Debt Free in 30

Latest Episodes:

421 – Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler Sep 24, 2022

Show notes

Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you're probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today's podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good time to buy. Ron also shares a special announcement at the end of the podcast – be sure to tune in for some great insights and practical advice.

Links:

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

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

Average Toronto House Prices: https://wowa.ca/toronto-housing-market

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

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

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

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

Show 403: What's Happening Now that Mortgage Rates Are Up? https://www.youtube.com/watch?v=Iw-HtqgOgJM

420 – Rising Rates, Callable Debts, Tighter Credit & What They Mean For You Sep 17, 2022

Show notes

We've now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender's discretion. On today's podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice to help you spot when your own finances may be at risk. Tune in for a great discussion!

Related Links:

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

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

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

419 – The Government Wants to Fight Predatory Lending. What Could Go Wrong? Sep 10, 2022

Show notes

The Criminal Code of Canada says that it's a criminal offence to charge an interest rate of more than 60%. The federal government is considering lowering that rate. Is this a good idea? What could go wrong? On today's podcast, Ted Michalos returns to discuss whether this plan by the Government of Canada will make any meaningful difference, and what the unintended consequences of the proposal may be. Doug and Ted also share their four recommendations to the Government to better protect consumers when it comes to usury laws. Please note that the government will be accepting your comments until October 7, 2022, so tune in to this podcast to understand the issue and then send them an email with your thoughts at consultationconsumeraffairs.consultationconsommation@fin.gc.ca with 'Predatory Lending Consultation' as the subject line.

Resources Mentioned in the Show:

Department of Finance Canada Issues Consultation Paper on Criminal Rate of Interest: https://www.mccarthy.ca/en/insights/blogs/techlex/department-finance-canada-issues-consultation-paper-criminal-rate-interest

Garland vs. Consumers' Gas Company: https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/2138/index.do

Criminal Code, section 347, criminal interest rate: https://qweri.lexum.com/w/calegis/rsc-1985-c-c-46-en#!fragment/sec347/BQCwhgziBcwMYgK4DsDWszIQewE4BUBTADwBdoJC4BmAFgHYBKAGmW1MIgEVFDcBPaAHIhzSmFwIefQSLGEJCAMp5SAIUEAlAKIAZbQDUAggDkAwtuakwAI2ilscRoyA

Bank of Canada posted interest rates, chartered banks: https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/

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

418 – Season Premiere: Navigating This Crazy Economy Sep 03, 2022

Show notes

It's Season #9 of Debt Free in 30! Life is changing fast – there's no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premiere rant to share what you can expect from our show this season and helpful resources to get you through these tough times. Tune in.

Resources Mentioned in the Show:

How One Man Retired Debt-Free at Age 48: https://www.hoyes.com/blog/how-one-man-retired-debt-free-at-48/

Debt Free in 30 Newsletter Archive & Sign Up: https://www.hoyes.com/newsletter-archive/

Insolvency Updates Newsletter Sign Up: https://lp.constantcontactpages.com/su/wAp31r4/insolvencyupdates

How to Rebuild Credit course: https://courses.hoyes.com/

417 – REBROADCAST - Protect Yourself from Job Loss with These 3 Truths Aug 27, 2022

Show notes

It's our final rebroadcast episode of the summer, and today we rebroadcast episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it's that no job is secure. So, what can you do to avoid getting financially burned if you're out of work? If you're unhappy with your job, should you switch? What's the smartest way to go about making a change? On today's podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world.

Links:

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

Follow Doug Hoyes on Twitter: https://twitter.com/doughoyes

416 – REBROADCAST - When is CRA Going to Ramp Up Tax Debt Collections? [Panel Discussion] Aug 20, 2022

Show notes

When the pandemic first started, the Canada Revenue Agency slowed their collection efforts on income tax debt owing. But with the economy reopened, we are starting to see notices filed by the CRA to individuals owing on income tax, including CERB and CRB debts. Is this a sign that the CRA is ramping up efforts again? What are your options if your employer is served with a Requirement to Pay notice from the government? What if you get a notice that you were overpaid for CERB/CRB or ineligible? Tune in to this panel discussion with Ian Martin, CPA, LIT and Scott Schaefer, CPA, LIT (our in-house tax experts) and host Doug Hoyes for lots of practical advice!

Additional Resources:

CRA Collection Letters for CERB Ineligibility or Overpayment. Can You File Bankruptcy? https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment/

What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/

Should I Borrow to Pay Taxes to CRA? https://www.hoyes.com/blog/should-i-borrow-to-pay-taxes-to-cra/

415 – REBROADCAST - Car Loans Keeping You Broke? Here's What To Do Aug 13, 2022

Show notes

Today we rebroadcast episode #339 (and it's even more timely today). For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is now creating financial problems? What are your options? Is it possible to get out of a car loan? On today's podcast, Ted Michalos and Doug Hoyes discuss when you might want to hand your vehicle back, how to do it, and what happens with the loan shortfall. Tune in for lots of practical advice!

Related link:

Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/

414 – REBROADCAST - Managing Your Second Biggest Expense: Food Budget Aug 06, 2022

Show notes

For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food.

If you have a limited income, how can you manage your food budget effectively?

Is it possible eat healthy without breaking the bank?

On today's show we welcome Heidi Pola, a Registered Dietician who gives practical advice on how to eat healthy and save money.

413 – Mid-Year Review & Predictions: Has Inflation Peaked? Are Bankruptcies Back Up? Jul 30, 2022

Show notes

The summer is only half over, yet so much has happened to the economy in 2022. Gas prices have started to come down after intense surging, and interest rate hikes are at record highs and may keep going. What can we expect for the next six months of the year? Enter Doug and Ted. On today's podcast, Doug Hoyes and Ted Michalos give us their mid-year review and share their predictions for consumer debt levels, inflation, bankruptcy filings, and whether CRA collections will intensify in the Fall. Tune in for a lively discussion and practical advice on managing your finances for the rest of the year.

Additional Resources:

Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

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

412 – Is an Affordable Mortgage Possible Today? Jul 23, 2022

Show notes

So far in 2022 the Bank of Canada has raised its overnight lending rate four times. Its most recent hike in July was the biggest one since 1998. If you're trying to buy a home now, what can you do to make the purchase affordable? Is it a good time to even get a mortgage? Would it be better to rent and wait? On today's podcast, Doug Hoyes and Ted Michalos walk you through the basics of mortgage borrowing, costs that comes with it, explain common mortgage terms, and discuss the factors to consider before buying a home in the first place. Tune in for lots of practical advice & explainers!

Links:

CMHC Mortgage Loan Insurance Cost: https://www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost

What's Happening to Mortgages Now That Rates Are Up? With Ron Butler: https://youtu.be/Iw-HtqgOgJM

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