Explore every episode of the podcast Debt Free in 30
| Title | Pub. Date | Duration | |
|---|---|---|---|
| 634 – You Missed Debt Payments - What Happens Next? | 24 Oct 2026 | 00:31:06 | |
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. Related material Guide to Ontario Debt Collection Laws Wage Garnishment: Know Your Rights What to do About Credit Card Debt in Collections Ontario Limitations Act and Old Debts Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos. Learn more at https://www.hoyes.com 00:00 What happens when you miss a payment? 00:34 The three clocks: lender, credit report and legal action 02:32 Days 1–29: fees, interest and lender reminders 03:38 How penalty interest rates can work 05:57 What to do if you are only a few days late 06:47 NSF fees and returned-payment charges 07:08 Around day 30: credit reporting and payment history 09:08 Why the type of debt matters 09:46 Around day 60: another missed payment 11:33 Day 90 and beyond: collections 12:18 Why a write-off does not erase your debt 13:13 Collection agencies versus debt buyers 14:31 Negotiating a settlement 15:23 Rent arrears and the Ontario N4 notice 16:32 Mortgage arrears and power of sale 18:53 Car payments, repossession and a remaining shortfall 20:50 Which bills should you prioritize? 22:32 The legal clock and limitation periods 22:52 Ontario Small Claims Court 24:34 Responding to a claim and enforcement 26:19 What to do at each stage 27:45 When missed payments become a bigger debt problem 29:26 Tools to help you assess your debt #MissedPayment #DebtCollection #CreditReport #DebtFreeIn30 | |||
| 633 – What Happens If You Lie on a Credit Application? | 17 Oct 2026 | 00:30:45 | |
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:
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. Related material How credit bureaus work and what they report What debts bankruptcy can't discharge Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos. Learn more at https://www.hoyes.com Time Stamps 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 | |||
| 632 – Why Your Debt Feels Smaller Than It Actually Is | 10 Oct 2026 | 00:31:01 | |
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. Build a Debt Repayment Plan including a free debt repayment worksheet! 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:
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. 00:00 Why your debt estimate may be too low 00:36 What people leave out of their debt total 01:56 Start with your credit report 04:03 Why debt can feel smaller than it is 04:49 Several small balances add up 06:32 How debts accumulate over time 08:15 Monthly payments vs. total debt 08:37 How minimum payments become an anchor 10:40 Why repayment progress may disappear 12:04 Making payments, then borrowing again 13:22 Everyday expenses going back on the card 13:58 Paying $800, adding $500: why the total stays put 15:19 Debts that never make the list 17:24 Unpaid bills and taxes count too 18:50 Family loans, co-signed debts and joint debts 20:18 Put everything you owe on one page 21:55 Compare your total with a year ago 23:19 Use your real numbers in a repayment calculator 24:15 Compare required payments with available cash 25:32 When consolidation may help 26:28 Consumer proposals and bankruptcy 28:14 Why a complete debt inventory matters 29:18 The number in your head vs. the facts #Debt #DebtRepayment #CreditCardDebt #DebtFreeIn30 Disclaimer: | |||
| 631 – Carrying a Credit Card Balance? What It Really Costs You | 03 Oct 2026 | 00:30:34 | |
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. Related material: Why Pay More Than the Minimum? 13 Myths About Credit Card Debt in Canada #CreditCardDebt #MinimumPayment #CreditCardInterest #DebtFreeIn30 Time stamps 00:00 The real cost of carrying $5,000 00:22 How many Canadians pay in full? 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:
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| 630 – Maxed Out? The Real Problem Isn't Your Credit Limit | 26 Sep 2026 | 00:30:23 | |
What does it really mean when you max out your credit card? 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:
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. Time Stamps: 00:00 Is maxing out your credit card really a credit problem? | |||
| 629 – Why Lenders Keep Giving You More Credit (Even When You're Struggling) | 19 Sep 2026 | 00:29:56 | |
Why would a lender raise your credit limit when you're already struggling to keep up? 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. They discuss: • Why being approved for credit doesn't mean you can afford it 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. Hoyes Michalos Repayment Calculator Time Stamps: 01:16 How lenders decide whether to approve you 02:16 What your lender doesn't know about your finances 03:31 Why credit limits keep increasing 05:01 Should you accept a credit limit increase? 06:44 How lenders encourage you to borrow more 07:42 How the debt cycle begins 10:00 How people accumulate debt while staying current 11:07 Robbing Peter to pay Paul: modern-day kiting 13:12 What happens when the credit finally stops 15:36 Can a consolidation loan help? 16:50 The risk of consolidating credit card debt 19:34 Why your bank account could be at risk 21:21 Warning signs your debt is becoming a problem 23:51 Make a list of your debts 25:47 Look at what you own, too 26:47 Think about interest in hours worked 28:25 The key takeaway If you need credit card debt help, start by listing every debt, rate and payment — and track your total, not just minimums. To learn more about debt relief options, please visit us at https://www.hoyes.com | |||
