Debt Free in 30

Lenders sometimes 'trick' us by posting only the weekly cost of borrowing a loan (which is a much smaller number) than the monthly cost in their ads. Or they offer you an 8-year term on a car loan, which stretches the cost over more years, reducing your monthly payment, but increasing the total interest you pay. In both cases, the lender 'wins' by getting your sale and you end up owing a lot more than you originally planned for. So how can you avoid falling for lender tricks and approach offers more with a more critical eye? That's the discussion on today's podcast with guest Scott Terrio and host Doug Hoyes! Tune in. Links: Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA How Car Loans and Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

Although the Bank of Canada held interest rates steady in their January 26, 2022 announcement, rates are expected to increase in 2022. When that happens, will you be financially ready for higher borrowing costs? Could you afford to pay an extra, say, $50-$100 a month towards your debts? On today's podcast, Doug Hoyes and Ted Michalos breakdown how a rate hike would impact your finances, whether it's better to get a variable or fixed loan, and why it's important to prioritize debt repayment in a low-rate environment. Tune in for a great discussion. Links: Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Bank of Canada Policy Interest Rate https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/ Understanding the Bank of Canada Policy Interest Rate: https://www.bankofcanada.ca/2021/04/understanding-policy-interest-rate/ Bank of Canada Mandate: https://www.bankofcanada.ca/publications/annual-reports-quarterly-financial-reports/annual-report-2020/mandate-and-planning/#:~:text=The%20Bank%20of%20Canada%20is,committed%20to%20a%20better%20Canada Statistics Canada, Consumer Price Index Graphic https://www150.statcan.gc.ca/n1/en/pub/11-627-m/11-627-m2022004-eng.pdf Butler Mortgage, Mortgage Rates https://www.butlermortgage.ca/rates/ Episode 383, Predictions for Consumer Debt Coming Out of the Pandemic https://youtu.be/LCE6EkOwi8E

For the first time ever on Debt Free in 30, we've gathered some of our Licensed Insolvency Trustees from across Ontario to share what they're seeing on the ground. How has the pandemic impacted indebted individuals? Has the vaccine mandate affected jobs and income? How is Canada Revenue Agency handling consumer proposals? All these questions answered and more, with insights from our Barrie, Mississauga, Oshawa, Cambridge/Brantford, Scarborough/Markham, Windsor, Kanata/Ottawa, and London area experts. Tune in for a great discussion. Related Links: Hoyes Michalos Homeowner's Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos annual Joe Debtor Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Our guests, in alphabetical order: Mark Borysiak, Barrie https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/ Howard Hayes, Cambridge and Brantford: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/howard-hayes/ Jennifer Kwon, Mississauga https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/jennifer-kwon/ Rebecca Martyn, Windsor https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/rebecca-martyn/ Maureen Parent, Kanata and Ottawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Ianina Raguimov, Oshawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/ianina-raguimov/ Joel Sandwith, London https://www.hoyes.com/ontario-offices/london/ Nicholas To, Markham and Scarborough https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/nicholas-to/ Time Stamps: 1:26 – How is the pandemic impacting the average indebted person? 10:16 - How are vaccine mandates impacting people's finances/jobs? 13:50 – What are creditors doing? 21:40 – How has rising real estate impacted people with high unsecured debt? 31:15 – How is the CRA handling income tax debt?

