Debt Free in 30

Latest Episodes:

520 – Expert Insights on Getting Out of Debt (Compilation) Aug 17, 2024

Show notes

Explore essential financial topics and practical advice to overcome debt and achieve financial stability. If you're struggling with high-interest debt, considering installment loans, or exploring mortgage refinancing, this compilation video offers valuable tips and actionable advice. Financial expert Doug Hoyes, co-founder of Hoyes Michalos, and his guests provide insights into effective debt management strategies, including the benefits and pitfalls of various financial tools and methods. Discover expert guidance on avoiding high-interest traps, practical steps for debt repayment, and effective strategies for reducing debt.

Timestamps: 0:00 Understanding Debt: What You Need To Know

2:55 What Are Installment Loans for Credit Cards?

8:30 Expert Credit Card Advice: Secrets Banks Don't Share

10:45 Variable vs. Fixed Mortgage Rates Explained

11:45 Should You Sell Your House to Eliminate Debt?

16:00 Consumer Proposals: Mortgages and Home Equity

18:40 Considering Refinancing Your Mortgage

20:40 Avoiding High-Interest Debt Traps

21:50 Debt Consolidation Loans: Problems and Pitfalls (feat. Scott Terrio)

24:20 Installment Loans and Payday Lender Risks (feat. Scott Terrio)

28:10 Effective Ways to Start Paying Off Debt - Snowball vs. Avalanche

33:10 What to Do When Debt Repayment Methods Fail

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Resources:

Credit Card Debt Consolidation in Canada: What You Need to Know

Dealing With Debt Living Paycheque to Paycheque

Consumer Proposal FAQ's Answered

Hoyes, Michalos and Associates YouTube Channel How To Deal With Higher Interest Rates When Debt Consolidation Doesn't Go As Planned Rising Interest Rates And Debt: What Can You Do?

Special Thanks:

Scott Terrio - Manager, Consumer Insolvency at Hoyes Michalos https://ca.linkedin.com/in/scott-terrio

Disclaimer The information provided in the Debt Free in 30 podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

519 – The REAL Way to Build Better Credit Aug 10, 2024

Show notes

Can You Improve Your Credit Score Without Debt? | Debt Free In 30 | Ep 381. If you're new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today's podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can strategically improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don't count towards your score, and what to avoid so you don't harm your credit. Tune in for lots of practical advice!

Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/

Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

518 – Why More Credit Won't Make You Truly Independent Aug 03, 2024

Show notes

Discover why chasing after more credit to achieve financial freedom may not be the most effective strategy, how it creates dependencies, and learn alternative paths to be more independent.

Links:

What To Do When You Have Too Much Debt to Handle: https://www.hoyes.com/blog/what-to-do-when-you-have-too-much-debt-to-handle/

517 – Should you pay off your debt or invest? Jul 27, 2024

Show notes

You've got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage. They'll also share their advice on what steps to take if you're unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money.

Time Stamps:

00:00 Pay off debt on your credit card

02:53 Pay off debt or put money in an RRSP?

04:54 Pay off your mortgage or invest in an RRSP?

06:16 Investing may be better than paying off debt for first time home buyers

07:03 Investing makes sense when you inherit a lot of money

08:08 RISK

11:42 The smart way to pay off your debt

13:17 Is there an advantage to paying off a secured debt vs an unsecured debt?

16:19 If you can't pay your debts you can file a consumer proposal

21:29 Receiving a lump sum of money during a consumer proposal

27:18 Final thoughts

Related Links:

Why You Should Bank at More Than One Bank - https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Why Do I Need To Switch Banks? I Love My Bank - https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/

How to Open a New Bank Account For A Bankruptcy or Consumer Proposal - https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

515 – The Pros and Cons of Selling Everything to Pay off Your Debt Jul 13, 2024

Show notes

Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets.

Time Stamps:

00:00 Introduction

02:43 Are all assets treated the same?

06:31 Cashing out your RRSP to pay debt

13:50 Should you file a consumer proposal or bankruptcy?

22:39 Are RESP's protected in a bankruptcy?

