One of the simplest ways to increase your credit score is to lower your credit utilization. But how do you do that? And what utilization percentage is optimal?  On today’s podcast, Certified Credit Counsellor Diane Cunha is back to share practical advice for how to maintain a good utilization rate for healthy credit. Diane also discusses common credit utilization misconceptions and the risks of having too much available credit. Tune in to the show!   Helpful Links:   What is Credit Utilization: https://www.youtube.com/watch?v=hW8lcbGwyq8 Rules to Master Your Credit with Richard Moxley: https://www.youtube.com/watch?v=jP6etPo_CQc Fix Bad Credit Yourself – Tips & Tricks: https://youtu.be/BtncJCxN4So Straight Talk on Your Money Book:  https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034  

337 –  What Credit Utilization Rate is Best for Your Credit Score?

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 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/

502 –  Should I Buy or Rent a Home? What Makes Sense in Today's Market

Blair DeMarco-Wettlaufer, the Chief of Operations Officer of Kingston Data & Credit joins Doug to discuss the consequences of unpaid debts and their impact on your credit score. They look at real-life scenarios and provide practical advice to manage your credit report.  They also discuss what collection agents can and cannot do when it comes to reporting your debts to the credit bureau and how to dispute old debts, so they don’t affect your credit. Timestamps: 00:00 Introduction 01:45 If you don’t pay a collection agent can it affect your credit score? 04:33 The Statute of Limitations Act. 05:30 The Credit Bureau. 09:45 How and when do collection agents report to the credit bureau? 16:20 What collection agents cannot do when reporting to the credit bureau. 18:14 Can a collection agency remove a debt from your credit report? 23:24 What happens if a collection agency keeps calling the wrong number? 26:07 How owing a collection agent can affect your credit score. 27:43 Practical advice from a collection agent. 34:05 How to reach out to Blair DeMarco-Wettlaufer.    Related Links: How Old Tickets and Fines Can Destroy your Credit Score:   https://www.hoyes.com/blog/how-old-tickets-and-fines-can-destroy-your-credit-score/   'Insanely old' city ticket wreaks havoc on Ottawa man's credit score: https://www.cbc.ca/news/canada/ottawa/insanely-old-city-ticket-wreaks-havoc-on-ottawa-man-s-credit-score-1.7141166   Long-forgotten fines won't linger on credit records, city assures residents: https://www.cbc.ca/news/canada/ottawa/city-of-ottawa-parking-ticket-debt-owed-collection-credit-score-1.7152329 Blair Demarco-Wettlaufer’s Blog “Receivable/Accounts - Information for Credit and Collection Issues”:  https://receivableaccounts.blogspot.com/   Legislation Links Cited in the Podcast:   Collection and Debt Settlement Services Act of Ontario:  https://www.ontario.ca/laws/statute/90c14    The Provincial Offenses Act, section 76:  https://www.ontario.ca/laws/statute/90p33#BK105 The Limitations Act of Ontario sets a basic limitation period of two years:  https://www.ontario.ca/laws/statute/02l24#BK16 The Consumer Reporting Act of Ontario:  https://www.ontario.ca/laws/statute/90c33#BK11     Blair Demarco-Wettlaufer’s Previous Appearance Links on Debt Free in 30: Episode 20 – January 17, 2015 - Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer:  https://www.youtube.com/watch?v=0tsrKacdx4U Episode 57 – October 3, 2025 Collection Agents: How Did They Find Me?:  https://www.youtube.com/watch?v=0SMU1R5N0ms Episode 70 – January 2, 2016 – Top 10 Tips for Dealing with a Collection Agent:  https://www.youtube.com/watch?v=736J-IefWrI Episode 264 – September 21, 2019 - How to Negotiate With a Collection Agent:  https://www.youtube.com/watch?v=ZgNWpKfBUwU  Episode 296 – May 2, 2020 - Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact:  https://www.youtube.com/watch?v=S86gnBEkeUY  Episode 373 – October 23, 2021 - Your Top Collections Questions Answered by a Debt Collector!:  https://www.youtube.com/watch?v=Ue8gFE2Z48w Episode 477 – October 21,2023 The Messy World of Debt Collection and Statute-Barred Claims:  https://www.youtube.com/watch?v=6uN82x3ts1k&t;=115s

501 –  Things Collection Agents Can and Cannot Do with Your Credit Report

 This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy.  He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth.  Enjoy!   Related Links:  Build a Get Out of Debt Repayment Plan  -  https://www.hoyes.com/debt-relief/get-out-of-debt/ Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401  Statistics Canada, Wealth Gap -    https://www150.statcan.gc.ca/n1/daily-quotidien/230331/dq230331b-eng.htm  CPI Basked Weight Visualization -   https://www150.statcan.gc.ca/n1/pub/71-607-x/2018016/cpi-ipc-eng.htm  National balance sheet and financial flow accounts, fourth quarter 2023 -https://www150.statcan.gc.ca/n1/daily-quotidien/240313/dq240313a-eng.htm  Wealth Gap, Statistics Canada -   https://www150.statcan.gc.ca/n1/daily-quotidien/240122/dq240122a-eng.htm  Bank of Canada, Monetary Aggregates (Money Supply) -  https://www.bankofcanada.ca/?p=47527  Canadian Real Estate Association, National Statistics -   https://stats.crea.ca/en-CA/  November 2023 Federal Government Fall Economic Update -   https://www.budget.canada.ca/fes-eea/2023/report-rapport/anx1-en.html#a1 Episode 270, The Fable of the 20 Dollar Bill - https://youtu.be/5fYfAvSnNps?si=ziTAfuUWwbdmYHvk

500 –  Why Do We Feel Despair? (A Rant)

 Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise.  Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada’s auto theft epidemic.   They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement.  This discussion is essential for Canadian vehicle owners looking to stay safe and understand what actions to take in case of a car theft and how to prevent yourself from falling victim.  Timestamps:  00:00 Introduction  02:10 The latest update on car thefts in Canada  04:40 How many stolen vehicles end up departing Canada?  06:14 What is a VIN number and what is re-vinning?                 10:44 What happens if you purchase a stolen used vehicle?  12:25 What is the solution to prevent car thefts?  17:45 What measures can individuals take to defend themselves against car theft?  28:40 The cost of enforcement  33:31 Conclusion     Related Links:  Can You Include Your Car Loan in a Consumer Proposal? -  https://www.hoyes.com/blog/can-you-include-your-car-loan-in-a-consumer-proposal/  What Happens to a Financed or Leased Car in Bankruptcy? -  https://www.hoyes.com/blog/what-happens-to-a-financed-or-leased-car-in-bankruptcy/  Should You Consolidate or Pay Bills with a Car Title Loan? -https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/  How Car Loans and Car Loan Rollovers Lead to Insolvency -  https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/  Car Thefts Have Reached Crisis Levels Across Canada.  How did we get here? -  https://macleans.ca/society/car-thefts-have-reached-crisis-levels-across-canada-how-did-we-get-here/  Michael Rothe LinkedIn - https://www.linkedin.com/in/michael-rothe/  Canadian Finance & Leasing Association - https://cfla-acfl.ca/

337 – What Credit Utilization Rate is Best for Your Credit Score?

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