Debt Free In 30

Are you a success because of your superior brain power, and skill, and hard work? Or was it all luck? If you are having a rough time, is it because you screwed up, or was it bad luck? On today's show Doug Hoyes days that most of what happens to you and me, good or bad, is luck. We've all just endured the great coronavirus lock down of 2020, many businesses have failed, millions of people lost their jobs, some permanently. That was all bad luck. None of us caused the big bad virus, but we are all suffering the effects. That's one example of bad luck; we've got lots more on today's show. And no, we are not saying you shouldn't work hard.  Of course you should.  It's just that sometimes stuff happens, and we need to recognize what we control, and what we don't. Tune in to the luck episode, this week on Debt Free in 30. Links:   The Long-Term Labor Market Consequences of Graduating From College in a Bad Economy by Lisa B. Kahn https://www.sciencedirect.com/science/article/abs/pii/S0927537109001018#! Outliers: The

As a new parent on maternity leave, you'll have a lot to do. The last thing you want is to worry about how you will make ends meet. On today's podcast, we have first-time guest and Hoyes Michalos Licensed Insolvency Trustee, Julie Wildman. Julie is a mother of two young children and recently returned from her second maternity leave. She outlines how expecting parents can prepare financially for the income drop that happens during mat leave, how to navigate the different benefits available in Canada such as EI and parental benefits, and how to budget for increased spending on childcare. Julie also discusses the importance of paying off debt before going on leave. There's lots of practical advice in this episode so be sure to tune in! Related Links: Maternity Benefits Overview Canada: https://www.canada.ca/en/services/benefits/ei/ei-maternity-parental.html The Secret to Budgeting Part 1: https://www.hoyes.com/blog/the-secret-to-budgeting-part-1-video/ The Secret to Budgeting Part 2: https://www.hoyes.com/blog/t

When this podcast was recorded on the morning of July 8, 2020 the Canadian government was projected to run a deficit for the year of $250 billion.  By the end of the day, after this podcast was recorded, the Finance Minister was projecting a deficit of $343 billion. That's a lot of debt, and it leads many to wonder how we'll ever pay it back. But a prominent economist, Dr. Stephanie Kelton, says the government shouldn't be concerned with massive deficits as long as they control the printing of their currency. In fact, she argues that the government should spend even more money so that more jobs are created until unemployment is no longer an issue, based on Modern Monetary Theory (MMT). On today's podcast, Doug Hoyes challenges this economic theory by explaining its unintended consequences and real life implications. Yes, we need to help those in need, but MMT may cause more problems than it solves.  You be the judge. He also outlines what our current deflationary environment means for individuals carrying deb

Life's milestones like going to college or university, buying a house, or getting married cost money. And often the pressure to achieve these milestones at a young age leads to hasty decisions that come with a big debt load. But what if you took time off before making a major financial move? Would life turn out so differently if we didn't follow conventional wisdom? On today's podcast, Scott Terrio and Doug Hoyes explore the idea of delayed gratification and discuss why pausing before big decisions can lead to a more fulfilling future. While you may not be able to delay or avoid all of life's major milestones, you can take your time with at least one major financial decision to avoid being overwhelmed. Tune in to the show for lots of thought-provoking discussion! Links: Why You Want to Avoid Debt at Every Age: https://www.hoyes.com/blog/why-you-want-to-avoid-debt-at-every-age/   Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ Student Debt Crisis - A Generation Buried i

A lot has changed as a result of COVID-19. There are obvious reasons for pessimism, but there are a lot of reasons to be optimistic.  For example, more people have made meaningful changes to their financial habits. Canadians are saving more and some are even able to pay off more of their debt. Many of us have also used the time to learn a new skill. With every major life transition comes positive and negative change and we are forced to adjust to a new reality. On today's podcast, Doug and Ted share social and economics reasons for why we should be optimistic about the future and explain how we can use this new reality to our advantage. Lots of great thought-provoking commentary on this episode, so tune in!   Related Links:   Dealing with the Consequences of Loan Deferrals: https://www.hoyes.com/blog/dealing-with-the-consequences-of-loan-deferrals-when-the-deferral-period-ends/ Savings, Debt & Modern Monetary Theory with Hilliard MacBeth: https://www.youtube.com/watch?v=Wx_7T6YWT8w​ Episode 290, our first

We have record unemployment and millions of Canadians are relying on CERB payments to make ends meet, and yet our savings rate is increasing. How is that possible? On today's podcast, our guest is author and financial analyst, Hilliard MacBeth, who provides insight on how the savings rate is calculated, and whether increased savings mean Canadians are curbing their appetite for debt. We also discuss what to expect with the real estate market and deflation, and we talk about Modern Monetary Theory and whether we should really worry about national deficits. There's lots to learn from this episode, so tune in! Related Links: ​How Banks and Faulty Economics Contribute to the Consumer Debt Binge: https://www.youtube.com/watch?v=0d7CLXsk7N0 Hilliard MacBeth's book, When The Bubble Bursts: https://amzn.to/2YMigRT Hilliard's Client Notes - The Return of the Saver: https://web.richardsongmp.com/MacBeth.MacLeod/blog/1724032-The-return-of-the-saver Hilliard MacBeth on Twitter: https://twitter.com/hmacbe Statistics Canad

