Debt Free in 30

Latest Episodes:

341 – Predatory Loans: Stop Paying 39%, 49% and 59% on So-Called 'Easy' Loans Mar 13, 2021

Show notes

Payday loans aren't the only predatory loans out there. These days, several fintech companies offer 'easy' installment loans at high rates, ranging from 39% to 59%! On today's podcast, Ted Michalos and Doug Hoyes explain how these loans work and what makes them predatory. Doug and Ted also discuss high-cost loan regulations, the changes the Government of Ontario is proposing, and give their two cents on consumer protections they believe should be implemented to help borrowers make informed financial decisions. Tune in!

Helpful Links:

Government of Ontario High-Cost Credit Consultation Paper: https://www.ontariocanada.com/registry/view.do?postingId=36067&language=en

Why Bad Credit Installment Loans Are Seldom the Answer: https://www.hoyes.com/blog/why-bad-credit-financing-loans-are-seldom-the-answer/

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

340 – How to Avoid E-Transfer Email Scams: Tips from an Interac Fraud Expert Mar 06, 2021

Show notes

E-transfer fraud is on the rise. From e-transfers being redirected to a hacker's bank account to job and puppy scams - how do you stay protected? How can you tell what's real and what's fake? Enter Rachel Jolicoeur – Director of Fraud Prevention and Partnerships at Interac. On today's podcast, Rachel discusses common ways people become victims of e-transfer fraud. She also explains how to spot e-transfer scams and how to keep your accounts safe from fraudsters. Tune in to the show for lots of practical advice and see our resources below to keep your finances safe.

#FraudPreventionMonth

Helpful Resources:

Interac e-Transfer Security & Fraud Prevention: https://www.interac.ca/en/consumers/security/interac-e-transfer/

Canadian Anti-Fraud Centre – Protect Yourself From Scams: https://www.antifraudcentre-centreantifraude.ca/protect-protegez-eng.htm

Time Stamps:

4:10 Fraud #1 - E-mail Account Compromise

8:45 Prevent Fraud with Auto Deposit

13:05 Fraud #2 - Bad Deposit Transfer

14:08 Fraud #3 – Big Cheque Scam

15:39 Fraud #4 - Job Scams

19:02 Fraud #5 - Puppy Scams

22:19 What Can I Do If I Get Scammed?

26:10 Practical Tips to Stay Safe

339 – Car Loans Keeping You Broke? Here's What To Do Feb 27, 2021

Show notes

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 Links:

Realosophy Website: https://www.realosophy.com/

John Pasalis on Twitter: https://twitter.com/JohnPasalis

John Pasalis' YouTube channel – Move Smartly: https://www.youtube.com/movesmartly

335 – Dealing with Small Business Closure and Debt Amid COVID-19 Jan 30, 2021

Show notes

Managing a business is difficult, and the pandemic has made things much worse for Canadian small business owners. If you're a small business owner facing debt problems, what are your options? On today's podcast Ted Michalos is back to explain what you can do if you have both business debts and debts you've personally guaranteed for your business; strategies if your business was doing fine before the lockdown but is now struggling, and what to do if your business will be viable again after the lockdown. Ted and Doug also discuss your options if you can't repay the CEBA (Canada Emergency Business Account) loan. Enjoy!

Time Stamps:

3:27 Why government support hasn't been enough.

6:00 What's happening with business bankruptcies?

8:50 Sole Proprietorship vs. Corporation: What's the difference?

9:52 When do business debts become personal debts?

11:20 What to do if business is struggling due to COVID-19.

15:07 What to do if your business isn't viable at all. How do you close it?

20:25 Dealing with secured creditors.

21:44 Dealing with debt as a sole proprietorship.

23:36 What to do if business will be viable after lockdown.

22:20 CEBA loan – what to do if you can't repay.

31:38 Final practical advice

Related Links:

Should I File Personal Bankruptcy if My Business Closes? https://hoyes.info/small-business-closure

The Canada Emergency Business Account: https://ceba-cuec.ca/

Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html

334 – Mortgages & Home Equity Refinancing: What Are the Risks in 2021? Jan 23, 2021

Show notes

Housing activity in Ontario has been nothing short of crazy. In the middle of a global pandemic, we're seeing multiple offers on homes and rising real estate prices. Why? And is it a good time to refinance if you have debt? Enter Ron Butler – noted mortgage expert. On today's podcast, Ron explains what's going on with mortgages, the impact of low-interest rates, and whether house prices will keep climbing. Ron and Doug also discuss debt consolidation with home equity risks and what you should consider before refinancing. Tune in to this lively discussion!

Related Links:

Ron Butler's appearance on show 293: https://youtu.be/VDSd6z5EJzA

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

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

Time Stamps:

1:54 – Going to the bank vs mortgage broker

5:50 – What's going on with mortgages in this crazy market?

7:00 – Low interest rates are a fuel to buy sooner

8:14 – Can we expect another mortgage deferral?

10:30 – Should we be thinking about debt consolidation in 2021? What are the risks?

15:48 – Can you use a HELOC for a down-payment again?

18:42 – Will real estate keep going up forever?

22:31 – Impact of bidding wars on mortgage qualification

25:07 – Are parents still helping their kids buy a home?

26:09 – Is housing a religion?

29:37 – It's an unusual time, but this too shall pass, so think before buying.

333 – Mortgages, Consumer Debt and Delinquencies: What's Real & What's Fantasy with Ben Rabidoux Jan 16, 2021

Show notes

As we enter 2021, some interesting trends are emerging: Canadian household savings rate is still high, yet so is our debt-to-income ratio; residential mortgages are also on a sharp rise. How do we explain this? Ben Rabidoux returns to share his insights on what's really happening with debt, savings, and where he sees the real estate market heading. Ben also talks about the possibility of an inflationary environment in Canada as a result of the pandemic. You won't want to miss this discussion, so tune in!

Related Links:

Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, & Guaranteed Recession: https://www.youtube.com/watch?v=fek4xUoIkrc

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

North Cove Advisors' Website: https://northcove.net/

Statistics Canada Labour Force Survey: https://www150.statcan.gc.ca/n1/daily-quotidien/210108/dq210108a-eng.htm

Household Saving Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Statistics Canada Permanent Residents Data: https://open.canada.ca/data/en/dataset/f7e5498e-0ad8-4417-85c9-9b8aff9b9eda

332 – How to Manage Your Money Without Budgeting Jan 09, 2021

Show notes

Budgeting is difficult, but you need to keep track of your money. So how do you budget if you don't like budgeting? On today's podcast, guest Julie Wildman, LIT, shares practical advice on how to match your expenses to your income, without the need to spend a lot of time tracking every dollar you spend. Julie and Doug Hoyes also discuss how to be ready for unexpected expenses and how to adapt debt payments to your pay cycle too. Tune in for lots of great advice!

More information:

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

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected