holiday experience and living up to expectations set by yourself and others can lead to stress, sadness and even depression. On today’s show we provide practical advice for identifying ...
Dec 12, 2015•29 min
Gail Vaz-Oxlade is back on the show to discuss her new book, Money Talks: When To Say Yes And How To Say No . I'm excited to feature Gail as a guest this week because not only is her book due out this Tuesday, December 8th, but this is also the FIRST podcast interview introducing her latest work. Gail starts out the episode by exclaiming, I'm so excited for this new book, I cannot begin to tell you! My toes are curling!" So you know it'll be a good one! On today’s show Gail gives away a few secr...
Dec 05, 2015•29 min
When shopping for financial products like mortgages, credit cards or GICs it's important to shop around. We spend time reading through reviews and prices for things like coffee makers, but as today's guest points out: “before buying a TV we look on Best Buy, we look on Amazon, we look online to find the lowest prices and comparison shop. And I think more people need to realize that they can also do that for financial products.” Our guest today is Alyssa Furtado, founder and CEO of Ratehub.ca , a...
Nov 28, 2015•29 min
When it comes to privacy, organizations are required to follow federal and provincial legislation which prohibits the use of personal information in an inappropriate or unreasonable manner. As part of the federal private sector, The Personal Information Protection and Electronic Documents Act (PIPEDA) determines proper conduct by organizations throughout Canada. Differently, The Privacy Act covers the personal information handling practices of the federal government itself. Our guest today is Va...
Nov 21, 2015•29 min
In a past episode we talked to four industry experts about good debt vs. bad debt . Having listened to that episode, my guest today argues that there is no such thing as good debt, there is only bad debt and not so bad debt. Today’s guest is Steve Stewart , a Financial Wellness Coach and podcast host from St. Louis, Missouri. Steve's opinion of debt is that ...we've made it almost a necessary evil. My opinion of debt is that we made it too easy for someone to get into it; and I don't mean just a...
Nov 14, 2015•29 min
It's Financial Literacy Month here in Canada and to kick it off our guest today is retired math teacher of 30 years, educational speaker and publisher, Dave Mitchell to the show to talk about whether we should be teaching financial literacy in the high school classroom. We have a back and forth discussion about whether teaching financial skills to students who won't use it for many years is productive, or whether we need to focus on teaching skepticism instead....
Nov 07, 2015•33 min
As a trustee in bankruptcy, I meet with people every day who are struggling to pay off their debt. In the finance world, it's not uncommon to hear shocking stories from clients about threatening calls from collection agents or how they got into debt in the first place. On today's show, I'm joined by Hoyes Michalos bankruptcy trustee, Howard Hayes , collection agent Blair Demarco-Wettlaufer , credit counsellor, Nicole Olsen from Fitness Financial in Windsor and bankruptcy trustee at Hoyes Michalo...
Oct 31, 2015•29 min
Interest rates are low and credit is readily accessible, making it easy to take on more debt. What's more is that debt becomes manageable in this kind of climate, until of course, it's not. This summer the Bank of Canada lowered interest rates , and since that time, media sources have been reporting that Canadians are managing their debt levels and that delinquency rates have fallen. On today’s show our guests are bankruptcy trustees Blair Mantin from Sands & Associates in British Columbia a...
Oct 24, 2015•29 min
On today’s show Nora Spinks, CEO of the Vanier Institute of the Family, explains why debt is very complicated in the family context. When it comes to family debt, Nora explains that the majority of Canadians carry some sort of debt; the highest debt being mortgages, followed by car loans and education. The pattern has been, and continues to be, that people incur debt when they're starting out in life; buying a house and a car, having children and going to school. However, Nora explains that, “wh...
Oct 17, 2015•29 min
As the cost of higher education increases, so to does the amount of student loan debt for those graduating from university or college and entering the workforce. On today's show we talk about the average student loan debtor, explain why females carrying student loan debt have more difficulty paying it off and Ted Michalos points out that student loan debt doesn't only delay big life events for graduates, but ultimately, it affects the overall economy as well.
Oct 10, 2015•29 min
Today's guest is Blair Demarco-Wettlaufer, Managing Partner of Kingston Data & Credit , a collection agency servicing Canada and parts of the United States. Blair is a past guest from show #20 where we discussed the collections process and how to stop collection calls. He's back to give us an insider's perspective about ways that collection agents find debtors, including the use of social media to do it, and what you should do once they've successfully contacted you. Gone are the days when c...
Oct 03, 2015•29 min