If you ignore an old debt, will it just go away? What if it's been removed from your credit report already? What if a creditor hasn't reached out to you about it in years? Does that mean you don't have to pay? Not exactly. On today's podcast, Doug Hoyes and Ted Michalos discuss how the Statute of Limitations works in Ontario, updates to the law, and which debts it does and doesn't apply to. They also review three scenarios to help you understand what may or may not happen when it comes to owing old debts. Tune in for lots of practical advice! Links: Ontario Limitations Act and Old Debts: https://www.hoyes.com/blog/ontario-limitations-act-old-debts/ What is the Limitations Act: https://youtu.be/97h2u9lqCCY Ontario Limitations Act via Ontario.ca: https://www.ontario.ca/laws/statute/02l24 Eyton Case, In re: John Trevor Eyton, 2021 ONSC 1819 (CanLII): https://www.canlii.org/en/on/onsc/doc/2021/2021onsc1719/2021onsc1719.html Superintendent of Bankruptcy, Directive 6R: https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02402.html

Is it always worth the expense to have an accountant file your taxes? When is it OK to file them on your own? On today's podcast, Ian Martin, LIT and CPA, returns to provide practical advice for how to approach tax filing on your own and when it's time to seek professional help. Ian and Doug Hoyes also discuss the high cost of instant tax refunds, why not filing your taxes can be risky even if you don't owe anything, and they address common myths about income tax filing. Tune in for a great discussion! Links: Instant Cash Back on Tax Refunds. Is It Worth It? https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/ Tax Returns Not Filed Because You Are Afraid You Have Tax Debts? https://www.hoyes.com/blog/tax-returns-not-filed/

2021 was an interesting year for Canadian consumer debt. Insolvencies remained at record lows and many people were able to pay off their credit cards. But will these trends continue? On today's podcast, Doug Hoyes and Ted Michalos review what happened with consumer debt, insolvencies, and savings in 2021 and, provide their predictions for what's to come in 2022. With government income supplements winding down, collections activity starting again, and limitations periods near expiry, the new year should be interesting, to say the least! Tune in for their analysis. Links: Debt Statistics: What Happened to Debt During the Pandemic & Recovery of 2021 - https://hoyes.news/what-happened-to-debt-2021 Episode 348 – How Deflation Will Impact the Economy and Your Debt with Jeff Booth: https://youtu.be/7Kt7KBfemh8 Statistics Canada. Table: 36-10-0639-01. Credit Liabilities of Households: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 Statistics Canada. Table: 36-10-0112-01. Current and Capital Accounts: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Statistics Canada. Table 14-10-0063-01. Employee wages by industry, monthly, unadjusted for seasonality: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301 Statistics Canada, Labour Force Participation Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Hoyes Michalos Homeowner's Bankruptcy Index https://www.hoyes.com/press/homeowner-bankruptcy-index/ Federal government, fiscal update: https://budget.gc.ca/efu-meb/2021/report-rapport/intro-en.html Bank of Canada, definition of Money Supply, and data: https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/ Money supply, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/ Monetary Aggregates, Bank of Canada, https://www.bankofcanada.ca/rates/banking-and-financial-statistics/selected-monetary-aggregates-and-their-components-formerly-e1/ Statistics Canada. Table 14-10-0063-01 Employee wages by industry, monthly, unadjusted for seasonality https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006301 Statistics Canada, Labour Force Participation Rate https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Statistics Canada. Table 17-10-0005-01 Population estimates on July 1st, by age and sex https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000501 Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Consumer Price Index, annual avg, not seasonally adjusted: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

We all agree that life is getting more difficult for the average person. The cost of living is going through the roof; wages are stagnant, and no matter what you do, it seems impossible to get ahead. On today's podcast, Doug Hoyes explains the three forces that are conspiring against you: demographics, technology, and bad money. How did we get here? And how can you compete in today's challenging economy? Tune in to this special episode for Doug's insights and practical advice. Resources Mentioned in the Show: House Prices, Canadian Real Estate Association: https://creastats.crea.ca/en-CA/ Hourly Wages, Statistics Canada: shorturl.at/gGQT1 Rembrandt sketch, The Parable of the Talents: https://www.pubhist.com/w26841 NHL Statistics: https://www.quanthockey.com/nhl/seasons/2019-20-nhl-players-stats.html Inflation, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 2020 Canadian Federal Budget: https://www.budget.gc.ca/2021/report-rapport/anx1-en.html Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html Canada Emergency Response Benefit Statistics: https://www.canada.ca/en/services/benefits/ei/claims-report.html High-Income Tax Filers, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action Baby Boom, Statistics Canada: https://www12.statcan.gc.ca/census-recensement/2011/as-sa/98-311-x/98-311-x2011003_2-eng.cfm Historical Price of Oil: https://www.macrotrends.net/1369/crude-oil-price-history-chart Historical Inflation Rate, Canada: https://www.macrotrends.net/countries/CAN/canada/inflation-rate-cpi Historical Wages, Project Link Data from Statistics Canada & various sources: https://worthwhile.typepad.com/stephen/link/ Episode #271, TFSA, RRSP and Debt: https://youtu.be/7zn3JeAonV4