| 628 - Only 780 Trustees for 40 Million Canadians: What It Takes | 12 Sep 2026 | 00:31:14 | |
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. 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? Licensed Insolvency Trustees: Who We Are & What That MeansTime Stamps: 00:00 Meet Canada's Newest Insolvency Trustee 01:05 Do You Need A University Degree? 02:07 Becoming A BIA Insolvency Counsellor 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. | |||
| 627 - The Most Dangerous Thing About Debt? — You've Given In | 05 Sep 2026 | 00:30:30 | |
Are you making every payment on time but your credit card balance never moves? You're not managing debt — you're just managing cash flow. 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
MORE FROM HOYES MICHALOS New to debt relief? Start here: How Does Debt Relief Work? https://www.hoyes.com/blog/how-does-debt-relief-work/ Consumer Proposal vs Bankruptcy - Key Benefits: https://www.hoyes.com/consumer-proposals/consumer-proposal-benefits/ Will You Lose Your House? How to Keep Your House in Bankruptcy: https://www.hoyes.com/personal-bankruptcy/keep-your-house-if-file-bankruptcy/ Does a Consumer Proposal Affect Your House and Mortgage?: https://www.hoyes.com/blog/does-a-consumer-proposal-affect-my-house-and-mortgage/ Can't Pay Your Mortgage? Options to Keep Your Home: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Free Debt Assessment: https://www.hoyes.com 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. | |||
| 626 - The Best Debt Warnings From Our Experts | Doug Hoyes & Ted Michalos | 29 Aug 2026 | 00:24:38 | |
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 New to debt relief? Start here: How Does Debt Relief Work? https://www.hoyes.com/blog/how-does-debt-relief-work/ Consumer Proposal vs Bankruptcy - Key Benefits: https://www.hoyes.com/consumer-proposals/consumer-proposal-benefits/ Will You Lose Your House? How to Keep Your House in Bankruptcy: https://www.hoyes.com/personal-bankruptcy/keep-your-house-if-file-bankruptcy/ Does a Consumer Proposal Affect Your House and Mortgage?: https://www.hoyes.com/blog/does-a-consumer-proposal-affect-my-house-and-mortgage/ Can't Pay Your Mortgage? Options to Keep Your Home: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Free Debt Assessment: https://www.hoyes.com
ABOUT DEBT FREE IN 30: 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. | |||
| 625 - Best Of Day-To-Day Debt Management Advice | 22 Aug 2026 | 00:21:23 | |
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 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. NEXT STEPS: Subscribe for weekly practical debt help: https://www.youtube.com/@DebtFreeIn30 Need one-on-one help in Ontario? Book a free confidential consultation with Hoyes Michalos: https://www.hoyes.com More resources & show notes: https://www.hoyes.com/blog and https://www.debtfreein30.ca Tell us in the comments — what's the one day-to-day expense that pushed you from cash to credit? #debtmanagement #PersonalFinanceCanada #DebtHelp #DebtFreeIn30 #CanadianFinance #MoneyManagement #CreditCardDebt 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. | |||
| 624 - The Best Mortgage and Housings Advice From Our Experts | 15 Aug 2026 | 00:29:46 | |
Are you prepared for the mortgage renewal cliff? Learn how the 2026 renewal cycle might affect your household budget and finances. Doug Hoyes explains the reality of the upcoming mortgage renewal cliff and why 2026 is becoming a critical year for homeowners. This video is designed for anyone currently holding a mortgage who needs to understand how shifts in interest rates could impact their monthly payments. We break down the timeline you need to watch and the steps required to prepare your finances before your term expires.Effective debt management is essential as these renewals approach. We discuss practical strategies for navigating this financial transition, ensuring you understand the broader economic context impacting your mortgage renewal. By planning ahead, you can better manage potential payment increases and maintain stability. Chapters: 00:00 2026 - The Year of The Mortgage Renewal Cliff 00:41 Can You Actually Afford Your Home? 03:10 Calculate The True Cost of Owning 07:16 Renewal IS a Cash Flow Test 11:43 How To Prepare & Negotiate at Renewal 16:22 HELOCs Lower The Interest - But Raise The Stakes 21:52 If the House is No Linger Sustainable Subscribe for weekly debt and financial planning breakdowns, and let us know in the comments if you are concerned about your upcoming #mortgage renewal. 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. | |||
| 623 - Best Of Tough Debt Decisions | 08 Aug 2026 | 00:26:30 | |
Are you struggling with financial tightness despite making all your minimum payments? Learn how to break the cycle of debt today with our cleverly constructed Best Of Compilation.
