Debt Free In 30

How often should you check your credit score? Is it wrong to obsess over credit scores? Where is the best place to get your credit report? On today’s podcast, seasoned credit counsellor Diane Cunha and LIT (& lawyer!) Jennifer Kwon join Doug Hoyes in a roundtable discussion on whether or not Canadians need to worry about their credit scores and who credit scores are really designed for. They also share practical advice for managing your credit health and where to find accurate information about your credit activity. Tune in for a lively chat!   Resources Mentioned in the Show   Straight on Personal Finance Credit Repair Course: courses.hoyes.com Did You Know You Have a Bankruptcy Score? https://www.hoyes.com/blog/forget-credit-score-did-you-know-you-have-a-bankruptcy-score/ Podcast 327: New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI Podcast 140: Banks Behaving Badly, Who To Trust, and Has Toronto Real Estate Peaked? https://www.youtube.com/watch?v=TNN-gAyODxg Straigh

Canadians with the lowest credit scores paid down their credit cards the most since the pandemic started. Incredible, right? So, will this downward trend in debt continue? Or is this temporary because most of us are still at home and collections activity is slim? Today we review the latest debt statistics and discuss why Canadians are paying off so much debt, who’s actually taking on more debt, and whether borrowing will rise again in the near future. We also share practical advice for managing debt and what to do if you owe the CRA. Tune in for a lively discussion! Links: Hoyes Michalos Straight Talk on Personal Finance Course on Credit Rebuilding: courses.hoyes.com Trends in household non-mortgage loans: The evolution of Canadian household debt before and during COVID-19, Statistics Canada: https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2021004-eng.htm Bank of Canada, Financial System Review – 2021 https://www.bankofcanada.ca/2021/05/financial-system-review-2021/  Canadians with Lowest Credit Scores

Regular episodes resume next week, but for today, a quick overview of our plans for the eighth season of Debt Free in 30.  You’ve told us - we’ve listened. And this year, we will focus on what you’ve told us you want the most: practical advice on how to manage your money and live debt free.  You’ll see a lot of our regular contributors, like Ted Michalos, Scott Terrio and Diane Cunha, and we will be introducing a new feature later this month: the Debt Free in 30 roundtable, where Doug Hoyes and two guests will give their opinions on important issues.  All that and more this season on Debt Free in 30.

This episode first aired as episode number 227 in January, 2019, and even two and a half years later it continues to have a lot of downloads each week.  We are taught to set a goal, and that’s a good plan in some cases, but a better long-term solution is to create a system, as we discuss this week.  Enjoy!   Resources Mentioned in the Show Systems vs. Goals http://blog.dilbert.com/2013/11/18/goals-vs-systems/ This episode on YouTube: https://youtu.be/ysvkV0uN7mM Podcast: the 80/20 Rule of Money Management https://www.hoyes.com/blog/the-80-20-rule-of-money-management/

Originally broadcast as episode 254 in July, 2019, today we rebroadcast our show about a wonderful, magical place called Costco.  Is it a store?  A finance company?  Something else?  And why does it matter?  All that and more on today’s podcast (and we’ve got slides, so if you want to see the numbers, the video is posted on the Debt Free in 30 channel on YouTube https://youtu.be/-8PlGkHjHG8 ).

It's August 2021, and many Canadians filed their 2020 taxes and discovered they owe taxes on the CERB they received last year, or they have to pay it all back because CRA said they weren't eligible.  What can they do? Today we rebroadcast our chat with Jason Rosen, a tax lawer and co-founder of Rosen Kirshen (RK) Tax Law. He provides practical advice for how Canadians can prepare themselves in the event of a tax audit and explains what may happen to those who applied to CERB knowing they were not entitled to receive it. Tune in!   Relevant Links:   Rosen Kirshen Tax Law Website: https://www.rktaxlaw.com/ CRA Collection Letters for CERB Ineligibility & Repayment: https://www.hoyes.com/blog/cra-collection-letters-for-cerb-ineligibility-repayment CERB Eligibility: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra/eligibility-periods.html CERB Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html New T4 Reporting Requirements for Employers: https://www

This episode first aired two years ago and is one of our most-watched videos on YouTube.  Today Ted Michalos and Doug Hoyes return with updated information on how the COVID-19 lockdown impacted the Limitations Period, which impacts whether or not a creditor can take you to court. We explain when they are most likely to take you to court, and what your options are if they do.  Enjoy!

Unlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Trustee to file a consumer proposal. On today’s podcast, Ted Michalos and Doug Hoyes discuss how debt consultants work, how to prevent yourself from getting scammed by them, and provide their recommendations on how this unregulated industry should be eliminated. Tune in for a great discussion!   Additional Links:   Podcast 220: The Cold-Hard Truth About Unlicensed Debt Consultants: https://youtu.be/6ESHYGnwcOU Ontario Government – search for a collection agency: https://www.ontario.ca/page/search-business-licence-registration-or-appointment Government of Canada - search for a licensed insolvency trustee: https://www.ic.gc.ca/app/scr/tds/web How Credit Counselling agencies really work today: https://www.hoyes.com/blog/a-different-view-of-credit-counselling/ and https://www.hoyes.com/blog/are-not-f

Experts say you should have 10 times your income saved to retire, but for many people that's a difficult target. What can you do if your savings are nowhere near that amount or, more likely, you haven’t even started saving yet? How can you plan a retirement on a limited income? Enter Jason Heath, Certified Financial Planner. On today’s podcast, Jason provides practical advice on retirement income sources like CPP, OAS, GIS, and how and when to claim them. He also helps listeners understand how to be strategic and make the most of their TFSAs and RRSPs for retirement. Tune in! Links: Objective Financial Partners Inc. website: https://objectivefinancialpartners.com/ Jason Heath on Twitter: (@JasonHeathCFP) https://twitter.com/JasonHeathCFP Podcast 198 – How to Find a Credible Financial Planner: https://www.youtube.com/watch?v=ORuEiYR5zpI CPP Information Canada.ca: https://www.canada.ca/en/services/benefits/publicpensions/cpp.html Guaranteed Income Supplement (GIS) Information: https://www.canada.ca/en/service

There are a lot of scenarios where borrowing makes sense: buying a home, a car, or paying for school. But if you don’t stop to think before borrowing, you can face some serious unintended consequences. Sure, that 8-year car loan seems affordable today, but what if you face reduced income or something happens to the car and you’re stuck with repayment? Would you still be able to afford it? On today’s podcast, guest Ted Michalos and Doug Hoyes go through eight borrowing scenarios and the potential problems that come with them, along with practical advice for each case. Tune in!   Links:   5 Debt Lessons Every Student Should Know https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/ How Car Loans and Car Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ Why Does Home Ownership Cause Financial Problems? https://www.hoyes.com/blog/why-does-home-ownership-cause-f

Times have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don’t require 4-year degrees necessarily. Knowing this, why do we still give the same financial advice we gave decades ago? On today’s podcast guest Scott Terrio and Doug Hoyes discuss six pieces of common financial advice that we may want to rethink in 2021. Tune in for lots of practical advice!   Additional Links: Podcast 231: Think Twice Before Getting a Home Equity Line of Credit https://youtu.be/RiKKbg_pyu8 Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/

We are now 16 months into the Coronavirus pandemic, and everything has changed. Canadians have increased their savings rate and put a dent in their unsecured debt obligations. But are these trends going to last? Will savings go back down and credit card balances surge once the economy fully reopens? And will stress levels increase when we are back together in the workplace? Join guest Ted Michalos for a lively discussion on what’s happening and what’s next.   Time Stamps:   3:50 How much are Canadians saving now? 6:54 What’s happening with credit card debt? 11:11 What’s in store for the future? 20:00 When will things return to normal? 24:48 Practical advice   Related Links: Ep. 290 Dealing with Debt During COVID-19 https://youtu.be/lWmZDLaJ63o Ep. 291 COVID-19 & Debt Update: Dealing with your Creditors https://youtu.be/NPUSxwQR-pg Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession with Ben Rabidoux https://youtu.be/fek4xUoIkrc Ep. 295 The Vultures are Circling: COVID-19 & H

If you have a little money, is it better to invest it or just leave it in a savings account? And if you do invest, how can you do so with very small amounts of money? Enter Robert Brown, author of Wealthing Like Rabbits. On today’s podcast, Robert shares best practices for beginner investors. Robert reviews where to store your money depending on your financial goals (RRSPs, TFSAs) and which types of investments are sound, which ones should be avoided, and the importance of looking at the ‘costs’ of investing. Tune in to this podcast for lots of valuable practical advice! Additional Links: Wealthing Like Rabbits – An Original Introduction to Personal Finance On Amazon: https://amzn.to/35sEmN0 (Kindle, Paperback and Audiobook) Robert Brown's previous appearances on Debt Free in 30: -Episode 14:  https://www.hoyes.com/blog/wealthing-like-rabbits-robert-brown/ -Episode 77:  Change Your Debt Perspective, https://youtu.be/u8MK9XVI5rA -Episode 140: Banks Behaving Badly, Who to Trust, and Has Toronto Real Estate Peak

When a financial product is more affordable (or even free), banks aren’t too keen on promoting it or helping you access it. Why? Because they want to make money. Banks are also very good at manipulating consumers into thinking they’re getting a ‘deal’ when they’re really paying a hefty price. So, how can you know when it’s truly free money and when it’s a ploy? Enter Alan Whitton (aka Big Cajun Man). On today’s podcast, Alan gives real examples of false ‘free’ financial services and products to help us make more informed banking and investing decisions. Alan also explains how RDSPs and RESPs work and how to access income-based benefits in the two plans. Tune in for lots of practical advice!   Resources:   Canadian Personal Finance Blog: https://www.canajunfinances.com RESP & University Expenses Page: https://www.canajunfinances.com/RESP/ RDSP Information: https://www.canajunfinances.com/RDSP Alan Whitton on Twitter (@bigcajunman): https://twitter.com/bigcajunman Alan Whitton (Canajun Finances) on Facebook

