Debt Free in 30

The Hoyes Michalos 2020 Bankruptcy Study revealed that for the first time in four years insolvencies shifted back to an older demographic. The share of insolvencies among those 50 and older increased from 28% in 2019 to over 30% post-lockdown, while the share among younger generations declined. How did this happen? On today's podcast, Ted Michalos and Doug Hoyes discuss how the pandemic changed insolvency trends, including who is filing bankruptcy, and what the numbers might mean to you. Tune in! Related Link: Hoyes Michalos 2020 Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

One of the simplest ways to increase your credit score is to lower your credit utilization. But how do you do that? And what utilization percentage is optimal? On today's podcast, Certified Credit Counsellor Diane Cunha is back to share practical advice for how to maintain a good utilization rate for healthy credit. Diane also discusses common credit utilization misconceptions and the risks of having too much available credit. Tune in to the show! Helpful Links: What is Credit Utilization: https://www.youtube.com/watch?v=hW8lcbGwyq8 Rules to Master Your Credit with Richard Moxley: https://www.youtube.com/watch?v=jP6etPo_CQc Fix Bad Credit Yourself – Tips & Tricks: https://youtu.be/BtncJCxN4So Straight Talk on Your Money Book: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

ohn Pasalis, President of Realosophy Realty, makes his first appearance on the podcast, and he tells us that, even though unemployment is high and we are in a lockdown, the real estate market is "on fire". Why? Is government policy deliberately inflating house prices? When will this boom end? Is now a good time to buy? Or rent? All that and more. Enjoy! Time Stamps: 2:05 What's happening in the real estate market? 3:55 How is it possible that the economy is in lockdown, unemployment is high, and real estate prices are "on fire"? 6:15 More people are working from home, so we understand why single family homes are going up in value, but why are downtown condos also holding their value when everyone has abandoned the city? 9:00 Is this boom different that the 2016/2017 boom? 11:30 Do governments care that real estate prices are going up? Will they do anything to cool the market? 16:45 Are we approaching buyer fatigue? 17:45 Should I buy a house now? 20:40 How some purchasers in 2017 lost their entire investment 22:17 When will the boom end? 24:45 Condo sales prices have dropped slightly, but rental rates are down significantly. Why? 27:00 Is now a good time to rent? Advice for renters?29:00 John's advice for dealing with market hysteria 30:00 What will be the signs of the end of the real estate boom? Related Links: Realosophy Website: https://www.realosophy.com/ John Pasalis on Twitter: https://twitter.com/JohnPasalis John Pasalis' YouTube channel – Move Smartly: https://www.youtube.com/movesmartly

Managing a business is difficult, and the pandemic has made things much worse for Canadian small business owners. If you're a small business owner facing debt problems, what are your options? On today's podcast Ted Michalos is back to explain what you can do if you have both business debts and debts you've personally guaranteed for your business; strategies if your business was doing fine before the lockdown but is now struggling, and what to do if your business will be viable again after the lockdown. Ted and Doug also discuss your options if you can't repay the CEBA (Canada Emergency Business Account) loan. Enjoy! Time Stamps: 3:27 Why government support hasn't been enough. 6:00 What's happening with business bankruptcies? 8:50 Sole Proprietorship vs. Corporation: What's the difference? 9:52 When do business debts become personal debts? 11:20 What to do if business is struggling due to COVID-19. 15:07 What to do if your business isn't viable at all. How do you close it? 20:25 Dealing with secured creditors. 21:44 Dealing with debt as a sole proprietorship. 23:36 What to do if business will be viable after lockdown. 22:20 CEBA loan – what to do if you can't repay. 31:38 Final practical advice Related Links: Should I File Personal Bankruptcy if My Business Closes? https://hoyes.info/small-business-closure The Canada Emergency Business Account: https://ceba-cuec.ca/ Canada Emergency Wage Subsidy Statistics: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html

Housing activity in Ontario has been nothing short of crazy. In the middle of a global pandemic, we're seeing multiple offers on homes and rising real estate prices. Why? And is it a good time to refinance if you have debt? Enter Ron Butler – noted mortgage expert. On today's podcast, Ron explains what's going on with mortgages, the impact of low-interest rates, and whether house prices will keep climbing. Ron and Doug also discuss debt consolidation with home equity risks and what you should consider before refinancing. Tune in to this lively discussion! Related Links: Ron Butler's appearance on show 293: https://youtu.be/VDSd6z5EJzA Butler Mortgages Website: https://www.butlermortgage.ca/ Ron Butler on Twitter (@ronmortgageguy): https://twitter.com/ronmortgageguy Time Stamps: 1:54 – Going to the bank vs mortgage broker 5:50 – What's going on with mortgages in this crazy market? 7:00 – Low interest rates are a fuel to buy sooner 8:14 – Can we expect another mortgage deferral? 10:30 – Should we be thinking about debt consolidation in 2021? What are the risks? 15:48 – Can you use a HELOC for a down-payment again? 18:42 – Will real estate keep going up forever? 22:31 – Impact of bidding wars on mortgage qualification 25:07 – Are parents still helping their kids buy a home? 26:09 – Is housing a religion? 29:37 – It's an unusual time, but this too shall pass, so think before buying.

