Each week Doug Hoyes talks to industry experts about debt, money, and personal finance. Don't be confused; listen as the guest experts cut through the jargon and share practical advice.
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634 – You Missed Debt Payments - What Happens Next?
Saturday, October 24, 2026 • Duration 31:06
Miss a payment and three separate clocks start running, and they don't all start on the same day. The lender's clock, late fees and interest start the day after the due date. The credit bureau's clock doesn't start until you're 30 days behind. The collection and legal clock is slower, but it does the real damage.
And the type of payment matters. A rent, mortgage or car payment can carry different consequences from a credit card bill.
Doug Hoyes and Ted Michalos walk through what actually happens when you miss a payment. They discuss what can happen around 30, 60 and 90 days, why a debt write-off doesn't mean you no longer owe the money, and how to decide which bills need attention first.
You'll also learn when to contact your lender, what to ask for, and how to recognize when missed payments have become a recurring problem. Timing depends on your agreement and circumstances; the legal examples in this episode focus on Ontario.
633 – What Happens If You Lie on a Credit Application?
Saturday, October 17, 2026 • Duration 30:45
Rounding up your income or leaving debts off a credit application may help you get approved. But it does not give you more money to repay what you borrow.
Equifax Canada reported this spring that first-party fraud rose 31% year over year. On credit card applications specifically, it nearly doubled, from 0.08% to 0.15% of applications.
First-party fraud isn't someone stealing your identity. It's a real person deliberately adjusting their own information to get approved: rounding the income up, leaving a payday loan off the form, describing a loan's purpose generously.
Doug Hoyes and Ted Michalos explain what first-party fraud means, how inaccurate income and debt information can affect lending decisions, and why getting approved can make an existing cash flow problem worse. They put the Equifax fraud figures in context and distinguish mismatched information from deliberate deception.
They discuss:
First-party fraud versus identity theft
Why a nearly doubled rate can still represent a small share of applications
Irregular overtime, gig income and the difference between revenue and earnings
Debts that may not appear on a credit report
Why a credit report does not show your current income
How extra credit can provide short-term relief while increasing payment pressure
What may happen if a lender discovers false information
Why debt obtained by false pretences or fraudulent misrepresentation can survive bankruptcy
632 – Why Your Debt Feels Smaller Than It Actually Is
Saturday, October 10, 2026 • Duration 31:01
If someone asked you right now how much you owe, you'd probably have a number. It's probably low.
Doug Hoyes and Ted Michalos see it constantly: someone says, "I think I owe about $20,000," yet once every debt is listed it turns out to be $40,000 or $50,000. Not because anyone is lying, but because they just don't keep track or understand how fast debt can accumulate.
Debt can feel manageable when it is spread across a few credit cards, a line of credit and several payment plans. But being able to make the monthly payments does not tell you how much you owe, or whether your payments mean your total debt is going down.
In this episode, Doug and Ted explain why people underestimate their debt, how monthly payments shape our perception, and why everyday spending can replace the balances we pay off. They also identify debts that often get left off the list because we don't think of them as debt, including buy now, pay later plans, unpaid bills, taxes and money owed to family.
They discuss:
Why several small balances can add up to a large debt
How debts accumulate one account at a time
Why minimum payments become the number we focus on
How new purchases can cancel out repayment progress
What your credit report can help you find—and what else to check
How joint and co-signed debts affect the full picture
How to list your balances, rates and required payments on one page
Why comparing today's total with last year's matters
631 – Carrying a Credit Card Balance? What It Really Costs You
Saturday, October 3, 2026 • Duration 30:34
If you carry $5,000 on a credit card at around 20% interest, keeping that balance can cost roughly $1,000 a year. Making the minimum payment may keep your account in good standing, but it does not mean you are paying the debt off.
Doug Hoyes and Ted Michalos explain what it means to pay a credit card in full, the difference between your statement balance and current balance, and why a card changes from a convenient payment tool into an expensive loan when you carry a balance. They look at the cost of interest, how minimum payments stretch repayment, and why a balance carried month after month can signal a cash flow problem.
