Debt Free in 30

It's that time of the year again – Financial Literacy Month (2022). Is there any point to it? Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he'd like to share with you regarding today's economy, how it's impacting Canadians, and what you can do. #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy Links: Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos website: https://www.hoyes.com/

Mortgage rates are up, and real estate prices are down. What does this mean for you if you're renewing your mortgage? Can your bank decline your renewal and what are your options if they do? On today's podcast, Ted Michalos returns to give practical advice for how to approach your mortgage renewal in a rising rate environment, whether selling is a good option, and how to deal with unsecured debts if you're overwhelmed. Tune in for lots of tips! Related Links: Mortgage Challenges After Record Rate Hikes with Ron Butler: https://youtu.be/kJ9vyHA5pJw Renewing Your Mortgage as Rates Change: https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Can't Pay Your Mortgage? Options To Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit score and a credit report? Maureen Parent is back on today's podcast to answer all these questions and offer practical advice for maintaining healthy finances. Tune in. Resources Mentioned in the Show: Free Credit Rebuilding Course: https://courses.hoyes.com/courses/rebuild-credit A Clean Credit Report Does Not Equal a Good Credit Report: https://www.hoyes.com/blog/a-clean-credit-report-does-not-equal-a-good-credit-report/

Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going to switch to cash? How will this affect our budgets? And is this even fair to the consumer? Ted Michalos is back to discuss and offer lots of practical advice. Tune in. Resources Mentioned in the Show: What You Need to Know About the New Credit Card Surcharge: https://www.cbc.ca/news/credit-card-surcharge-faq-1.6610356 Loblaws Financial Statements: https://www.loblaw.ca/en/investors-overview Canadian Tire Financial Statements: https://corp.canadiantire.ca/English/investors/financials-reporting/annual-disclosures/default.aspx

Did you know that bankers often refer to debt consolidation loans as a 'never, never plan,' meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt cheaper to service through a lower interest rate. But banks know how to keep their clients with just the right amount of debt to continue profiting from interest charges. On today's podcast Ted Michalos and Doug Hoyes break down just how exactly banks keep their customers in a 'never, never plan,' and offer practical advice to help borrowers actually eliminate their debts. Tune in! Links: Risks of Debt Consolidation Loans – The Hidden Traps: https://www.hoyes.com/blog/debt-consolidation-loans-the-hidden-trap/ Hoyes Michalos Debt Repayment Calculator: https://www.hoyes.com/debt-repayment-calculator/ Hoyes Michalos Debt to Income Ratio Calculator: https://www.hoyes.com/debt-to-income-ratio-calculator/ Government of Canada Credit Card Payment Calculator: https://itools-ioutils.fcac-acfc.gc.ca/CCPC-CPCC/CCPCCalc-CPCCCalc-eng.aspx

With record inflation, many people are feeling the pinch, and we've even been asked if it's possible to skip a bill or two just to get to the next month. Well, on today's podcast, we're addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in. Links: Maureen Parent on Twitter: https://twitter.com/MaureenParent7 Hoyes Michalos Kanata Office: https://www.hoyes.com/ontario-offices/kanata/ Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ 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 Credit Counselling and Getting Out of Debt https://www.hoyes.com/blog/a-different-view-of-credit-counselling/ https://www.hoyes.com/blog/are-not-for-profit-credit-counselling-agencies-now-just-debt-collectors/ Ontario Ministry of Government and Consumer Services https://www.ontario.ca/page/ministry-government-and-consumer-services

Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you're probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today's podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good time to buy. Ron also shares a special announcement at the end of the podcast – be sure to tune in for some great insights and practical advice. Links: Ron Butler on Twitter: https://twitter.com/ronmortgageguy High Interest Rates and Debt: What Can You Do/ https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Average Toronto House Prices: https://wowa.ca/toronto-housing-market Butler Mortgage (Mortgage Rates): https://www.butlermortgage.ca/mortgage-calculator/ Show 293: Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA Show 334: Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0 Show 376: Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w Show 403: What's Happening Now that Mortgage Rates Are Up? https://www.youtube.com/watch?v=Iw-HtqgOgJM

We've now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender's discretion. On today's podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice to help you spot when your own finances may be at risk. Tune in for a great discussion! Related Links: Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

The Criminal Code of Canada says that it's a criminal offence to charge an interest rate of more than 60%. The federal government is considering lowering that rate. Is this a good idea? What could go wrong? On today's podcast, Ted Michalos returns to discuss whether this plan by the Government of Canada will make any meaningful difference, and what the unintended consequences of the proposal may be. Doug and Ted also share their four recommendations to the Government to better protect consumers when it comes to usury laws. Please note that the government will be accepting your comments until October 7, 2022, so tune in to this podcast to understand the issue and then send them an email with your thoughts at consultationconsumeraffairs.consultationconsommation@fin.gc.ca with 'Predatory Lending Consultation' as the subject line. Resources Mentioned in the Show: Department of Finance Canada Issues Consultation Paper on Criminal Rate of Interest: https://www.mccarthy.ca/en/insights/blogs/techlex/department-finance-canada-issues-consultation-paper-criminal-rate-interest Garland vs. Consumers' Gas Company: https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/2138/index.do Criminal Code, section 347, criminal interest rate: https://qweri.lexum.com/w/calegis/rsc-1985-c-c-46-en#!fragment/sec347/BQCwhgziBcwMYgK4DsDWszIQewE4BUBTADwBdoJC4BmAFgHYBKAGmW1MIgEVFDcBPaAHIhzSmFwIefQSLGEJCAMp5SAIUEAlAKIAZbQDUAggDkAwtuakwAI2ilscRoyA Bank of Canada posted interest rates, chartered banks: https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

It's Season #9 of Debt Free in 30! Life is changing fast – there's no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premiere rant to share what you can expect from our show this season and helpful resources to get you through these tough times. Tune in. Resources Mentioned in the Show: How One Man Retired Debt-Free at Age 48: https://www.hoyes.com/blog/how-one-man-retired-debt-free-at-48/ Debt Free in 30 Newsletter Archive & Sign Up: https://www.hoyes.com/newsletter-archive/ Insolvency Updates Newsletter Sign Up: https://lp.constantcontactpages.com/su/wAp31r4/insolvencyupdates How to Rebuild Credit course: https://courses.hoyes.com/