Fraudsters and scammers look for every available opportunity to prey on you. How can you protect yourself? Enter Rachel Jolicoeur. Rachel is the Director of Cyber Market Intelligence & Financial Crimes at Interac, and she is back on the podcast with Doug Hoyes to share the top scams she’s seeing in 2023, from renter scams to investment cons. Rachel shares lots of practical tips and helpful information to help you stay vigilant. You won’t want to miss this show. Tune in & share to spread ...
Mar 11, 2023•34 min•Season 9Ep. 445
A debt service ratio basically the amount of your monthly income that’s used to service your monthly debt payments. But why does this ratio matter and what’s a good debt service ratio to have? On today’s podcast, Doug Hoyes and Ted Michalos break down how a debt service ratio is calculated, what it means for your financial health and practical advice for how to avoid a high ratio and debt problems. Tune in to this episode, which also serves as a great introduction to financial literacy. Links: W...
Mar 04, 2023•29 min•Season 9Ep. 444
When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if you can repay only some of your debt? On today’s podcast, Scott Terrio returns with Doug Hoyes to give practical advice on dealing with collection agencies and spotting their tricks. They also share specific tips for approaching Canada Revenue Agency when you have unpaid tax debt. ...
Feb 25, 2023•35 min•Season 9Ep. 443
We just released our 2022 Hoyes Michalos Consumer Insolvency Study which found that 49% of all insolvencies are now being filed by Millennials. Millennials were the only age demographic to see a rise in their unsecured debt obligations last year. On today’s podcast, Doug Hoyes and Ted Michalos explain why Millennial insolvencies are rising. They also discuss another alarming trend from our study – the growth in Rapid Loan (high-cost payday and installment loan) usage. Tune in for a great discuss...
Feb 18, 2023•31 min•Season 9Ep. 442
Amid layoff announcements and rising cost of living, you may be feeling like you’re in a crisis or about to face one. What do you do? And what should you avoid doing? How can you manage your financial health when your stress levels are at an all-time high? Enter Maureen Parent. On today’s podcast, Maureen gives lots of practical advice along with dos and don’ts of dealing with job loss, high food costs, and managing your bill payments when money is tight. Tune in for an inspiring discussion! Lin...
Feb 11, 2023•32 min•Season 9Ep. 441
Less than one year ago, the Bank of Canada overnight rate was just 25 basis points. Today, it’s 450 basis points – an 18X increase. How have record rate increases affected homeowners and potential homebuyers? What about borrowers with a home equity line of credit (HELOC)? On today’s podcast, Ron Butler, mortgage broker extraordinaire, gives us insight into the mortgage world in 2023. He also discusses how recency bias affects our decision-making, with lots of practical advice to avoid paying mor...
Feb 04, 2023•40 min•Season 9Ep. 440
When you think you're rich, you’re more likely to spend more. And when you’re not so confident about money, you may hold back and save. This is how the wealth effect works. But are there any risks to this effect? On today’s podcast Doug Hoyes and Ted Michalos give real-life examples of how the wealth effect works and why it may cause you unwanted debt problems if you’re not careful. Tune in for a great discussion. Links: Are Wealth Effects Important For Canada? https://www.bankofcanada.ca/wp-con...
Jan 28, 2023•30 min•Season 9Ep. 439
Sometimes borrowing money is a necessity. But do we always borrow because we need to? What role do banks, credit unions, and credit score providers play in influencing our decisions? On today’s podcast, Scott Terrio is back with Doug Hoyes to break down how lenders encourage borrowing and they share practical advice for how to say no. Tune in for a great discussion! Related Links: Loan Affordability – What To Know Before You Borrow: https://youtu.be/GgdykU5lGvw Banks Can Take Your Money Without ...
Jan 21, 2023•32 min•Season 9Ep. 438
When you’ve got a lot of debt to deal with, it can be tough to know where to start. Should you pay off the smallest debt first? Or the highest interest one? On today’s podcast, Doug Hoyes and Ted Michalos break down how to answer this age-old question with lots of practical advice, a discussion about the debt snowball vs. debt avalanche method, whether debt consolidation is a good idea, and when it’s time to speak to a Licensed Insolvency Trustee. Tune in for lots of great tips! Links: Which Deb...
Jan 14, 2023•30 min•Season 9Ep. 437
It’s the start of a new year and a good time to plan your finances for the next few months. On today’s podcast, Maureen Parent is back to walk you through the steps. She explains how you can plan for your expenses and the importance of looking at costs on an annual basis instead of monthly. Maureen also gives practical advice on adjusting your budget for inflation as grocery costs keep rising, as well as on how to budget for longer-term goals. And, if you don’t like budgeting, there are lots of ...
Jan 07, 2023•33 min•Season 9Ep. 436
Both consumer debt and insolvencies have turned sharply upward again. What’s contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what’s happened with bankruptcies this year and give their predictions for what’s the come in 2023. Tune in for a great discussion! Sour...
Dec 31, 2022•39 min•Season 9Ep. 435
We spend a lot of our time in the virtual world these days – on our phones, apps, social media – and sometimes the line between virtual reality and physical reality gets blurred. Sometimes even to the point where we make real world decisions based on what we see in the virtual world. On today’s special and short podcast, Doug Hoyes helps us understand why it’s important to distinguish between physical and virtual reality so we don’t end up in serious financial trouble.
Dec 24, 2022•14 min•Season 9Ep. 434
For the last 30 years, credit card debt has been going up. In November 1990, Canadian households owed $9.8 billion on their credit cards. Today, they owe nearly $90 billion. Why has credit card spending surged in the last three decades? On today’s podcast, Doug Hoyes and Ted Michalos discuss how inflation and easier access to credit products have contributed to our indebtedness and provide practical advice for how to deal with your credit card debt. Tune in for a great discussion. Related Links:...