They also discuss the Bank of Canada's findings on Canadians who carry balances, when consolidation can help, and practical steps to take if you cannot pay your statement balance.
They provide tips to manage your credit cards like checking your card statement for the minimum payment repayment estimate, then using a repayment calculator to see what a fixed higher payment would change.
The key takeaway: if you can't pay your statement balance this month, don't just ask how you'll make the minimum payment. Ask what has to change so you can pay in full in the future. If there isn't a clear answer, that's the problem worth solving.
Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos.
A maxed-out card may look like a credit problem, but often the real issue is cash flow: you're spending more each month than you have available, and credit is filling the gap.
Doug Hoyes and Ted Michalos explain what happens when you hit your credit limit, how maxed-out cards affect your credit utilization and borrowing options, and why simply asking for a higher limit may make the underlying problem worse.
They discuss:
What happens when you max out a credit card
How high credit utilization affects your credit
The cost of making only minimum payments
Why you may have reached your credit limit
When a one-time expense is different from an ongoing cash-flow shortfall
When increasing your credit limit can make sense, and when it can lead to more debt
The risks of moving balances between credit cards
How to take inventory of your debts, income and monthly expenses
When cutting expenses may not be enough to solve the problem
What options are available when you simply can't afford your debt payments
The key takeaway: hitting your credit limit isn't something to solve automatically by borrowing more. Look at why you reached the limit and whether your total debt is growing. A higher credit limit gives you more room to borrow, but it doesn't give you more income to repay what you owe. Learn more about licensed debt relief options available in Ontario at and the Hoyes Michalos YouTube channel:
629 – Why Lenders Keep Giving You More Credit (Even When You're Struggling)
Credit approval algorithms look at your credit report and payment history, not your entire financial picture. You may be making every minimum payment on time while using a line of credit, cash advance, or buy now pay later plan just to keep up. To the lender, you can look like an ideal customer even while your debt grows every month.
In this episode, Doug Hoyes and Ted Michalos explain how lenders decide who gets more credit, why credit limits can keep increasing, and what happens when the borrowing finally stops.
• Why being approved for credit doesn't mean you can afford it • Why lenders offer automatic credit limit increases • How borrowing to make minimum payments can hide financial trouble • The warning signs that your debt is becoming unmanageable • When a consolidation loan can help, and when it can make things worse • Why your bank account can be at risk if you owe money to the same bank • How to measure whether your financial situation is actually improving
The key takeaway: don't use a lender's willingness to give you more credit as a measure of your financial health. Look at your total debt, your interest costs, and whether your balances are going up or down.
Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos.
628 - Only 780 Trustees for 40 Million Canadians: What It Takes
Season 13 · Episode 628
Saturday, September 12, 2026 • Duration 31:14
What does it actually take to become a Licensed Insolvency Trustee (LIT) in Canada? Hint: It's not just a quick course and a quick test. In this episode, Doug Hoyes welcomes back Charlie Kovacs to the studio for his first official appearance as a newly minted Licensed Insolvency Trustee! Together, they pull back the curtain on the multi-year journey required to earn the designation. From university requirements and the BIA Insolvency Counselors course to surviving the notorious PC3 assignments, the rigorous two-day CNE case exam, and facing the Office of the Superintendent of Bankruptcy (OSB) oral board examinations—they cover it all.
Whether you are looking to enter the industry, working at a bank looking for a career change, or just curious about the administrative and legal backbone of consumer proposals and bankruptcies, Charlie shares invaluable advice on what to expect, how to stay committed, and what a trustee actually does on a day-to-day basis. Don't forget to like, subscribe, and hit the notification bell so you never miss our weekly financial insights! Connect with Charlie Kovacs or book a consultation: hoyes.com Learn more about the Canadian Association of Insolvency and Restructuring Professionals (CAIRP): https://cairp.ca Questions answered in this episode:
1) What does it take to become a Licensed Insolvency Trustee in Canada?
