Have you ever stopped to consider the real costs—and sacrifices—of borrowing someone else’s money?

Whether it’s a mortgage, car loan, or another form of financing, the hidden fees, penalties, and long-term credit impacts can quickly add up. Beyond the numbers, debt can bring stress, limit opportunities, and force tough choices in your personal and professional life.

Doug Hoyes and Ted Michalos provide expert insights to help you confidently navigate borrowing, avoid costly mistakes, and make decisions that protect your finances and peace of mind.

Timestamps:

(1:00) – Get Interested in Your Interest Rates

(3:25) – Understanding Origination Fees and Insurance Costs

(8:05) – Why Doug and Ted Recommend Paying on Time

(10:15) – Prepayment Penalties and Other “Hidden” Fees

(15:10) – Discretionary Spending or Needing to Borrow More

(17:10) – How Borrowing Impacts Your Credit Score

(19:30) – Debt Causes Stress and Limits Opportunities

(21:15) – Why Banks Encourage You to Finance  

(24:00) – Practical Advice – How to Read Your Loan Contract

(26:50) – The Bottom Line: Calculating the Total Cost

(29:00) – Knowing When to Seek Professional Help

Learn more from Hoyes Michalos: Debt Repayment Calculator Debt To Income Ratio Calculator Budgeting Course Sign Up for Our Newsletter HERE Smart Borrowing and Loan Management Tips Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here 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 personalized advice from a qualified financial advisor. Always consult with 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 or strategies discussed.