Debt Free In 30

For many newcomers to Canada, the Canadian credit system can feel like a high-stakes challenge. Although it's essential for building a financial life, aggressive lending practices, cultural mindsets around credit, and a lack of clear guidance can lead to overwhelming debt before fully understanding how the system works. In this essential episode, Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos discuss the challenges newcomers may face, explain how banks and lenders operate, and pinpoint the critical warning signs to watch for when navigating a new financial life in Canada. 00:00 – Why do banks and lenders target new Canadians? 03:30 – How Canada’s credit culture affects immigrants 06:00 – How do credit and banks work in Canada? Can they be trusted? 09:00 – Unique financial challenges for newcomers 11:00 – What banks consider when lending to new Canadians 12:30 – Is building credit the only way to succeed? Ted’s advice 14:00 – Red flags for immigrants seeking financial help: Who can y