Debt Free in 30

We are still in unprecedented times. House prices are going down even though inventory is limited. The unemployment rate is at a 40-year low, and yet insolvencies remain at record lows. What's going on? Will this climate last forever? Enter Ben Rabidoux. Ben returns to the podcast with Doug Hoyes to share his unique insights and research on where housing is heading, whether he sees mortgage rates coming back down, his thoughts on the employment rate and recession, and the show ends with the first-ever Debt Free in 30 wager Links: Ben Rabidoux on Twitter https://twitter.com/BenRabidoux Edge Realty Analytics: https://edgeanalytics.ca/ Bank of Canada: Mortgage Rates: Bank of Canada: https://www.bankofcanada.ca/2022/06/financial-system-review-2022/#box1 Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Episode #379, Will Housing Ever Be Affordable with Ben Rabidoux: https://www.youtube.com/watch?v=exHteyKX5Tg Bank of Canada, 5 Year Bond Yield: https://www.bankofcanada.ca/?p=39890 Monthly mortgage payment on a typical home: https://twitter.com/BenRabidoux/status/1528768057178476544 Rising Interest Rates: 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/ Canada Historical Mortgage Rates: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history Landlord Rescue Property Management https://landlordrescue.ca/ Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Time Stamps: 00:57 Will housing ever be affordable? 04:25 Have mortgage pre-approvals impacted prices? 10:01 Will mortgage rates come down in the next few months? 11:25 Doug thinks we are in a recession already; Ben disagrees 11:50 The unemployment rate is at 40 year lows 14:55 Is the household savings rate going to tank? 16:40 Are credit card balances increasing? 22:30 Will insolvencies go up soon? 28:02 Ben and Doug make a wager

If you die with debt, does it get passed on to someone else in your family? Is it possible for an estate to file a bankruptcy or consumer proposal? On today's podcast, Doug Hoyes and Ted Michalos discuss what happens when you still owe creditors after you've passed and the impact on your estate. They provide practical advice on dealing with joint debt when one spouse has passed, how adult children can navigate debt repayment for their aging parents, and other dos and don'ts when it comes to dealing with an insolvent estate, including whether it's a good idea to file a bankruptcy or consumer proposal post-mortem. Tune in for lots of helpful tips! Links: Does Debt Survive Death? https://www.hoyes.com/blog/does-debt-survive-death/ CPP Death Benefit: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-death-benefit.html CPP Survivor's Pension: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-survivor-pension.html

You may be wondering if you can strike a debt repayment deal with your creditors without going to a Licensed Insolvency Trustee and a formal insolvency filing. Well, it depends on how much you owe, who you owe, your assets, and lots of other factors. On today's podcast, Doug Hoyes and Ted Michalos walk you through all the different scenarios in which you could deal with creditors by yourself, the risks to that, benefits, and they discuss when filing a consumer proposal or bankruptcy is the better option. Tune in! Related Links: Can I Negotiate a Debt Settlement on My Own: https://www.hoyes.com/blog/can-i-negotiate-a-debt-settlement-on-my-own/ Negotiating Consumer Proposals – What Your Creditors Expect: https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/ Bankruptcy Protection in Canada: An Automatic Stay of Proceedings: https://www.hoyes.com/blog/bankruptcy-protection-in-canada-an-automatic-stay-of-proceedings/

We're facing massive inflation with more and more people turning to debt to make ends meet. Bankruptcies are still at record lows, but perhaps not for much longer. On today's podcast, Doug Hoyes and Ted Michalos give us an update on what's going on now and how the rising cost of living is impacting our wallets. They also explain why someone would ever need to file bankruptcy by providing some realistic scenarios that lead one to financial trouble. Doug and Ted also share their predictions for what's to come and give lots of practical advice for how to manage debt in today's economy. Tune in! Links: Hoyes Michalos Joe Debtor Bankruptcy Study https://www.hoyes.com/press/joe-debtor/ Why and How Does Someone go Bankrupt? https://www.hoyes.com/blog/why-and-how-does-someone-go-bankrupt/ Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Real estate prices are down in many parts of Ontario after record increases. Not surprising since the Bank of Canada has indicated it will raise rates again. But what has this done to mortgages? What's happening when people renew? How has mortgage qualification changed? Enter Ron Butler, mortgage broker extraordinaire. On today's podcast, Ron is back to give us an update on what he's seeing on the ground with respect to mortgages. He also shares whether now is even a good time to buy. You won't want to miss this discussion – lots of insight and great advice. Tune in! Links: Butler Mortgage website: https://www.butlermortgage.ca/ Ron Butler on Twitter: @ronmortgageguy https://twitter.com/ronmortgageguy Average Toronto house prices: https://wowa.ca/toronto-housing-market Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/ Podcast 293 Debt, HELOCs, and The New World of Mortgage Lending with Ron Butler https://www.youtube.com/watch?v=VDSd6z5EJzA Podcast 334 Mortgages & Home Equity Refinancing: What Are The Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0 Podcast 376 Should You Help Your Child Get a Mortgage? with Ron Butler https://www.youtube.com/watch?v=INc3t7ikv-w Time Stamps: 4:43 When did the real estate market start to soften? 7:49 How are you supposed to afford a house in this market? 9:28 What is going on right now with the market? 13:49 How much more expensive is it to get a mortgage today? 19:20 What happens if you back out of a purchase? 26:03 This is the initial phase of a downturn 28:39 Should you buy now or rent? 32:10 Patience is a virtue – pause before you buy

