Debt Free in 30

Today's guest is Rob Carrick, the personal finance columnist for the Globe & Mail. When the Globe announced they were going to start a financial boot-camp, Rob discovered that the most urgent concern for Canadians is debt, and they told Rob that they are in debt because they can't control their spending. On today’s show Rob talks about debt for both seniors and Gen Y, and he gives is thoughts on why it’s better to save for retirement as compared to paying down your mortgage.

Today’s guests are Rebecca Martin, Trustee in Bankruptcy and Consumer Proposal Administrator at Hoyes, Michalos & Associates Inc. and our co-founder, Ted Michalos. We talk about one of the biggest reasons people contact a Bankruptcy Trustee in a panic - they've received notice from a creditor or their employer that their wages are being garnished. Today's podcast explains everything you need to know about wage garnishments and what you can do about it. Rebecca explains what a wage garnishment is, how it works, and who it effects. To round out the discussion, Ted offers solutions for dealing with a wage garnishment if it happens to you. His biggest piece of advice: be proactive and take control of your financial situation. Don't let a wage garnishment be the straw that breaks the camel's back; make a plan to deal with debt before it gets that far.

Today’s guest is Christi Posner, a credit counsellor and new mother. Christ starts the show by telling us how, after graduating from university she had a lot of debt. She got married, and she and her husband wanted to start a family, so they knew they needed to tackle their debt. They did. They paid off their debt, and were in good shape financially to start a family. Even though Christi is an experienced credit counsellor, there were many expenses that surprised her when she went on maternity leave. She shares her practical tips for preparing for the birth of your first child, and gives advice on how to save money while on maternity leave.

Today our guest is Scott Schaefer, Chartered Accountant, Consumer Proposal Administrator, and Trustee in Bankruptcy at Hoyes, Michalos and Associates to discuss the roles of specific parties during a bankruptcy and consumer proposal. Scott explains the meaning of a debtor, creditor, and trustee, and breaks down the filing process, step by step. Scott also explains the role of the trustee. Who does the trustee really work for? We cover that question in the second and third segments. In the final Let’s Get Started segment Scott tells a success story.

Today's guest is David Trahair, Chartered Professional Accountant and author of several books about personal finance including the book we talked about today: Crushing Debt: Why Canadians Should Drop Everything and Pay Off Debt. David makes an excellent case for why consumers should pay off their debts rather than save money. David explains that most of us have bought into the dream that we can have anything we want because debt allows us to do that. This is particularly true in today's tempting low interest rate environment. But as David points out, things can change, and not for the better. A prime example of this is what happened in the US housing market melt-down of 2008 - 2009. And it looks like it's happening again in Fort McMurray. So many Canadians earning a good income, taking on huge debt only to find that, suddenly, their economic circumstances took a sudden u-turn. Find out more on today's show.

Today we answer the question: is all debt bad, or is there such a thing as good debt? Our first guest is Par Foran from the CTV Television Network who gives his opinions (and not surprisingly he doesn't believe that borrowing for a vacation is good debt). Our second guest is Robert Brown, author of Wealthing Like Rabbits, who has a very interesting take on good-bad debt and bad-good debt. Listen carefully; it's a brilliant concept. Robin Taub, CPA, returns to give her thoughts, and in the Let's Get Started segment Dr. Lee Anne Davies rounds out the discussion with her thoughts. Did we answer the question? You be the judge.

Our guest today is Robin Taub, a Chartered Professional Accountant, financial literacy consultant, public speaker, blogger, and author of The Parent's Guide to Raising Money-Smart Kids. Robin discusses why it's so important to teach children about money, the challenges that parents face, and solutions for getting started. Money management isn't always easy and teaching it to someone else can be just as difficult. There are many reasons that discussions about money might not take place, but it's important to overcome those challenges and make it a priority. In Robin's book she explains that challenges include a lack of knowledge by parents, not knowing how to approach the topic, limited opportunities to talk about money, or parents might not be good at money management themselves.

Today's first guest is Ian Martin, a bankruptcy trustee who explains that in many cases there is a "better" time of year to file a bankruptcy or consumer proposal. Howard Hayes is our second guest, and he explains how a bankruptcy filing impacts you acting as an immigration sponsor. Ian returns in our Let's Get Started segment to answer our final question of the day: is bankruptcy morally wrong.

Our guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry. Eric explains how credit bureaus work, and who they work for (hint: they don’t work for you). He explains how to check yoOur guest on today is Eric Putnam, Managing Director of Debt Coach Canada, and a former lending professional with 27 years in the consumer credit industry. Eric explains how credit bureaus work, and who they work for (hint: they don’t work for you). He explains how to check your credit report, and how to improve your credit score.ur credit report, and how to improve your credit score.

Our guest on today is Blair Demarco-Wettlaufer, a Managing Partner for Kingston Data & Credit, a Canadian debt collection agency. Blair gave us the ins-and-outs of the collection world, including the typical life of a debt once it has gone to a collection agency and what your options are for dealing with collection calls. He gives lots of practical advice, including what to do when legal action is threatened, and how to negotiate a payment arrangement.