Chapters: 00:07 You Can Have Good Credit & Still Be Going Broke? 02:26 When Housing Costs Become The Problem 04:41 Before You Borrow Ask These Questions! 07:15 Can You Trust The Banks? 09:36 Does Debt Consolidation Actually Solve the Problem? 13:04 Debt First or Emergency Fund? 15:04 Borrowing to Pay CRA Tax Debt 17:18 What If You Can't Keep Up With Your Credit Cards? 20:49 The First Step to Getting Control of Your Money 24:22 A Hopeful Way Forward
#BestOf #Debt #debtfreejourney #debtdecisions #debtrelief #debtrelief #debtsolutions | |||
| 622 – What I Told Parliament About Canada's Debt Crisis | 01 Aug 2026 | 00:33:29 | |
What happens when a Licensed Insolvency Trustee gets five minutes to tell Parliament what's really happening with debt in Canada? Doug Hoyes shares his firsthand experience testifying before the House of Commons Standing Committee on Finance, explaining why Canadians are taking longer before reaching a financial breaking point, how affordability challenges are changing the nature of debt, and why issues like CRA repayment demands continue to push some people toward insolvency. Get a firsthand look inside Parliament and discover what Canada's debt trends could mean for the future of household finances. 01:02 Being invited to testify before Parliament Disclaimer:
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| 621 - Is The Lure of Convenience Spending Blowing Your Budget? | 25 Jul 2026 | 00:30:37 | |
Avoid the convenience spending trap and stop accidental debt. Learn how small everyday habits trap you in financial stress and how to break free. This podcast episode from Debt Free 30 explores the hidden dangers of the convenience trap. If you are trying to escape debt and take control of your personal finances, this conversation breaks down the exact spending patterns that drain your bank account without you noticing. Discover practical financial advice to help you spot convenience spending before it leads to more debt. Two hosts discuss realistic ways to change your habits, manage your money better, and build long-term financial stability starting today. Subscribe for weekly debt free living breakdowns, and comment below with your biggest budgeting challenge. | |||
| 620 - The Cost of Caring: Balancing Generosity and Debt | 18 Jul 2026 | 00:29:37 | |
| 619 - Payday Loans in Disguise: The Slick New Ways Apps Get You Hooked on Credit | 11 Jul 2026 | 00:31:25 | |
Are these financial apps just payday loans in disguise? Learn the sneaky ways modern tech keeps you hooked on debt and how to avoid it. Many popular money apps market themselves as helpful tools, but often hide high-cost borrowing structures beneath a clean interface. This conversation breaks down the mechanics behind these predatory lending tactics, specifically focusing on how they encourage users to borrow money, keeping you in a cycle of repayment. If you are trying to become debt free, understanding these traps is essential to protecting your finances. Doug & Ted examine the psychological hooks that keep people cycling through high-interest debt. By identifying these patterns early, you can take control of your spending habits and avoid falling for slick marketing that hides the cost of credit. Subscribe for weekly debt free strategy breakdowns, and comment below if you have ever spotted a suspicious lending feature in a finance app. Chapters: 00:00 Intro 00:38 What Payday Loans Were & What They Are Today 03:11 The Categories of Online Loans Starting with Payday Loan Apps 07:40 Credit Building Products & The Dangers 08:40 Buy Now Pay Later Apps 12:30 The Dangers of Online Lending, Money Apps, & BNPL 14:30 Credit Adjacent Products - What Are They - Why It Matters! 15:40 The Differences Between Traditional Payday Loans & New Cash Apps 21:00 The Problem With Modern Cash Apps & Practical Advice | |||
| 618 - What Happens If You Just Stop Paying Your Credit Cards? | 04 Jul 2026 | 00:30:14 | |
What happens when you stop paying credit card bills? Learn the real consequences of missed payments and how to protect your financial health. 00:34 Why people start missing credit card payments? 03:36 When do missed payments get reported? 04:07 Missed payment example - How much will you pay in interest? 05:25 How do companies deal with late or missed payments early on? 07:10 What third-party collectors must do when taking over the debt? 09:10 Can collections keep calling me every hour? Ontario Collections Act 10:13 When third-party collection laws matter & the right of offset 13:00 Can you really get sued for unpaid debt? 16:25 What is the limitations act and how does it impact collections? 19:50 Credit Card Debt Myths Busted 25:58 Practical Advice - Take Stock & Be Proactive | |||
| 617- Saving While in Debt - Smart or Stupid? | 27 Jun 2026 | 00:30:07 | |