2) How long does the qualification process take?
3) What counts toward the 2,400-hour experience requirement?
4) What are IP3, the CNIE and the oral board examination?
5) What is the difference between a CIRP designation and an LIT license?
6) What does a Licensed Insolvency Trustee actually do for clients?
In the Season 13 premiere of Debt Free in 30, Doug Hoyes, explains the most dangerous moment in debt — when exhaustion sets in and you believe there's no way out. We break down why minimum payments keep you trapped for 83 years, how Buy Now Pay Later and consolidation loans just move debt around, and why homeowner insolvencies are rising as the real estate "escape ramp" closes. Featuring data from the latest Ontario insolvency stats and the Hoyes Michalos Homeowner Bankruptcy Index.
CHAPTERS:
00:00 - The 83-Year Credit Card Payoff: The Most Dangerous Moment in Debt
01:22 - The Real Shift: From Trigger Events to Debt Exhaustion
03:45 - The Minimum Payment Illusion: Paying Interest, Not Principal
06:03 - The Traps That Keep You Stuck: Buy Now, Pay Later & Consolidation Loans
07:58 - The Numbers Don't Lie: Rising Debt in Ontario Insolvencies
11:51 - Joe Debtor Insights: Higher Incomes, Faster-Growing Debt
13:14 - Insolvency as a Lagging Indicator: Why Bankruptcies Are Rising
14:42 - Consumer Proposal vs Bankruptcy: Understanding Your Options
17:21 - The Homeowner's Dilemma: Why Your Equity Escape Ramp Is Closing
21:19 - Homeowner Bankruptcy Index: Homeowners With More Unsecured Debt
23:06 - 4 Key Questions to Ask Yourself About Your Debt Right Now
26:34 - Making a Deal: How a Consumer Proposal Actually Works
27:59 - Overcoming Embarrassment & What's Coming Next This Season
626 - The Best Debt Warnings From Our Experts | Doug Hoyes & Ted Michalos
Season 12 · Episode 626
Saturday, August 29, 2026 • Duration 24:38
Are you ignoring the warning signs of debt? Licensed Insolvency Trustees Doug Hoyes & Ted Michalos share the best debt warnings every Canadian needs to hear — from credit card debt traps to payday loans, co-signed debt and what happens if you stop paying. This 26-minute compilation is for anyone searching how to pay off debt, manage credit card debt in Canada, and become debt free without falling for common debt traps. All clips are from past Debt Free in 30 episodes (Sept 2025 - July 2026) and organized into 8 warnings you can't afford to ignore.
WHAT YOU'LL LEARN:
✓ The early signs you have too much debt (before it's too late)
✓ Why a high credit limit and minimum payments keep you in debt
✓ The truth about credit card insurance, rapid loans & FOMO spending
✓ How shared debt and co-signed loans can trap you
✓ What actually happens if you stop paying debt in Canada — and your options including debt management and consumer proposals
CHAPTERS:
00:00 Cold Open — "I didn't think it would get this bad"
00:08 Chapter 1: The Warning Signs You're Already In Too Deep
02:33 Chapter 2: Why Your Credit Limit Is Too High
05:35 Chapter 3: Paying Your Credit Card At The Wrong Time
07:48 Chapter 4: Easy Access Loans That Keep You Broke
11:17 Chapter 5: Credit Card Insurance & The FOMO Trap
14:15 Chapter 6: When Helping Family Hurts Your Finances
17:45 Chapter 7: Trapped In Shared & Co-Signed Debt
20:42 Chapter 8: What Happens If You Stop Paying — And What To Do Instead
625 - Best Of Day-To-Day Debt Management Advice
Season 12 · Episode 625
Saturday, August 22, 2026 • Duration 21:23
Day-to-day debt shouldn't control your life — but for a lot of Canadians, it does. In this special 20-minute compilation of Debt Free in 30, Licensed Insolvency Trustee Doug Hoyes pulls the most practical, replay-worthy advice from the archives on managing debt when money is already tight. No theory, no judgment — just clear rules you can use with your next paycheque. This isn't one interview. It's the best 2-3 minute punches from 10 different conversations — rent and housing costs, credit cards, daily spending traps, and the moments where helping family can put your own finances at risk.
