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...
May 02, 2020•34 min•Season 6Ep. 296
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 r...
Apr 25, 2020•27 min•Season 6Ep. 295
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 m...
Apr 18, 2020•47 min•Season 6Ep. 294
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 ...
Apr 11, 2020•36 min•Season 6Ep. 293
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...
Apr 04, 2020•55 min•Season 6Ep. 292
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 vi...
Mar 28, 2020•47 min•Season 6Ep. 291
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 filin...
Mar 21, 2020•34 min•Season 6Ep. 290
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 c...
Mar 14, 2020•34 min•Season 6Ep. 289
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.
Mar 07, 2020•30 min•Season 6Ep. 288
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).
Feb 29, 2020•32 min•Season 6Ep. 287
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 lis...
Feb 22, 2020•36 min•Season 6Ep. 286
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 ther...
Feb 15, 2020•30 min•Season 6Ep. 285
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.
Feb 08, 2020•34 min•Season 6Ep. 284
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.
Feb 01, 2020•33 min•Season 6Ep. 283
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.
Jan 25, 2020•29 min•Season 6Ep. 282
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!
Jan 18, 2020•37 min•Season 6Ep. 281
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.
Jan 11, 2020•36 min•Season 6Ep. 280
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.
Jan 04, 2020•31 min•Season 6Ep. 279
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 ...
Dec 28, 2019•25 min•Season 6Ep. 278
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 Factfulnes...
Dec 21, 2019•25 min•Season 6Ep. 277
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.
Dec 14, 2019•30 min•Season 6Ep. 276
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.
Dec 07, 2019•30 min•Season 6Ep. 275
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 eco...
Nov 30, 2019•30 min•Season 6Ep. 274
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.
Nov 23, 2019•20 min•Season 6Ep. 273
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!
Nov 16, 2019•16 min•Season 6Ep. 272
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.
Nov 09, 2019•37 min•Season 6Ep. 271
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!
Nov 02, 2019•18 min•Season 6Ep. 270
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 ...
Oct 26, 2019•31 min•Season 6Ep. 269
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.
Oct 19, 2019•21 min•Season 6Ep. 268
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.
Oct 12, 2019•35 min•Season 6Ep. 267