Is saving money while in debt a smart financial move? Doug & Ted break down the strategy to help you decide how to manage your cash. Many people struggle with the dilemma of whether to prioritize building savings or paying off debt aggressively. This conversation explores the logic behind both approaches, offering a practical analysis for anyone currently carrying a balance. We look at the trade-offs involved in debt repayment strategy and how to balance your immediate financial health with long-term goals. If you have been wondering if saving money while in debt is counterproductive, this discussion provides the perspective you need. We examine the math and the psychology behind these choices, helping you determine which path makes the most sense for your specific situation. This is essential listening for anyone seeking clear financial advice on how to handle their debt repayment strategy while maintaining a safety net. Whether you are focused on debt elimination or building an emergency fund, understanding the nuance of saving money while in debt changes your approach. We break down the pros and cons of prioritizing these competing financial goals. Subscribe for weekly personal finance tips and let us know in the comments if you prioritize saving or debt payoff first. 00:00 Intro 00:26 Smart or Stupid? Should you save while paying off debt? 00:59 Why it might not be stupid to save while in debt. 01:45 Real world example of saving vs debt pay off 03:05 Changing your state of mind and how it helps 03:51 When saving while in debt doesn't make sense 06:05 Not all debt is created equal - Putting context to debt type 08:44 What is a Consumer Proposal 11:14 How much should you save in a Consumer Proposal? 14:05 When should paying down debt be a priority over savings? 18:02 Using a hybrid approach to pay debt and save - Does it work? 20:08 What should I do with my tax refund with no savings and debt 22:44 Automating payments and how it helps or hinders 24:43 Answer to todays question - Is it smart or stupid to save while in debt?
#debt #dfi30 #podcast #debtfreejourney #debtfreein30 #personalfinance | |||
| 616 - The Financial Impact of a Crisis - Building Resilience | 20 Jun 2026 | 00:30:41 | |
Learn how to survive a financial crisis by building resilience and strengthening your personal finance foundation. This conversation provides practical steps to prepare for economic instability. We discuss the core principles of protecting your assets and maintaining stability during uncertain times. Whether you are concerned about market volatility or personal budget security, this discussion offers a clear perspective on how to build financial resilience effectively. We break down the mindset and tactical adjustments necessary to weather a storm. Implementing these money management strategies can help you maintain control over your future. We examine why proactive planning is the most effective tool for financial crisis survival and how to adjust your habits before trouble starts. Subscribe for weekly personal finance tips and comment below with your biggest worry regarding the current economy. Related Links: What Many Canadians Still Get Wrong About Debt: The Dangers Of Installment Loans: Behind on Payments? Here's What To Pay First: Warning Signs You Have Too Much Debt & How To Deal With It: https://www.hoyes.com/blog/15-warning... Our Free Online Budgeting Course: | |||
| 615 - Your Credit Limit Is TOO HIGH (Here's Why That's a Problem) | 18 Jun 2026 | 00:29:52 | |
Is your credit limit too high? Learn how to safely request a lower credit limit to manage your personal finances more effectively. Most financial advice focuses on getting more credit, but having too much available can be a liability for some borrowers. This video explains why you might want to reduce your total credit limit and the specific steps required to contact your bank to make this adjustment. We cover the potential impact on your credit score and the practical reasons for keeping your credit card management simple. Understanding how your bank views a request to lower your credit limit is essential for maintaining control over your debt. By the end of this video, you will know exactly how to handle your credit limit if you decide it is simply too high. Subscribe for weekly credit card management breakdowns, and comment below if you have ever had to ask a bank to reduce your borrowing power. 00:00 Intro 00:19 Case Study - Client example of Bank Giving More Than Asked For 01:28 How Do Banks Decide Your Credit Limit 04:50 Debtasized & Brief Credit Card History 07:08 How People Very Easily Become Over Extended with Credit 09:28 What is Lifestyle Inflation 10:50 When High Credit Limits Are Actually Useful 13:01 High Credit Limit Risks & Downsides 16:08 Practical Advice on Managing High Credit Limits 20:28 Implications of Lowering Credit Limits 22:15 Keeping Up With Payments On Lines Of Credit 24:23 Dos and Don'ts of Using Credit Related Links: Debtasized Documentary: • DEBTASIZED - How Our Reliance On Credit L... Banks Are Not Your Friends - Here's Why • Banks Aren't Your Friends - Here's Why FREE How To Budget Course: https://courses.hoyes.com/courses/how... Debt Free Digest Monthly E-Newsletter Sign Up Here https://hoyes.tips/debt-free-digest-s... Debt Repayment & Consumer Proposal Calculator https://hoyes.tips/repayment-calculat... Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts / @hoyesmichalos 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. | |||
