Debt Free in 30

Latest Episodes:

430 – Are Credit Cards Right For Credit Repair? Nov 26, 2022

Show notes

We need good credit to get things like an apartment or a cell phone or to qualify for an affordable loan. But what if you've struggled with managing credit and now have bad credit? Is a credit card the solution to fixing bad credit? It can be if you know how to use it. On today's podcast, Jennifer Kwon, LIT, returns with lots of practical advice for how to use a credit card wisely to rebuild credit, what types of credit cards exist, and the dos and don'ts of credit rebuilding. Tune in for the discussion with Jennifer Kwon and Doug Hoyes!

429 – Credit Card Installment Plans – What's The Risk? Nov 19, 2022

Show notes

Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today's podcast, Ted Michalos and Doug Hoyes discuss the true cost of these installment plans, the extra fees you need to pay, and why they can put your finances at risk. Tune in for lots of practical advice.

Links Mentioned In The Show:

Should You Be Charged a Fee For Using Credit Cards? https://youtu.be/k-R_ipxjjHk

New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI

CIBC Pace It https://www.cibc.com/en/personal-banking/credit-cards/manage/installment-plans.html

Canadian Tire Bank equal payment plan: https://triangle-uat15.cantire.net/en/financing.html

TD Payment Plans: https://www.td.com/ca/en/personal-banking/how-to/manage-my-credit-card/payments-plans/

RBC PayPlan https://www.rbcroyalbank.com/personal-loans/payplan-for-consumers.html

Scotiabank SelectPay https://www.scotiabank.com/ca/en/personal/credit-cards/selectpay.html

BMO PaySmart Installment Plan: https://www.bmo.com/main/personal/credit-cards/paysmart-installment-plans/

Interest calculator: https://www.calculatorsoup.com/calculators/financial/amortization-schedule-calculator.php

428 – Banks Can Take Your Money Without Warning (Right of Offset) Nov 12, 2022

Show notes

Some of our clients get the unhappy surprise of seeing a zero-dollar balance in their bank accounts because the bank took their money. Yes, this is legal. It's called the right of offset. If you owe the bank money and you're behind on payments, they can clear your bank account, without warning. How do you avoid this happening to you? Enter Scott Terrio. On today's podcast, Scott and Doug discuss why, how, and when the bank can exercise their right of offset and how you can avoid this, even if you can't afford to pay your debts as they come due. Tune in for lots of practical advice!

Related Links:

Mortgage Challenges After Record Rate Hikes with Ron Butler: https://youtu.be/kJ9vyHA5pJw

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

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

425 – Is Having Bad Credit the End of the World? Oct 22, 2022

Show notes

Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit score and a credit report? Maureen Parent is back on today's podcast to answer all these questions and offer practical advice for maintaining healthy finances. Tune in.

Resources Mentioned in the Show:

Free Credit Rebuilding Course: https://courses.hoyes.com/courses/rebuild-credit

A Clean Credit Report Does Not Equal a Good Credit Report: https://www.hoyes.com/blog/a-clean-credit-report-does-not-equal-a-good-credit-report/

424 – Should You Be Charged a Fee for Using Credit Cards? Oct 15, 2022

Show notes

Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going to switch to cash? How will this affect our budgets? And is this even fair to the consumer? Ted Michalos is back to discuss and offer lots of practical advice. Tune in.

Resources Mentioned in the Show:

What You Need to Know About the New Credit Card Surcharge: https://www.cbc.ca/news/credit-card-surcharge-faq-1.6610356

Loblaws Financial Statements: https://www.loblaw.ca/en/investors-overview

Canadian Tire Financial Statements: https://corp.canadiantire.ca/English/investors/financials-reporting/annual-disclosures/default.aspx

423 – How Debt Consolidation Becomes the 'Never, Never Plan' Oct 08, 2022

Show notes

Did you know that bankers often refer to debt consolidation loans as a 'never, never plan,' meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today's podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a 'never, never plan,' and offer practical advice to help borrowers actually eliminate their debts. Tune in!

Links:

Risks of Debt Consolidation Loans – The Hidden Traps: https://www.hoyes.com/blog/debt-consolidation-loans-the-hidden-trap/

Hoyes Michalos Debt Repayment Calculator: https://www.hoyes.com/debt-repayment-calculator/

Hoyes Michalos Debt to Income Ratio Calculator: https://www.hoyes.com/debt-to-income-ratio-calculator/

Government of Canada Credit Card Payment Calculator: https://itools-ioutils.fcac-acfc.gc.ca/CCPC-CPCC/CCPCCalc-CPCCCalc-eng.aspx

422 – Running Short on Cash. What Payments Can You Skip? (If Any) Oct 01, 2022

Show notes

With record inflation, many people are feeling the pinch, and we've even been asked if it's possible to skip a bill or two just to get to the next month. Well, on today's podcast, we're addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in.

Links:

Maureen Parent on Twitter: https://twitter.com/MaureenParent7

Hoyes Michalos Kanata Office: https://www.hoyes.com/ontario-offices/kanata/

Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/

Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment

Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web

Credit Counselling and Getting Out of Debt https://www.hoyes.com/blog/a-different-view-of-credit-counselling/

https://www.hoyes.com/blog/are-not-for-profit-credit-counselling-agencies-now-just-debt-collectors/

Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected