Financial planning doesn't have to start with investing or retirement, and it doesn't require everything to be "under control" first.

This is a practical, non-judgmental conversation that explains what financial planning really means, how it differs from budgeting, and where to start when money is tight or debt is part of the picture.

You'll be able to understand cash flow, set priorities, and reduce stress by knowing what to tackle first – even during a consumer proposal or bankruptcy. Subscribe to Debt Free Digest Newsletter – Don't Miss the Chance to WIN a Copy of The Wealthy Barber!

Need Help with Debt?

If debt is keeping you up at night, you don't have to endure forever. Start here! Debt Free in 30: Getting Out of Debt Requires a System Debt Free in 30: Budget Without Burnout

Free Budgeting Workbook – Hoyes Michalos Debt Relief Calculator 00:00 – Why most people don't start planning until a crisis 03:30 – What financial planning really means 07:45 – Budgeting vs financial planning 12:20 – Why prioritization matters more than perfection 17:30 – Where to start when money is tight 20:10 – Planning to deal with debt 25:10 – When a consumer proposal becomes part of the plan 29:15 – Why having a plan reduces stress 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.

David Chilton, author of The Wealthy Barber and one of Canada's most influential voices on personal finance, joins Doug Hoyes on Debt Free in 30 for an extra special double–long episode.

Doug and David dig into the issues Canadians are struggling with most: the true cost of inflation, a "K-shaped" economy, housing affordability, rising student debt, the growing gap between financial knowledge and financial discipline, and more. Subscribe to Debt Free Digest Newsletter – Don't Miss The Chance To Win a Copy of The Wealthy Barber

Buy the Wealthy Barber on Indigo

Buy the Wealthy Barber Audiobook

The Wealthy Barber – David Chilton's Web Page

00:00 – David Chilton on the updated Wealthy Barber book 02:27 – Why storytelling works for personal finance (and how he tested it) 06:52 – TFSA vs RRSP: how to decide in real life 15:21 – Financial literacy vs discipline in today's economy 18:29 – "K-shaped" Canada: who's thriving and who's squeezed 21:27 – First steps: debt payoff vs RRSP match priorities 22:54 – Spending summaries vs budgets: the method that actually changes behaviour 34:29 – Housing affordability, down payments, and parental help 38:06 – Gambling, meme stocks, crypto: a fast-growing driver of debt trouble 55:16 – Hope and next steps: learning money basics + building side income

Need Help With Debt?

If debt is keeping you up at night, you don't have to endure forever.

Talking to a Licensed Insolvency Trustee isn't about filing sooner — it's about understanding your options and reducing stress.

Learn more at: https://www.hoyes.com 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.

Debt is at record highs, yet insolvencies are flat. Why? In this episode of Debt Free in 30, Licensed Insolvency Trustees Doug Hoyes and Ted Michalos explain a financial paradox that's leaving millions of Canadians stressed, exhausted, and confused.

The answer isn't that people are okay. It's that people are enduring.

If you're paying your bills but still feel like you're drowning, this episode is for you.

Coming Up Next

Next episode: a special double episode with David Chilton (The Wealthy Barber) — a practical conversation about money, debt, and what Canadians are really facing heading into 2026.

2025 Predictions Show

Office of the Superintendent of Bankruptcy, Insolvency Statistics

Statistics Canada, Household debt levels (including credit cards) Statistics Canada, CPI (Inflation)

Mortgage Rates, Bank of Canada Hoyes Michalos Homeowners Bankruptcy Index

TransUnion, Canadian Consumer Debt Continues to Grow Despite Macroeconomic Relief

Hoyes Michalos Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario

In This Episode, You'll Learn:

