Debt Free in 30 – Details, episodes & analysis

Drawing on experience from 25+ years and 73,000+ filings, Doug and Ted break down the top debt mistakes Canadians make, and how to avoid them. They explain how problems creep up, why waiting narrows your options, high-cost credit and payday-loan cycles, CRA's real collection powers, and so much more.

Canada-specific guidance for debtors with tips on protecting your long-term financial health.

(00:00) How debt mistakes happen
(02:00) Spotting debt problems early
(04:30) Waiting too long is costly: interest, stress, fewer options
(06:30) Choosing the right help: Licensed Insolvency Trustees vs. "debt consultants"
(08:30) Minimum payments: is it ever a good strategy?
(10:30) High-cost credit & payday loan cycle
(13:30) Ignoring CRA debt: the powers of the Canada Revenue Agency
(15:30) RRSPs to pay debt? Taxes, exemptions, and better paths
(18:00) The credit-score trap
(21:00) Practical resets, scam red flags

Hoyes Michalos Joe Debtor Consumer Insolvency Study 2024

DIY Free Credit Repair Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel

Learn About Debt Relief Options in Ontario


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Laid off or let go? Your first 30 days matter. This is a practical, Canada-specific guide to unemployment, covering everything from applying for EI to discussing when upskilling or a pivot makes sense, as well as the risks of jumping into self-employment and how to handle debt while unemployed. If you're currently employed, treat this episode as a readiness checklist to ensure you feel prepared and confident about whatever comes next.

(00:00) Why the first 30 days of unemployment matter
(02:00) Day-one checklist: severance, benefits, documents
(05:30) EI basics: ROE, timing with severance, applying early
(08:30) Money triage: cut variable costs, protect cash flow
(12:30) Job search that works: résumé/LinkedIn refresh + networking
(17:00) If your field is shrinking: upskill or pivot?
(21:00) Self-employment/freelance: risks, cash needs, taxes
(24:30) Debt decisions: the best time to file bankruptcy or a consumer proposal

How To Check If You Qualify For Employment Insurance (EI Benefits)

Payday Loans Aren't Worth It: How To Break The Cycle

Should I Get a Loan To Pay Off My Credit Cards?

DIY Free Credit Repair Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel

Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Looking to save more and spend smarter? This episode is packed with practical, expert-backed tips - from insider grocery hacks and avoiding hidden fees to smarter banking strategies. Learn how simple shifts, like opening a second bank account or using preloaded credit cards, can help you take control of your money and reach your financial goals faster.

(01:00) Avoiding hidden service charges
(04:00) Top Canadian grocery tips: Snacks vs. Groceries with The Food Professor
(05:40) How preventive costs can save you big
(09:45) Why you should open a second bank account
(10:30) More grocery hacks to cut your bill
(15:00) The payoff of investing in insurance
(17:50) Top 3 shopping tips to save money
(20:00) Why a home isn't always an investment: Renting vs. owning
(24:00) The benefits of preloaded credit cards with digital banks
(28:00) The importance of diversifying your money

Free Canadian Credit Repair Resources

10 Tips for Dealing With Collection Agencies

Ontario Consumer Proposal and Bankruptcy FAQ

Hoyes Michalos YouTube Channel

Sign Up for the Monthly Debt Free Digest

Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

In this episode, Doug sits down with Joel Sandwith, a Licensed Insolvency Trustee based at the Hoyes Michalos London office. Together, they explore effective debt management strategies and delve into optimal approaches for debt repayment. The episode provides a comprehensive comparison of the snowball and avalanche methods. If you're trying to figure out the best way to pay off your debts, this episode is a helpful guide. It's here to support you on your journey to financial freedom, giving you insights into different methods and assisting you in selecting the one that suits you best. 

Related Links: 

Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments  

Joel Sandwith BA, Licensed Insolvency Trustee - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/ 

Debt Snowball Method vs High Interest First - https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/ 

Debt Repayment Worksheet - https://www.hoyes.com/debt-repayment-worksheet/ 

Debt Repayment & Consumer Proposal Calculator - https://www.hoyes.com/debt-repayment-calculator/ 

In this week's episode of Debt Free in 30, credit expert Richard Moxley returns to tackle the burning question: Why are credit reports always wrong? From the importance of credit ratings to practical tips on finding and fixing errors, we cover it all. Discover how to navigate post-insolvency challenges, handle account changes, and conquer stubborn collection accounts. Don't miss this deep dive into credit report complexities with actionable solutions!  

Timestamps:

00:00 Introduction 

01:21 Why is my credit rating important? 

04:19 Do I care what's on my credit report if I don't plan to borrow? 

07:54 Should you check your credit report for errors? 

09:40 Is current employment updated on your credit report? 

11:00 How do you I find errors on my credit report and what errors do I look for? 

14:11 I filed a consumer proposal why is a creditor reporting I am behind on my payments? 

