Debt Free in 30

Doug is joined by BIA Insolvency Counsellor Charlie Kovacs. They discuss banking in the digital age and cover topics such as service fees, chequing accounts, digital transactions, payment methods (digital vs. cheques), prepaid cards, credit scores, mobile payment options, how to manage digital finances, free tax filing, and finding the best bank rates online. If you're new to digital banking or eager to learn insider tips from finance experts, this episode is a must-listen! Time Stamps: 00:00 Introduction 01:25 How can you bank for free? 03:55 Using a mobile app for depositing cheques 05:14 Why do you have to open a new bank account if you file a consumer proposal or bankruptcy? 07:36 Cheques vs E-transfer 08:23 Debit Cards, Credit Cards, Prepaid Cards 14:57 What is the difference between a loadable credit card and secured credit card? 18:20 How do you keep track of your money digitally? 25:11 How do I file my taxes for free? 27:15 Shop around for the best rates 31:46 Final thoughts Related Links: Why You Should Bank at More Than One Bank - https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ Why Do I Need To Switch Banks? I Love My Bank - https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/ How to Open a New Bank Account For A Bankruptcy or Consumer Proposal - https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

Ted Michalos, co-founder of Hoyes Michalos and a licensed insolvency trustee, shares invaluable insights on managing debt while owning assets. He discusses the complexities of cashing out savings to solve debt problems and highlights the risks of liquidating retirement funds. The conversation covers the protection of various assets during bankruptcy, including homes and education savings, and emphasizes the need for professional guidance to navigate these financial decisions effectively.

In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement. Time Stamps: 00:00 Introduction 01:48 Why are payday loans a problem if you are a senior? 04:03 How does a senior end up in debt? 05:45 Payday loans and rapid loans 08:10 Seniors supporting their adult children 10:38 Seniors carrying debt into retirement 11:54 Practical advice 12:30 How can you tell if your parents are in debt? 15:13 How to retire with no debt 21:12 Seniors and financial scams 22:55 Co-signing loans for friends and family 25:00 Should seniors' cash in their RRSP to pay off debt? 27:15 Should seniors file a consumer proposal or bankruptcy? Related Links: Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/ Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/ Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/ Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/ Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/ Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/

In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt leading to insolvencies, and the decline in homeownership. They also share their predictions for the future, including whether inflation will continue to rise, and offer their advice on how to navigate these tough times. Time Stamps: 00:00 Introduction 00:44 Why did credit card debt drop during the pandemic? 03:05 Inflation rate for food 04:16 Shelter inflation 05:45 Credit card debt leads to insolvencies 08:15 How inflation and credit card debt affects everyone 14:35 Why are we not seeing homeowners? 16:52 Predictions 19:32 Practical advice Related Links: What to Know About Credit Cards So You Use Credit Wisely - https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/ Unpaid Credit Card Debt: What Are the Consequences? – https://www.hoyes.com/blog/unpaid-credit-card-debt-what-are-the-consequences/ Can Bankruptcy Stop a Tenant Eviction for Rent Arrears? - https://www.hoyes.com/blog/can-bankruptcy-stop-a-tenant-eviction-for-rent-arrears/ Can't Pay Your Mortgage? Options To Keep Your House – https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Renewing Your Mortgage as Rates Change -https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/ Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted - https://www150.statcan.gc.ca/n1/en/catalogue/1810000401 Bank of Canada, Monetary Aggregates https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

Maureen Parent, a personal finance expert, joins to tackle a common dilemma: should you prioritize paying off debt or building an emergency fund? They discuss the crucial role of an emergency fund in avoiding debt reliance during unexpected expenses. The conversation highlights the psychological benefits of saving and maintaining financial flexibility. Maureen explains how savings can protect your credit and offers insights on determining the right amount to save. Ultimately, balancing both strategies is key for long-term financial health.

Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors. Time Stamps: 00:00 Introduction 03:35 Failure rate for consumer proposals 05:07 Why have consumer proposals overtaken bankruptcies in Canada? 08:33 Surplus income 12:12 Are the licensed insolvency trustees making more money on consumer proposals? 14:50 The creditors impact on a bankruptcy and consumer proposals 24:55 Unregulated debt advisors 33:39 Solutions for low-income debtors 44:22 Final thoughts Related Links: Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/ The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system Consumer Proposal vs Personal Bankruptcy - https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/ Is a Consumer Proposal the same as a Bankruptcy? - https://www.hoyes.com/blog/consumer-proposal-bankruptcy/ Who Does What in a Bankruptcy and Consumer Proposal? - https://www.hoyes.com/blog/who-does-what-in-a-bankruptcy-and-consumer-proposal/ Bankruptcy & Your Credit Score - https://www.hoyes.com/personal-bankruptcy/effect-bankruptcy-credit-rating/ Consumer Proposal And Your Credit Rating - https://www.hoyes.com/consumer-proposals/consumer-proposal-affect-credit-rating/ Negotiating Consumer Proposals. What Your Creditors Expect - https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/ Avoid The Surplus Income Penalty With A Consumer Proposal -https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/ Why Surplus Income Is an Important Part Of Your Debt Recovery - https://www.hoyes.com/blog/surplus-income-important-part-debt-recovery/ Surplus Income Bankruptcy Calculator - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/ Surplus Income Payments - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/ Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants? - https://www.hoyes.com/blog/will-the-federal-government-finally-put-an-end-to-unregulated-unlicensed-debt-consultants/

Doug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on the food bank, issues of food inflation and food insecurity, changes in demand since the pandemic, ways to donate, and how those in need can access food. Time Stamps: 00:00 Introduction 01:30 Food assistance programs 02:41 Hunger count 06:56 Food insecurity 08:13 How has the demand for the food bank changed since the pandemic 11:14 Food inflation 14:13 How does the food bank receive food 16:01 How can you donate cash to the food bank 16:51 The impact cost of living has had on food donations 18:20 How can you receive food from the food bank 22:04 Food bank delivery program 22:40 Food bank eligibility and agency support 29:44 Food banks most needed food items 33:40 Conclusion Related Links: Hoyes Michalos is a proud partner of the Food Bank of Waterloo Region - https://www.hoyes.com/community-involvement/ Food Bank of Waterloo Region - https://www.thefoodbank.ca/ Food for Thought Blog - https://www.thefoodbank.ca/blog/ Volunteer at the Food Bank - www.thefoodbank.ca/volunteer Community Food Assistance Network- www.thefoodbank.ca/network/map Hunger in Waterloo Region - www.thefoodbank.ca/about/hunger/

Join Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don't miss this informative discussion on the true cost of owning a home. Time Stamps: 00:00 Introduction 01:20 Mortgage vs rent payments 03:31 Upfront costs of purchasing a home 04:41 Maintenance costs 16:05 Unexpected costs of home ownership 18:18 Practical advice 27:22 Conclusion Related Links: Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Renting Vs. Buying: Which One Makes More Sense?: https://www.hoyes.com/blog/renting-vs-buying-which-one-makes-more-sense/ Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/ How to Avoid Being House Poor – https://www.hoyes.com/blog/how-to-avoid-being-house-poor/ Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/ How to Get a Mortgage Even After Bankruptcy: https://www.hoyes.com/blog/how-to-get-a-mortgage-after-bankruptcy/

Doug is joined by Technical Platform Cybersecurity Specialist, Eric Boivin from Flare. They discuss how cyber attacks can target your bank accounts and personal information, leading to money loss or identity theft. How weak cybersecurity can lead to debt, especially for those with student loans, mortgages, or credit card obligations. Eric shares practical advice on how to avoid fraud, choosing the best password using a password manager, and tools for watching financial accounts for suspicious activity. Time Stamps: 00:00 Introduction 04:46 How can you protect yourself against cyber attacks 10:00 Passwords 20:51 What can you do to protect yourself from a cyberattack? 31:32 Practical advice Related Links: Flare Website - https://flare.io/ Flare LinkedIn - https://www.linkedin.com/company/flare-io/ Bitwarden Password Manager - https://bitwarden.com/

Doug is joined by special guest Canadian economist and author, Jeff Rubin. Jeff discusses his latest book A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever. They discuss inflation, sanctions and their impact on Canadian wages and employment. The conversation also touches on the Bank of Canada, bond yields, mortgages, interest rates, international trade, and the potential for a recession soon and closes with practical advice for Canadians. Time Stamps: 00:00 Introduction 03:45 Inflation 10:47 What does the central bank do to make inflation higher or lower? 19:33 Mortgages and Interest rates 24:15 Are we in a recession now? 26:07 Credit card debt 27:37 Predictions for the future of Canada's economy Related Links: A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever by Jeff Rubin on Amazon https://amzn.to/4a5dSQI The Expendables - How the Middle Class Got Screwed by Globalization by Jeff Rubin on Amazon https://amzn.to/3UKTorM Globalization, Inequality and Debt with Jeff Rubin – Episode 317 https://www.youtube.com/watch?v=-4vvcQqFuxU Jeff Rubin X https://twitter.com/JeffRubin