Debt Free in 30

Latest Episodes:

411 – High Home Equity, But Can't Refinance - How to Deal with Debt? Jul 16, 2022

Show notes

What options do homeowners have when they've got a lot of home equity and a lot of unsecured debt, but the bank won't let them refinance by borrowing against their home? On today's podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today's economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots of practical strategies and advice!

Helpful Links:

Second Mortgage or Interest-Free Consumer Proposal: https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/

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

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

410 – Why Are We Afraid to Talk About Debt? Jul 09, 2022

Show notes

We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our financial situation? On today's podcast, Maureen Parent, LIT in our Kanata office returns to give insight as to why we are so afraid to talk about debt. Maureen and Doug draw from their years of experience helping clients and share lots of practical advice to help you overcome the fear of talking debt. Tune in!

Additional Links:

Is the 50-30-20 Budget Rule Even Do-Able Today? https://youtu.be/hANI5zadF2I

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

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

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

409 – Should You Ever Borrow Money to Invest? Jul 02, 2022

Show notes

One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is that riskier? Is it ever OK to take on debt to invest or is it something you should never do? On today's podcast, Ted Michalos and Doug Hoyes walk you through how to decide when you are ready to invest, the three ways to invest in stocks, what risks are, and the general dos and don'ts of using your hard-earned money to potentially get a return on it. Tune in for lots of practical advice!

Resources Mentioned in the Show:

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

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

Residential House Prices, Historical Chart: https://fred.stlouisfed.org/series/QCAR628BIS

408 – What's the Economy Doing to People in Debt? Jun 25, 2022

Show notes

2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It's looking to be a perfect financial storm. So how are all these variables impacting indebted Canadians? On today's podcast, Scott Terrio, Manager, Consumer Insolvency at Hoyes Michalos, returns to discuss what he's seeing from individuals struggling with debt, borrowing trends, and the role inflation is playing in household budgets. Scott and Doug also share their thoughts on why homeowner-driven insolvencies may rise soon and give practical advice for what to do if you're dealing with problem debt in this economic climate. Tune in for a lively discussion!

Links:

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

Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

Podcast 399 – Is the Housing Market Finally Slowing Down? with Nasma Ali https://youtu.be/4XjDd4JOvVc

407 – Ben Rabidoux and Doug Hoyes Make a Bet, Talk Debt, Real Estate & the Economy Jun 18, 2022

Show notes

We are still in unprecedented times. House prices are going down even though inventory is limited. The unemployment rate is at a 40-year low, and yet insolvencies remain at record lows. What's going on? Will this climate last forever? Enter Ben Rabidoux. Ben returns to the podcast with Doug Hoyes to share his unique insights and research on where housing is heading, whether he sees mortgage rates coming back down, his thoughts on the employment rate and recession, and the show ends with the first-ever Debt Free in 30 wager

Links:

Ben Rabidoux on Twitter https://twitter.com/BenRabidoux

Edge Realty Analytics: https://edgeanalytics.ca/

Bank of Canada: Mortgage Rates: Bank of Canada: https://www.bankofcanada.ca/2022/06/financial-system-review-2022/#box1

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

Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Episode #379, Will Housing Ever Be Affordable with Ben Rabidoux: https://www.youtube.com/watch?v=exHteyKX5Tg

Bank of Canada, 5 Year Bond Yield: https://www.bankofcanada.ca/?p=39890

Monthly mortgage payment on a typical home: https://twitter.com/BenRabidoux/status/1528768057178476544

Rising Interest Rates: 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/

Canada Historical Mortgage Rates: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history

Landlord Rescue Property Management https://landlordrescue.ca/

Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

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

Time Stamps:

00:57 Will housing ever be affordable?

04:25 Have mortgage pre-approvals impacted prices?

10:01 Will mortgage rates come down in the next few months?

11:25 Doug thinks we are in a recession already; Ben disagrees

11:50 The unemployment rate is at 40 year lows

14:55 Is the household savings rate going to tank?

16:40 Are credit card balances increasing?

22:30 Will insolvencies go up soon?