YOU'LL LEARN: ✓ Why rent and housing costs feel so heavy right now — and what to do before you sign or renew ✓ The daily habits quietly costing Canadians $3,000-$4,000 a year (delivery fees, subscriptions, buy-now-pay-later) ✓ A simple rule to avoid the #1 generosity trap: never borrow to help someone else ✓ How to tell the difference between "I can't afford it" and "I'm just paying for convenience" ✓ Practical next steps if you're already using credit to cover basics
CHAPTERS:
00:00 Open Sequence
00:06 Debt is a Tool - Not a Character Flaw
01:28 Ask Yourself These Questions Before You Borrow
03:08 Your Credit Score Is NOT Your Worth
04:39 When Housing Costs Become A Math Problem
06:18 Early Debt Warning Signs - When Is It Starting To Be Too Much?
07:43 Debt Consolidation Is A Trap
09:12 What Happens When You Stop Paying Debts
11:30 Know Your Rights - There Is Ways Out
13:09 When Helping Becomes Debt: Why You Shouldn't Borrow to Help
17:37 The Convenience Tax - Seemingly Small Expense Add Up Fast
What to do when you need credit because your income no longer covers your expenses
The key takeaway: use accurate information and assess what you can actually repay. If you feel you need to inflate the numbers to qualify, look at the underlying cash flow problem before taking on more debt. A typo or honest error is not automatically fraud; the circumstances matter.
00:00 Why an inflated income figure can have lasting consequences
00:19 Equifax's first-party fraud figures
01:05 Putting the increase in context
02:13 How income gets overstated
03:21 First-party fraud vs. identity theft
04:30 Mismatched information is not always a deliberate lie
06:38 What can be wrong on a credit application?
07:29 Overtime, tips and gig income
08:44 Debts missing from credit reports
09:20 Should CRA debt appear on credit reports?
11:02 Could one line from your tax return verify income?
12:26 Why lenders ask what a loan is for
13:49 Why small changes to an application can matter
14:13 How automated approval relies on your information
16:13 Getting approved does not mean you can repay
17:44 How debt and payment pressure build
18:45 What happens when the lender finds out?
19:37 Criminal consequences vs. repayment risk
21:12 When a debt may survive bankruptcy
22:16 Examples of fraudulent borrowing
24:12 Tell your trustee about concerns with an application
24:28 How income verification may change
25:35 What to do if you badly need credit
26:39 Address the underlying cash flow problem
27:22 Review your debts and repayment options
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
What to do when your debt payments exceed the money you have available
The key takeaway: write down the full amount you owe, then check which way it is moving. You cannot make a realistic repayment plan until you know the total.
Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos.
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
01:52 What the Bank of Canada's account data shows
04:00 What paying in full actually means
04:38 Statement balance vs. current balance vs. minimum payment
06:27 The annual cost of a $5,000 balance
07:52 Why on-time minimum payments can still leave you behind
08:14 Grace periods and cash advances
09:36 A credit card as a payment tool or a loan
11:04 What interest costs per day and over time
13:30 Can rewards offset credit card interest?
14:39 The minimum payment trap
15:40 Fixed payments and consolidation loans
17:04 How an extra $100 changes repayment
17:44 Find the repayment estimate on your statement
18:42 What carrying a balance may predict
20:47 Why utilization above 80% matters
21:56 The cash flow problem underneath the balance
23:07 How credit card debt grows before insolvency
25:44 Rough month or ongoing problem?
26:35 What to do this week
28:06 When the payments no longer fit your income
29:17 Make a plan to pay in full again
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.
