Debt Free In 30

It’s that time of the year again – Financial Literacy Month (2022). Is there any point to it?  Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he’d like to share with you regarding today’s economy, how it’s impacting Canadians, and what you can do.   #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy   Links: Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos website: https://www.hoyes.com/  

Mortgage rates are up, and real estate prices are down. What does this mean for you if you’re renewing your mortgage? Can your bank decline your renewal and what are your options if they do? On today’s podcast, Ted Michalos returns to give practical advice for how to approach your mortgage renewal in a rising rate environment, whether selling is a good option, and how to deal with unsecured debts if you’re overwhelmed. Tune in for lots of tips! Related Links: Mortgage Challenges After Record Rate Hikes with Ron Butler: https://youtu.be/kJ9vyHA5pJw Renewing Your Mortgage as Rates Change: https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Can’t Pay Your Mortgage? Options To Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit score and a credit report? Maureen Parent is back on today’s podcast to answer all these questions and offer practical advice for maintaining healthy finances. Tune in. Resources Mentioned in the Show: Free Credit Rebuilding Course: https://courses.hoyes.com/courses/rebuild-credit A Clean Credit Report Does Not Equal a Good Credit Report: https://www.hoyes.com/blog/a-clean-credit-report-does-not-equal-a-good-credit-report/

Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going to switch to cash? How will this affect our budgets? And is this even fair to the consumer? Ted Michalos is back to discuss and offer lots of practical advice. Tune in.   Resources Mentioned in the Show:   What You Need to Know About the New Credit Card Surcharge: https://www.cbc.ca/news/credit-card-surcharge-faq-1.6610356 Loblaws Financial Statements: https://www.loblaw.ca/en/investors-overview Canadian Tire Financial Statements: https://corp.canadiantire.ca/English/investors/financials-reporting/annual-disclosures/default.aspx

Did you know that bankers often refer to debt consolidation loans as a ‘never, never plan,’ meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today’s podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a ‘never, never plan,’ and offer practical advice to help borrowers actually eliminate their debts. Tune in! Links: Risks of Debt Consolidation Loans – The Hidden Traps: https://www.hoyes.com/blog/debt-consolidation-loans-the-hidden-trap/ Hoyes Michalos Debt Repayment Calculator: https://www.hoyes.com/debt-repayment-calculator/ Hoyes Michalos Debt to Income Ratio Calculator: https://www.hoyes.com/debt-to-income-ratio-calculator/ Government of Canada Credit Card Payment Calculator: https://itools-ioutils.fcac-acfc.gc.ca/CC

With record inflation, many people are feeling the pinch, and we’ve even been asked if it’s possible to skip a bill or two just to get to the next month. Well, on today’s podcast, we’re addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in. Links: Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Hoyes Michalos Kanata Office: https://www.hoyes.com/ontario-offices/kanata/ Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/             Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web Credit Counsel

Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you’re probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today’s podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good time to buy. Ron also shares a special announcement at the end of the podcast – be sure to tune in for some great insights and practical advice. Links: Ron Butler on Twitter: https://twitter.com/ronmortgageguy High Interest Rates and Debt: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Average Toronto House Prices: https://wowa.ca/toronto-housing-market Butler Mortgage (Mortgage Rates): https://www.butlermortgage.ca/mortgage-calculator/ Show 293: Debt, HELOCs, and The New Wor

We’ve now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender’s discretion. On today’s podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice to help you spot when your own finances may be at risk. Tune in for a great discussion!   Related Links:   Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

The Criminal Code of Canada says that it’s a criminal offence to charge an interest rate of more than 60%. The federal government is considering lowering that rate. Is this a good idea? What could go wrong? On today’s podcast, Ted Michalos returns to discuss whether this plan by the Government of Canada will make any meaningful difference, and what the unintended consequences of the proposal may be. Doug and Ted also share their four recommendations to the Government to better protect consumers when it comes to usury laws. Please note that the government will be accepting your comments until October 7, 2022, so tune in to this podcast to understand the issue and then send them an email with your thoughts at consultationconsumeraffairs.consultationconsommation@fin.gc.ca with ‘Predatory Lending Consultation’ as the subject line. Resources Mentioned in the Show: Department of Finance Canada Issues Consultation Paper on Criminal Rate of Interest: https://www.mccarthy.ca/en/insights/blogs/techlex/department-fina

It’s Season #9 of Debt Free in 30! Life is changing fast – there’s no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premiere rant to share what you can expect from our show this season and helpful resources to get you through these tough times. Tune in.   Resources Mentioned in the Show: How One Man Retired Debt-Free at Age 48: https://www.hoyes.com/blog/how-one-man-retired-debt-free-at-48/ Debt Free in 30 Newsletter Archive & Sign Up: https://www.hoyes.com/newsletter-archive/ Insolvency Updates Newsletter Sign Up: https://lp.constantcontactpages.com/su/wAp31r4/insolvencyupdates How to Rebuild Credit course: https://courses.hoyes.com/