Dec 17, 2022•31 min•Season 9Ep. 433
If a company goes bankrupt, should the employees lose their pension or have their benefits reduced? No, of course not. But it has happened. There is new legislation before Parliament to protect pensions, but will it have unintended consequences? What will this mean for average person? How does this affect businesses? On today’s podcast, Doug Hoyes and Ted Michalos explain the different types of pensions employers offer, what happens when a company goes out of business, and they discuss the broad...
Dec 10, 2022•31 min•Season 9Ep. 432
At some point in life, you’re going to need a loan. But before you sign on the dotted line for a loan, figure out if you can afford it. How? That’s the focus on today’s podcast. Ted Michalos is back to share practical advice for how to figure out loan costs by yourself so you don’t get take on more debt than you can handle. Ted and Doug review three common loan types: debt consolidation loans, auto loans, and installment loans. Tune in for lots of great tips! Resources Mentioned in the Show: Deb...
Dec 03, 2022•29 min
We need good credit to get things like an apartment or a cell phone or to qualify for an affordable loan. But what if you’ve struggled with managing credit and now have bad credit? Is a credit card the solution to fixing bad credit? It can be if you know how to use it. On today’s podcast, Jennifer Kwon, LIT, returns with lots of practical advice for how to use a credit card wisely to rebuild credit, what types of credit cards exist, and the dos and don’ts of credit rebuilding. Tune in for the di...
Nov 26, 2022•31 min•Season 9Ep. 430
Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today’s podcast, Ted Michalos and Doug Hoyes discuss the true cost of...
Nov 19, 2022•29 min•Season 9Ep. 429
Some of our clients get the unhappy surprise of seeing a zero-dollar balance in their bank accounts because the bank took their money. Yes, this is legal. It’s called the right of offset. If you owe the bank money and you’re behind on payments, they can clear your bank account, without warning. How do you avoid this happening to you? Enter Scott Terrio. On today’s podcast, Scott and Doug discuss why, how, and when the bank can exercise their right of offset and how you can avoid this, even if yo...
Nov 12, 2022•32 min•Season 9Ep. 428
The price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today’s podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in! Links Me...
Nov 05, 2022•32 min•Season 9Ep. 427
It’s that time of the year again – Financial Literacy Month (2022). Is there any point to it? Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he’d like to share with you regarding today’s economy, how it’s impacting Canadians, and what you can do. #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy Links: Doug Hoyes on Twitter...
Nov 01, 2022•5 min
Mortgage rates are up, and real estate prices are down. What does this mean for you if you’re renewing your mortgage? Can your bank decline your renewal and what are your options if they do? On today’s podcast, Ted Michalos returns to give practical advice for how to approach your mortgage renewal in a rising rate environment, whether selling is a good option, and how to deal with unsecured debts if you’re overwhelmed. Tune in for lots of tips! Related Links: Mortgage Challenges After Record Rat...
Oct 29, 2022•31 min•Season 9Ep. 426
Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit score and a credit report? Maureen Parent is back on today’s podcast to answer all these questions and offer practical advice for maintaining healthy finances. Tune in. Resources Mentioned in the Show: Free Credit Rebuilding Course: https://courses.hoyes.com/courses/rebuild-credit ...
Oct 22, 2022•31 min•Season 9Ep. 425
Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going to switch to cash? How will this affect our budgets? And is this even fair to the consumer? Ted Michalos is back to discuss and offer lots of practical advice. Tune in. Resources Mentioned in the Show: What You Need to Know About the New Credit Card Surcharge: https://www.cbc.ca/n...
Oct 15, 2022•31 min•Season 9Ep. 424
Did you know that bankers often refer to debt consolidation loans as a ‘never, never plan,’ meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today’s podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a ‘ne...
Oct 08, 2022•31 min•Season 9Ep. 423
With record inflation, many people are feeling the pinch, and we’ve even been asked if it’s possible to skip a bill or two just to get to the next month. Well, on today’s podcast, we’re addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to surv...
Oct 01, 2022•34 min•Season 9Ep. 422
Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you’re probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today’s podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good ti...
Sep 24, 2022•42 min•Season 9Ep. 421
We’ve now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender’s discretion. On today’s podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high ...
Sep 17, 2022•34 min•Season 9Ep. 420
The Criminal Code of Canada says that it’s a criminal offence to charge an interest rate of more than 60%. The federal government is considering lowering that rate. Is this a good idea? What could go wrong? On today’s podcast, Ted Michalos returns to discuss whether this plan by the Government of Canada will make any meaningful difference, and what the unintended consequences of the proposal may be. Doug and Ted also share their four recommendations to the Government to better protect consumers ...
Sep 10, 2022•35 min•Season 9Ep. 419
It’s Season #9 of Debt Free in 30! Life is changing fast – there’s no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premiere rant to share what you can expect from our show this season and helpful resources to get you through these tough times. Tune in. Resources Mentioned in the Show: How One Man Retired Debt-Free at Age 48: https://www.hoyes.com/blog/how-one-man-retired-debt-free-at-48/ Debt Free...
Sep 03, 2022•13 min•Season 9Ep. 418
It’s our final rebroadcast episode of the summer, and today we rebroadcast episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it’s that no job is secure. So, what can you do to avoid getting financially burned if you’re out of work? If you’re unhappy with your job, should you switch? What’s the smartest way to go about making a change? On today’s podcast Doug discusses three basic work tr...
Aug 27, 2022•23 min•Season 8Ep. 417