The economic shutdown has been costly for small businesses. If you’re an owner concerned about the future health of your business, what should you do? Sell your business? What are your options if you have a lot of business debt? On today’s podcast, David Barnett, a business broker, returns to discuss how COVID-19 has impacted small businesses and why some businesses are having a harder time selling than others. He also shares strategies some companies have deployed to stay afloat during the pandemic and advice to avoid bad business funding choices. David also explains the sunk-cost fallacy and recency bias to help you understand whether it’s financially worthwhile to maintain your business. Tune in for lots of practical advice!   Related Links:   Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg David Barnett’s Website: davidcbarnett.com and   https://www.investlocalbook.com/ David Barnett on Twitter: https://twitter.com/DBarnettMoncton

With the rapid rise in the real estate market, you may find yourself with significant equity in your home, yet you are also carrying high interest unsecured debt. On paper you have equity in your home, but you may still be “insolvent”, meaning you can’t pay your bills as they come due. So, what should you do? On today’s podcast, guest Ted Michalos explains how you can deal with debt as a homeowner through either a home equity line of credit, a second mortgage, or by filing a consumer proposal. Tune in for lots of practical advice! Helpful Links: Second Mortgage Home Equity Loan or Interest-Free Consumer Proposal? https://www.hoyes.com/blog/second-mortgage-or-interest-free-consumer-proposal/ Will a Second Mortgage Clean Up All Your Debts? https://www.hoyes.com/blog/will-a-second-mortgage-clean-up-all-your-debts/

Making the minimum payment on your credit card can make you believe your debt is manageable. But the reality is, minimum payments will keep you in debt forever. On today’s podcast, guest and Certified Credit Counsellor Diane Cunha explains the ‘lie’ behind minimum payments and why people fall into the trap. Diane also gives practical advice on how to avoid the minimum payment debt cycle.   Related Links:   Minimum Payments on Credit Cards Are Keeping You in Debt: https://www.hoyes.com/blog/minimum-payments-on-credit-cards-are-keeping-you-in-debt/ Straight Talk on Your Money, available on Amazon, Kindle and as an audiobook: https://www.hoyes.com/straight-talk/

There are a lot of misconceptions about why someone files for bankruptcy in Canada. Did they spend too much? Were they reckless or irresponsible? The truth is debt problems can happen to anyone at any time and when they least expect it. On today’s podcast, Doug Hoyes and guest Ted Michalos share stories and dig deep into how the debt trap often starts for individuals and dispel common myths surrounding why Canadians face insolvency. They also share practical advice for anyone struggling with debt. Tune in! Links: Hoyes Michalos Study: Bankruptcy Causes in Canada: https://www.hoyes.com/press/joe-debtor/causes-of-insolvency/

Is there any point in teaching a kid in Grade 10 mortgage amortizations?  And if you as a parent aren't a money expert, isn't it counter productive for you to try to explain money to your kid? Robin Taub is a Chartered Professional Accountant and author of the just released book The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life, and she says that teaching kids money management is very important, and on today's podcast she gives practical examples of how to empower your children and help them learn about money management (in a post-pandemic world) in a clear and simple way, no matter how old they are.   Related Links: Robin's Book: The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life on Amazon: https://amzn.to/3hhPnbh The Wisest Investment website: https://www.thewisestinvestment.com/ Robin Taub’s website: https://robintaub.com/ Robin Taub on Twitter: https://twitter.com/robintaub Robin's first appearance on Debt Free

Should you put all of your savings at risk in the stock market to earn enough for a down payment on a house?  Probably not. Danielle Park, lawyer, and wealth manager explains why some financial advice is "heinous", how to recognize bad financial advice, and why you should think critically about the financial advice we are bombarded with every day. Related Links: Links:   Danielle's blog post on Doug Hoyes’ TV appearance: https://jugglingdynamite.com/2021/04/22/financial-stress-rising-for-households/ The Questrade ad: https://youtu.be/Ta2a7LkVVHc Doug Hoyes on BNN Bloomberg on April 21, 2021: https://www.bnnbloomberg.ca/video/~2185816 Podcast 248 – Danielle's first appearance: Building Wealth in a Challenging World: https://youtu.be/Y9mc-3ht0Uw Podcast 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8 Danielle Park’s website: https://jugglingdynamite.com/​ Danielle's book: Juggling Dynamite: An Insider's Wisdom on Money Management, Markets, and Wealth That