Debt Free in 30

Latest Episodes:

381 – Can You Improve Your Credit Score Without Debt? Dec 18, 2021

Show notes

If you are 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 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

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

380 – Money Like You Mean It with Erica Alini Dec 11, 2021

Show notes

A lot of personal finance advice is out of touch with today's reality of exorbitant house prices and stagnant wages. So how can a Millennial navigate our current economy and prepare themselves financially for the future? Enter Erica Alini, an experienced personal finance reporter at Global News. She's also the author of the new book Money Like You Mean It – Personal Finance Tactics for the Real World. On today's podcast Erica shares practical advice from her book about how Millennials should approach life milestones like home ownership, emergency events, student loans and how to deal with debt. Tune in for a great discussion!

Links:

Money Like You Mean It book on Amazon: https://www.amazon.ca/Money-Like-You-Mean-Personal/dp/1459748670

Money123 Newsletter by Erica Alini – how to sign up: https://globalnews.ca/news/4022683/money123-newsletter/

Erica Alini on Twitter: https://twitter.com/ealini

379 – Will Housing Ever Be Affordable? with Ben Rabidoux Dec 04, 2021

Show notes

The price of the average home in Canada increased by a record $147,000 compared to last year. Is housing going up forever? How are first-time home buyers supposed to enter such a hot market? On today's podcast, Ben Rabidoux, founder of North Cove Advisors and Edge Realty Analytics, returns with his insights on the Canadian housing market and predictions for 2022. Ben also gives his thoughts on inflation, the impact on consumers if interest rates go up, and whether consumer debt levels will rise substantially in the coming months. Tune in for a great discussion!

Links Mentioned in the Show:

Podcast 94 What Happens to Debt When House Prices Fall: https://youtu.be/ETkZEc5FLYk

Podcast 266 Real Estate, Personal Debt, and Recession Indicators: https://youtu.be/0TMRQ0f0_WQ

Podcast 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession: https://youtu.be/fek4xUoIkrc

Podcast 333 Mortgages, Consumer Debt and Delinquencies – What's Real & What's Fantasy: https://youtu.be/b-JYXZZ7eDQ

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

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

Employment chart, Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/211105/cg-a001-eng.htm

Labour force characteristics chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Canadian Real Estate Association Chart: https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/

Current and capital accounts chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

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

Time Stamps:

2:21 – The most important trend in the housing market today: inventory levels are plunging

5:43 – At what point will house prices start to fall?

6:54 – How did real estate prices get so high?

8:49 – If high prices for single family homes are partially a supply issue, why are we not building more single family houses?

12:09 – Why immigration numbers don't tell the full story about population growth

14:51 – Will inflation and interest rates increase in 2022?

19:25 – Ben disagrees with Doug's deflationary prognostications for 2022

21:37 – Has employment bounced back to pre-pandemic levels?

26:08 – Ben's predictions for 2022

28:52 – Are mortgage borrowers going variable or fixed on their mortgages now?

32:14 – Will debt levels increase in 2022?

378 – When Debt Consolidation Doesn't Go As Planned – Tips + What to Avoid Nov 27, 2021

Show notes

On the surface, a debt consolidation loan sounds like a great idea because you're left with only one monthly debt payment as opposed to several. But is consolidation always a good idea? And is it worth it if you're paying more in interest than you were before? On today's podcast, Scott Terrio and Doug Hoyes provide real stories of failed debt consolidation. While borrowers have good intentions and want to make their debts more manageable, consolidation loans can sometimes make debt repayment more difficult. Scott and Doug also give practical advice for when consolidation is the right move and which types of loans to steer clear of. Tune in for a great discussion!

Links Mentioned in the Show:

How Does a Debt Consolidation Loan Work: https://www.hoyes.com/blog/how-does-a-debt-consolidation-loan-work/

Should You Consolidate or Pay Bills with a Car Title Loan? https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/

Podcast 231: Think Twice Before You Get a Home Equity Line of Credit: https://www.youtube.com/watch?v=RiKKbg_pyu8

Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

377 – What Will Small Businesses Face Post-Pandemic? Nov 20, 2021

Show notes

According to a May 2021 survey by the Canadian Federation of Business (CFIB), only 39% of small businesses in Canada are currently making the sales they consider normal. CFIB also estimates that total Canadian small business debt related to COVID-19 sits at $139 billion. With ongoing pandemic restrictions and slow economic activity, will these small businesses recover? On today's podcast, Ted Michalos and Doug Hoyes give practical advice for how a small business struggling with debt can do a self-test to ensure they are viable and when it may be time to consider professional debt solutions. They also discuss the impacts government subsidies have had on the economy and whether or not it's a good idea to continue government financial support for small business. Tune in for a great discussion!

Related Links:

CIBC Report – "Gifting for a down payment – perspective" by Benjamin Tal: https://economics.cibccm.com/cds?id=9dc124d8-9764-4c1d-83b4-9e89a5d568b8&flag=E

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

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

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

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

TIME STAMPS:

2:18 Today's mortgage rates

3:27 Have people regretted moving away from the city?

6:24 How are bank approvals for mortgages?

8:15 Variable vs. Fixed Rates – what's better?

13:55 Are down payment gifts a good idea?