· Why people don't file when debt rises — they file when cash flow breaks

· How inflation pushed credit card balances higher without immediate defaults

· Why paying the minimum isn't a solution — it's a delay

· How balance transfers and mortgage equity are masking financial stress

· Why insolvencies tend to stay flat, then jump

· What would trigger a surge in personal insolvencies

· Our 2026 insolvency predictions for Ontario

· Why relief isn't failure — and how getting advice early preserves options (00:00) You're Not Failing — You're Enduring (02:30) Debt Is Exploding, So Why Aren't Bankruptcies Rising? (05:20) People Don't File When Debt Rises — They File When Cash Flow Breaks (08:10) Why Credit Card Debt Is Rising Without Defaults (11:00) Paying the Minimum Is Buying Time — Not Solving the Problem (14:00) Who's Carrying the Debt Now (And Why That Matters) (17:10) Why Inflation Changed How Insolvencies Work (20:20) The Hidden Delay: Interest Rates Haven't Fully Hit Yet (23:40) Mortgage Equity Is Masking Financial Stress (27:00) Why Insolvencies Don't Rise Gradually — They Snap (30:00) Why Convexity Shows Up Later (32:40) The Paperclip Effect: Endurance vs. Breaking (34:10) What Would Trigger a Surge in Insolvencies? (35:30) Our 2026 Insolvency Predictions (38:00) Relief Isn't Failure — It's a Reset 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.

If you're carrying serious debt but also have money in an RRSP, TFSA, or other investments, one of the biggest fears is this: Will I lose everything if I get help?

Doug Hoyes and Ted Michalos, Licensed Insolvency Trustees, break down what actually happens to your investments when debt becomes unmanageable. They explain which assets are protected under Canadian insolvency law, which are at risk, and when cashing out savings can do more long-term harm than good.

CRA TFSA Contribution Calculator

Bankruptcy & Insolvency Act, paragraph 67

Hoyes Michalos Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario (00:00) Debt and investments: will savings survive serious debt? (02:10) The fear of "losing everything" when seeking debt help (04:20) Pressure to cash in investments before asking for help (06:30) Using a TFSA to pay debt: when it makes sense (09:10) RRSP withdrawals and the real tax consequences (12:45) Why multiple RRSP withdrawals don't reduce total tax owed (15:30) What happens to RRSPs and pensions in bankruptcy (18:40) Which investments are not protected in insolvency (21:30) Consumer proposals vs. bankruptcy: what you keep (24:30) Can you still invest while repaying debt? 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

Debt collectors are contacting Canadians more than ever. In this episode, Doug Hoyes and Ted Michalos explain why activity is increasing, what collectors are actually looking for, and how to respond without accidentally restarting the clock on old debts. They also cover how to spot scams, understand your rights, and know when it's time to get professional help. Ontario Limitations Act

Collection Agency Rules, Ontario

Search the Ontario government's website to verify that a collection agency is licensed here Hoyes Michalos Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario

(00:00) Why debt collectors are busier than ever (02:00) What's driving higher delinquencies in Canada (04:10) When creditors typically begin collection efforts (06:00) What collectors want besides money (08:00) How small payments or acknowledgments reset the 2-year clock (10:00) Why collectors ask for employer and contact information (12:00) Should you answer if you can't pay? (14:00) How to verify a real collector vs. a scam (17:00) Your rights when dealing with collection calls (19:00) When it's time to speak with a Licensed Insolvency Trustee 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.

Start investing because your numbers say "go," not because the internet says "now." This episode will remove the guesswork from entering the world of investing and provide a straightforward way for you to judge your readiness. Using simple math in layman's terms (think "why paying 20% interest beats chasing a maybe 10% return"), we discuss what to do first, how to keep bills safe from market swings, and when it makes sense to get professional help. (00:00) Welcome Charlie Kovacs from Hoyes Michalos (02:00) Do Canadians need to take big risks to get ahead? Myth vs. Reality (05:00) Pay debt vs. Invest (08:00) Fitness Test: Do you know your ins and outs? (11:00) Using your credit score as a tool, not a toy (13:00) Emergency fund and liquidity (16:30) Defining your "why" goals (20:00) Is saving for a first home realistic? (23:00) Are you knowledgeable enough to invest? Core concepts to know (27:00) Choosing vehicles: TFSA, RRSP, employer match, and more

Should You Use a Bonus to Pay Debt or Invest? Which Debts Should You Pay First? What is the Right of Offset and What Should You Do About It? Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario 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.

