Debt Free in 30

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. 

Welcome to Season 11, unofficially deemed our *practical* era.

Are your expenses outpacing your income? With inflation rising and wages lagging, many Canadians are feeling financial strain. Doug Hoyes and Ted Michalos discuss why government stats might not tell the whole story, why lowering interest rates won’t solve everything, and share practical advice for anyone struggling to keep up with debt. 

Timestamps:

(0:00) Spending More, Not Making More? Hilarious Season 11 Premier with Doug Hoyes and Ted Michalos (1:00) How Different Groups Have Fared from 2019 to Now (3:00) Discrepancies in Government Stats: Inflation vs. Wage Growth (4:50) How Has Everyone Been Coping with Rising Prices and Stagnant Wages? (8:10) Looking Ahead: Why Falling Behind Might Be Inevitable for Some (9:20) Bank of Canada Rate Cuts: Why They Won't Make a Big Impact (10:28) The Reality of Recession: Focusing on the Most Vulnerable (13:10) The Pitfalls of Side Gigs and Increasing Income (14:50) Strategies to Decrease Expenses (17:22) Mindset Matters: Breaking Out of Unhelpful Financial Habits (19:15) The Future of Debt Free in 30: What to Expect

Master Your Money! Subscribe to the Debt Free in 30 podcast, enable notifications, and follow us on socials for practical expert advice and engaging content: Watch: Debt Free in 30 YouTube Follow: Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources:“Joe Debtor” Hoyes Michalos Annual Bankruptcy StudyRising Interest Rates and Debt – Current Rates Tips to Avoid Debt Inflation is Driving Up Credit Card Usage  What To Do? Advice for Overwhelming 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 personalized guidance 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.

Pros and Cons of Budgeting: What Works, What Doesn't, and What to Do Instead | Debt Free in 30 | Episode 522

Is budgeting the best way to manage your finances, or is there a more practical approach?  Debt Free in 30’s Doug Hoyes discusses the pros and cons of budgeting, breaking down popular budgeting methods like the 50/30/20 rule and the practicality of saving 20% of your income. Explore why traditional budgets can often be overly simplistic, why it’s hard to start budgeting, and how to find a method that truly works for you. Doug shares his perspective on effectively managing money without being a "budget guy" and offers practical tips for those who struggle with budgeting. From understanding different budgeting styles to finding the right balance between debt repayment and saving, this season finale has everything you need to know to make budgeting work for you. Episode Timestamps:

(0:00) Doug Hoyes Isn’t a “Budget Guy” 

(0:50) Maureen Explains the 50/30/20 Budget Concept 

(4:20) Is Traditional Budgeting Overly Simplistic? 

(5:50) Doug Reconsiders His Stance on the Value of Budgeting 

(6:45) Budgeting Based on Pay Cycle

(9:50) Is Saving 20% of Your Income Realistic? A Breakdown of Saving vs. Debt Repayment

(14:40) Annual Budgeting: Why It Can Be Helpful and Practical Tips

(19:20) Consumer Proposal Budgeting Sessions: What to Expect

(21:20) Overcoming Difficulties of Starting a Budget  

(22:10) Exploring Budgeting Styles

(23:45) The Importance of Being Realistic in Budgeting and Making Tools Work for You Stay ahead of financial challenges with expert advice delivered straight to your device. Subscribe to Debt Free in 30, turn on notifications, and follow us on your favorite social channels for more entertaining and educational content. Watch: YouTube Listen: AppleSpotify PodbayDeezerAmazon Music Follow: Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources:“Joe Debtor” Hoyes Michalos Annual Bankruptcy StudyZero Based Budgeting – Giving Every Dollar a Purpose 7 Reasons Budgets Fail and How to Succeed Budget Mistakes to Avoid (Youtube)Is the 50-30-20 Budget Rule Do-Able Today? 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.

