Debt Free in 30

If you’re a homeowner in Canada, you can’t miss this episode! Canadian homeowners are increasingly facing the tough reality of missed payments and rising financial pressures. 

Licensed Insolvency Trustee Scott Terrio joins Debt Free in 30 to unpack the potential warning signs of mortgage trouble, troubleshoot possible solutions, and provides guidance on how to handle worst-case scenarios.

Timestamps:

(1:25) – Canada is at the beginning of a mortgage crisis

(3:50) – Early warning signs of potential mortgage struggles

(8:30) – What to do if you think you might miss a payment

(11:00) – Mortgage deferral programs: How they work

(12:40) – Refinancing or modification of your mortgage

(15:00) – HELOCs (Home Equity Line of Credit)

(17:15) – Selling your house: An extreme or smart option?

(23:15) – If you miss one payment what exactly happens?

(25:45) – Consequences of missing multiple payments

(27:45) – Worst-case scenario: How it unfolds

(28:55) – Can you buy a home again if you lose your current one?

(32:30) – Why an insolvency proceeding might be a good idea

We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Sign Up for Our Newsletter HERE

Credit Rebuilding Course

What Happens If You Miss a Mortgage Payment? 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.

How do you know if you're financially fit? 

Doug Hoyes and Ted Michalos break down the essentials of financial "fitness", covering the importance (or unimportance) of positive net worth, stable cash flow, emergency funds, retirement planning, life insurance, budgeting, and more. This episode is packed with expert insights to help you evaluate your financial health and make informed decisions for a financially “fit” future.

Timestamps:

(0:45) – Ted Michalos on Financial Literacy Month

(2:00) – What does it mean to be financially "fit"?

(3:35) – Defining positive net worth and positive cash flow, which is more important?

(7:30) – Example of a cash flow analysis

(9:10) – The importance of an emergency fund (do you need one?)

(12:00) – Is a retirement plan essential?

(14:30) – Financial jargon sounds complex – Doug and Ted keep it practical

(16:00) – Do you need a budget or any financial plan at all?

(21:30) – Setting a savings goal: Why it matters

(24:30) – Life insurance and financial security

(25:00) – Final financial literacy advice from Doug and Ted

We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Episode Links Why Budgets Fail and How to Succeed Straight Talk on Your Money by Doug Hoyes Hoyes Michalos Blog 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.

Ready to break all the budgeting rules? This episode is a lively debate that flips the script on traditional money management. Doug Hoyes isn’t holding back on his opinions about the Government of Canada’s “Financial Literacy Month,” challenging its effectiveness and taking a skeptical eye to the budgeting advice we’ve all heard before. Maureen and Doug discuss outdated budgeting norms, explore innovative approaches, and provide expert-backed tips for rethinking your money strategies. Join the conversation! Comment and let us know whose approach you more strongly align with—or maybe you have your own budgeting philosophy to share?

Timestamps:

(1:00) – Why “Financial Literacy Month” might be missing the mark

(2:30) – The truth about budgeting: why it often doesn’t work

(5:35) – A breakdown of popular budgeting styles… and why Doug thinks they fail

(10:50) – Pre-budget essentials: what you need to do before creating a budget

(16:00) – The pitfalls of old-school budgeting and how to revamp it

(19:00) – Zero-Based Budgeting vs. its polar opposite: which works best?

(23:30) – When budgets spiral out of control and what you can do about it

(27:00) – Real-world money management advice from top experts

(30:20) – Are you on Team Doug or Team Maureen? Share your budgeting philosophy!

Episode Links: Why Budgeting is A Bad Idea 7 Reasons Budgets Fail

Straight Talk on Your Money by Doug Hoyes Hoyes Michalos Free Money Management Resources Find a Hoyes Michalos Office in Your Area Here

We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn

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.

How much do you really know about the impact of credit cards on your credit score?

Doug Hoyes and Ted Michalos bust common myths and reveal the true influence of credit cards on your financial health. Learn how credit scores work, get expert tips on managing your credit responsibly, and explore strategies to improve your credit standing. Whether you're new to building credit or refining your approach, these actionable insights will empower you to make smarter financial decisions.

Timestamps:

(1:00) – What’s more important than a credit score?

(6:00) – Breaking down the algorithm behind your credit score

(10:30) – Credit vs. Debt: Understanding utilization rates

(13:30) – Soft vs. hard credit inquiries—what you need to know

(15:20) – The right way to manage your credit card

(18:00) – Payment history is more important than you think

(21:00) – Financial stability tips

(24:00) – When should you actually check your credit score?