As we enter 2021, some interesting trends are emerging: Canadian household savings rate is still high, yet so is our debt-to-income ratio; residential mortgages are also on a sharp rise. How do we explain this? Ben Rabidoux returns to share his insights on what's really happening with debt, savings, and where he sees the real estate market heading. Ben also talks about the possibility of an inflationary environment in Canada as a result of the pandemic. You won't want to miss this discussion, so tune in! Related Links: Ep. 292 Debt, Frozen Real Estate, Cancelled HELOCs, & Guaranteed Recession: https://www.youtube.com/watch?v=fek4xUoIkrc Ben Rabidoux on Twitter: https://twitter.com/BenRabidoux North Cove Advisors' Website: https://northcove.net/ Statistics Canada Labour Force Survey: https://www150.statcan.gc.ca/n1/daily-quotidien/210108/dq210108a-eng.htm Household Saving Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 Statistics Canada Permanent Residents Data: https://open.canada.ca/data/en/dataset/f7e5498e-0ad8-4417-85c9-9b8aff9b9eda

Budgeting is difficult, but you need to keep track of your money. So how do you budget if you don't like budgeting? On today's podcast, guest Julie Wildman, LIT, shares practical advice on how to match your expenses to your income, without the need to spend a lot of time tracking every dollar you spend. Julie and Doug Hoyes also discuss how to be ready for unexpected expenses and how to adapt debt payments to your pay cycle too. Tune in for lots of great advice! More information: The Secret to Budgeting: Pay Your Bills as You Get Paid https://www.hoyes.com/blog/the-secret-to-budgeting/

Car loans are one of the most common entry points into debt problems. That's because if you're not careful, you will easily spend more than you can really afford on a vehicle. While it's hard to avoid borrowing for a car altogether, there are steps you can take to protect your financial health. On today's show, guest Scott Terrio explains when a car loan becomes bad debt by sharing auto loan pitfalls, the dangers of loan rollovers, and budgeting considerations before buying a car. He also explains why you should think twice before borrowing against your car to consolidate debt. Tune in for lots of practical advice! Related Links: How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/ Should You Consolidate or Pay Bills with a Car Title Loan: https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/ Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

The unemployment rate dramatically increased, debt levels continue to grow, and yet the personal insolvency rate in Canada dropped to 20-year lows when the COVID-19 lockdowns started in the spring. How long will insolvency rates remain low? Doug Hoyes and Ted Michalos review the unprecedented events of 2020, and offer their predictions on what will happen with debt and bankruptcy and consumer proposal filings in 2021, in one of our most anticipated podcasts of the year. Enjoy! Full details of everything discussed: https://www.hoyes.com/blog/how-covid-19-affected-household-debt-in-2020/ Time Stamps 0:20 A review of Doug and Ted's predictions for 2020 2:12 With high debt and high unemployment, why insolvencies didn't skyrocket 2:50 The personal savings rate hit an all-time high; why? 3:48 The impact of CERB on household income 4:49 The problem with statistics 5:32 COVID-19 impact on high, middle and low income earners 9:00 An example of a middle income earner most impacted by the lock down 10:40 The impact of deferrals 13:40 What will happen with debt in 2021? 16:06 The psychology of spending; why some of us will not increase out spending early in 2021 16:41 Comments on the real estate market 18:53 Prediction time! 19:17 Ted's prediction 19:51 Doug's predictions 24:55 The impact of an economic recovery on insolvency filings

The first step in rebuilding credit is figuring out what's causing your bad credit in the first place? Too much debt? A recent bankruptcy filing? Depending on the reason, there will be different ways to approach the rebuilding process. On today's podcast, our guest is credit expert Richard Moxley, who walks us through the importance of having good credit, causes of bad credit, common misconceptions, and steps to rebuilding credit on your own. Tune in to the show for lots of practical advice! More information: Richard Moxley's Website: https://creditgame.net/ Rules to Master Your Credit Podcast 284: https://www.youtube.com/watch?v=jP6etPo_CQc The First Step to Rebuilding Credit is No More Debt: https://www.hoyes.com/blog/the-first-step-to-credit-rebuilding-is-no-more-debt/ Time Stamps: 1:46: Why Does Good Credit Matter? 4:28: What Causes Bad Credit? 6:53: How Do You Know If You Have Bad Credit? 11:02: What are the Barriers to Rebuilding Credit? 12:13: What Are The Steps to Rebuilding Credit?