| 614 – Splitting Up with Shared Debt: What Happens When Couples Break Up | 06 Jun 2026 | 00:31:55 | |
No one enters a relationship expecting to one day untangle joint credit cards, co-signed loans, or shared lines of credit. Yet when a relationship ends, many people discover they're still financially connected long after they've gone their separate ways. Doug Hoyes and Ted Michalos discuss who is legally responsible for shared debt after a breakup, how separation can affect your credit score, common mistakes that can become costly, and the options available when the debt becomes too much to manage alone. 0:50 Why Breakups Become Financial Crises Disclaimer: | |||
| 613 – Credit Score Myths Busted: What Canadians Get Wrong About Credit Reporting | 30 May 2026 | 00:30:25 | |
Canadians hear a lot of advice about credit scores, but much of it is outdated, oversimplified, or borrowed from the U.S. and simply doesn't apply here. Does carrying a balance help? Does checking your score hurt it? Can you pay to remove bad credit? Does having a high income automatically mean a strong score? Listen to learn what actually moves the needle when it comes to building stronger financial health, and if you've been trying to "optimize" your credit score, this episode may change how you think about credit entirely. 👍 Like, subscribe, and share with someone who still thinks carrying a balance helps their credit. Disclaimer: | |||
| 612 – When Should You Pay Your Credit Card? Smarter Timing for Better Credit | 23 May 2026 | 00:30:22 | |
Most people assume paying their credit card on the due date means they're managing debt responsibly. But timing matters more than most people realize. Doug Hoyes and Ted Michalos explain why people who always make their payments on time can still end up carrying balances, paying unnecessary interest, and struggling to make progress. Whether your goal is reducing interest, staying organized, or building healthier credit habits, this conversation offers simple changes that can make a bigger difference than you might expect. FREE Canadian Credit Repair Course and NEW Budgeting Resources FAQs on Debt Relief Disclaimer: | |||
| 611 – Before You Borrow: 7 Questions to Ask Yourself to Avoid Debt Regret | 16 May 2026 | 00:30:00 | |
Most people do not end up in serious debt because of one huge mistake. It is usually a series of small decisions that felt reasonable at the time. Doug Hoyes and Ted Michalos discuss seven important questions everyone should ask before borrowing money, whether it is for a car loan, line of credit, credit card purchase, or buy-now-pay-later financing. From calculating the true cost of borrowing to understanding what happens if your income changes, this conversation offers practical ways to avoid years of debt regret. | |||
| 610 – Financial FOMO: How the Fear of Missing Out Drives You Into Debt | 09 May 2026 | 00:30:29 | |
From social media influencer culture to "buy now, pay later" spending, financial FOMO can quietly push people deeper into debt without realizing it. Licensed Insolvency Trustee Maureen Parent from Hoyes Michalos breaks down how the fear of missing out impacts our financial decisions, why comparison culture can lead to overspending, and the warning signs that your spending habits may be emotionally driven. Whether it's vacations, weddings, tech upgrades, or everyday treat- yourself purchases, this conversation explores how small habits can snowball into bigger debt problems, and how to stop the cycle before it gets worse. FREE Canadian Credit Repair Course and NEW Budgeting Resources
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| 609 – Credit Card Insurance: Do You Need It, or Is It Just Another Upsell? | 02 May 2026 | 00:30:19 | |
Credit card insurance is often presented as an easy way to protect yourself, but the details can be more complex than they appear. We break down how it works, the different types of coverage available, and the fine print that can impact whether a claim is approved. From rising costs tied to your balance to common exclusions, understanding the structure of this coverage matters. We also look at when it might be worth considering, where it may offer limited value, and what to review before opting in. If you're carrying a balance or reviewing monthly expenses, this is an area that deserves a closer look. FREE Canadian Credit Repair Course and NEW Budgeting Resources
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| 608 – Advice or Sales Pitch? Why Canadians Have Lost Trust in Banks | 25 Apr 2026 | 00:30:27 | |
Most Canadians trust their bank to help them make smart financial decisions. But sometimes, what feels like advice is shaped by something else. We talk about how bank incentives influence recommendations, why that can lead to confusion, and what it means for your money. You'll also learn how to ask better questions to feel more confident in the choices you're making.
