Debt Free In 30

Informações:

Synopsis

Every week we take 30 minutes and talk to industry experts about debt, money and personal finance.

Episodes

  • 293 – Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler

    293 – Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler

    11/04/2020 Duration: 36min

    How has COVID-19, job loss, declining income, and physical distancing impacted the mortgage industry? And how are home values going to be affected by all this? Enter Ron Butler.  Ron is a seasoned mortgage broker and a first-time guest on the Debt Free in 30 podcast. On today's show, we discuss the current real estate market and what will happen when the lockdown is over; why banks are tightening HELOC availability for borrowers; and why now may not be the best time to refinance your mortgage if you are carrying unsecured debt. Ron also provides insight into the 'death' of the private mortgage industry and describes the new world of mortgage lending. There's lots to learn from this mortgage insider.  Enjoy!

  • 292 – Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession with Ben Rabidoux

    292 – Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession with Ben Rabidoux

    04/04/2020 Duration: 55min

    Ben Rabidoux was the guest on podcast episode 266 in October 2019 where he correctly predicted lower interest rates, deflation and a weakening economy, and that was even without t foreseeing COVID-19. On today’s show he has many new predictions, including: Lenders will, very soon, lower HELOC borrowing availability, and likely convert HELOCs to regular loans requiring payments of interest and principal each month. He also predicts that residential rents will fall by 10%, and perhaps more in many markets. Many investors in second mortgages will be wiped out. Population growth will slow dramatically, and that, combined with a 95% reduction in Airbnb bookings will reduce house prices (but not immediately, because the real estate market is essentially frozen, with less buying and selling).​ It's a jam-packed episode with lots of insight and probably our longest show yet. Enjoy!   Time Stamps (if you want to skip ahead) 4:37 – The numbers are staggering; employment insurance claims could be as much as 20 times nor

  • 291 – COVID-19 and Debt Update: Dealing With Your Creditors

    291 – COVID-19 and Debt Update: Dealing With Your Creditors

    28/03/2020 Duration: 47min

    The Hoyes Michalos Team is working from home, so today’s podcast was recorded yesterday morning in my guest boardroom, so the sound quality isn’t studio quality, but we wanted to get the information out to you; here’s the rundown of today’s show, with time stamps: Dealing with Creditors during Coronavirus: https://www.hoyes.com/blog/dealing-with-creditors-during-a-financial-crisis-like-the-coronavirus/ 1:15 All HMA offices closed to in person meetings, but we are working from home by phone or video 2:25 Limitations Act of Ontario suspended – creditors have more time to sue you 3:40 Right of offset – don’t bank where you owe money 5:30 How to deal with your landlord if you can’t pay your rent 6:22 Mortgage deferral – what it really means 7:24 Should I worry about my credit score? – Equifax and TransUnion offering free credit reports Links: https://www.consumer.equifax.ca/personal/products/credit-report/ and https://secure-ocs.transunion.ca/secureocs/credit-agree.html 10:58 Canada Emergency Response Benefit –

  • 290 – Dealing with Debt During COVID-19

    290 – Dealing with Debt During COVID-19

    21/03/2020 Duration: 34min

    We normally record Debt Free in 30 weeks in advance, but today, given the rapidly changing situation, we decided to record a special COVID-19 episode.  We discuss what is happening right now (all 22 Hoyes Michalos offices are closed for in person meetings, but our full team is available by phone and video conference), how COVID-19 will impact the finances of Canadians (“public facing” workers for small businesses will be hardest hit), we predict how this will impact the number of bankruptcy filings, we give our practical advice for dealing with collection calls, and we end the show with why, after we get through the next few months, we are optimistic for the future.

  • 289 – Rebuilding Your Life and Finances After Bankruptcy

    289 – Rebuilding Your Life and Finances After Bankruptcy

    14/03/2020 Duration: 34min

    Beau Humphreys appeared on episode 147 back in June, 2017; he shared his struggle with a gambling addiction, and that episode is one of our most downloaded episodes ever. Beau filed a consumer proposal with us in 2009, paid it off in three years, became a financial coach, and is now a fully accredited credit counsellor here at Hoyes Michalos. On today’s show Beau explains his approach to credit counselling, and he gives lots of practical advice on how he uses insolvency counselling to give our clients a fresh financial start.