A popular budgeting method called the 50-30-20 Rule dictates that you use 50% of your income on necessities like rent, 30% on wants, and 20% to savings and debt repayment. But is this even a realistic money management approach in 2022? With soaring cost of living, many people spend close to 70%-80% on necessities alone. So is this budgeting method a lie now? Enter Maureen Parent, LIT. On today's podcast, Maureen and host Doug Hoyes discuss how this budget method can be adapted for today's cost vs. income reality and offer practical tips for managing your money and building savings. Tune in for lots of great advice! Related Links: Top Tips to Help You Create Your First Budget: https://www.hoyes.com/blog/top-tips-to-help-you-create-your-first-budget/ Managing Money on a Variable Income: https://www.hoyes.com/blog/managing-money-on-a-variable-income/ The Secret to Budgeting: https://www.hoyes.com/blog/the-secret-to-budgeting/

Since the pandemic lockdowns, a large number of people became self-employed or started their own businesses. Why? Because of job loss or a desire for more flexibility. Makes perfect sense. But while there are many benefits to being your own boss – you get a lot of independence – is it always the right decision for you? What are the pitfalls and when is it just better to get a new job rather than start your own business? Tune in to today's discussion with Doug Hoyes and Ted Michalos as they share the ups and downs of being self-employed (including the potential for debt problems), practical advice and personal experience to help guide your decision. Related Links: From Employee to Consultant Leads to Personal Debts https://www.hoyes.com/blog/from-employee-to-consultant-leads-to-personal-debts/ Self Employed: Financing Wisely to Avoid Debt Trouble: https://www.youtube.com/watch?v=F_lo_0JP46Q Bad Funding Choices for Small Business: https://www.youtube.com/watch?v=UaklFv3eBvI Debt Traps of Buying a Business: https://www.youtube.com/watch?v=-HbW9ww2BNg

It's episode 400 of the Debt Free in 30 podcast and Doug Hoyes shares his wisdom on how to protect yourself against job loss. If the pandemic has taught us anything it's that no job is secure. So, what can you do to avoid getting financially burned if you're out of work? If you're unhappy with your job, should you switch? What's the smartest way to go about making a change? On today's podcast Doug discusses three basic work truths and lots of practical advice you should understand to help you navigate the employment world. Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Follow Doug Hoyes on Twitter: https://twitter.com/doughoyes

Ontario real estate prices are pulling back. Is this the end of the housing boom, or just a temporary slowdown? On today's podcast we have first-time guest Nasma Ali, founder of One Group, a real estate agency based in Toronto. Nasma explains what's currently happening with the real estate market. She also shares when she noticed the housing market slow down in the GTA, whether housing will ever drop by 50%, and whether now is a good time to buy. Nasma also discusses sales transparency and why it's worth working with an experienced agent when making one of the most expensive financial decisions of your life. Tune in for lots of great practical advice and rare insight! Related Links: One Group website: https://onegroupre.com/ Nasma Ali on Twitter: https://twitter.com/nasmadotali Nasma Ali on Instagram: https://www.instagram.com/nasmadotali/ Average Toronto house prices: https://wowa.ca/toronto-housing-market Butler Mortgage rates: https://www.butlermortgage.ca/rates/ Time Stamps: 1:13 What is going on with real estate? 6:41 When did the slowdown start? 9:58 What is a bully offer? 13:29 Is now a good time to buy or should you wait? 20:30 Will housing ever be affordable? Will GTA prices drop 50%? 25:35 Sale price + transparency 30:55 Is there a real benefit to working with an agent? Can you DYI real estate sales?

More than 1 in 5 of our clients, people who file a bankruptcy or consumer proposal with Hoyes Michalos, are separated or divorced at the time they file with us. So, what happens when you have debt and are facing divorce? Can you divide debt in a separation agreement? What if it's joint debt? On today's podcast, Doug Hoyes and Ted Michalos explain how debt is managed when couples are facing separation and financial issues. They explain when it may be necessary for both parties to file insolvency if they have joint debt. They also discuss alimony, child support payments, and how joint assets are treated in an insolvency, among other issues. Tune in for lots of practical advice! Links: Should You File Bankruptcy Before or After Divorce? https://www.hoyes.com/blog/should-you-file-bankruptcy-before-or-after-divorce/ What Happens to Joint Property in a Bankruptcy? https://www.hoyes.com/blog/what-happens-to-joint-property-in-a-bankruptcy/ Divorce and Bankruptcy Law in Canada https://www.hoyes.com/blog/divorce-and-bankruptcy-law-in-canada/