17:38 How are parents affording down payment gifts?

18:26 Cautionary tales of borrowing to help kids and cosigning on mortgages

20:22 If we have 70s-type inflation, what's going to happen?

23:54 Is the US-style mortgage better for customers?

25:36 Where does Ron see rates in the future?

28:35 Is there more diversity in mortgage providers these days? (A vs. B lenders)

31:10 Should parents be gifting down payments and practical advice

375 – Can You Get Burned by Prepaid Credit Cards? Nov 06, 2021

Show notes

If you don't qualify for a regular credit card or don't want one, but still need to make credit purchases, a good option may be to use a prepaid credit card. But are prepaid cards entirely safe? Can you ever get into money problems with them? On today's podcast, Diane Cunha, a certified credit counsellor, breaks down how prepaid cards work, how they differ from regular credit cards, whether they'll help your credit, the pros and cons of using them and potential pitfalls. Tune in for lots of practical advice!

Links:

NOT and AFFILIATE LINK: KOHO Card: https://www.hoyes.com/fresh-start/banking/koho/

Fresh Start to Banking after Insolvency: https://www.hoyes.com/fresh-start/banking/

374 – How Should Financial Literacy Be Taught in School? Oct 30, 2021

Show notes

Does a student in grade 9 with no income, savings or financial responsibilities really need to learn about down payments or how to calculate mortgage amortization schedules? Should we even be teaching these financial literacy concepts so early in life? Is there a more effective, practical way to teach kids how to understand money? On today's podcast, Doug Hoyes and Ted Michalos critique the 2021 grade 9 and 10 financial literacy curriculum for Ontario and share their thoughts on money topics and scenarios that would be more fitting for young students. Tune in!

Links:

Financial Literacy: Does It Belong in Ontario's Curriculum? https://www.hoyes.com/blog/financial-literacy-ontarios-curriculum/

Grade 9 Ontario Mathematics Curriculum 2021: https://assets-us-01.kc-usercontent.com/fbd574c4-da36-0066-a0c5-849ffb2de96e/2c41223a-5f39-4dd2-b94c-c75d2fae1fbd/Math_9_strand%20chart_AODA_06-May-21.pdf

373 – Your Top Collections Questions Answered by a Debt Collector! Oct 23, 2021

Show notes

You asked. We answered. On today's podcast guest Blair Demarco-Wettlaufer, CEO of Kingston Data and Credit (a collection agency), returns to answer your most pressing debt collection questions, like whether a collection agency can add interest to your debt or force you to file bankruptcy. Blair also discusses whether you should even bother with collectors if the debt isn't listed on your credit report and many, many more of your questions! Tune in for lots of great practical advice.

Resources:

Blair Demarco-Wettlaufer on Twitter: https://twitter.com/kdcblair

Blair's blog for information on credit and collection issues: https://receivableaccounts.blogspot.com/

Hoyes Michalos free credit repair course: https://courses.hoyes.com/courses/rebuild-credit

Hoyes Michalos blogs on dealing with collections: https://www.hoyes.com/blog/tag/collection-calls/

Rights & Responsibilities – Collection Agencies – Ontario.ca: https://www.ontario.ca/page/stop-collection-agency-calls

Episode 264 How to Negotiate with a Collection Agent https://youtu.be/ZgNWpKfBUwU

Episode 240 Can a Collection Agency Take me to Court https://youtu.be/6UHpCGqVP4k

Episode 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals and Credit Report Impact https://youtu.be/S86gnBEkeUY

Time Stamps:

4:29 – Should I ignore a debt collector?

11:53 – Can debt collectors add interest or fees to a debt?

14:33 – Can a collection agency show up at my work or call my boss?

18:44 – Should I even bother with a collector if the debt is not listed on my credit report?

20:17 – Should I accept a settlement offer and pay it or don't pay it? Will that reset the statute of limitations?

22:02 – What if you don't have the cash to repay debt, how do you settle or negotiate?

23:55 – Can a credit collection agency force you to file for bankruptcy?

24:30 – I had to shut down my business during the pandemic. I had internet shut off and said I would pay off in payments. Now I got a collections letter directed to my business. Should I deal with the collector, and will this show on my personal credit score? 26:05 – Would a collection agency take the advice of a bank rep and ask family to repay a debt? 28:34 – How do collection agencies communicate with people who don't have voice mail or answer the phone? 31:04 – How do collection agencies get paid?

372 – Do You Even Need a Physical Bank Anymore? (Bricks & Mortar or Virtual Bank?) Oct 16, 2021

Show notes

Do you need a physical bank? Or are you better off using a virtual bank instead? On today's podcast, guest Scott Terrio and host Doug Hoyes do a deep dive on what to consider when choosing banks, including some recommendations for no-fee accounts, why you should switch banks entirely if you're filing a bankruptcy or consumer proposal, and how to protect yourself from the bank's right of offset. They also discuss why Canadians are so attached to their banks in general and how the banker-customer relationship has changed over the years and why that matters. There's tons of practical advice in this show, so be sure to tune in!

Helpful Links:

Hoyes Michalos Fresh Start Program – Banking Information: https://www.hoyes.com/fresh-start/banking/

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

What is the Right of Offset & What To Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/

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