Debt Free in 30

Our first guest is Gail Vaz-Oxlade who says it’s time to “stop whining about being in debt, you had your fun, you made a mess, now it’s time to clean it up, get busy.” She provides a four step plan for cleaning up your debt mess. In our second segment Ted Michalos returns, and we consider the case of Mary and Joe, who have a good income, but have more debt than they can ever hope to pay off on their own. We discuss how a consumer proposal can help them clean up their debt mess. Their options for dealing with debt, but it takes a plan, and the sooner you start, the sooner you will be debt free.

On today’s show Doug Hoyes interviews Ted Michalos, and they offer their opinions on the current state of the economy, and outlined several predictions for the coming year, touching on important financial topics such as the economy, unemployment, and interest rates. We start with a look back to the credit crisis of 2008, and the resulting peak in bankruptcy filings in 2009. As interest rates have declined many debtors now act as though money is virtually free, and have financed large mortgages and car loans, which will cause serious financial issues when interest rates inevitably increase. We offer some advice on strategies to protect yourself in 2015.

This is our final show for 2014, and as the holiday season ends and we move into 2015 we take a look back at some of the topics we’ve discussed here on Debt Free in 30. Ted Michalos explains that 11% of Canadians will file a bankruptcy or a consumer proposal in their lifetimes; he explains why. Dr. Lee Anne Davies discussed her research on the topic of aging, and how debt will impact older Canadians. Our most popular guest from 2014, Gail Vaz-Oxlade, discussed debt and financial literacy.

In our 2014 Holiday Season Tip Show, we invite back three of our most popular guests with some all new holiday season tips. Dr. Lee Anne Davies gives a tip for keeping credit card debt under control, an important consideration at this time of year. Gail Vaz-Oxlade returns with a tip about managing your banking relationship, a very important tip any time of the year. Credit Counsellor Heather Cudmore gets into the holiday spirit with a tip for a more meaningful, and cost-effective holiday season.

Today’s guest is Sarah Milton, author, blogger, and personal finance expert. Sarah gave a great explanation of the four money personalities, and explained how we each have a money thermostat. To improve your money management skills, understand which money personality you are, and then adjust your money thermostat to an appropriate level for your unique circumstances. In the bonus podcast segment Sarah discusses why women have different money issues than men, and gives more practical advice on money management. She also lists some books that she recommends for everyone wanting to improve their knowledge of personal finance.

Today’s guest is Robert Brown, author of a new book called “Wealthing Like Rabbits – An Original Introduction to Personal Finance”. Robert gives us lots of practical advice, including his thoughts on house buying and mortgages, and debt in general. In the second and third segments we discuss Robert’s more controversial opinions, including Starbucks, where Robert believes that having an expensive coffee is not always a bad financial decision. We also discuss savings and debt. If you have debt, is it always better to pay off your debt and then start saving? Not according to Robert, who gives his opinions on why he believes you should start saving immediately.

On today's show Barry Choi, a personal finance expert, gives his tips for going broke. Tip #1 - Having too many credit cards. Barry gives his views on how many are enough. Tip #2 - Ignoring the interest you are paying on your debts. Tip #3 - Keeping up with the Joneses Tip #4 - Spending money you don't have (particularly on presents) Tip #5 - Buying too much house Those tips and much more on today's podcast.

Today’s guest is Barton Goth, a bankruptcy trustee from Alberta who tells us that even in an economy booming due to the oil industry, personal debt is still a big problem. Barton explains how even highly paid oil patch workers can get into debt problems, and he offers some practical solutions for becoming debt free. Barton discusses consumer proposals, a legislated debt settlement option that is now more popular than bankruptcy in both Alberta and Ontario. In the bonus podcast only segment Barton discusses other differences between Alberta and the rest of the country, and offers additional practical advice.

Today’s guest is Chris deVries, a former banker who provides personal financial counselling to people of all ages. He advocates a straight forward approach to resolving money problems, and on today’s show he gives many practical examples of strategies to deal with debt issues. He discusses the importance of knowing where your money goes, and then taking steps to save money. He gives practical examples, including a strategy to reduce cell phone costs. Through his many years of counselling Chris has worked with many people in what appear to be hopeless situations, but he believes that despite how serious a situation may appear, there is always hope.

On today's show, Ellen Roseman, a Toronto Star columnist and consumer advocate, explains that we tend to get financial advice from people with a vested interest, like car salesmen and bankers. They all have "skin in the game", so consumers need to find someone who can give them unbiased advice. Ms. Roseman suggests reading financial blogs (and particularly the comments) and using Google to research everything before you buy. To improve your financial literacy: be suspicious. Ask questions, and never say "yes" right away. Always consider the downside before you commit. All that and more on today's show.