Debt Free in 30

We worry about inflation, but the technology we increasingly use is deflationary. Hard to believe, but that's why most of the apps on your phone are free. Deflation is great if you can buy things for less, but debt doesn't deflate, so you could end up with much higher debt costs in real dollars. On today's podcast first-time guest Jeff Booth, entrepreneur, and author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, explains why we should think about deflation, and how it will impact the economy, inequality, your job, and your debt. You may not agree with Jeff's perspective, but it will make you think. Enjoy! Related Links: Jeff Booth's book, The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, on Amazon: https://amzn.to/3dVDrKc Jeff on Twitter: https://twitter.com/JeffBooth @JeffBooth Jeff Rubin episode #317: https://youtu.be/-4vvcQqFuxU: Modern Monetary Theory episode https://youtu.be/TMGDaTGx3V4 Statistics Canada Inflation statistics: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501

It can be hard to know that you've reached a tipping point with your debt, especially when you're keeping up with minimum payments. So, when do you know that it's time to fold? On today's podcast, Ted Michalos and Doug Hoyes explain key warning signs of a debt problem – from emotional stress to relying on credit to make ends meet. They also give practical advice on how to beat an endless debt cycle. Tune in! Related Links: Warning Signs You Have a Debt Problem: https://www.hoyes.com/blog/20-warning-signs-you-have-debt-problems-what-to-do-next/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Are half of Canadians really just $200 away from bankruptcy? No. But that does make a compelling headline, doesn't it? Media outlets compete for our attention – it makes them money. But clickbait headlines about Canada's personal debt (or any subject for that matter) shouldn't be accepted at face value. Doug Hoyes and Ted Michalos explain how and why the media "enrages to engage" and they offer practical advice to help you navigate news stories to be better informed. Tune in! Related Links: Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

You have a budget, and you try to stay within it, but a lack of planning leads you to overspend. This is one of the most common ways people sabotage their own budgets. On today's podcast, credit counsellor Diane Cunha and host Doug Hoyes discuss the common mistakes people make when budgeting – from using debt as an extension of income to paying too much for transportation. They also share advice for how to avoid making these mistakes so you can budget more successfully! Tune in for lots of practical advice. Helpful Links: Hoyes Michalos Fresh Start Program: https://www.hoyes.com/fresh-start/ Hoyes Michalos Newsletter: https://www.hoyes.com/subscribe-newsletter/

You may think that human trafficking is something that only happens in countries outside of Canada, or only happens to poor people, or recent immigrants. That is not the case. Most police reported cases in Ontario are girls and women who are Canadian citizens or permanent residents. But what does human trafficking have to do with debt and financial fraud? On today's podcast, we have a first-time special guest who shares her remarkable story of survival and explains how trafficking victims are targeted in Canada, how common this is, and how perpetrators financially abuse their victims. This leaves many trafficking survivors with not only psychological and emotional trauma, but also major debt problems to overcome. We have resources listed below to help you recognize the signs of human trafficking, what you can do to protect yourself and others you know and to help you understand that human trafficking in Canada is more common than we'd like to believe. Resources Mentioned in the Show: Human Trafficking - Know the Signs: https://www.ontario.ca/page/human-trafficking RAP Sheet – Human Trafficking: https://preventingcrime.ca/wp-content/uploads/2020/02/RAP-Sheet-on-Human-Sex-Trafficking.pdf Project Recover Organization: https://projectrecover.ca/ Concord Adex Survivor's Fund: https://www.survivorsfund.ca/donations/the-concord-end-of-crisis-housing-fund/ Waterloo Regional Police Services – How to Stay Safe Against Human Trafficking: https://www.wrps.on.ca/en/staying-safe/human-trafficking.aspx Ontario's Anti-Human Trafficking Strategy: https://www.ontario.ca/page/ontarios-anti-human-trafficking-strategy-2020-2025 What is Human Trafficking: https://www.canada.ca/en/public-safety-canada/campaigns/human-trafficking.html

The coronavirus pandemic and job losses have led many people to rethink their careers. What can you do if your job no longer exists? How can you reinvent yourself? And how do you do that without taking on debt? On today's podcast, Scott Terrio and Doug Hoyes discuss how jobs are expected to change post-pandemic and share several success stories of clients relying on their skills to find new employment. They also provide tips for taking on a career change, without harming your finances. Tune in! Resources Mentioned: McKinsey Report: The Future of Work After COVID-19 https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-after-covid-19#

Having a savings fund helps you avoid a lot of financial headache in the event of an emergency. The trouble is, how do you get started on saving if cash is tight? On today's podcast, Certified Credit Counsellor Diane Cunha provides realistic tips for saving money, so you stay motivated. She also shares advice for how to save if you have a limited income and which accounts are best for storing a savings fund. Tune in! Helpful Links: Emergency Fund or Credit Card Debt? https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/ The Secret to Budgeting? Don't Budget: https://www.youtube.com/watch?v=u5q1Qge3k8s

Payday loans aren't the only predatory loans out there. These days, several fintech companies offer 'easy' installment loans at high rates, ranging from 39% to 59%! On today's podcast, Ted Michalos and Doug Hoyes explain how these loans work and what makes them predatory. Doug and Ted also discuss high-cost loan regulations, the changes the Government of Ontario is proposing, and give their two cents on consumer protections they believe should be implemented to help borrowers make informed financial decisions. Tune in! Helpful Links: Government of Ontario High-Cost Credit Consultation Paper: https://www.ontariocanada.com/registry/view.do?postingId=36067&language=en Why Bad Credit Installment Loans Are Seldom the Answer: https://www.hoyes.com/blog/why-bad-credit-financing-loans-are-seldom-the-answer/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

E-transfer fraud is on the rise. From e-transfers being redirected to a hacker's bank account to job and puppy scams - how do you stay protected? How can you tell what's real and what's fake? Enter Rachel Jolicoeur – Director of Fraud Prevention and Partnerships at Interac. On today's podcast, Rachel discusses common ways people become victims of e-transfer fraud. She also explains how to spot e-transfer scams and how to keep your accounts safe from fraudsters. Tune in to the show for lots of practical advice and see our resources below to keep your finances safe. #FraudPreventionMonth Helpful Resources: Interac e-Transfer Security & Fraud Prevention: https://www.interac.ca/en/consumers/security/interac-e-transfer/ Canadian Anti-Fraud Centre – Protect Yourself From Scams: https://www.antifraudcentre-centreantifraude.ca/protect-protegez-eng.htm Time Stamps: 4:10 Fraud #1 - E-mail Account Compromise 8:45 Prevent Fraud with Auto Deposit 13:05 Fraud #2 - Bad Deposit Transfer 14:08 Fraud #3 – Big Cheque Scam 15:39 Fraud #4 - Job Scams 19:02 Fraud #5 - Puppy Scams 22:19 What Can I Do If I Get Scammed? 26:10 Practical Tips to Stay Safe

For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is now creating financial problems? What are your options? Is it possible to get out of a car loan? On today's podcast, Ted Michalos and Doug Hoyes discuss when you might want to hand your vehicle back, how to do it, and what happens with the loan shortfall. Tune in for lots of practical advice! Related link: Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/ Time Stamps: 2:38 What is negative equity 10:32 Budgeting for car expenses 15:30 When should you give your car back 16:58 How to give your car back