Debt Free in 30

Latest Episodes:

440 – What's Happening to Mortgages in 2023? With Ron Butler Feb 04, 2023

Show notes

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 more for your mortgage than you need to. Tune in!

Links:

Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy

Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/

High Interest Rates: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/

Bank of Canada, share of mortgages with high Debt Service Ratio: https://www.bankofcanada.ca/rates/indicators/indicators-of-financial-vulnerabilities/

Average Toronto house prices: https://wowa.ca/toronto-housing-market

Podcast 293 - Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA

Podcast 334 - Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0

Podcast 376 - Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w

Podcast 403 - What's Happening Now that Mortgage Rates are up? https://www.youtube.com/watch?v=Iw-HtqgOgJM

Podcast 421 - Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler https://youtu.be/kJ9vyHA5pJw

439 – What's The Wealth Effect? (And Why It Matters To You) Jan 28, 2023

Show notes

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-content/uploads/2010/06/pichettee.pdf

Podcast 435 – Why Are Consumer Insolvencies Back Up? https://youtu.be/3i22JpmcozY

438 – How Do Lenders (& Credit Bureaus) Encourage Borrowing? Jan 21, 2023

Show notes

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 Warning: https://youtu.be/OgO-3JE6wGM

The Average Joe and Jane Guide to Smart Borrowing: https://www.hoyes.com/blog/average-joe-jane-guide-smart-borrowing/

437 – What's The Best Way To Start Tackling Debt? Jan 14, 2023

Show notes

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

Debt Snowball Method vs. High Interest First https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/

436 – Build an Annual Budget You Can Adjust For Inflation & Goals Jan 07, 2023

Show notes

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 tips for you, too, so your finances are still organized! Tune in for a great discussion.

Related Links:

7 Reasons Why Budgets Fail & How You Can Succeed: https://www.hoyes.com/blog/7-reasons-why-budgets-fail-and-how-you-can-succeed/

Use a P.L.A.N. Account When Budgeting: https://youtu.be/pSQ3jvrFVHU

The Secret To Budgeting – Pay Your Bills As You Get Paid: https://www.hoyes.com/blog/the-secret-to-budgeting/

Free Budgeting Workbook: https://www.hoyes.com/free-budgeting-workbook/

Mint.com Budget App: https://mint.intuit.com/

Goodbudget App: https://goodbudget.com/

Investing Basics – Where To Start Now That You're Debt Free: https://youtu.be/VSgb8POKcjs

435 – Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions] Dec 31, 2022

Show notes

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!

Sources & Related Links:

Top 10 Debt Statistics for 2022 & What's Ahead for Consumer Insolvencies: https://www.hoyes.com/blog/top-10-debt-statistics-for-2022-and-whats-ahead-for-consumer-insolvencies/

National Rent Report, Rentals.ca: https://rentals.ca/national-rent-report

Teranet-National Bank House Price Index: https://housepriceindex.ca/2022/11/october2022/

Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

Consumer Price Index Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401

Hourly Wages Data Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001

Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901

Last year's show: Predictions for Consumer Debt Coming Out Of The Pandemic, Ep. 383: https://youtu.be/LCE6EkOwi8E

434 – Are You Living Real Life Like It's The Virtual World? Dec 24, 2022

Show notes

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.

433 – Credit Card Spending is Back Up – Avoid Debt Trouble Dec 17, 2022

Show notes

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:

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

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

How to Pay Credit Cards – Pay More Than The Minimum: https://www.hoyes.com/blog/how-to-pay-credit-cards-minimum/

432 – Pension Protection Law in the Works? Dec 10, 2022

Show notes

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 broader implications of the incoming legislation. Tune in!

Related Links:

Should Company Pensions be Protected in Bankruptcy? https://www.hoyes.com/blog/should-pensions-be-protected-in-a-corporate-bankruptcy/

Hansard, debate on Bill C-228 https://www.ourcommons.ca/DocumentViewer/en/44-1/house/sitting-130/hansard

Sears Canada pension settlement: https://kmlaw.ca/cases/sears-canada/

Bankruptcy & Insolvency Act, section 60 (1.5) https://laws-lois.justice.gc.ca/eng/acts/B-3/page-10.html#docCont

Bankruptcy & Insolvency Act, section 136, Scheme of Distribution, Priority of Claims https://laws-lois.justice.gc.ca/eng/acts/b-3/page-24.html#h-27334

Bill C-228, House of Commons: https://www.parl.ca/legisinfo/en/bill/44-1/c-228

431 – Loan Affordability: What To Know Before You Borrow Dec 03, 2022

Show notes

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:

Debt Consolidation Loan Calculator: https://www.calculator.net/debt-consolidation-calculator.html

Car Loan Calculator: https://wowa.ca/car-loan-calculator

Installment Loan Calculator: https://www.calculator.net/loan-calculator.html

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