28:02 Ben and Doug make a wager

406 – What Happens to Debt When You Die? What If You're Insolvent? Jun 11, 2022

Show notes

If you die with debt, does it get passed on to someone else in your family? Is it possible for an estate to file a bankruptcy or consumer proposal? On today's podcast, Doug Hoyes and Ted Michalos discuss what happens when you still owe creditors after you've passed and the impact on your estate. They provide practical advice on dealing with joint debt when one spouse has passed, how adult children can navigate debt repayment for their aging parents, and other dos and don'ts when it comes to dealing with an insolvent estate, including whether it's a good idea to file a bankruptcy or consumer proposal post-mortem. Tune in for lots of helpful tips!

Links:

Does Debt Survive Death? https://www.hoyes.com/blog/does-debt-survive-death/

CPP Death Benefit: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-death-benefit.html

CPP Survivor's Pension: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-survivor-pension.html

405 – Can You Negotiate with Creditors on Your Own? Jun 04, 2022

Show notes

You may be wondering if you can strike a debt repayment deal with your creditors without going to a Licensed Insolvency Trustee and a formal insolvency filing. Well, it depends on how much you owe, who you owe, your assets, and lots of other factors. On today's podcast, Doug Hoyes and Ted Michalos walk you through all the different scenarios in which you could deal with creditors by yourself, the risks to that, benefits, and they discuss when filing a consumer proposal or bankruptcy is the better option. Tune in!

Related Links:

Can I Negotiate a Debt Settlement on My Own: https://www.hoyes.com/blog/can-i-negotiate-a-debt-settlement-on-my-own/

Negotiating Consumer Proposals – What Your Creditors Expect: https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/

Bankruptcy Protection in Canada: An Automatic Stay of Proceedings: https://www.hoyes.com/blog/bankruptcy-protection-in-canada-an-automatic-stay-of-proceedings/

404 – Where Are We Now? Recession? Will It Get Worse? May 28, 2022

Show notes

We're facing massive inflation with more and more people turning to debt to make ends meet. Bankruptcies are still at record lows, but perhaps not for much longer. On today's podcast, Doug Hoyes and Ted Michalos give us an update on what's going on now and how the rising cost of living is impacting our wallets. They also explain why someone would ever need to file bankruptcy by providing some realistic scenarios that lead one to financial trouble. Doug and Ted also share their predictions for what's to come and give lots of practical advice for how to manage debt in today's economy. Tune in!

Links:

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

Why and How Does Someone go Bankrupt? https://www.hoyes.com/blog/why-and-how-does-someone-go-bankrupt/

Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

403 – What's Happening to Mortgages Now That Rates Are Up? with Ron Butler May 21, 2022

Show notes

Real estate prices are down in many parts of Ontario after record increases. Not surprising since the Bank of Canada has indicated it will raise rates again. But what has this done to mortgages? What's happening when people renew? How has mortgage qualification changed? Enter Ron Butler, mortgage broker extraordinaire. On today's podcast, Ron is back to give us an update on what he's seeing on the ground with respect to mortgages. He also shares whether now is even a good time to buy. You won't want to miss this discussion – lots of insight and great advice. Tune in!

Links:

Butler Mortgage website: https://www.butlermortgage.ca/

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

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

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

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

Time Stamps:

4:43 When did the real estate market start to soften?

7:49 How are you supposed to afford a house in this market?

9:28 What is going on right now with the market?

13:49 How much more expensive is it to get a mortgage today?

19:20 What happens if you back out of a purchase?

26:03 This is the initial phase of a downturn

28:39 Should you buy now or rent?

32:10 Patience is a virtue – pause before you buy

402 – Is the 50-30-20 Budget Rule Even Do-able Today? May 14, 2022

Show notes

A popular budgeting method called the 50-30-20 Rule dictates that you use 50% of your income on necessities like rent, 30% on wants, and 20% to savings and debt repayment. But is this even a realistic money management approach in 2022? With soaring cost of living, many people spend close to 70%-80% on necessities alone. So is this budgeting method a lie now? Enter Maureen Parent, LIT. On today's podcast, Maureen and host Doug Hoyes discuss how this budget method can be adapted for today's cost vs. income reality and offer practical tips for managing your money and building savings. Tune in for lots of great advice!

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