With housing costs, student loans, and everyday expenses skyrocketing, more young adults are turning to their parents for financial support. Doug Hoyes and Ted Michalos unpack the emotional, financial, and practical realities behind "helping" adult children, including why many parents feel compelled to assist, and break down the real risks of co-signing, lending money, or tapping home equity to solve a child's debt issues. (00:00) How costs, debt, and housing pressures shape young adults' expectations (03:10) Why parents feel compelled to help financially (06:20) When helping becomes risky for parents approaching or in retirement (10:00) Enabling, dependency, and how money strains family dynamics (12:00) Co-signing explained: what parents are really responsible for (13:30) When support prevents children from developing budgeting or financial skills (15:05) Alternatives to direct financial help (17:10) When to involve a Licensed Insolvency Trustee (18:40) Conditional help vs. open-ended rescue (25:00) Key takeaway: protect your own financial future first

How Can I Help My Adult Child With A Lot Of Debt? Joint Consumer Proposal – Who Can File Together? DIY Free Credit Repair Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario

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.

Turn your home equity into a plan, not a panic button! This episode gives a clear, practical checklist for using a HELOC or second mortgage wisely: how they work, what they cost, when they help, and when alternatives (like a consumer proposal) will protect your cash flow and your home better. Listen first, then decide with the numbers. (00:00) Toronto condo stress and Welcome to Scott Terrio (05:00) What a HELOC is and how it works (07:30) Second mortgages: key risks (09:00) Home "value" is changing in this market (11:00) HELOC pitfalls and personal risk (15:30) Why many homeowners resist selling (17:00) Could creditors place a lien anyway? Get the numbers (21:00) Banks can cut credit access—even existing limits (25:00) Snapshot of cash flow: budget vs. "budgeting," emergency funds (31:00) Rebuilding plan: why it isn't too late

Think Twice Before Getting a Home Equity Line of Credit Episode with Scott Terrio – Debt Free in 30 HELOC Debt: Is a Home Equity Line of Credit Right for You? Hoyes Michalos DIY Free Credit Repair Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario

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.

Many Ontario small business owners use personal credit to get a venture off the ground, because banks rarely lend to brand-new businesses. That convenience can help with early cash-flow gaps and sometimes costs less than a high-risk business loan, but it also creates serious personal exposure: guarantees, blurred books, CRA headaches, and credit-score damage. Doug and Ted walk through when using personal debt might make sense, the major risks to watch for, and practical ways to structure your finances.

(00:00) Self-employment: Opportunity vs. Necessity (02:00) Capital-Intensive vs. Lean Start-Ups (with examples) (04:00) Why banks don't fund brand-new businesses and what "collateral" means (06:30) Pro #1- Easier access to credit for start-ups (08:00) Pro #2 - Cash flow and other short-term advantages (09:30) Con #1- Personal liability: when business failure becomes personal insolvency (12:00) Con #2 - Blurred finances: bookkeeping pitfalls, CRA risk, and collection stress (14:00) Con #3 - Credit-score impact: utilization and missed-payment damage (16:00) Best practices and tips (19:00) The three roles every small business owner needs

Debt Traps of Buying a Business with David Barnett – Debt Free in 30

Bad Funding Choices for Small Businesses with David Barnett – Debt Free in 30

Want to Buy a Business? Here's What to Know First – Debt Free in 30

Starting or Buying A Business Out of Necessity – Debt Free in 30 DIY Free Credit Repair Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario 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.

Drawing on experience from 25+ years and 73,000+ filings, Doug and Ted break down the top debt mistakes Canadians make, and how to avoid them. They explain how problems creep up, why waiting narrows your options, high-cost credit and payday-loan cycles, CRA's real collection powers, and so much more. Canada-specific guidance for debtors with tips on protecting your long-term financial health. (00:00) How debt mistakes happen (02:00) Spotting debt problems early (04:30) Waiting too long is costly: interest, stress, fewer options (06:30) Choosing the right help: Licensed Insolvency Trustees vs. "debt consultants" (08:30) Minimum payments: is it ever a good strategy? (10:30) High-cost credit & payday loan cycle (13:30) Ignoring CRA debt: the powers of the Canada Revenue Agency (15:30) RRSPs to pay debt? Taxes, exemptions, and better paths (18:00) The credit-score trap (21:00) Practical resets, scam red flags Hoyes Michalos Joe Debtor Consumer Insolvency Study 2024 DIY Free Credit Repair Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario 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.