What options do homeowners have when they’ve got a lot of home equity and a lot of unsecured debt, but the bank won’t let them refinance by borrowing against their home? On today’s podcast, Ted Michalos and Doug Hoyes explain why homeowners often carry so much more debt than non-homeowners, how to deal with your unsecured debts whether refinancing is an option or not, and how an insolvency filing can affect your home. Given today’s economic situation, this may sadly be a reality for many homeowners in the months and years to come. Tune in for lots of practical strategies and advice!   Helpful Links:   Second Mortgage or Interest-Free Consumer Proposal:  https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/ Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/             Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

411 –  High Home Equity, But Can’t Refinance - How to Deal with Debt?

Each week Doug Hoyes talks to industry experts about debt, money, and personal finance.  Don't be confused; listen as the guest experts cut through the jargon and share practical advice.

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In this episode, Doug and Ted discuss the subtle ways debt accumulates over time, highlighting the unnoticed expenses that may lead you into debt. Have you ever calculated how much you spend monthly on subscriptions? Consider services like Amazon, Netflix, Disney, meal kits such as HelloFresh or Factor, pet and beauty subscriptions, car subscriptions, book clubs, and newspapers. These examples highlight how your money can slip away without you realizing it and potentially lead you toward bankruptcy. Tune in for practical advice on what to do to reduce these expenses, so you don’t find yourself in debt.     Time Stamps: 00:00 Introduction 03:00 Set it and forget it method 04:03 Subscriptions 13:01 Why would a business want you to be on a subscription service? 16:49 Practical advice    Related Links: The Marketing of Consumer Debt. Avoid The Traps -  https://www.hoyes.com/blog/the-marketing-of-consumer-debt-avoid-the-traps/ 52 Tips to Avoid Debt -  https://www.hoyes.com/blog/52-tips-avoid-debt/ 5 Debt Lessons Every Student Should Know - https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/ How To Minimize Debt as a Millennial - https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/ How to Minimize Debt as Your Family Grows - https://www.hoyes.com/blog/how-to-minimize-debt-as-your-family-grows/ How to Minimize Debt Before and After Retirement – https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

506 –  Are Subscriptions and Delivery Apps Driving you into Debt?

Doug is joined by  Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine. In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health.  Amanda shares strategies  for achieving financial objectives during times of struggle. We also discuss how financial decisions affect our relationships and the importance of values and goals.  Time Stamps: 00:00 Introduction 01:17 What is a financial therapist? 03:35 How can a financial therapist help you? 04:13 Do financial problems cause psychological stress? 06:07 How does financial therapy work? 09:01 What’s an example of how someone would describe their financial situation? 11:53 Advice for couples dealing with difficult financial decisions 17:00 Client trends in financial therapy 17:37 Values and goals 24:13 How many sessions of financial therapy will you need?     Related Links: Are Debt and Mental Health Connected? Understanding Debt Stress:  https://www.hoyes.com/blog/are-debt-and-mental-health-connected-understanding-debt-stress/ About Amanda: https://amandaclayman.com/about Amanda Clayman Website: https://amandaclayman.com/ Amanda’s Podcast, Emotional Investment: www.Audible.com/emotionalinvestment Amanda Clayman LinkedIn: https://www.linkedin.com/in/amandaclayman/ Amanda Clayman Twitter: https://twitter.com/mandaclay Amanda Clayman Instagram: https://www.instagram.com/amandaclayman/ Amanda Clayman Facebook:  https://www.facebook.com/AmandaClaymanFinancialTherapy/ Amanda Clayman Pinterest: https://www.pinterest.ca/claymanamanda/

505 –  Mental Health and Money with Financial Therapist Amanda Clayman

Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians.   Timestamps:   00:00 Documentary announcement   02:37 Why should you care about the Federal budget?   03:00 Taxes   06:28 What is a budget?   08:07 Automatic tax filing for low-income Canadians   10:29 Single sign in portal for government services   11:35 Reduce CRA call centre wait times   12:07 NSF Fees   14:23 Free and affordable bank accounts   17:47 Cell phone fees   18:38 Credit for paying rent   24:12 Credit utilization for rent   26:10 Student housing   27:45 Credit bureaus   29:03 Payday loans   29:55 Final thoughts   Related Links:   Should Rent Be a Part of a Credit Score?:  https://www.hoyes.com/blog/should-rent-be-a-part-of-a-credit-score/ Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html TurboTax Personal Tax Calculator:  https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp Bretton Woods and Related Agreements Act: https://laws-lois.justice.gc.ca/eng/acts/b-7/index.html

504 –  2024 Federal Budget: Unintended Consquences?

 How much does it cost to own a pet? Join Doug and special guest Maureen Parent as they break down the expenses, from breeder fees to food, vet bills, travel, dental, training, and more! Maureen offers valuable tips for managing your pet's expenses while avoiding debt.  Time Stamps:  00:00 Introduction  02:05 What are the upfront costs of owning a pet?  06:11 The regular costs of owning a pet  16:55 The unexpected costs of owning a pet  20:33 How much does it cost to board your pet?  21:55 Practical advice for owning a pet  24:04 Pet Insurance  25:42 Smaller pets vs. large pets  27:30 Can rescue pets save you money?  27:55 Toy and treat tips to save you money  29:59 Conclusion    Related Links:  The Cost of Dog Parenthood in 2024 - https://www.rover.com/ca/blog/cost-of-dog-parenthood/

503 –  Pet Ownership Costs & Tips to Avoid Debt

 Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home.  From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out.  Time Stamps:  00:00 Introduction  01:00 Reasons you should own a home  03:38 Is a mortgage a forced savings plan?  06:10 Reasons not to buy a home  06:21 Timing is everything in real estate  08:17 Variable rate interest only mortgage vs. amortization mortgage  12:03 Moving if you own a home vs. if you rent  15:29 Maintenance  18:50 Credit creep  24:11 Practical advice     Related Links:  Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/  Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/  Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/  Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/  Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

411 – High Home Equity, But Can’t Refinance - How to Deal with Debt?

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