  • 288 – Credit and Debt Decisions That Can Backfire

    288 – Credit and Debt Decisions That Can Backfire

    07/03/2020 Duration: 30min

    Have you ever made a decision that seemed like a good idea at the time, but ended up backfiring? Today credit counsellor Diane Cunha returns, and she’s got lots of examples of bad credit decisions that can backfire, including debt consolidation loans (that don’t actually reduce your debt), high car payments, “do not pay for 24 months” deals, making multiple loan applications in a short period of time, and many more.

  • 287 – Should You Pay Someone To Do Your Taxes?

    287 – Should You Pay Someone To Do Your Taxes?

    29/02/2020 Duration: 31min

    Should you pay someone to do your taxes, or should you just do them yourself? Simple question; what’s the answer? Scott Schaefer is here, and we’ll discuss four factors to consider: Complexity, expertise, time, and who you hire.  There is a lot of practical advice on this episode, and we end with a warning NOT to use cash back (it’s too expensive in most cases).

  • 286 – Talking Happy Go Money with Melissa Leong

    286 – Talking Happy Go Money with Melissa Leong

    22/02/2020 Duration: 36min

    How do you strike a balance between your finances and your personal happiness? Enter Melissa Leong – financial expert and author of Happy Go Money. In her latest book, Melissa combines psychology and personal finance to provide an easily digestible guide to spending, budgeting, and investing. On today’s podcast, she joins Doug Hoyes to discuss why more money in the bank doesn’t correlate with happiness, how you can revamp your relationship with money, and other practical financial advice for listeners. This is a “must listen” podcast.  Enjoy!

  • 285 – Today’s Bankrupt Debtor: 4 Key Debt Trends Explained

    285 – Today’s Bankrupt Debtor: 4 Key Debt Trends Explained

    15/02/2020 Duration: 29min

    Once a year we crunch the numbers and release our annual Hoyes Michalos Joe Debtor Bankruptcy Study.  It’s the only study that exists that looks at real numbers from actual people (it’s a study, not a survey) so every year it generates a lot of media attention.  Today’s podcast is the only interview Ted and I do together on Joe Debtor, and we explain the four key trends we identified this year: Income are up (but not because our clients are getting big pay increases). Expenses are also up, so there is less cash available to pay debt. As a result the credit profile of our clients is deteriorating, leading to more payday loans and high interest instalment loans. The student loan crises is leading to more younger people going bankrupt or filing a consumer proposal. Full explanations and more on today’s show. Full details with all of the charts can be found here: https://www.hoyes.com/press/joe-debtor/

  • 284 – Rules to Master Your Credit with Richard Moxley

    284 – Rules to Master Your Credit with Richard Moxley

    08/02/2020 Duration: 34min

    On today’s show we have a first time guest, Richard Moxley, who explains how to win at the credit game.  He explains why the credit score you buy is not the same one your lender uses, why age matters, and what practical steps you can take to rebuild or improve your credit.

  • 283 – How To Prepare Your Finances for a Recession

    283 – How To Prepare Your Finances for a Recession

    01/02/2020 Duration: 32min

    I have no idea whether or not we will have a recession soon, but whether we do or not, there are some steps you can take to prepare.  On today’s show Scott Terrio returns to discuss what causes a “personal recession”, and what steps you can take to prepare for whatever happens.

  • 282 – Identifying and Avoiding Loan Scams

    282 – Identifying and Avoiding Loan Scams

    25/01/2020 Duration: 28min

    Ted Michalos returns to discuss loan scams, including advance fee loans, savings loans, and “pay off your consumer proposal” loans.  Listeners may quibble with our characterization of these loans as “scams”, but we explain why we believe they should be avoided, and we give our suggestions on better alternatives for people who want to improve their credit and are tempted to get these types of loans.