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| 607 – Credit Score vs Cash Flow: What Actually Matters in a Crisis? | 18 Apr 2026 | 00:30:22 | |
A high score does not always indicate stable finances. It is possible to keep up with most of your bills and maintain a decent credit score while still feeling like you are falling behind. When cash flow is stretched, even when you are trying your best to stay on top of things, the situation can quietly get worse. This episode breaks down why cash flow, not a credit score, determines whether you can keep up with real expenses. It covers the warning signs, the common advice that backfires, and what to focus on when money is tight. Disclaimer: | |||
| 606 – When Rent Eats Your Paycheque: The Hidden Reason Canadians Are Falling Into Debt | 11 Apr 2026 | 00:29:54 | |
When rent takes up too much of your income, debt often follows, not because of overspending, but because the numbers no longer work. Licensed Debt Relief in Canada Disclaimer: | |||
| 605 – Owe CRA Tax Debt? The Biggest Loan Mistake Canadians Make | 04 Apr 2026 | 00:30:23 | |
Owing money to the CRA can feel urgent, and taking out a loan might seem like the fastest way to fix it. But in many cases, it can make your situation worse. Doug Hoyes and Ted Michalos break down when borrowing to pay off tax debt might work, and when it creates bigger financial risk. From self-employed Canadians stuck in a cycle of owing taxes every year, to homeowners refinancing and increasing long-term pressure, this conversation walks through the real consequences of using a loan to solve CRA debt. You'll also learn:
If your tax bill feels overwhelming, this will help you understand your options and avoid common mistakes. 👉 Need help with CRA tax debt? 01:30 Why people end up owing tax debt
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| 604 – The Dangers of Installment Loans | 28 Mar 2026 | 00:30:46 | |
Installment loans are often marketed as a safer alternative to payday loans because payments are predictable and structured. However, fixed payments do not always mean lower cost or less financial risk. Learn the warning signs of high-cost borrowing, common misconceptions about structured payments, and practical ways to evaluate whether an installment loan helps or makes debt harder to manage. Disclaimer: | |||
| 603 – Prevent Tax Debt and Mistakes 2026 | 21 Mar 2026 | 00:19:57 | |
Tax issues are not just about deductions. They come down to timing, habits, and the small decisions that add up over the year. This episode focuses on the practical systems that help you stay organized and avoid costly surprises at filing time. Learn how to manage CRA accounts, avoid common filing mistakes, and build simple routines that can help prevent tax debt in 2026. Interest on Overdue Taxes
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| 602 – Is It Too Late to Save for Retirement? Real Math Canadians Need to See | 14 Mar 2026 | 00:30:35 | |
Many Canadians worry that they started saving for retirement too late. The numbers can feel discouraging, especially if debt, minimum payments, or everyday expenses delay investing for years. This conversation breaks down the math behind retirement saving and why delay matters more than age. Instead of focusing solely on hitting a "$1 million retirement goal," the discussion shifts to more practical goals: eliminating debt, understanding government benefits like CPP and OAS, and building financial stability over time. Disclaimer: | |||
| 601 – The Most Dangerous Financial Advice on the Internet | 07 Mar 2026 | 00:30:39 | |
Financial advice is everywhere online. Some of it is mathematically correct, but that does not mean it is right for your situation. Popular tips can sound smart, but if money is already tight, those strategies can sometimes make things worse instead of better. Hear the full episode to learn about some of the most common financial tips circulating online and why, in the wrong situation, they can quietly push people deeper into debt. Using Home Equity for Debt – What You Need To Know First
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| 600 – Debt Misunderstandings Keeping Canadians Stressed | 28 Feb 2026 | 00:31:12 | |
In this milestone episode, Doug Hoyes and Ted Michalos discuss the biggest myths about debt that refuse to die, the one behaviour that most reliably predicts insolvency, and explain what people who successfully recover from debt tend to do differently. After working with more than 75,000 Canadians over nearly three decades, one theme stands out: debt problems rarely explode overnight. They compound quietly, and clarity, not optimism, is what changes the outcome. Subscribe to the monthly Debt Free Digest e-newsletter – Don't miss monthly gift card giveaways!
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| 599 – What Happens When You Can't Afford to Stay in Your Home? | 21 Feb 2026 | 00:30:46 | |
Owning a home is supposed to bring stability, but for many Canadian households, the numbers are getting harder to manage. Mortgage renewals at higher rates, unexpected repairs, and rising day-to-day costs can quietly shift a manageable situation into one that no longer works. This conversation explores the early warning signs that homeownership may be becoming unsustainable, including relying on credit to cover housing costs or delaying necessary maintenance. It also looks at practical options homeowners can consider before things become urgent, and why acting early can help preserve both financial control and home equity.
What to do if your mortgage is in arrears? Subscribe to the monthly Debt Free Digest e-newsletter – Don't miss monthly gift card giveaways!
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| 598 – Stability Isn't Safety: Flat Insolvency Numbers Are a Warning Sign | 14 Feb 2026 | 00:29:52 | |
The numbers tell a story of deferred pressure. Consumer insolvency filings in Ontario were essentially flat in 2025, but our latest Joe Debtor study shows debt is still rising as Canadians layer on borrowing across more accounts, cards, and lenders. Doug Hoyes and Ted Michalos look at how these numbers point to a structural shift in the Canadian economy, how "death by a thousand minimum payments" keeps people treading water, and what today's data suggests about the pressure building for the year ahead.