17:25 What happens if you sue the credit bureaus. 

20:36 Can you go to individual creditors to fix errors on late payments? 

23:21 Are there any strategies you can use to fix errors on your credit report? 

28:00 How much will it cost to have a credit expert fix the errors on my credit report? 

29:08 Are free credit score apps worth it? 

33:14 Disputes and account numbers 

37:24 Concluding comments 

Related Links: 

Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments  

Richard Moxley's Website: https://creditgame.net/ 

The Credit Game: Rules Every Canadian Must Know to Win: https://www.amazon.ca/Credit-Game-Rules-Every-Canadian-ebook/dp/B07XKG1VHP

TransUnion Credit Report Explained: https://www.youtube.com/watch?v=BWFO_C336BM

How to get and print your FREE Equifax report: https://www.youtube.com/watch?v=Z03_DvfFY38

How to get and print your Free credit report from TransUnion: https://www.youtube.com/watch?v=K6a_R8gZFnw

How to Dispute Errors on Your Credit Report: https://www.youtube.com/watch?v=zuuGtBR40QY

How to Rebuild Your Credit Score Fast!: https://www.youtube.com/watch?v=Y6OJoQPia28

How to Read a Credit Bureau: Equifax Canada: https://www.youtube.com/watch?v=PEVHQOAFw64

Debt Free in 30 Episode #284 - Rules to Master Your Credit with Richard Moxley https://www.youtube.com/watch?v=jP6etPo_CQc February 8, 2020 (from Toronto) 

Debt Free in 30 Episode #329 - Fix Bad Credit Yourself - Tips & Tricks From an Expert https://www.youtube.com/watch?v=BtncJCxN4So December 19, 2020 (by Zoom) 

7 Facts About Your Credit Rating (What's in your Credit Score?)  

https://www.hoyes.com/blog/7-facts-credit-rating/ 

Free Credit Score Comes With a Catch:

https://www.hoyes.com/blog/free-credit-score-comes-with-a-catch/ 

The Big Credit Score Scam:

https://www.hoyes.com/blog/the-big-credit-score-scam/ 

What Are The Common Factors That Affect A Credit Score?:

https://www.hoyes.com/blog/what-are-the-common-factors-that-affect-a-credit-score/ 

In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup.  Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt.  Now is the time to review your finances and make a plan for the new year so you can set yourself up for success!

Time Stamps

00:00 Introduction

01:20 Self Assessment

02:03 Review and Update Your Will

02:57 Power of Attorney for Personal Care & Power of Attorney Over Property

04:18 Insurance

04:24 Life Insurance

05:16 Term Insurance

06:15 Mortgage Insurance vs. Life Insurance

08:15 Medical/Disability Insurance

09:23 Asset Insurance (Car Insurance, Homeowners Insurance)

10:31 Credit Insurance

11:32 Investments

11:39 Do Investments Still Make Sense?

13:53 Bank Accounts

14:41 Should You Have More Than One Bank Account?

18:30 Big Banks vs. Virtual Banks Interest Rates and Fees

23:41 Should You Reconcile Your Bank Account?

25:36 Passwords

26:30 Taxes

26:58 Debt – Make a Plan

Related Links:

Why You Should Bank at More Than One Bank

https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Why Do I Need To Switch Banks? I Love My Bank.

https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-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/

RRSP, Registered Savings Accounts and Bankruptcy Laws

https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/

Power of Attorney: Can I Deal With My Parents' Debts?

 https://www.hoyes.com/blog/power-of-attorney-parents-debts/

Income Taxes and Bankruptcy – What You Need to Know

https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/

Crushing Debt. Why Canadians Should Drop Everything and Pay Off Debt

https://www.hoyes.com/blog/crushing-debt-why-canadians-should-drop-everything-and-pay-off-debt/

What is a Debt Free in 30 Debt Assessment?

https://www.hoyes.com/about-hoyes-michalos/debt-free-in-30/

In this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP.

The discussion emphasizes the need for careful consideration of lifestyle preferences, budgeting, and financial goals when planning for retirement. The conversation also touches on the role of debt in retirement planning, highlighting the benefits of entering retirement with minimal debt. The episode aims to provide valuable information and perspectives to help individuals navigate the complexities of retirement planning.