00:00 Is maxing out your credit card really a credit problem? 01:16 What happens when you hit your credit limit? 02:05 When a low credit limit can make sense 03:26 Is a maxed-out card a warning sign of something else? 04:50 Why increasing your limit may not solve the problem 05:06 The problem with making minimum payments 05:44 How maxed-out cards affect your credit score 07:21 Can maxing out make it harder to borrow? 09:22 Why did you reach your credit limit? 10:15 One-time expense vs. recurring cash-flow problem 13:34 When credit starts hiding the real problem 14:07 Should you ask for a higher credit limit? 16:01 Can transferring debt to another card help? 16:54 When more available credit becomes dangerous 18:09 What should you do instead? 18:56 Start with an inventory of your debts 20:30 Which debts should you pay first? 21:44 Calculate what comes in — and where it goes 23:55 How to find room in your budget 25:36 What if cutting expenses isn't enough? 26:26 When a consumer proposal may be an option 28:23 Final Takeaway: Cash Is King when your debt is growing
04:40 The Introductory Course & Experience Requirement
09:26 IP3: Insolvency Processes, Practices and Principles
12:06 The CNI Exam & CIRP Designation
13:28 OSB Oral Boards Explained
21:00 New Trustee Probation Period
22:09 Total Timeline: 3-6 Years
26:33 What Trustees Do Every Day
29:39 Final Advice & Closing
DISCLAIMER: This video is for educational and informational purposes only and is not financial, legal, or insolvency advice. Debt options including consumer proposals and bankruptcy have serious legal consequences and affect everyone differently. For advice about your specific situation, consult a Licensed Insolvency Trustee in Canada. Content reflects Ontario / Canadian law (Bankruptcy & Insolvency Act) as of September 2026.
MORE FROM HOYES MICHALOS
New to debt relief? Start here: How Does Debt Relief Work?
4 QUESTIONS TO ASK ABOUT YOUR DEBT (from this episode)
1. Am I making progress or just making payments?
2. If I make minimum payments, is my balance actually dropping?
3. Am I using credit to manage cash flow instead of reducing debt?
4. Have I talked to a Licensed Insolvency Trustee early enough to have options?
ABOUT DEBT FREE IN 30:
Debt Free in 30 is a practical Canadian personal finance podcast hosted by Doug Hoyes, Licensed Insolvency Trustee and co-founder of Hoyes Michalos. We cut through the jargon with expert advice to help you understand debt, avoid financial traps, and become debt free. New episodes weekly.
Disclaimer: This content is for educational purposes only and does not constitute financial advice. For advice on your specific situation, please consult with a Licensed Insolvency Trustee.
New to debt relief? Start here: How Does Debt Relief Work?
Hosted by Doug Hoyes, Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates, Debt Free in 30 is Canada's practical personal finance podcast. Every week Doug and Ted Michalos break down debt management, financial literacy, and real strategies for financial freedom — no judgment, just actionable advice for Canadians. FREE RESOURCES: Need Help in Ontario: https://www.hoyes.com/debt-relief More Canadian debt help: https://www.hoyes.com/blog/ Full Podcast Archive: https://www.hoyes.com/podcast/ If this helped, please subscribe and tap the bell — it tells YouTube to show this to more Canadians searching for credit card debt and debt management help. This video is for educational purposes and does not constitute financial advice. For advice on your specific situation, speak with a Licensed Insolvency Trustee.
Where to get helpThis is a compilation episode — every clip is taken from a full-length Debt Free in 30 episode. Find the full conversations linked in the chapters and on our channel.
ABOUT DEBT FREE IN 30: Debt Free in 30 is Canada's practical personal finance podcast hosted by Doug Hoyes, Licensed Insolvency Trustee and co-founder of Hoyes Michalos. Each week we break down debt, inflation, and money stress with honest experts and real client stories — so you can make informed decisions, not fear-based ones.
Disclaimer: This content is for educational and informational purposes only and does not constitute financial, legal, or insolvency advice. Every situation is unique — speak to a Licensed Insolvency Trustee about your options.