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| 597 – Why Your Credit Might Get Cut Off (And What You Can Do About It!) | 07 Feb 2026 | 00:29:46 | |
Some Canadians are waking up to a surprise: reduced credit limits, frozen lines of credit, or cancelled credit cards…even with solid credit scores and no missed payments. Banks are pulling back on credit, and a good score might not be enough to protect you anymore. Find out why lenders are reassessing risk, why they are closing unused accounts, and what these changes mean for your finances as we head into 2026. | |||
| 596 – What To Do First When You're Behind On Bills | 31 Jan 2026 | 00:30:55 | |
Behind on bills and not sure where to start? If money is tight and payments are stacking up, this episode gives you a clear starting point. Doug Hoyes and Licensed Insolvency Trustee Maureen Parent break down what to prioritize first, what can safely wait, how to handle creditor calls, and when it makes sense to look at a more permanent fix. A practical, no-panic roadmap for protecting the basics, stabilizing cash flow, and making informed next steps when the math isn't working. If debt is keeping you up at night, you don't have to endure forever – Start Here Free Hoyes Michalos Budgeting Workbook Subscribe to the Debt Free Digest – A free monthly e-newsletter (00:00) Falling behind doesn't mean you failed | |||
| 595 – Mortgage Renewal Shock: What Homeowners Need to Know for 2026 | Ron Butler | 24 Jan 2026 | 00:35:04 | |
Millions of Canadian mortgages taken out at ultra-low rates between 2020 and 2022 are now coming up for renewal – at much higher rates. That reality has led many to warn about a "mortgage renewal cliff" in 2026. Doug Hoyes is joined by Ron Butler (Butler Mortgage, Angry Mortgage Podcast) to unpack what's behind the renewal headlines, why renewal is a cash-flow test (not a crystal ball) and how homeowners can think clearly about their options as low-rate mortgages reset. A clear look at who may feel pressure at renewal, and how borrowers can think through their options before renewal letters arrive. Angry Mortgage Podcast on YouTube Toronto Real Estate Price History Other sources: https://www.bankofcanada.ca/2025/07/staff-analytical-note-2025-21/ https://www.bankofcanada.ca/2025/01/staff-analytical-note-2025-1/ https://wowa.ca/infographics-finance-realestate-canada/mortgage-renewals-of-major-canadian-lenders https://economics.bmo.com/en/publications/detail/f9a87ba8-9962-4265-a2a9-e51303e269ca/ https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3310053001
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| 594 – Why Even High-Income Earners Struggle with Debt | 17 Jan 2026 | 00:30:17 | |
More and more high-income Canadians are finding themselves under financial pressure. Doug Hoyes and Ted Michalos examine the shift they are seeing firsthand and challenge some common assumptions about who struggles with debt. They discuss how rising costs, borrowing capacity, and income complexity can quietly change financial outcomes, even for people who appear financially secure. Need Help with Debt? If debt is keeping you up at night, you don't have to endure forever. Start here! Free Budgeting Workbook – Hoyes Michalos | |||
| 593 – Never Thought About Financial Planning? Where to Start With Debt | 10 Jan 2026 | 00:30:15 | |
Financial planning doesn't have to start with investing or retirement, and it doesn't require everything to be "under control" first. This is a practical, non-judgmental conversation that explains what financial planning really means, how it differs from budgeting, and where to start when money is tight or debt is part of the picture. You'll be able to understand cash flow, set priorities, and reduce stress by knowing what to tackle first – even during a consumer proposal or bankruptcy. Need Help with Debt? If debt is keeping you up at night, you don't have to endure forever. Start here! Free Budgeting Workbook – Hoyes Michalos | |||
| 592 – The Wealthy Barber: Financial Issues Canadians are Struggling with Most | 03 Jan 2026 | 00:58:59 | |
David Chilton, author of The Wealthy Barber and one of Canada's most influential voices on personal finance, joins Doug Hoyes on Debt Free in 30 for an extra special double–long episode. Doug and David dig into the issues Canadians are struggling with most: the true cost of inflation, a "K-shaped" economy, housing affordability, rising student debt, the growing gap between financial knowledge and financial discipline, and more. Buy the Wealthy Barber on Indigo Buy the Wealthy Barber Audiobook The Wealthy Barber – David Chilton's Web Page 00:00 – David Chilton on the updated Wealthy Barber book Need Help With Debt? If debt is keeping you up at night, you don't have to endure forever. Talking to a Licensed Insolvency Trustee isn't about filing sooner — it's about understanding your options and reducing stress. Learn more at: https://www.hoyes.com | |||
| 591 – Why Debt Is Rising, but Bankruptcies Aren't (Yet) — and 2026 Insolvency Predictions for Canadians | 27 Dec 2025 | 00:41:03 | |