If you are new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today's podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don't count towards your score, and what to avoid so you don't harm your credit. Tune in for lots of practical advice! Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/ Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034 Maureen Parent, LIT on Twitter: https://twitter.com/MaureenParent7

A lot of personal finance advice is out of touch with today's reality of exorbitant house prices and stagnant wages. So how can a Millennial navigate our current economy and prepare themselves financially for the future? Enter Erica Alini, an experienced personal finance reporter at Global News. She's also the author of the new book Money Like You Mean It – Personal Finance Tactics for the Real World. On today's podcast Erica shares practical advice from her book about how Millennials should approach life milestones like home ownership, emergency events, student loans and how to deal with debt. Tune in for a great discussion! Links: Money Like You Mean It book on Amazon: https://www.amazon.ca/Money-Like-You-Mean-Personal/dp/1459748670 Money123 Newsletter by Erica Alini – how to sign up: https://globalnews.ca/news/4022683/money123-newsletter/ Erica Alini on Twitter: https://twitter.com/ealini

The price of the average home in Canada increased by a record $147,000 compared to last year. Is housing going up forever? How are first-time home buyers supposed to enter such a hot market? On today's podcast, Ben Rabidoux, founder of North Cove Advisors and Edge Realty Analytics, returns with his insights on the Canadian housing market and predictions for 2022. Ben also gives his thoughts on inflation, the impact on consumers if interest rates go up, and whether consumer debt levels will rise substantially in the coming months. Tune in for a great discussion! Links Mentioned in the Show: Podcast 94 What Happens to Debt When House Prices Fall: https://youtu.be/ETkZEc5FLYk Podcast 266 Real Estate, Personal Debt, and Recession Indicators: https://youtu.be/0TMRQ0f0_WQ Podcast 292 Debt, Frozen Real Estate, Cancelled HELOCs, and a Guaranteed Recession: https://youtu.be/fek4xUoIkrc Podcast 333 Mortgages, Consumer Debt and Delinquencies – What's Real & What's Fantasy: https://youtu.be/b-JYXZZ7eDQ Edge Realty Analytics: https://edgeanalytics.ca/ Ben Rabidoux on Twitter: https://twitter.com/BenRabidoux Employment chart, Statistics Canada: https://www150.statcan.gc.ca/n1/daily-quotidien/211105/cg-a001-eng.htm Labour force characteristics chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701 Canadian Real Estate Association Chart: https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/ Current and capital accounts chart, Statistics Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Hoyes Michalos Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Time Stamps: 2:21 – The most important trend in the housing market today: inventory levels are plunging 5:43 – At what point will house prices start to fall? 6:54 – How did real estate prices get so high? 8:49 – If high prices for single family homes are partially a supply issue, why are we not building more single family houses? 12:09 – Why immigration numbers don't tell the full story about population growth 14:51 – Will inflation and interest rates increase in 2022? 19:25 – Ben disagrees with Doug's deflationary prognostications for 2022 21:37 – Has employment bounced back to pre-pandemic levels? 26:08 – Ben's predictions for 2022 28:52 – Are mortgage borrowers going variable or fixed on their mortgages now? 32:14 – Will debt levels increase in 2022?