It’s our final rebroadcast episode of the summer, and today we rebroadcast episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it’s that no job is secure. So, what can you do to avoid getting financially burned if you’re out of work? If you’re unhappy with your job, should you switch? What’s the smartest way to go about making a change? On today’s podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world. Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Follow Doug Hoyes on Twitter: https://twitter.com/doughoyes

When the pandemic first started, the Canada Revenue Agency slowed their collection efforts on income tax debt owing. But with the economy reopened, we are starting to see notices filed by the CRA to individuals owing on income tax, including CERB and CRB debts. Is this a sign that the CRA is ramping up efforts again? What are your options if your employer is served with a Requirement to Pay notice from the government? What if you get a notice that you were overpaid for CERB/CRB or ineligible? Tune in to this panel discussion with Ian Martin, CPA, LIT and Scott Schaefer, CPA, LIT (our in-house tax experts) and host Doug Hoyes for lots of practical advice!   Additional Resources:   CRA Collection Letters for CERB Ineligibility or Overpayment. Can You File Bankruptcy? https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment/ What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/ Should I Borrow to Pay Taxes to CRA? https://www.hoye

Today we rebroadcast episode #339 (and it’s even more timely today). For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is now creating financial problems? What are your options? Is it possible to get out of a car loan? On today’s podcast, Ted Michalos and Doug Hoyes discuss when you might want to hand your vehicle back, how to do it, and what happens with the loan shortfall. Tune in for lots of practical advice! Related link: Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/

For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food. If you have a limited income, how can you manage your food budget effectively? Is it possible eat healthy without breaking the bank? On today’s show we welcome Heidi Pola, a Registered Dietician who gives practical advice on how to eat healthy and save money.

The summer is only half over, yet so much has happened to the economy in 2022. Gas prices have started to come down after intense surging, and interest rate hikes are at record highs and may keep going. What can we expect for the next six months of the year? Enter Doug and Ted. On today’s podcast, Doug Hoyes and Ted Michalos give us their mid-year review and share their predictions for consumer debt levels, inflation, bankruptcy filings, and whether CRA collections will intensify in the Fall. Tune in for a lively discussion and practical advice on managing your finances for the rest of the year. Additional Resources: Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

So far in 2022 the Bank of Canada has raised its overnight lending rate four times. Its most recent hike in July was the biggest one since 1998. If you’re trying to buy a home now, what can you do to make the purchase affordable? Is it a good time to even get a mortgage? Would it be better to rent and wait? On today’s podcast, Doug Hoyes and Ted Michalos walk you through the basics of mortgage borrowing, costs that comes with it, explain common mortgage terms, and discuss the factors to consider before buying a home in the first place. Tune in for lots of practical advice & explainers! Links: CMHC Mortgage Loan Insurance Cost: https://www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost What’s Happening to Mortgages Now That Rates Are Up? With Ron Butler: https://youtu.be/Iw-HtqgOgJM

What options do homeowners have when they’ve got a lot of home equity and a lot of unsecured debt, but the bank won’t let them refinance by borrowing against their home? On today’s podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today’s economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots of practical strategies and advice!   Helpful Links:   Second Mortgage or Interest-Free Consumer Proposal: https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/ Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/             Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our financial situation? On today’s podcast, Maureen Parent, LIT in our Kanata office returns to give insight as to why we are so afraid to talk about debt. Maureen and Doug draw from their years of experience helping clients and share lots of practical advice to help you overcome the fear of talking debt. Tune in! Additional Links: Is the 50-30-20 Budget Rule Even Do-Able Today? https://youtu.be/hANI5zadF2I Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos Kanata office: https://www.hoyes.com/ontario-offices/kanata/

One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is that riskier? Is it ever OK to take on debt to invest or is it something you should never do? On today’s podcast, Ted Michalos and Doug Hoyes walk you through how to decide when you are ready to invest, the three ways to invest in stocks, what risks are, and the general dos and don’ts of using your hard-earned money to potentially get a return on it. Tune in for lots of practical advice! Resources Mentioned in the Show: Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034/ Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/             Residential House Prices, Historical Chart: https://fred.stlouisfed.org/series/QCAR628BIS

2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It’s looking to be a perfect financial storm. So how are all these variables impacting indebted Canadians? On today’s podcast, Scott Terrio, Manager, Consumer Insolvency at Hoyes Michalos, returns to discuss what he’s seeing from individuals struggling with debt, borrowing trends, and the role inflation is playing in household budgets. Scott and Doug also share their thoughts on why homeowner-driven insolvencies may rise soon and give practical advice for what to do if you’re dealing with problem debt in this economic climate. Tune in for a lively discussion!   Links:   Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Podcast 399 – Is the Housing Market Finally Slowing Down? with Nasma Ali https://youtu.be/4XjDd4JOvVc