If you're thinking of buying a small business, this podcast is for you. Over the years, we've had a lot of clients who decided to buy a business either because they were frustrated with working for someone else and they wanted to go out on their own, or maybe the owner of their company wanted to retire. While there are benefits to small business ownership, how do you avoid the debt traps? How can you make the most of your purchase and avoid undervaluing your own contributions? And what does owning or selling a small business look like now in COVID-19? On today's show David Barnett, a business broker and adviser, shares practical advice to help you think through the costs of purchasing a business and provides insight into how transactions are doing amid the pandemic. Related Links: David Barnett's Website: www.davidcbarnett.com   David Barnett on Twitter: https://twitter.com/DBarnettMoncton

After a three year absence (she was a guest on episodes 131 and 133), Victoria Ryce is back on the show, and today we discuss transitions, like having a child, getting married (or separated), and starting or completing a consumer proposal or bankruptcy. In a crises we tend to freeze up; Victoria has lots of practical advice on how to make a plan to manage transitions, and what to do if you have an unplanned transition. We recorded this episode just before the COVID-19 lock-down took place, but the lessons and advice that Victoria provides are more relevant now than ever. Tune in.  Related Reads: How to Master Being Suddenly Single: https://www.hoyes.com/blog/how-to-master-being-suddenly-single/ The Financial Impact of Becoming the CEO of Everything: https://www.hoyes.com/blog/the-financial-impact-of-becoming-the-ceo-of-everything/

This is episode #300, so for something completely different, today we discuss whether or not you can create your own reality. That would appear to be a silly thought; if I hit my thumb with a hammer, I can't create a reality where my thumb doesn't hurt.  I can't just imagine that I'm the King of England.  That makes logical sense, but it is also true that how we see the world determines how we respond to it, so in that sense we can create our own reality. There is of course a lot more to it than that, so on today's show we start with Plato, and discuss the work of Professor Donald Hoffman, and relate it all to the world of debt, and men's beards during the COVID-19 lock down.  Enjoy!

With many Canadians facing a cash crunch during the COVID-19 lockdown, a quick-fix solution has been to defer debt payments. Deferring a debt payment can provide you with funds in the short-term to pay for needed expenses. But what you may not realize is that a deferment will raise the carrying cost of your debt overall. On today's podcast, Ted Michalos and Doug Hoyes explain how much more expensive a mortgage, car loan, and credit card can get if you defer payments and offer practical advice to avoid getting overwhelmed by debt. They also remind listeners of the tax implications of the Canada Emergency Response Benefit (CERB). Tune in to this episode, filled with lots of practical tips.   Related Posts:    Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/  You Can Now File a Consumer Proposal and Bankruptcy Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/​

We've heard from the economists, statisticians, and politicians but what's really going on with everyday individuals and the state of their finances after several weeks of lock-down? On today's podcast Scott Terrio returns to talk about what he's seeing “on the ground”. How are people's stress levels? Are credit limits being reduced as a result of CERB? Who is calling in for debt help? Is there a rise in homeowner bankruptcies? Tune in for a lively discussion, including the answers to our Twitter followers' questions.   Related Links:   Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ You Can Now File a Bankruptcy or Consumer Proposal Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/ Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Canadians are carrying a record level of debt, and while we are off work during the pandemic of 2020, many of us will pile on more debt. Small businesses and contractors will take on debt to pay rent while they generate little or no revenue. Consumers will take on additional debt to make their mortgage payment or pay rent, buy groceries, and pay for necessities. Unfortunately, much of this debt will be of the high-interest sub-prime variety. Payment deferrals may help in the short term, but will only add to the debt load post-COVID19. For some, the result will be an insurmountable amount of debt — more than they will ever be able to repay. It's no surprise then that people are calling for a Debt Jubilee. A debt jubilee is exactly what it sounds like: debt gets wiped out. But is this a good idea? How would it affect the economy? Would it be fair? On today's podcast, Doug Hoyes gives us an in-depth analysis of how a debt jubilee would look in 2020 and whether that's the answer to our collective debt problem. En

On episode 295 last week, Ted Michalos and Doug Hoyes said that collection agents are not making as many phone calls as they used to due to COVID-19. While that's true, there are still calls being placed. So what can you do in this crisis if you get a collection call on overdue debt? Are collectors open to a deal in these times? Enter Blair Demarco-Wettlaufer, COO at Kingston Data and Credit. On today's podcast, Blair explains how collection agencies are operating during the lock-down and shares advice for how you can negotiate realistic debt repayment. He also discusses how debt deferrals will potentially impact our credit reports and gives insights on how the collections industry will change going forward. Lots of practical tips & advice in this show so tune in!   Helpful Links:   Stop The Collection Calls: https://www.hoyes.com/blog/stop-the-collection-calls-advice-from-blair-demarco-wettlaufer/ Collection Agents: How Did They Find Me?  https://www.hoyes.com/blog/collection-agents-how-did-they-find-me/

