Making only the minimum payment on credit cards may feel manageable, but it’s one of the riskiest financial habits for Canadians today. Doug Hoyes and Ted Michalos explain the real math behind minimum payments and share practical strategies for breaking out of the cycle for good. 00:00 – Setting the stage: the shift from “getting by” to falling behind 02:30 – The math behind minimum payments 08:30 – Quebec’s new rules - will increasing minimum payments make a difference? 12:00 – Canada’s credit card landscape after the pandemic: the growing debt burden 17:05 – Red flags that you’re stuck in a minimum payment trap 22:00 – Strategies to recover from minimum payment habits 24:00 – Converting credit card balances to fixed-term loans 27:00 – How to break the cycle for good

How Credit Card Micropayments Can Reduce Your Debt Faster DIY Credit Repair Strategies and Free Course Credit Card Debt Help in Canada Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel 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.