For many newcomers to Canada, the Canadian credit system can feel like a high-stakes challenge. Although it's essential for building a financial life, aggressive lending practices, cultural mindsets around credit, and a lack of clear guidance can lead to overwhelming debt before fully understanding how the system works.

In this essential episode, Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos discuss the challenges newcomers may face, explain how banks and lenders operate, and pinpoint the critical warning signs to watch for when navigating a new financial life in Canada. 00:00 – Why do banks and lenders target new Canadians?

03:30 – How Canada’s credit culture affects immigrants

06:00 – How do credit and banks work in Canada? Can they be trusted?

09:00 – Unique financial challenges for newcomers

11:00 – What banks consider when lending to new Canadians

12:30 – Is building credit the only way to succeed? Ted’s advice

14:00 – Red flags for immigrants seeking financial help: Who can you trust?

22:00 – Credit advice everyone should know (not just newcomers)

23:30 – Real-life scenario that illustrates key credit considerations for new Canadians

26:00 – What to do if you’re an immigrant (or anyone) with unmanageable debt in Canada Bankruptcy, Sponsorship, and Citizenship in Canada Student Loan Debt Forgiveness Best Debt Relief Options Ontario Free Credit Rebuilding Course and learning resources Sign Up For The Monthly Debt Free Digest 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.