Debt Free in 30

Have you ever made a decision that seemed like a good idea at the time, but ended up backfiring? Today credit counsellor Diane Cunha returns, and she's got lots of examples of bad credit decisions that can backfire, including debt consolidation loans (that don't actually reduce your debt), high car payments, "do not pay for 24 months" deals, making multiple loan applications in a short period of time, and many more.

Should you pay someone to do your taxes, or should you just do them yourself? Simple question; what's the answer? Scott Schaefer is here, and we'll discuss four factors to consider: Complexity, expertise, time, and who you hire. There is a lot of practical advice on this episode, and we end with a warning NOT to use cash back (it's too expensive in most cases).

How do you strike a balance between your finances and your personal happiness? Enter Melissa Leong – financial expert and author of Happy Go Money. In her latest book, Melissa combines psychology and personal finance to provide an easily digestible guide to spending, budgeting, and investing. On today's podcast, she joins Doug Hoyes to discuss why more money in the bank doesn't correlate with happiness, how you can revamp your relationship with money, and other practical financial advice for listeners. This is a "must listen" podcast. Enjoy!

Once a year we crunch the numbers and release our annual Hoyes Michalos Joe Debtor Bankruptcy Study. It's the only study that exists that looks at real numbers from actual people (it's a study, not a survey) so every year it generates a lot of media attention. Today's podcast is the only interview Ted and I do together on Joe Debtor, and we explain the four key trends we identified this year: Income are up (but not because our clients are getting big pay increases). Expenses are also up, so there is less cash available to pay debt. As a result the credit profile of our clients is deteriorating, leading to more payday loans and high interest instalment loans. The student loan crises is leading to more younger people going bankrupt or filing a consumer proposal. Full explanations and more on today's show. Full details with all of the charts can be found here: https://www.hoyes.com/press/joe-debtor/

On today's show we have a first time guest, Richard Moxley, who explains how to win at the credit game. He explains why the credit score you buy is not the same one your lender uses, why age matters, and what practical steps you can take to rebuild or improve your credit.

I have no idea whether or not we will have a recession soon, but whether we do or not, there are some steps you can take to prepare. On today's show Scott Terrio returns to discuss what causes a "personal recession", and what steps you can take to prepare for whatever happens.

Ted Michalos returns to discuss loan scams, including advance fee loans, savings loans, and "pay off your consumer proposal" loans. Listeners may quibble with our characterization of these loans as "scams", but we explain why we believe they should be avoided, and we give our suggestions on better alternatives for people who want to improve their credit and are tempted to get these types of loans.

Kelley Keehn returns after a three year absence, and on today's show we discuss some of the many interesting ideas she has in her new book, Talk Money to Me. We discuss the impact of low interest rates, whether or not she thinks budgets are a good idea, why she thinks the fourth asset class is your career, and what we need to know about the reciprocity rule. That and lots more on today's show!

On today's show first time guest Alexandra Macqueen, CFP explains what a reverse mortgage is, how they work, and who qualifies. More importantly, Ms. Macqueen does not sell reverse mortgages; she's a financial planner and university educator, so she has no vested interest in whether or not you get a reverse mortgage, so she is able to offer unbiased advice on this increasingly popular borrowing option for home-owning seniors. Are they a good idea? That answer and more on today's show.

On today's show Scott Terrio explains that, for most of our clients, debt "sneaks up on you". You borrow the money and expect to have no trouble paying it off, but then life happens, and the debt problems begin. We discuss how debt causes problems, and Scott creates a new term: Financially Catatonic. All that and more on today's show.