(27:30) – Should you use credit cards to build credit? Final Answer

Episode Links

DEBTASIZED Documentary What is Credit History? What is Revolving Credit? How Long Does it Take to Get Credit Back After Bankruptcy? Straight Talk on Your Money by Doug Hoyes Hoyes Michalos YouTube Hoyes Michalos Blog Find a Hoyes Michalos Office in Your Area Here

We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook  Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn

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.

Is all debt bad, or can borrowing sometimes be a smart financial move?

Doug Hoyes and Ted Michalos discuss debt’s dual nature as both a financial tool and a potential burden. They break down the differences between "good debt" and "bad debt," providing clear advice on assessing what's manageable, when taking on new debt might be a smart move, and how to avoid common pitfalls. 

Tune in for actionable insights on leveraging debt without letting it control your financial future!

Timestamps:

(0:00) – Conventional advice on “good debt” and “bad debt” (4:30) – Understanding your Debt-to-Income Ratio (DTI) (6:00) – Can you afford the payment? Key considerations (10:45) – Warning signs you have too much debt: What to watch out for (19:40) – Managing your Credit Utilization Rate (21:50) – Feeling stressed about debt? You have too much. (23:30) – How to assess the risks of taking on new debt (26:00) – Debt as a financial tool: Pros and cons (27:30) – Strategies for dealing with financial distress caused by debt

We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X)Hoyes Michalos LinkedIn

Hoyes Michalos YouTube

Debt Free in 30 YouTube Resources: Straight Talk on Your Money https://www.hoyes.com/straight-talk/ Hoyes Michalos Blog Doug Hoyes on X 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.

Back by popular demand: Canadian credit collector Blair DeMarco Wettlaufer! Even if you’re not currently dealing with prohibited debt collectors, this eye-opening episode is captivating and informative.  Learn about your rights as a Canadian consumer, the tactics some creditors use to pressure debtors, and how to protect yourself from unethical and illegal debt collection practices. Covering key topics such as re-aged debt, prohibited collection methods, and how technology is transforming the debt collection industry. Whether you’re managing debt or simply want to be informed, this episode provides essential knowledge to help safeguard your financial future.

Timestamps: (0:00) - Introduction of Blair DeMarco Wettlaufer from Kingston Data and Credit (1:10) - Provincial differences in debt collection laws (2:25) - Why should creditors follow the rules? (5:15) - Common unethical creditor tactics (6:40) - Re-aged debt: What it is and how to avoid it (11:10) - Tips on making arrangements with creditors (17:25) - Predictive dialers and the impact of new technology (23:55) - Challenges with email communication in debt collection (27:45) - Are you talking to an AI collector without realizing it? (29:55) – Behind the curtain of prohibited practices in debt collection

We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A’s, and more! Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources:

Straight from the Horse’s Mouth - Things Collection Agents Can and Cannot Do With The Credit Bureaus

Your Top Debt Collections Questions Answered! Navigating Debt Collectors: Practical Advice Hoyes Michalos YouTube Hoyes Michalos Blog Doug Hoyes on X 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. 

A loved one can leave assets in their will, but what about debts?  Can you inherit debt? What makes you legally responsible for debt, and what should you do if creditors come calling?

Doug Hoyes and Ted Michalos tackle common concerns about a sensitive topic with a touch of lighthearted fun. They discuss joint accounts and credit cards, the role of executors, and life insurance paying off mortgages. They break down what happens to debt after death in Canada and offer important advice for seniors and families planning their financial futures. Whether you're an executor, a spouse with joint accounts, or just curious, this episode provides clear (and candid) answers and essential insights for Canadians.

Timestamps:

(0:00) Creditors Calling About a Loved One’s Debts

(2:30) Joint Credit Cards and Supplementary Credit Cards

(5:30) Estates and Executors

(8:10) Can You Go Bankrupt After Death?

(9:00) Can You File a Consumer Proposal for a Deceased Person?

(9:50) Key Responsibilities of an Executor When Managing Debt

(11:00) Should You Have a Joint Account with Your Spouse (or Anyone Else)?

(14:10) Using Life Insurance to Pay Off Mortgages: What You Need to Know

(17:00) Planning for the Future: Family Conversations About Debt

(19:00) Advice for Seniors: What Happens to Your Debts After Death?

(26:00) The Final Answer: Can You Inherit Debt in Canada?

 Follow us:  Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources: What Happens to Debt When You Die in Canada Hoyes Michalos YouTube Hoyes Michalos Blog Doug Hoyes on X 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.