Debt is at record highs, yet insolvencies are flat. Why? In this episode of Debt Free in 30, Licensed Insolvency Trustees Doug Hoyes and Ted Michalos explain a financial paradox that's leaving millions of Canadians stressed, exhausted, and confused. The answer isn't that people are okay. It's that people are enduring. If you're paying your bills but still feel like you're drowning, this episode is for you. Coming Up Next Next episode: a special double episode with David Chilton (The Wealthy Barber) — a practical conversation about money, debt, and what Canadians are really facing heading into 2026. Office of the Superintendent of Bankruptcy, Insolvency Statistics Statistics Canada, Household debt levels (including credit cards) Mortgage Rates, Bank of Canada TransUnion, Canadian Consumer Debt Continues to Grow Despite Macroeconomic Relief Hoyes Michalos Credit Repair Strategies and Rebuilding Course In This Episode, You'll Learn: · Why people don't file when debt rises — they file when cash flow breaks · How inflation pushed credit card balances higher without immediate defaults · Why paying the minimum isn't a solution — it's a delay · How balance transfers and mortgage equity are masking financial stress · Why insolvencies tend to stay flat, then jump · What would trigger a surge in personal insolvencies · Our 2026 insolvency predictions for Ontario · Why relief isn't failure — and how getting advice early preserves options | |||
| 590 – Will Your Investments Survive Serious Debt? | 20 Dec 2025 | 00:29:52 | |
If you're carrying serious debt but also have money in an RRSP, TFSA, or other investments, one of the biggest fears is this: Will I lose everything if I get help? Doug Hoyes and Ted Michalos, Licensed Insolvency Trustees, break down what actually happens to your investments when debt becomes unmanageable. They explain which assets are protected under Canadian insolvency law, which are at risk, and when cashing out savings can do more long-term harm than good. CRA TFSA Contribution Calculator Bankruptcy & Insolvency Act, paragraph 67 Hoyes Michalos Credit Repair Strategies and Rebuilding Course | |||
| 589 – Debt Collectors Busier Than Ever? - What They Are Really Looking For from You | 13 Dec 2025 | 00:30:43 | |
Debt collectors are contacting Canadians more than ever. In this episode, Doug Hoyes and Ted Michalos explain why activity is increasing, what collectors are actually looking for, and how to respond without accidentally restarting the clock on old debts. They also cover how to spot scams, understand your rights, and know when it's time to get professional help. Collection Agency Rules, Ontario Search the Ontario government's website to verify that a collection agency is licensed here (00:00) Why debt collectors are busier than ever | |||
| 588 – Are You Financially Fit Enough to Invest? | 06 Dec 2025 | 00:32:17 | |
Start investing because your numbers say "go," not because the internet says "now." Should You Use a Bonus to Pay Debt or Invest?
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| 587 – Should Parents Help Adult Children with Debt? | 29 Nov 2025 | 00:30:00 | |
With housing costs, student loans, and everyday expenses skyrocketing, more young adults are turning to their parents for financial support. Doug Hoyes and Ted Michalos unpack the emotional, financial, and practical realities behind "helping" adult children, including why many parents feel compelled to assist, and break down the real risks of co-signing, lending money, or tapping home equity to solve a child's debt issues. How Can I Help My Adult Child With A Lot Of Debt?
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| 586 - Should You Use Your Home Equity to Pay Off Debt in This Market? | 22 Nov 2025 | 00:34:52 | |
Turn your home equity into a plan, not a panic button! This episode gives a clear, practical checklist for using a HELOC or second mortgage wisely: how they work, what they cost, when they help, and when alternatives (like a consumer proposal) will protect your cash flow and your home better. Listen first, then decide with the numbers. Think Twice Before Getting a Home Equity Line of Credit Episode with Scott Terrio – Debt Free in 30
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| 585 – Small Business: Mixing Personal and Business Debt Pros & Cons | 15 Nov 2025 | 00:32:14 | |
Many Ontario small business owners use personal credit to get a venture off the ground, because banks rarely lend to brand-new businesses. That convenience can help with early cash-flow gaps and sometimes costs less than a high-risk business loan, but it also creates serious personal exposure: guarantees, blurred books, CRA headaches, and credit-score damage. Doug and Ted walk through when using personal debt might make sense, the major risks to watch for, and practical ways to structure your finances.
Debt Traps of Buying a Business with David Barnett – Debt Free in 30 Bad Funding Choices for Small Businesses with David Barnett – Debt Free in 30 Want to Buy a Business? Here's What to Know First – Debt Free in 30 Starting or Buying A Business Out of Necessity – Debt Free in 30 | |||