Debt Free in 30

In this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and...

In this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca. Related Links: Hoyes Mi...

In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter sho...

In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed.  They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with...

In this eye-opening episode of Debt Free in 30 host Doug Hoyes is joined by guest Richard Dunwoody to unravel the often-overlooked connection between human trafficking and coerced debt. With Ontario facing the second-highest rate of police-reported human trafficking in Canada, the conversation sheds light on how traffickers exploit victims financially. The focus turns to Bill 41, the "Protection f...

In this episode of Debt Free in 30, Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fee...

Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income...

In this year-end podcast, Doug and Ted review their 2023 predictions and share insights on what to expect in 2024. They discuss the accuracy of last year's forecasts on inflation, interest rates, and insolvency rates. Doug predicts a decline in inflation due to an anticipated recession, and Ted adds insights on borrowing for essential living costs and the potential rise in insolvencies. They ackno...

Join Doug and Ted as they break down simple strategies for financial success in 2024. Whether you're dreaming of starting a business, planning for retirement, or making big purchases, their advice can make a real impact. They discuss the importance of having a personal plan and explore the significance of setting long-term goals. Don't miss out on valuable insights. Take charge of your financial f...

Does the cost-of-living soar when you're flying solo? Join Doug in this episode as he's joined by Heather Cudmore, a Certified Credit Counsellor, and Client Service Specialist at Hoyes Michalos. Together, they delve into the concept of the 'single tax' and discuss the unique financial hurdles that singles often encounter.   Drawing on her extensive experience assisting single clients, Heather shar...

In this episode, Doug sits down with Joel Sandwith, a Licensed Insolvency Trustee based at the Hoyes Michalos London office. Together, they explore effective debt management strategies and delve into optimal approaches for debt repayment. The episode provides a comprehensive comparison of the snowball and avalanche methods. If you're trying to figure out the best way to pay off your debts, this ep...

In this week's episode of Debt Free in 30,  credit expert Richard Moxley returns to tackle the burning question: Why are credit reports always wrong? From the importance of credit ratings to practical tips on finding and fixing errors, we cover it all. Discover how to navigate post-insolvency challenges, handle account changes, and conquer stubborn collection accounts. Don't miss this deep dive in...

In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup.  Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt.  Now is the time to review your finances and make a plan for the new year so you can set yourself up for...

In this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP.   The...

Doug Hoyes and Ted discuss a pressing issue that many Canadians face: the challenge of closing on a house when real estate prices have taken a hit. They discuss the complexities of the real estate market, particularly the implications for those who bought pre-construction homes or condos. They also explain the risks associated with pre-construction purchases, such as the potential loss of deposits...

Doug Hoyes and Ted Michalos discuss the state of the economy and explore the possibility of a silent depression.  Their discussion includes topics such as unemployment rates, the challenges confronted by the Millennial and Gen-Z generations, the recent increase in credit card debt, and the state of the real estate market. They also offer guidance on how to regain hope and devise a path towards ach...

Doug Hoyes and special guest Ron Butler from The Angry Mortgage Podcast came together for a live episode on Monday, October 23rd. During this special event, they talked about current mortgage trends, real estate, Bank of Canada interest rates, inflation, and addressed questions from their audience. Whether you own a home or are planning to buy one in the near future, this conversation is definitel...

Doug Hoyes is joined by special guest, Blair Demarco-Wettlaufer, a collection agent, who serves as the Chief Operations Officer at collection agency Kingston Data & Credit. This marks Blair's seventh appearance on the show! In this episode, Doug and Blair discuss the messy world of debt collection, statute-barred claims, and credit reporting. They answer questions such as, how long does it take fo...

What happens to debt when someone passes away?  Host Doug Hoyes is joined by Ted Michalos to discuss a topic that might sound eerie but is incredibly important.  They chat about the different types of debt: credit card balances, car loans, and mortgages. Ted provides clear and valuable advice on important topics such as life insurance, wills, and power of attorney. Doug also highlights the signifi...

You've probably noticed that Artificial Intelligence is everywhere these days, but can it help you out with debt and managing your money? Doug Hoyes and Scott Terrio are here to chat about just that! They discuss how AI looks at your spending habits, and discuss concerns related to biases and privacy, talk about the pros and cons of using ChatGPT to handle your finances, and help you understand wh...

Are you a small business dealing with the CEBA loan repayment dilemma?  Ted Michalos and Doug Hoyes dive deep into the world of CEBA loans and the crucial decisions you need to make about repaying them.  For many small businesses, the loan was a lifeline during the pandemic but as the repayment deadline is looming it's time to evaluate your options.  Join us as we help you to understand the pros a...

Join the conversation with Ian Penney, a Licensed Trustee from Janes & Noseworthy, and Doug Hoyes as they provide insights into managing your finances in the aftermath of the pandemic, with a focus on the distinctions between Newfoundland and Ontario.  During the discussion, they delve into the economic landscapes of these regions, spotlighting key industries such as oil and gas, fishing, forestry...

Every successful budget makes room for fun spending. But how much is OK to spend on fun? What if you feel guilty? Is it ever wrong to spend money on your hobbies and interests? On today's podcast, Maureen Parent returns to give advice on this less explored area of our budget and gives practical advice on how to allocate your income wisely towards leisure and why it's essential for your mental and...

Higher education isn't getting any cheaper. The cost of going to university has more than tripled since the 1990s and we see first-hand the financial burden caused by student loans. So, is it still worth it to get into debt for post-secondary schooling? With so many advancements in free online education, aren't there cheaper alternatives? When is college the better option? Is an undergraduate degr...

Welcome to Season #10 of Debt Free in 30.   Debt is up.   Interest rates are up.   Not surprisingly, personal insolvency filings are way up.   Many people are hitting the wall.   On today's abbreviated podcast, Doug Hoyes explains the numbers and why we live in a "Tale of Two Economies."   If you are rich, all is good.   If you have depleted your savings and have debt, times are tough. We explain...