Is credit repair a scam? Learn the truth from experts about repairing damaged credit, understanding credit scores, and managing debt. Doug Hoyes and Ted Michalos explain essential topics like credit utilization rate, responsible credit card usage, and when you should worry about your credit score.

Whether you’re working to rebuild your credit or aiming to maintain a healthy score, this episode is full of practical advice on credit and debt management for all Canadians.

Timestamps:

(0:00) Humorous introduction: Doug Hoyes and Ted Michalos on modern credit

(2:00) Should you worry about your credit score?

(5:10) Credit utilization rate and access to debt

(7:40) How many credit cards are too many? 

(11:10) Can items be removed from your credit report?

(12:25) How often should you check your credit report?

(14:00) Practical strategies for reducing debt  

(17:10) What is a consumer proposal? How does it impact your credit score?

(20:00) Why saving cash is more important than you think  

(21:50) The importance of paying your bills on time  

(24:00) The “223 Rule” explained

(26:00) Two new “trade lines” and additional credit repair tips   Subscribe to the DFI30 Newsletter here (only one email per month!) 

Follow: Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Episode Resources:

Rules to Master Your Credit with Richard Moxley

Why Are Credit Reports Always Wrong? Fixing Errors w/ Richard Moxley “The Credit Game: Play To Win – Richard Moxley”

Straight Talk On Your Money – Doug Hoyes

Hoyes Michalos YouTube Hoyes Michalos Blog Doug Hoyes on X 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.

Does it feel impossible to make any progress with your debt? Getting out of debt is a battle against high interest rates, financial traps like payday loans, and the emotional toll that debt takes on your mental health.

Doug Hoyes and Ted Michalos explore the hidden factors that keep you stuck, from the predatory lending practices that pile on to your balance to the family pressures and stress that make it harder to break free. Learn how to stop the cycle of borrowing and why ignoring debt only makes things worse. Discover the tools available to help you, including guidance from licensed insolvency trustees who will review all the options available to you and your unique financial situation.  

You can get out of debt! 🎧 Subscribe to the Debt Free in 30 Podcast, hit the notification bell 🔔, and follow us on social media for actionable expert advice. Timestamps:

(0:00) Introduction: Debt is more common than you think

(2:00) How debt accumulates over time

(3:50) The math of debt: Interest rates

(6:05) Predatory lending and the danger of payday loans

(8:10) Why a consolidation loan isn’t a simple fix for everyone

(12:00) Family pressures and their impact on your debt decisions

(13:55) Mental health struggles: Why many ignore their debt problems

(15:30) Debt fatigue: What it is and how it affects your motivation

(16:50) What happens when you ignore your debt and where to turn for help

(20:25) Step 1: How to begin tackling your debt

(25:25) Professional help: Realizing when your debt is too much

(28:00) The role of a Licensed Insolvency Trustee and exploring your options

Follow: Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources: Hoyes Michalos YouTube Hoyes Michalos Blog Doug Hoyes on X Find a Hoyes Michalos Office in Your Area Here DEBTASIZED DOCUMENTARY 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.

Thinking about starting a side hustle or going out on your own? Whether you're a seasoned entrepreneur or a first-timer, this insightful episode with author and business expert David Barnett is packed with valuable advice.

David returns to Debt Free in 30 to delve into starting or buying a business out of necessity. Discussing the importance of market research—when it’s needed and not—along with creative strategies for securing funding when resources are scarce. He also provides practical guidance on starting with limited or no capital, and the types of businesses that align with your abilities, financial situation, and more.   

Timestamps: 

(0:00) Introduction to David Barnett: Business Broker, Consultant, and Entrepreneur 

(3:50) Excerpt from David’s Book: Why People Start Businesses Out of Necessity 

(5:25) Choosing the Right Business When You Have to Start One 

(6:40) Effectuation: Starting a Business Based on What You Can Do 

(10:00) Conducting Market Research for Your Business Idea 

(12:00) Starting a Business with No Money: Is It Possible? 

(16:50) Top Tips for Launching a Business Without Capital 

(19:50) Exploring Funding Sources for Small Businesses 

(21:20) Side Hustles While Keeping Your Day Job 

(22:30) Deciding Whether to Buy or Start a Business 

(26:40) Understanding Bank Lending Motives for Business Loans 

(29:30) The Importance of Community Support in Business 

🎧 Subscribe to the Debt Free in 30 Podcast, hit the notification bell 🔔, and follow us on social media for actionable expert advice Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn 

 Episode Resources:  

David Barnett YouTube Hoyes Michalos YouTube David’s New Book: “Starting or Buying a Business” David Barnett’s Website

David’s Online Business Course Hoyes Michalos Blog

 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.