Related Links:

Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments

Caring for Clients: www.careingforclients.com

Caring for Clients Facebook: https://www.facebook.com/profile.php?id=100033419084831

Caring for Clients YouTube: https://www.youtube.com/channel/UCZZL3BipR9-ZCLgUsOXE3Ag

Caring for Clients Twitter: https://twitter.com/Caring4Clients

Caring for Clients Blog: https://www.caringforclients.com/blog/

Rona Birenbaum, Episode 215, What is a Robo-Planner: Automated Financial Planning

https://youtu.be/rXW7a7EdCKA?si=fHVry4vas4tIJbCo

Planning for Retirement? Pay Off Debt & Start Practicing: https://www.hoyes.com/blog/planning-for-retirement-pay-off-debt-start-practicing/

How to Minimize Debt Before and After Retirement: https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Debt Relief for Seniors. What are Your Options?: https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/

Seniors in Debt and Filing Bankruptcy: https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Doug Hoyes and Ted discuss a pressing issue that many Canadians face: the challenge of closing on a house when real estate prices have taken a hit. They discuss the complexities of the real estate market, particularly the implications for those who bought pre-construction homes or condos. They also explain the risks associated with pre-construction purchases, such as the potential loss of deposits and the financial difficulties of closing on a property with a lower appraised value. This episode provides practical advice and raises thought-provoking questions about the need for changes in deposit protection laws, shedding light on a crucial topic in today's housing market.

Related Links:

StateView homes receivership https://www.tarion.com/media/important-information-purchasers-and-owners-stateview-homes

Tarion New Home Deposit Protection https://www.tarion.com/media/deposit-protection-takes-stress-out-buying-new-homes

Why a House Does Not Guarantee Financial Security https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

Doug Hoyes and Ted Michalos discuss the state of the economy and explore the possibility of a silent depression.  Their discussion includes topics such as unemployment rates, the challenges confronted by the Millennial and Gen-Z generations, the recent increase in credit card debt, and the state of the real estate market. They also offer guidance on how to regain hope and devise a path towards achieving success amidst these challenging circumstances.

Related Links:

Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments

The State of Mortgages with Ron Butler: https://www.youtube.com/live/e9lVf-moV1E?si=5O96QM8NfJbRc5Fo

Statistics Canada. Table 14-10-0287-01  Labour Force Characteristics, Monthly, Seasonally Adjusted and Trend-Cycle, Last 5 Months: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Statistics Canada. Table 18-10-0004-01  Consumer Price Index, Monthly, Not Seasonally Adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401

Millennials Heavy Payday Loan Users and It's Costing Them Bigtime: https://www.hoyes.com/blog/millennials-heavy-payday-loan-users-and-its-costing-them-bigtime/

How To Minimize Debt as a Millennial: https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/

Student Debt Crisis – A Generation Buried in Student Debt: https://www.hoyes.com/press/joe-debtor/the-student-debtor/

I Can't Pay My Bills.  What Are My Alternatives?: https://www.hoyes.com/blog/cant-pay-bills-alternatives/

7 Reasons Why Credit Cards Can Be So Dangerous: https://www.hoyes.com/blog/why-credit-cards-can-be-so-dangerous/

How Long Can You Run From Your Debt? And Should You?: https://www.hoyes.com/page/3/?s=can+i+afford+a+home

My Child Has A Lot of Debt.  How Can I Help?: https://www.hoyes.com/blog/my-child-has-a-lot-of-debt-how-can-i-help/

Debt Relief for Seniors.  What are Your Options?: https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/

Seniors in Debt and Filing Bankruptcy: https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Doug Hoyes and special guest Ron Butler from The Angry Mortgage Podcast came together for a live episode on Monday, October 23rd. During this special event, they talked about current mortgage trends, real estate, Bank of Canada interest rates, inflation, and addressed questions from their audience. Whether you own a home or are planning to buy one in the near future, this conversation is definitely one you should listen to.

Related Links

Ron's Links

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

Ron Butler on Instagram: @ronmortgageguy https://www.instagram.com/ronmortgageguy/

Ron Butler LinkedIn: https://www.linkedin.com/in/ron-butler-345531b/

Butler Mortgage (mortgage rates) - https://www.butlermortgage.ca/mortgage-calculator/
Angry Mortgage Podcast - https://www.youtube.com/channel/UC8vl-_vvvf7VZcxKPJ-v-Xg

Hoyes Blog Links

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

Bank of Canada, share of mortgages with high Debt Service Ratio - https://www.bankofcanada.ca/rates/indicators/indicators-of-financial-vulnerabilities/

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

What To Do If Your Mortgage Is In Arrears - https://www.hoyes.com/blog/what-to-do-if-your-mortgage-is-in-arrears/

Mortgages and Bankruptcy in Ontario: What You Need to Know - https://www.hoyes.com/blog/mortgages-and-bankruptcy-in-ontario-what-you-need-to-know/

Can't Pay Your Mortgage?  Options to Keep Your House - https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Walking Away from a Mortgage in Canada - https://www.hoyes.com/blog/walking-away-from-a-mortgage-in-canada/

Renewing Your Mortgage as Rates Change - https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/

Does The Mortgage Lender You Choose Matter? - https://www.hoyes.com/blog/does-the-mortgage-lender-you-choose-matter/

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

YouTube Links

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

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

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

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

421 - Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler - https://youtu.be/kJ9vyHA5pJw

440  What's Happening to Mortgages in 2023 with Ron Butler - https://youtu.be/3umCpEf8m4Y