COVID-19 is making Canadian’s financial situations increasingly precarious, and high interest lenders are seizing this chance to market their services to those in need of fast cash. Not knowing their options, desperate borrowers take the bait and get sucked into a never-ending cycle of debt servitude. On today's podcast, Doug Hoyes and Ted Michalos explain what alternative lenders are doing to present themselves as being helpful to borrowers; and what borrowers can do to make ends meet without resorting to high interest loans. Doug and Ted also talk about what happens to unsecured debt levels and personal insolvency rates in a recession, with lots of charts and data presented throughout the show, so tune in!   Related Links: Why Bad Credit Financing Loans are Seldom the Answer: https://www.hoyes.com/blog/why-bad-credit-financing-loans-are-seldom-the-answer/ You Can Now File a Bankruptcy or Consumer Proposal Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/

If you're facing an income shortage, what can you do if you need to defer your rent payment? And what's going to happen to the rental market now that more AirBnB units are being listed as long-term rentals? On today's podcast, our guest is Rachelle Berube, owner of Landlord Rescue, a property management company helping landlords find and manage tenants. Rachelle shares the dos and don'ts of requesting a rent deferral from your landlord. She also talks about how COVID-19 has impacted the rental market, the death of the AirBnB industry, and why landlords will have to set more manageable rent prices going forward. Tune in; you won't want to miss her insights! Related Links: Tenant Guide - No Rent! Negotiating https://landlordrescue.ca/tenant-guide-no-rent-negotiating/ Rachelle on Twitter: https://twitter.com/LandlordRescue Advice for Tenants Renting a Property with Bad Credit: https://www.hoyes.com/blog/advice-for-tenants-renting-a-property/

How has COVID-19, job loss, declining income, and physical distancing impacted the mortgage industry? And how are home values going to be affected by all this? Enter Ron Butler.  Ron is a seasoned mortgage broker and a first-time guest on the Debt Free in 30 podcast. On today's show, we discuss the current real estate market and what will happen when the lockdown is over; why banks are tightening HELOC availability for borrowers; and why now may not be the best time to refinance your mortgage if you are carrying unsecured debt. Ron also provides insight into the 'death' of the private mortgage industry and describes the new world of mortgage lending. There's lots to learn from this mortgage insider.  Enjoy!

Ben Rabidoux was the guest on podcast episode 266 in October 2019 where he correctly predicted lower interest rates, deflation and a weakening economy, and that was even without t foreseeing COVID-19. On today’s show he has many new predictions, including: Lenders will, very soon, lower HELOC borrowing availability, and likely convert HELOCs to regular loans requiring payments of interest and principal each month. He also predicts that residential rents will fall by 10%, and perhaps more in many markets. Many investors in second mortgages will be wiped out. Population growth will slow dramatically, and that, combined with a 95% reduction in Airbnb bookings will reduce house prices (but not immediately, because the real estate market is essentially frozen, with less buying and selling).​ It's a jam-packed episode with lots of insight and probably our longest show yet. Enjoy!   Time Stamps (if you want to skip ahead) 4:37 – The numbers are staggering; employment insurance claims could be as much as 20 times nor

The Hoyes Michalos Team is working from home, so today’s podcast was recorded yesterday morning in my guest boardroom, so the sound quality isn’t studio quality, but we wanted to get the information out to you; here’s the rundown of today’s show, with time stamps: Dealing with Creditors during Coronavirus: https://www.hoyes.com/blog/dealing-with-creditors-during-a-financial-crisis-like-the-coronavirus/ 1:15 All HMA offices closed to in person meetings, but we are working from home by phone or video 2:25 Limitations Act of Ontario suspended – creditors have more time to sue you 3:40 Right of offset – don’t bank where you owe money 5:30 How to deal with your landlord if you can’t pay your rent 6:22 Mortgage deferral – what it really means 7:24 Should I worry about my credit score? – Equifax and TransUnion offering free credit reports Links: https://www.consumer.equifax.ca/personal/products/credit-report/ and https://secure-ocs.transunion.ca/secureocs/credit-agree.html 10:58 Canada Emergency Response Benefit –

We normally record Debt Free in 30 weeks in advance, but today, given the rapidly changing situation, we decided to record a special COVID-19 episode.  We discuss what is happening right now (all 22 Hoyes Michalos offices are closed for in person meetings, but our full team is available by phone and video conference), how COVID-19 will impact the finances of Canadians (“public facing” workers for small businesses will be hardest hit), we predict how this will impact the number of bankruptcy filings, we give our practical advice for dealing with collection calls, and we end the show with why, after we get through the next few months, we are optimistic for the future.

Beau Humphreys appeared on episode 147 back in June, 2017; he shared his struggle with a gambling addiction, and that episode is one of our most downloaded episodes ever. Beau filed a consumer proposal with us in 2009, paid it off in three years, became a financial coach, and is now a fully accredited credit counsellor here at Hoyes Michalos. On today’s show Beau explains his approach to credit counselling, and he gives lots of practical advice on how he uses insolvency counselling to give our clients a fresh financial start.