Debt Free in 30

Given today's real estate market, it's not surprising that the most popular podcast episodes of this year featured Hilliard MacBeth discussing his book,  When The Bubble Bursts, Surviving the Canadian Real Estate Crash,  and Ben Rabidoux sharing his thoughts on the Canadian real estate market. Clearly, listeners want to know if they should rent or if they should buy? While I am not a real estate e...

Generally, money problems and financial problems go hand in hand. In fact, 28% of our clients were separated or divorce when they filed for insolvency. And 19% cited marital or relationship breakdown as the main cause of their financial difficulties. To delve deeper into the   relationship between divorce and bankruptcy law , Ted Michalos joins us today on Debt Free in 30. When a relationship star...

Our guest on today's podcast, Ben Rabidoux is the President of North Cove Advisors, a macro research firm that works with institutional investors like mutual fund companies, hedge funds, and pensions, providing a broad view of the economy at any time.   Today he visits Debt Free in 30 to share his insights on the current status and future of the Canadian housing market (and it's not pretty).

As our economy in Canada has evolved so has the nature of most people's employment. Downsizing and outsourcing has become more prevalent, stable jobs have become more scarce, and more people are becoming self employed. While the freedom and potential for success are great, being self-employed brings it's own challenges when it comes to managing business debts. On this week's podcast I talk with Ia...

Payday loans are expensive. Lenders charge a ridiculously high interest rate and demand repayment in one balloon payment. Inevitably, this traps some payday loan borrowers into a debt cycle. As a result, the Ontario government is reviewing current payday loan legislation and it's considering changes. In today's show, Ted Michalos, my partner and co-founder, joins me to discuss some of the suggeste...

If you are struggling with debt, how do you know which debt relief option is right for you? Both consumer proposals and bankruptcies have similar benefits, but the length and cost are different. On today's podcast Ted Michalos, compares various aspects of filing a  consumer proposal vs bankruptcy .

Are you planning for retirement? Have you started to save? Do you know how much you need? If not, then today's podcast is for you. My guest, David Trahair, stops by to discuss his new book,   The Procrastinator's Guide to Retirement: How You Can Retire in 10 Years or Less,  and provides tips for Canadians who've delayed saving for retirement.

Is Canadian real estate due for a crash? On today's show, I speak with Hilliard MacBeth, a portfolio manager and author of  When the Bubble Bursts: Surviving the Canadian Real Estate Crash,  who thinks the Canadian housing bubble is about to burst. Hilliard notes that there are four symptoms of a bubble: A period of rapidly rising prices People telling each other stories about why the price increa...

On today’s show we discuss a common question: if I have some extra money, should I pay off my debt, or use it to invest?  In some cases the answer is easy.  If you owe money on a credit card with a 29% interest rate, and your investment will earn 1%, you should obviously pay off your credit card. But what if your debt is a low interest mortgage, and you think you can earn a greater rate of return...

Today I ask a question that generates a lot of debate on our Facebook page: what happens if you stop paying your debts? More specifically, what happens if you stop paying your debts and you are not in a consumer proposal or bankruptcy? To help me delve deeper into this topic, Ted Michalos, my partner and co-founder of Hoyes, Michalos & Associates, joins me to discuss the various outcomes of not pa...

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...

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 an...

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 C...

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 decisi...

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 ).

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 hav...

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...

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...

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...

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 newl...

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 n...

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 Thef...

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.

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...

 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 lo...