We’re facing massive inflation with more and more people turning to debt to make ends meet. Bankruptcies are still at record lows, but perhaps not for much longer. On today’s podcast, Doug Hoyes and Ted Michalos give us an update on what’s going on now and how the rising cost of living is impacting our wallets. They also explain why someone would ever need to file bankruptcy by providing some realistic scenarios that lead one to financial trouble. Doug and Ted also share their predictions for what’s to come and give lots of practical advice for how to manage debt in today’s economy. Tune in!   Links:   Hoyes Michalos Joe Debtor Bankruptcy Study  https://www.hoyes.com/press/joe-debtor/             Why and How Does Someone go Bankrupt? https://www.hoyes.com/blog/why-and-how-does-someone-go-bankrupt/ Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

404 –  Where Are We Now? Recession? Will It Get Worse?

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.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors.   Time Stamps: 00:00 Introduction 03:35 Failure rate for consumer proposals 05:07 Why have consumer proposals overtaken bankruptcies in Canada? 08:33 Surplus income 12:12 Are the licensed insolvency trustees making more money on consumer proposals? 14:50 The creditors impact on a bankruptcy and consumer proposals 24:55 Unregulated debt advisors 33:39 Solutions for low-income debtors 44:22 Final thoughts  Related Links: Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/ The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system Consumer Proposal vs Personal Bankruptcy - https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/ Is a Consumer Proposal the same as a Bankruptcy? -  https://www.hoyes.com/blog/consumer-proposal-bankruptcy/ Who Does What in a Bankruptcy and Consumer Proposal? - https://www.hoyes.com/blog/who-does-what-in-a-bankruptcy-and-consumer-proposal/ Bankruptcy & Your Credit Score - https://www.hoyes.com/personal-bankruptcy/effect-bankruptcy-credit-rating/ Consumer Proposal And Your Credit Rating - https://www.hoyes.com/consumer-proposals/consumer-proposal-affect-credit-rating/ Negotiating Consumer Proposals. What Your Creditors Expect - https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/ Avoid The Surplus Income Penalty With A Consumer Proposal -https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/ Why Surplus Income Is an Important Part Of Your Debt Recovery - https://www.hoyes.com/blog/surplus-income-important-part-debt-recovery/ Surplus Income Bankruptcy Calculator - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/ Surplus Income Payments - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/ Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants? - https://www.hoyes.com/blog/will-the-federal-government-finally-put-an-end-to-unregulated-unlicensed-debt-consultants/

511 –  Do Low- or No-Income Earners Need to File Bankruptcy If They Have Debt?

Doug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on the food bank, issues of food inflation and food insecurity, changes in demand since the pandemic, ways to donate, and how those in need can access food.   Time Stamps: 00:00 Introduction 01:30 Food assistance programs 02:41 Hunger count 06:56 Food insecurity 08:13 How has the demand for the food bank changed since the pandemic 11:14 Food inflation 14:13 How does the food bank receive food 16:01 How can you donate cash to the food bank 16:51 The impact cost of living has had on food donations 18:20 How can you receive food from the food bank 22:04 Food bank delivery program 22:40 Food bank eligibility and agency support 29:44 Food banks most needed food items 33:40 Conclusion    Related Links: Hoyes Michalos is a proud partner of the Food Bank of Waterloo Region - https://www.hoyes.com/community-involvement/ Food Bank of Waterloo Region - https://www.thefoodbank.ca/ Food for Thought Blog - https://www.thefoodbank.ca/blog/ Volunteer at the Food Bank - www.thefoodbank.ca/volunteer Community Food Assistance Network- www.thefoodbank.ca/network/map Hunger in Waterloo Region - www.thefoodbank.ca/about/hunger/

510 –  How Food Inflation has Affected the Food Bank

Join Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don’t miss this informative discussion on the true cost of owning a home.   Time Stamps: 00:00 Introduction 01:20 Mortgage vs rent payments 03:31 Upfront costs of purchasing a home 04:41 Maintenance costs 16:05 Unexpected costs of home ownership 18:18 Practical advice 27:22 Conclusion  Related Links: Homeowners Bankruptcy Index:  https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study:  https://www.hoyes.com/press/joe-debtor/ Renting Vs. Buying: Which One Makes More Sense?:  https://www.hoyes.com/blog/renting-vs-buying-which-one-makes-more-sense/ Why Does Home Ownership Cause Financial Problems?:  https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/ How to Avoid Being House Poor –  https://www.hoyes.com/blog/how-to-avoid-being-house-poor/ Why a House Does Not Guarantee Financial Security:  https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/ How to Get a Mortgage Even After Bankruptcy:  https://www.hoyes.com/blog/how-to-get-a-mortgage-after-bankruptcy/

509 –  Hidden Costs of Buying a Home - Surprise Home Ownership Expenses

Doug is joined by Technical Platform Cybersecurity Specialist, Eric Boivin from Flare. They discuss how cyber attacks can target your bank accounts and personal information, leading to money loss or identity theft. How weak cybersecurity can lead to debt, especially for those with student loans, mortgages, or credit card obligations. Eric shares practical advice on how to avoid fraud, choosing the best password using a password manager, and tools for watching financial accounts for suspicious activity. Time Stamps: 00:00 Introduction 04:46 How can you protect yourself against cyber attacks 10:00 Passwords 20:51 What can you do to protect yourself from a cyberattack? 31:32 Practical advice Related Links: Flare Website - https://flare.io/ Flare LinkedIn - https://www.linkedin.com/company/flare-io/ Bitwarden Password Manager - https://bitwarden.com/

508 –  Protecting Yourself Online - Best Tips From a Cybersecurity Expert

Doug is joined by special guest Canadian economist and author, Jeff Rubin. Jeff discusses his latest book A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever. They discuss inflation, sanctions and their impact on Canadian wages and employment. The conversation also touches on the Bank of Canada, bond yields, mortgages, interest rates, international trade, and the potential for a recession soon and closes with practical advice for Canadians.   Time Stamps: 00:00 Introduction 03:45 Inflation 10:47 What does the central bank do to make inflation higher or lower? 19:33 Mortgages and Interest rates 24:15 Are we in a recession now? 26:07 Credit card debt 27:37 Predictions for the future of Canada’s economy      Related Links: A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever by Jeff Rubin on Amazon https://amzn.to/4a5dSQI  The Expendables - How the Middle Class Got Screwed by Globalization by Jeff Rubin on Amazon https://amzn.to/3UKTorM Globalization, Inequality and Debt with Jeff Rubin – Episode 317 https://www.youtube.com/watch?v=-4vvcQqFuxU Jeff Rubin X https://twitter.com/JeffRubin

404 – Where Are We Now? Recession? Will It Get Worse?

Download our free app to listen on your phone