In this eye-opening episode of Debt Free in 30, host Doug Hoyes dives into the world of debt collection with Blair DeMarco of Kingston Data and Credit. Together, they unravel the complexities of debt collection and help you understand your rights from initial contact to facing settlement offers or legal threats. Whether you're grappling with old debts or dealing with aggressive collectors, this episode equips you with the knowledge and strategies you need to protect your credit and manage your debt effectively.   

Timestamps and Titles:   

00:00 - Introduction with Guest Blair DeMarco – How Collection Agencies Work  

03:05 The Collection Process: Best Questions Answered  

06:05 Understanding Your Rights: Statute of Limitations and Credit Reporting 

12:10 Can You Be Sued by A Collection Agency?   15:00 Old Debt – How It’s Affecting Your Credit and What to Do About It  17:45 Insights on Handling Aggressive Debt Collectors   20:10 Consumer Proposals and Stay of Proceedings – Navigating Your Options  

21:45 Debt Re-Aging – Creditors Can Reset the Clock 

24:45 What to Say When Debt Collectors Call      Stay ahead of financial challenges with expert advice delivered straight to your device. Subscribe and turn on notifications here:     Watch:  YouTube    Listen:  Apple  Spotify  Podbay  Deezer  Amazon Music   

Resources:   Kingston Data and Credit    Wage Garnishing: Know Your Rights    Frozen Bank Accounts: What You Can Do Next  

Stop Debt Collection Calls for GOOD     

Special Thanks:   Blair DeMarco  Scott Terrio      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. 

Explore essential financial topics and practical advice to overcome debt and achieve financial stability. If you’re struggling with high-interest debt, considering installment loans, or exploring mortgage refinancing, this compilation video offers valuable tips and actionable advice. Financial expert Doug Hoyes, co-founder of Hoyes Michalos, and his guests provide insights into effective debt management strategies, including the benefits and pitfalls of various financial tools and methods. Discover expert guidance on avoiding high-interest traps, practical steps for debt repayment, and effective strategies for reducing debt.

Timestamps: 0:00 Understanding Debt: What You Need To Know

2:55 What Are Installment Loans for Credit Cards?

8:30 Expert Credit Card Advice: Secrets Banks Don’t Share

10:45 Variable vs. Fixed Mortgage Rates Explained

11:45 Should You Sell Your House to Eliminate Debt?

16:00 Consumer Proposals: Mortgages and Home Equity

18:40 Considering Refinancing Your Mortgage

20:40 Avoiding High-Interest Debt Traps

21:50 Debt Consolidation Loans: Problems and Pitfalls (feat. Scott Terrio)

24:20 Installment Loans and Payday Lender Risks (feat. Scott Terrio)

28:10 Effective Ways to Start Paying Off Debt - Snowball vs. Avalanche

33:10 What to Do When Debt Repayment Methods Fail

Never miss a practical tip on improving your financial health. Subscribe below where you listen to podcasts: YouTube Apple Spotify Podbay Deezer Amazon Music

Resources:

Credit Card Debt Consolidation in Canada: What You Need to Know

Dealing With Debt Living Paycheque to Paycheque

Consumer Proposal FAQ’s Answered

Hoyes, Michalos and Associates YouTube Channel How To Deal With Higher Interest Rates When Debt Consolidation Doesn’t Go As Planned Rising Interest Rates And Debt: What Can You Do?

Special Thanks:

Scott Terrio - Manager, Consumer Insolvency at Hoyes Michalos https://ca.linkedin.com/in/scott-terrio

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.

Can You Improve Your Credit Score Without Debt? | Debt Free In 30 | Ep 381. If you’re new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today’s podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can strategically improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don’t count towards your score, and what to avoid so you don’t harm your credit. Tune in for lots of practical advice!

Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/

Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

Discover why chasing after more credit to achieve financial freedom may not be the most effective strategy, how it creates dependencies, and learn alternative paths to be more independent. 

Links:

What To Do When You Have Too Much Debt to Handle: https://www.hoyes.com/blog/what-to-do-when-you-have-too-much-debt-to-handle/