25:43 Owning a house and filing bankruptcy

30:44 Final thoughts

Related Links:

Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/

Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/

Can't Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/

514 – Why Seniors End Up in The Payday Loan Trap & How To Help Jul 06, 2024

Show notes

In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.

Time Stamps:

00:00 Introduction

01:48 Why are payday loans a problem if you are a senior?

04:03 How does a senior end up in debt?

05:45 Payday loans and rapid loans

08:10 Seniors supporting their adult children

10:38 Seniors carrying debt into retirement

11:54 Practical advice

12:30 How can you tell if your parents are in debt?

15:13 How to retire with no debt

21:12 Seniors and financial scams

22:55 Co-signing loans for friends and family

25:00 Should seniors' cash in their RRSP to pay off debt?

27:15 Should seniors file a consumer proposal or bankruptcy?

Related Links:

Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/

Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/

Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/

Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/

Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/

513 – Inflation is driving up credit card use. Now what? Jun 29, 2024

Show notes

In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt leading to insolvencies, and the decline in homeownership. They also share their predictions for the future, including whether inflation will continue to rise, and offer their advice on how to navigate these tough times.

Time Stamps:

00:00 Introduction

00:44 Why did credit card debt drop during the pandemic?

03:05 Inflation rate for food

04:16 Shelter inflation

05:45 Credit card debt leads to insolvencies

08:15 How inflation and credit card debt affects everyone

14:35 Why are we not seeing homeowners?

16:52 Predictions

19:32 Practical advice

Related Links:

What to Know About Credit Cards So You Use Credit Wisely - https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/

Unpaid Credit Card Debt: What Are the Consequences? – https://www.hoyes.com/blog/unpaid-credit-card-debt-what-are-the-consequences/

Can Bankruptcy Stop a Tenant Eviction for Rent Arrears? - https://www.hoyes.com/blog/can-bankruptcy-stop-a-tenant-eviction-for-rent-arrears/

Can't Pay Your Mortgage? Options To Keep Your House – https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Renewing Your Mortgage as Rates Change -https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/

Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901

Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted -

https://www150.statcan.gc.ca/n1/en/catalogue/1810000401

Bank of Canada, Monetary Aggregates https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

512 – Pay Off Debt or Build an Emergency Fund - Which is Better? Jun 22, 2024

Show notes

In this episode, Doug and Maureen tackle a common financial question: should you build an emergency fund first or pay off debt? They explain why prioritizing an emergency fund can be important, even if you have debt. Learn how developing a savings habit can shield you from unexpected expenses and stop lenders from reducing your credit limit. They also discuss the risks of relying solely on debt for emergencies and how savings can keep you financially secure. Plus, they cover the benefits of paying off debt first, like saving on interest, boosting your credit score, and having the option to use credit for emergencies.

Time Stamps:

00:00 Introduction

01:50 What do you use your emergency fund for?

02:59 Reasons why an emergency fund is more important than paying down debt

06:40 The habit of savings

11:11 How much does your emergency fund need to be?

15:20 Where should you put your emergency savings?

23:11 Why should you pay off debt first before saving for an emergency fund

29:12 Final thoughts

Related Links:

Emergency Fund Critical For Single Parents - https://www.hoyes.com/blog/emergency-fund- - critical-for-single-parents/

Why You Need an Emergency Fund - https://www.hoyes.com/blog/why-you-need-an-emergency-fund/

Emergency Fund or Credit Card Debt? What's the Better Choice? - https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/

Which Debts Should You Pay First? - https://www.hoyes.com/blog/which-debts-should-you-pay-first/

Dr. Brad Klontz Financial Psychologist - https://www.bradklontz.com/

511 – Do Low- or No-Income Earners Need to File Bankruptcy If They Have Debt? Jun 15, 2024

Show notes

Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors.

Time Stamps:

00:00 Introduction

03:35 Failure rate for consumer proposals

05:07 Why have consumer proposals overtaken bankruptcies in Canada?

08:33 Surplus income

12:12 Are the licensed insolvency trustees making more money on consumer proposals?

14:50 The creditors impact on a bankruptcy and consumer proposals

24:55 Unregulated debt advisors

33:39 Solutions for low-income debtors

44:22 Final thoughts

Related Links:

Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/