Debt Free In 30

Today’s guest is Christi Posner, a credit counsellor and new mother.  Christ starts the show by telling us how, after graduating from university she had a lot of debt.  She got married, and she and her husband wanted to start a family, so they knew they needed to tackle their debt.  They did.  They paid off their debt, and were in good shape financially to start a family.   Even though Christi is an experienced credit counsellor, there were many expenses that surprised her when she went on maternity leave.  She shares her practical tips for preparing for the birth of your first child, and gives advice on how to save money while on maternity leave.

Today our guest is Scott Schaefer, Chartered Accountant, Consumer Proposal Administrator, and Trustee in Bankruptcy at Hoyes, Michalos and Associates to discuss the roles of specific parties during a bankruptcy and consumer proposal.  Scott explains the meaning of a debtor, creditor, and trustee, and breaks down the filing process, step by step. Scott also explains the role of the trustee.  Who does the trustee really work for?  We cover that question in the second and third segments.   In the final Let’s Get Started segment Scott tells a success story.

Today's guest is David Trahair, Chartered Professional Accountant and author of several books about personal finance including the book we talked about today: Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt. David makes an excellent case for why consumers should pay off their debts rather than save money.   David explains that most of us have bought into the dream that we can have anything we want because debt allows us to do that. This is particularly true in today's tempting low interest rate environment. But as David points out, things can change, and not for the better. A prime example of this is what happened in the US housing market melt-down of 2008 - 2009.  And it looks like it's happening again in Fort McMurray.  So many Canadians earning a good income, taking on huge debt only to find that, suddenly, their economic circumstances took a sudden u-turn. Find out more on today's show.

Today we answer the question: is all debt bad, or is there such a thing as good debt? Our first guest is Par Foran from the CTV Television Network who gives his opinions (and not surprisingly he doesn’t believe that borrowing for a vacation is good debt). Our second guest is Robert Brown, author of Wealthing Like Rabbits, who has a very interesting take on good-bad debt and bad-good debt.  Listen carefully; it’s a brilliant concept. Robin Taub, CPA, returns to give her thoughts, and in the Let’s Get Started segment Dr. Lee Anne Davies rounds out the discussion with her thoughts.   Did we answer the question?  You be the judge.

Our guest today is Robin Taub, a Chartered Professional Accountant, financial literacy consultant, public speaker, blogger, and author of The Parent's Guide to Raising Money-Smart Kids. Robin discusses why it's so important to teach children about money, the challenges that parents face, and solutions for getting started.   Money management isn't always easy and teaching it to someone else can be just as difficult.  There are many reasons that discussions about money might not take place, but it's important to overcome those challenges and make it a priority. In Robin's book she explains that challenges include a lack of knowledge by parents, not knowing how to approach the topic, limited opportunities to talk about money, or parents might not be good at money management themselves.

Today’s first guest is Ian Martin, a bankruptcy trustee who explains that in many cases there is a “better” time of year to file a bankruptcy or consumer proposal. Howard Hayes is our second guest, and he explains how a bankruptcy filing impacts you acting as an immigration sponsor. Ian returns in our Let’s Get Started segment to answer our final question of the day: is bankruptcy morally wrong.

Our guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry.   Eric explains how credit bureaus work, and who they work for (hint: they don’t work for you).  He explains how to check yoOur guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry. Eric explains how credit bureaus work, and who they work for (hint: they don’t work for you).  He explains how to check your credit report, and how to improve your credit score.ur credit report, and how to improve your credit score.

Our guest on today is Blair Demarco-Wettlaufer, a Managing Partner for Kingston Data & Credit, a Canadian debt collection agency. Blair gave us the ins-and-outs of the collection world, including the typical life of a debt once it has gone to a collection agency and what your options are for dealing with collection calls.   He gives lots of practical advice, including what to do when legal action is threatened, and how to negotiate a payment arrangement.

Our first guest is Gail Vaz-Oxlade who says it’s time to “stop whining about being in debt, you had your fun, you made a mess, now it’s time to clean it up, get busy.”  She provides a four step plan for cleaning up your debt mess. In our second segment Ted Michalos returns, and we consider the case of Mary and Joe, who have a good income, but have more debt than they can ever hope to pay off on their own.  We discuss how a consumer proposal can help them clean up their debt mess.   Their options for dealing with debt, but it takes a plan, and the sooner you start, the sooner you will be debt free.

On today’s show Doug Hoyes interviews Ted Michalos, and they offer their opinions  on the current state of the economy, and outlined several predictions for the coming year, touching on important financial topics such as the economy, unemployment, and interest rates. We start with a look back to the credit crisis of 2008, and the resulting peak in bankruptcy filings in 2009.   As interest rates have declined many debtors now act as though money is virtually free, and have financed large mortgages and car loans, which will cause serious financial issues when interest rates inevitably increase.  We offer some advice on strategies to protect yourself in 2015.