  • 281 - Talk Money To Me with Kelley Keehn

    281 - Talk Money To Me with Kelley Keehn

    18/01/2020 Duration: 37min

    Kelley Keehn returns after a three year absence, and on today’s show we discuss some of the many interesting ideas she has in her new book, Talk Money to Me. We discuss the impact of low interest rates, whether or not she thinks budgets are a good idea, why she thinks the fourth asset class is your career, and what we need to know about the reciprocity rule. That and lots more on today’s show!

  • 280 – Are Reverse Mortgages a Good Idea?

    280 – Are Reverse Mortgages a Good Idea?

    11/01/2020 Duration: 36min

    On today’s show first time guest Alexandra Macqueen, CFP explains what a reverse mortgage is, how they work, and who qualifies.  More importantly, Ms. Macqueen does not sell reverse mortgages; she’s a financial planner and university educator, so she has no vested interest in whether or not you get a reverse mortgage, so she is able to offer unbiased advice on this increasingly popular borrowing option for home-owning seniors.  Are they a good idea? That answer and more on today’s show.

  • 279 – How Debt Fools People

    279 – How Debt Fools People

    04/01/2020 Duration: 31min

    On today’s show Scott Terrio explains that, for most of our clients, debt “sneaks up on you”.  You borrow the money and expect to have no trouble paying it off, but then life happens, and the debt problems begin.  We discuss how debt causes problems, and Scott creates a new term: Financially Catatonic.  All that and more on today’s show.

  • 278 – Year-End Debt Show and Predictions for 2020

    278 – Year-End Debt Show and Predictions for 2020

    28/12/2019 Duration: 25min

    For the last show of the year Doug Hoyes and Ted Michalos look back on 2019 and ask the obvious question: the economy is doing well, unemployment is low, and yet bankruptcy and consumer proposal filings in Ontario have had the largest spike upward in over a decade, up about 16% so far this year.  Why? We debunk the conventional wisdom from the talking heads on TV (it has nothing to do with unemployment or interest rates, and it’s not a temporary blip) and explain what’s really happening.  We play a clip from our predictions show from last year so you can see how accurate we were, and then Ted and Doug close the show with their predictions for personal insolvencies in 2020.

  • 277 – Is Life Better or Worse Today?

    277 – Is Life Better or Worse Today?

    21/12/2019 Duration: 24min

    If you listen to the news, or read the comments on YouTube, you may think the world is getting worse.  All we hear about are political scandals, crime, and economic problems.  That’s not surprising; bad news sells; negative clickbait works! But as we discuss on today’s podcast, world health continues to improve, and extreme poverty is at its lowest level in history.  So why do we think things are getting worse?  It’s partly due to the “negativity instinct”, a concept discussed in the book Factfulness: Ten Reasons We’re Wrong About the World, and Why Things are Better Than you Think by Hans Rosling.  On today’s show we discuss how to spot negativity, and how you can see the positive side of life.

  • 276 – The Problem with Gift Cards

    276 – The Problem with Gift Cards

    14/12/2019 Duration: 29min

    Everyone likes gift cards.  Free money!  An easy gift for anyone on your Christmas list, but there is a downside. On today’s podcast, first time guest and Hoyes Michalos credit counsellor Patty Sweeney explains the advantages and disadvantages of gift cards, and she gives lots of practical advice if you give or receive gift cards.

  • 275 – The Huge Business of Marketing

    275 – The Huge Business of Marketing

    07/12/2019 Duration: 29min

    Robert Brown, author of Wealthing Like Rabbits, returns for his sixth appearance on the podcast, where we discuss marketing in its many forms. Cross selling, upselling and reselling are happening all the time, and we often don’t realize it. We provide many examples, and strategies to keep more of your money in your pocket.

  • 274 – Understanding the Retail Apocalypse with Stephanie Hughes

    274 – Understanding the Retail Apocalypse with Stephanie Hughes

    30/11/2019 Duration: 30min

    Over 600 big name store locations have closed in Canada in the last three years, resulting in over 17,000 lost jobs, and that doesn’t include hundreds more small stores that have shut down.  Is this just the impact of Amazon, or is there something deeper happening?  And what does this mean for the Canadian economy going forward? On today’s show first-time guest Stephanie Hughes explains why the stores are closing, and what this means for the typical retail worker specifically, and the Canadian economy and real estate.

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