Debt Free in 30

What if your car insurance rate was decided by your credit score? Well, this is the case in New Brunswick and may one day become a reality in Ontario. But is it fair? Are credit scores a good determinant of our driving habits? On today's roundtable podcast, guests Scott Terrio, Maureen Parent, and host Doug Hoyes discuss the potential pitfalls to using credit scores to decide car insurance rates....

We Canadians consume a lot of American media, so it's possible that the ideas we have about bankruptcy are actually what happens to indebted individuals in the United States, and not the Canadian reality. On today's podcast, Doug Hoyes and Ted Michalos explain how bankruptcy in Canada is a rehabilitative and supportive process, with limited barriers. They address common fears and misconceptions an...

How often should you check your credit score? Is it wrong to obsess over credit scores? Where is the best place to get your credit report? On today's podcast, seasoned credit counsellor Diane Cunha and LIT (& lawyer!) Jennifer Kwon join Doug Hoyes in a roundtable discussion on whether or not Canadians need to worry about their credit scores and who credit scores are really designed for. They also...

Canadians with the lowest credit scores paid down their credit cards the most since the pandemic started. Incredible, right? So, will this downward trend in debt continue? Or is this temporary because most of us are still at home and collections activity is slim? Today we review the latest debt statistics and discuss why Canadians are paying off so much debt, who's actually taking on more debt, an...

Regular episodes resume next week, but for today, a quick overview of our plans for the eighth season of Debt Free in 30.  You've told us - we've listened. And this year, we will focus on what you've told us you want the most: practical advice on how to manage your money and live debt free.  You'll see a lot of our regular contributors, like Ted Michalos, Scott Terrio and Diane Cunha, and we will...

This episode first aired as episode number 227 in January, 2019, and even two and a half years later it continues to have a lot of downloads each week.  We are taught to set a goal, and that's a good plan in some cases, but a better long-term solution is to create a system, as we discuss this week.  Enjoy!   Resources Mentioned in the Show Systems vs. Goals http://blog.dilbert.com/2013/11/18/goals...

Originally broadcast as episode 254 in July, 2019, today we rebroadcast our show about a wonderful, magical place called Costco.  Is it a store?  A finance company?  Something else?  And why does it matter?  All that and more on today's podcast (and we've got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube https://youtu.be/-8PlGkHjHG8 ).

It's August 2021, and many Canadians filed their 2020 taxes and discovered they owe taxes on the CERB they received last year, or they have to pay it all back because CRA said they weren't eligible.  What can they do? Today we rebroadcast our chat with Jason Rosen, a tax lawer and co-founder of Rosen Kirshen (RK) Tax Law. He provides practical advice for how Canadians can prepare themselves in the...

This episode first aired two years ago and is one of our most-watched videos on YouTube.  Today Ted Michalos and Doug Hoyes return with updated information on how the COVID-19 lockdown impacted the Limitations Period, which impacts whether or not a creditor can take you to court. We explain when they are most likely to take you to court, and what your options are if they do.  Enjoy!

Unlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today's podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide...

Experts say you should have 10 times your income saved to retire, but for many people that's a difficult target. What can you do if your savings are nowhere near that amount or, more likely, you haven't even started saving yet? How can you plan a retirement on a limited income? Enter Jason Heath, Certified Financial Planner. On today's podcast, Jason provides practical advice on retirement income...

There are a lot of scenarios where borrowing makes sense: buying a home, a car, or paying for school. But if you don't stop to think before borrowing, you can face some serious unintended consequences. Sure, that 8-year car loan seems affordable today, but what if you face reduced income or something happens to the car and you're stuck with repayment? Would you still be able to afford it? On today...

Times have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don't require 4-year degrees necessarily. Knowing this, why do we still give the same financial advice we gave decades ago? On today's podcast guest Scott Terrio and Doug Hoyes discuss six pieces of common financial advice that we may want to...

We are now 16 months into the Coronavirus pandemic, and everything has changed. Canadians have increased their savings rate and put a dent in their unsecured debt obligations. But are these trends going to last? Will savings go back down and credit card balances surge once the economy fully reopens? And will stress levels increase when we are back together in the workplace? Join guest Ted Michalos...

If you have a little money, is it better to invest it or just leave it in a savings account? And if you do invest, how can you do so with very small amounts of money? Enter Robert Brown, author of Wealthing Like Rabbits . On today's podcast, Robert shares best practices for beginner investors. Robert reviews where to store your money depending on your financial goals (RRSPs, TFSAs) and which types...

When a financial product is more affordable (or even free), banks aren't too keen on promoting it or helping you access it. Why? Because they want to make money. Banks are also very good at manipulating consumers into thinking they're getting a 'deal' when they're really paying a hefty price. So, how can you know when it's truly free money and when it's a ploy? Enter Alan Whitton (aka Big Cajun Ma...

The economic shutdown has been costly for small businesses. If you're an owner concerned about the future health of your business, what should you do? Sell your business? What are your options if you have a lot of business debt? On today's podcast, David Barnett, a business broker, returns to discuss how COVID-19 has impacted small businesses and why some businesses are having a harder time sellin...

With the rapid rise in the real estate market, you may find yourself with significant equity in your home, yet you are also carrying high interest unsecured debt. On paper you have equity in your home, but you may still be "insolvent", meaning you can't pay your bills as they come due. So, what should you do? On today's podcast, guest Ted Michalos explains how you can deal with debt as a homeowner...

Making the minimum payment on your credit card can make you believe your debt is manageable. But the reality is, minimum payments will keep you in debt forever. On today's podcast, guest and Certified Credit Counsellor Diane Cunha explains the 'lie' behind minimum payments and why people fall into the trap. Diane also gives practical advice on how to avoid the minimum payment debt cycle.   Related...

There are a lot of misconceptions about why someone files for bankruptcy in Canada. Did they spend too much? Were they reckless or irresponsible? The truth is debt problems can happen to anyone at any time and when they least expect it. On today's podcast, Doug Hoyes and guest Ted Michalos share stories and dig deep into how the debt trap often starts for individuals and dispel common myths surrou...

Is there any point in teaching a kid in Grade 10 mortgage amortizations?  And if you as a parent aren't a money expert, isn't it counter productive for you to try to explain money to your kid? Robin Taub is a Chartered Professional Accountant and author of the just released book The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life , and she says that te...

Should you put all of your savings at risk in the stock market to earn enough for a down payment on a house?  Probably not. Danielle Park, lawyer, and wealth manager explains why some financial advice is "heinous", how to recognize bad financial advice, and why you should think critically about the financial advice we are bombarded with every day. Related Links: Links:   Danielle's blog post on Do...

We worry about inflation, but the technology we increasingly use is deflationary.  Hard to believe, but that's why most of the apps on your phone are free. Deflation is great if you can buy things for less, but debt doesn't deflate, so you could end up with much higher debt costs in real dollars.  On today's podcast first-time guest Jeff Booth, entrepreneur, and author of The Price of Tomorrow: Wh...

It can be hard to know that you've reached a tipping point with your debt, especially when you're keeping up with minimum payments. So, when do you know that it's time to fold? On today's podcast, Ted Michalos and Doug Hoyes explain key warning signs of a debt problem – from emotional stress to relying on credit to make ends meet. They also give practical advice on how to beat an endless debt cycl...

Are half of Canadians really just $200 away from bankruptcy? No. But that does make a compelling headline, doesn't it? Media outlets compete for our attention – it makes them money. But clickbait headlines about Canada's personal debt (or any subject for that matter) shouldn't be accepted at face value. Doug Hoyes and Ted Michalos explain how and why the media "enrages to engage" and they offer pr...