Debt Free in 30

It's the start of a new year and a good time to plan your finances for the next few months. On today's podcast, Maureen Parent is back to walk you through the steps. She explains how you can plan for your expenses and the importance of looking at costs on an annual basis instead of monthly. Maureen also gives practical advice on adjusting your budget for inflation as grocery costs keep rising, as well as on how to budget for longer-term goals. And, if you don't like budgeting, there are lots of tips for you, too, so your finances are still organized! Tune in for a great discussion. Related Links: 7 Reasons Why Budgets Fail & How You Can Succeed: https://www.hoyes.com/blog/7-reasons-why-budgets-fail-and-how-you-can-succeed/ Use a P.L.A.N. Account When Budgeting: https://youtu.be/pSQ3jvrFVHU The Secret To Budgeting – Pay Your Bills As You Get Paid: https://www.hoyes.com/blog/the-secret-to-budgeting/ Free Budgeting Workbook: https://www.hoyes.com/free-budgeting-workbook/ Mint.com Budget App: https://mint.intuit.com/ Goodbudget App: https://goodbudget.com/ Investing Basics – Where To Start Now That You're Debt Free: https://youtu.be/VSgb8POKcjs

Both consumer debt and insolvencies have turned sharply upward again. What's contributing to this shift? Are record-high interest rates to blame? Inflation? Or are we just picking up where we left off pre-pandemic? Doug Hoyes and Ted Michalos are back with our year-end analysis and predictions podcast. They discuss the top statistics from 2022 that help explain what's happened with bankruptcies this year and give their predictions for what's the come in 2023. Tune in for a great discussion! Sources & Related Links: Top 10 Debt Statistics for 2022 & What's Ahead for Consumer Insolvencies: https://www.hoyes.com/blog/top-10-debt-statistics-for-2022-and-whats-ahead-for-consumer-insolvencies/ National Rent Report, Rentals.ca: https://rentals.ca/national-rent-report Teranet-National Bank House Price Index: https://housepriceindex.ca/2022/11/october2022/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Consumer Price Index Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Hourly Wages Data Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001 Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Last year's show: Predictions for Consumer Debt Coming Out Of The Pandemic, Ep. 383: https://youtu.be/LCE6EkOwi8E

We spend a lot of our time in the virtual world these days – on our phones, apps, social media – and sometimes the line between virtual reality and physical reality gets blurred. Sometimes even to the point where we make real world decisions based on what we see in the virtual world. On today's special and short podcast, Doug Hoyes helps us understand why it's important to distinguish between physical and virtual reality so we don't end up in serious financial trouble.

For the last 30 years, credit card debt has been going up. In November 1990, Canadian households owed $9.8 billion on their credit cards. Today, they owe nearly $90 billion. Why has credit card spending surged in the last three decades? On today's podcast, Doug Hoyes and Ted Michalos discuss how inflation and easier access to credit products have contributed to our indebtedness and provide practical advice for how to deal with your credit card debt. Tune in for a great discussion. Related Links: Statistics Canada. Table 36-10-0639-01 Credit liabilities of households https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 What to Know About Credit Cards To Use Credit Wisely: https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/ How to Pay Credit Cards – Pay More Than The Minimum: https://www.hoyes.com/blog/how-to-pay-credit-cards-minimum/

If a company goes bankrupt, should the employees lose their pension or have their benefits reduced? No, of course not. But it has happened. There is new legislation before Parliament to protect pensions, but will it have unintended consequences? What will this mean for average person? How does this affect businesses? On today's podcast, Doug Hoyes and Ted Michalos explain the different types of pensions employers offer, what happens when a company goes out of business, and they discuss the broader implications of the incoming legislation. Tune in! Related Links: Should Company Pensions be Protected in Bankruptcy? https://www.hoyes.com/blog/should-pensions-be-protected-in-a-corporate-bankruptcy/ Hansard, debate on Bill C-228 https://www.ourcommons.ca/DocumentViewer/en/44-1/house/sitting-130/hansard Sears Canada pension settlement: https://kmlaw.ca/cases/sears-canada/ Bankruptcy & Insolvency Act, section 60 (1.5) https://laws-lois.justice.gc.ca/eng/acts/B-3/page-10.html#docCont Bankruptcy & Insolvency Act, section 136, Scheme of Distribution, Priority of Claims https://laws-lois.justice.gc.ca/eng/acts/b-3/page-24.html#h-27334 Bill C-228, House of Commons: https://www.parl.ca/legisinfo/en/bill/44-1/c-228

At some point in life, you're going to need a loan. But before you sign on the dotted line for a loan, figure out if you can afford it. How? That's the focus on today's podcast. Ted Michalos is back to share practical advice for how to figure out loan costs by yourself so you don't get take on more debt than you can handle. Ted and Doug review three common loan types: debt consolidation loans, auto loans, and installment loans. Tune in for lots of great tips! Resources Mentioned in the Show: Debt Consolidation Loan Calculator: https://www.calculator.net/debt-consolidation-calculator.html Car Loan Calculator: https://wowa.ca/car-loan-calculator Installment Loan Calculator: https://www.calculator.net/loan-calculator.html

We need good credit to get things like an apartment or a cell phone or to qualify for an affordable loan. But what if you've struggled with managing credit and now have bad credit? Is a credit card the solution to fixing bad credit? It can be if you know how to use it. On today's podcast, Jennifer Kwon, LIT, returns with lots of practical advice for how to use a credit card wisely to rebuild credit, what types of credit cards exist, and the dos and don'ts of credit rebuilding. Tune in for the discussion with Jennifer Kwon and Doug Hoyes!

Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today's podcast, Ted Michalos and Doug Hoyes discuss the true cost of these installment plans, the extra fees you need to pay, and why they can put your finances at risk. Tune in for lots of practical advice. Links Mentioned In The Show: Should You Be Charged a Fee For Using Credit Cards? https://youtu.be/k-R_ipxjjHk New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI CIBC Pace It https://www.cibc.com/en/personal-banking/credit-cards/manage/installment-plans.html Canadian Tire Bank equal payment plan: https://triangle-uat15.cantire.net/en/financing.html TD Payment Plans: https://www.td.com/ca/en/personal-banking/how-to/manage-my-credit-card/payments-plans/ RBC PayPlan https://www.rbcroyalbank.com/personal-loans/payplan-for-consumers.html Scotiabank SelectPay https://www.scotiabank.com/ca/en/personal/credit-cards/selectpay.html BMO PaySmart Installment Plan: https://www.bmo.com/main/personal/credit-cards/paysmart-installment-plans/ Interest calculator: https://www.calculatorsoup.com/calculators/financial/amortization-schedule-calculator.php

Some of our clients get the unhappy surprise of seeing a zero-dollar balance in their bank accounts because the bank took their money. Yes, this is legal. It's called the right of offset. If you owe the bank money and you're behind on payments, they can clear your bank account, without warning. How do you avoid this happening to you? Enter Scott Terrio. On today's podcast, Scott and Doug discuss why, how, and when the bank can exercise their right of offset and how you can avoid this, even if you can't afford to pay your debts as they come due. Tune in for lots of practical advice! Related Links: What is the Right of Offset and What Can You Do About It? https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/ Why Do I Need to Switch Banks? https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/

The price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today's podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in! Links Mentioned in the Show: What's The Point of Financial Literacy Today? https://youtu.be/ALp2KEV5atw Christmas Etiquette When You're Dealing with Debt: https://www.hoyes.com/blog/christmas-etiquette-when-youre-dealing-with-debt/ Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034