This is our final show for 2014, and as the holiday season ends and we move into 2015 we take a look back at some of the topics we’ve discussed here on Debt Free in 30. Ted Michalos explains that 11% of Canadians will file a bankruptcy or a consumer proposal in their lifetimes; he explains why. Dr. Lee Anne Davies discussed her research on the topic of aging, and how debt will impact older Canadians.   Our most popular guest from 2014, Gail Vaz-Oxlade, discussed debt and financial literacy.

In our 2014 Holiday Season Tip Show, we invite back three of our most popular guests with some all new holiday season tips. Dr. Lee Anne Davies gives a tip for keeping credit card debt under control, an important consideration at this time of year. Gail Vaz-Oxlade returns with a tip about managing your banking relationship, a very important tip any time of the year. Credit Counsellor Heather Cudmore gets into the holiday spirit with a tip for a more meaningful, and cost-effective holiday season.

Today’s guest is Sarah Milton, author, blogger, and personal finance expert. Sarah gave a great explanation of the four money personalities, and explained how we each have a money thermostat.  To improve your money management skills, understand which money personality you are, and then adjust your money thermostat to an appropriate level for your unique circumstances.   In the bonus podcast segment Sarah discusses why women have different money issues than men, and gives more practical advice on money management.  She also lists some books that she recommends for everyone wanting to improve their knowledge of personal finance.

Today’s guest is Robert Brown, author of a new book called “Wealthing Like Rabbits – An Original Introduction to Personal Finance”.  Robert gives us lots of practical advice, including his thoughts on house buying and mortgages, and debt in general. In the second and third segments we discuss Robert’s more controversial opinions, including Starbucks, where Robert believes that having an expensive coffee is not always a bad financial decision.   We also discuss savings and debt.  If you have debt, is it always better to pay off your debt and then start saving?  Not according to Robert, who gives his opinions on why he believes you should start saving immediately.

On today's show Barry Choi, a personal finance expert, gives his tips for going broke. Tip #1 - Having too many credit cards.  Barry gives his views on how many are enough. Tip #2 - Ignoring the interest you are paying on your debts. Tip #3 - Keeping up with the Joneses Tip #4 - Spending money you don't have (particularly on presents) Tip #5 - Buying too much house Those tips and much more on today's podcast.

Today’s guest is Barton Goth, a bankruptcy trustee from Alberta who tells us that even in an economy booming due to the oil industry, personal debt is still a big problem. Barton explains how even highly paid oil patch workers can get into debt problems, and he offers some practical solutions for becoming debt free. Barton discusses consumer proposals, a legislated debt settlement option that is now more popular than bankruptcy in both Alberta and Ontario.   In the bonus podcast only segment Barton discusses other differences between Alberta and the rest of the country, and offers additional practical advice.

Today’s guest is Chris deVries, a former banker who provides personal financial counselling to people of all ages.  He advocates a straight forward approach to resolving money problems, and on today’s show he gives many practical examples of strategies to deal with debt issues. He discusses the importance of knowing where your money goes, and then taking steps to save money.  He gives practical examples, including a strategy to reduce cell phone costs.   Through his many years of counselling Chris has worked with many people in what appear to be hopeless situations, but he believes that despite how serious a situation may appear, there is always hope.

On today's show, Ellen Roseman, a Toronto Star columnist and consumer advocate, explains that we tend to get financial advice from people with a vested interest, like car salesmen and bankers.  They all have "skin in the game", so consumers need to find someone who can give them unbiased advice. Ms. Roseman suggests reading financial blogs (and particularly the comments) and using Google to research everything before you buy. To improve your financial literacy: be suspicious.  Ask questions, and never say "yes" right away. Always consider the downside before you commit. All that and more on today's show.

Today’s guest is Jane Rooney, Canada’s Financial Literacy Leader, who explains why she believes the federal government should take an active role in promoting financial literacy. While there are numerous groups promoting financial literacy, Ms. Rooney explains that her role is to bring together the various groups so that Canadians have easy access to all resources.  Ms. Rooney is working towards a national strategy on financial literacy, to be released in 2015, that will identify any gaps in resources currently available, and create a plan to bridge those gaps.  Ms. Rooney believes that the federal government is best positioned to provide those resources. In the bonus segment Doug Hoyes reviews the definitions of financial literacy, gives his own, and gives his opinion on how each individual Canadian can best best promote financial literacy.

On today’s show Blair Mantin, a bankruptcy trustee with Sands & Associates, British Columbia’s largest personal insolvency firm, discusses his objections to U.S. based debt settlement companies that take advantage of Canadians.  We discuss legislation in both Ontario and B.C. to curb this practice. Blair believes that consumer proposals are often a better option, and he discusses why more than half of the people he helps are now choosing a consumer proposal instead of bankruptcy. In the bonus podcast only segment we discuss Limitation Periods, a little known strategy to deal with debts.