Debt Free in 30

Latest Episodes:

82 – Bankruptcy Trustees now called LIT in Canada Mar 26, 2016

Show notes

On today's podcast we talk with Ted Michalos about the Office of the Superintendent of Bankruptcy and how they regulate the bankruptcy process, and trustees, in Canada and why they changed the name from bankruptcy trustee to Licensed Insolvency Trustee (LIT).

81 – How To Pay Off Your Mortgage Faster with Sean Cooper Mar 19, 2016

Show notes

A conventional mortgage today has a 25 year amortization, because the typical borrower wants, or needs, 25 years to pay off their mortgage. So is it possible to pay off your mortgage faster?

Sean Cooper became a media sensation after paying off his $255,000 mortgage in just three years. We talked with Sean about how he paid off his mortgage so quickly, what sacrifices he made, what he might have done differently in hindsight and what tips he has for anyone wanting to pay down their mortgage sooner.

80 – It's Not Your Fault Mar 12, 2016

Show notes

There are a number of personal finance personalities, especially on American radio and TV, who say that if you have too much debt it’s because you spent too much and you're the cause. After all, if you're actions aren't to blame, then they can't sell you their solutions and books.

But is that opinion valid? Are all of our financial problems entirely our fault, or are there other factors that lead to debt problems? On today's show we talk about how circumstances can overtake anyone.

Kelley Keehn and Robert Brown discuss why sometimes “stuff happens”, and we discuss five reasons why debt problems may not be your fault.

79 – Overcoming Drug Addiction and Debt Mar 05, 2016

Show notes

There are many reasons people find themselves in debt. For our guest today, the underlying cause of his financial difficulties was drug addiction. James inspires us with his story - both how he battled his addition and why bankruptcy was a part of his recovery.

James actually contacted us with a moving letter about his recovery which is what inspired us to ask him to be on our podcast. On today’s show James tells the story of how he started using drugs at age 14, and was an addict until age 27. He got into debt, but he turned his life around, as he explains on today’s show.

78 – Ontario Bankruptcy Legislation Updates: The Execution Act & 407 ETR Feb 27, 2016

Show notes

At the end of 2015, updates and clarifications were made to existing Ontario bankruptcy laws that directly affect indebted consumers. On November 13, 2015 the Supreme Court of Canada put forth a ruling about the 407 ETR (a toll route in the Toronto area) concerning the treatment of 407 debts in a bankruptcy or consumer proposal. Another big change came on December 1, 2015, as the Execution Act in Ontario was updated.

On today’s show Doug Hoyes and Ted Michalos, co-founders of Hoyes, Michalos & Associates, Licensed Insolvency Trustees, discuss how the changes, as well as the Supreme Court's ruling, will affect Ontarians looking to deal with their debts.

Disclaimer: Our discussion about updates to the Execution Act are the interpretation of ourselves and the lawyers we've spoken with about the new rules. This is new legislation that has not yet been tested in court, and as such, a judge could rule differently than we've interpreted the information on today's show.

77 – Change your Debt Perspective with Robert Brown Feb 20, 2016

Show notes

Is it enough to calculate the amount of debt you have and focus exclusively on making that number smaller? I'm an accountant and a licensed insolvency trustee, so to me, the numbers matters. That being said, getting into debt and struggling to get out of debt again has a lot to do with behaviour and mindset.

My guest today first appeared on episode 14 of Debt Free in 30 to talk about his newly released book, Wealthing Like Rabbits and followed up that interview with one about good debt vs. bad debt. Robert Brown is back to shed some light on the importance of changing our perspective about debt.

76 – Are You Prepared For The Unexpected? Feb 13, 2016

Show notes

Getting sick or injured is common and it can often mean missing work for a few weeks or for a prolonged period of time. To cover any missing income, people tend to turn to credit to survive, leading to more debt than they can handle.

On today’s how our guest is Promod Sharma, an actuary at Taxevity in Etobicoke, Ontario. Promod is here to talk about life and health insurance, why everyone needs to have it and how to decide which coverage is best for you and your family.

75 – Tips to Protect Yourself from Identity Theft and Fraud with Kelley Keehn Feb 06, 2016

Show notes

Fifty years ago if you wanted to steal money from someone you had to steal cash. Today money is electronic, so if your identity is stolen you can lose a lot of money very quickly, and that can lead to a mountain of debt.

How big a problem is identity theft and fraud? That's the question we asked today's guest, Kelley Keehn, the author of Protecting You and Your Money: A Guide to Identity Theft and Fraud. She told us that:

A third of Canadians have been victims of some type of fraud. What was more curious is that two thirds of Canadians surveyed said that they knew of someone that was a victim of fraud, so even if it hasn't happened to us yet, a lot of us know someone who was a victim of fraud.

Credit card fraud is a problem, but in most cases your credit card issuer will cover you, so if you fill out a form or prove that you didn't authorize the charges the problem can be solved quickly.

Identity theft is another matter altogether, and it can take many weeks and a lot of effort to restore your name.

So what can you do to protect yourself? On today’s show Kelley gives a lot of practical advice on preventing identity theft and fraud.

74 – The True Cost of Debt With Meg Penstone Jan 30, 2016

Show notes

Do we fully understand the cost of debt? We see the ads for loans where you "only pay $20 on a hundred". $20 sounds like a good deal, but is it?

On today's show, Meg Penstone, the Manager of Financial Health and Literacy for Family Counselling and Support Services in Guelph Wellington, shares some sobering numbers and gives listeners advice for dealing with their debt.

73 – You Are Not A Loan. You Are Not Alone. Jan 23, 2016

Show notes

When you think of debt, numbers and interest rates probably come to mind. But debt isn't always about the numbers. Our guest today is Melanie Lockert, a blogger at Dear Debt and someone who recently paid off $81,000 in student loan debt. Melanie explains that the reason we go into debt and have a hard time getting out of it, is emotional. She points out that:

“If it really was just about spend less, earn more, all of us would be rich and never face debt. And we'd all be successful, but a lot of us aren't and that's because we're dealing with these money issues, these emotional issues that come out through debt and finances and a scarcity mindset and there's so much to deal with.”

During our conversation, she uses words like panicked, anxious, ;stressed, overwhelmed and depressed to describe how she felt about her debt. As trustees, we hear these kind of emotional descriptions from clients daily, so Melanie offers listeners a few strategies for facing debt head-on.

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