563 – Debt: The New Normal? Comparing Boomer and Millennial Mindsets
Debt Free in 30
Boomer budgeting tips collide with millennial money challenges in this candid conversation about debt, savings, housing costs, and the rise of gig-work income. Whether saving for a first home or paying off old credit cards, this episode bridges the generation gap with actionable insights for any age, complete with tried-and-true tactics Boomers still swear by, tech-savvy hacks Millennials can’t live without. 0:00 - Do Boomers Have It Easier? Debunking Generational Money Myths 3:10 - Why Millennials Lead Insolvency Filings & Credit-Card Debt 6:00 - “Credential Creep”: Rising...
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562 – Canada’s Credit Score Crisis: Does France's No Score System Reveal A Better Way?
Debt Free in 30
Have you ever wondered what life would look like if your credit score didn’t exist? Licensed Insolvency Trustees Doug Hoyes and Ted Michalos compare Canada’s score-driven system with France’s radically different, no-score approach. You’ll learn: How France decides who can borrow—without a three-digit score. The cultural attitudes that shape lending and spending in France and Canada Why credit-report errors and identity theft are bigger issues than most Canadians realize. Whether Canada could (or should) adopt parts of France’s model—and what you can do right now to...
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561 – Zombie Subscriptions: How To Spot And Cancel Hidden Budget Killers
Debt Free in 30
Zombie memberships are real – and they’re feasting on your budget every month. Forgotten fitness app? Digital subscription you thought was cancelled? Auto-renewals can quietly drain your finances if you're not paying attention. Doug Hoyes and Ted Michalos discuss why some subscriptions are so easy to miss, and how to track, cancel, and avoid them going forward. This episode includes real examples, expert tips, and even a personal story from the Hoyes Michalos team, proving it can happen to anyone. (00:00) Are You Paying for Subscriptions You Forgot About? (03:00) Fitness Classes,...
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560 – Legal Actions Creditors Can Take in Canada (And How to Protect Yourself)
Debt Free in 30
What legal actions can creditors take if you stop paying your debts? From collection calls to lawsuits and wage garnishments, Licensed Insolvency Trustees explain the real timeline of creditor actions—including how the CRA (Canada Revenue Agency) collects without going to court, and how to avoid scams when seeking help. ✅ Know your rights✅ Understand the legal process✅ Learn when (and how) to take action with confidence 00:00 – Can You Go to Jail for Not Paying Debt in Canada? 03:00 – When Do Creditors Start Calling After Missed Payments? 06:45 – When Can Creditors Start...
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559 – Denied Credit? The Survival Guide for Emergency Situations
Debt Free in 30
Denied credit when you need it most? Learn why creditors reject credit and loan applications and what steps you can take next. This guide covers real solutions to dealing with emergency credit denial, from avoiding payday loan traps to protecting yourself financially in tough times. Doug and Ted also recommend using the links below to access your free credit reports, a right for all Canadians! You do not need to pay for your credit score, and finding the free report option on these websites can sometimes be tricky: (A monthly financial-motivation newsletter to your inbox!) (00:00) -...
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558 – What It Means To Be House Poor And How To Avoid It
Debt Free in 30
What does it mean to be house poor in today’s Canadian economy? With home prices rising much faster than wages, more people are stretching their finances to buy property, only to find themselves stressed, overleveraged, and without a financial safety net. We explore how the definition of "house poor" has evolved, the role gig work and income instability play, and whether it's ever worth it to stretch your finances for a home. Most importantly, we share practical tools to help you avoid becoming house poor—or to recover if you’re already there. (0:00) Defining "House Poor":...
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557 – How To Avoid Car Financing Mistakes In 2025
Debt Free in 30
Loans are getting longer, interest rates are getting higher, and that shiny new car? It could lead to serious debt. We dive into Canadian data to help you make informed choices when it comes to buying, leasing, or walking away from a car loan that no longer makes sense. (00:00) – How to Get a Car Loan in Canada (02:00) – Exchange Rates & the Canadian Dollar Impact (03:30) – Used Car Prices Explained (04:30) – What Influences Interest Rates? (12:00) – Is Your Car Loan Secured? Risks of Repossession (13:30) – What Happens If You Miss Car Loan Payments? (15:00) –...
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556 – Is Debt Fatigue Holding You Back? Strategies for Renewed Focus
Debt Free in 30
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555 – The Future of Canadian Savings: Are We Saving Enough for What's Ahead?
Debt Free in 30
Saving money: the basic idea is easy, but the reality for Canadians often presents unexpected challenges. Join trusted Ontario experts Doug Hoyes and Ted Michalos as they discuss “saving” in today’s challenging economy. Learn how to calculate your personal savings rate, understand the obstacles many face (and strategies to overcome them!), and discover the true priorities, aspirations, and concerns driving those hard-earned Canadian dollars. (0:00) Defining Savings: More Than Just Money in the Bank (2:20) Calculating Your Personal Savings Rate (4:00) The History of Canadian Savings...
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554 – AI Scams & Debt: Staying Safe in a New Era of Fraud
Debt Free in 30
Artificial intelligence is no longer just a futuristic concept – it's actively reshaping the landscape of scams and posing a significant threat to your financial well-being. Are you prepared for this new era of fraud? In this episode, we delve into the alarming ways AI is being used to create more sophisticated and personalized scams that could directly impact your debt. We'll explore how even familiar cons are evolving and, crucially, equip you with the knowledge you need to recognize the red flags and protect yourself online. (0:00) The Rise of AI Scams (2:00) The Growing Sophistication...
info_outline It’s crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted?
Doug and Ted provide insight into potential lending trends, emerging marketing tactics, unintended consequences, and how this change will impact the most vulnerable borrowers and secondary lenders in the future.
Timestamps:
(0:30) – Short explanation of the Criminal Interest Rate
(2:40) – What is changing, and who does it impact?
(3:30) – Payday Loans and Vulnerable Borrowers
(9:20) – “Net Charge Off Rate” a rationale for high interest
(12:30) – The “dubious speculation part of the show that is not based on fact”
(14:00) - Unintended consequences – predatory lenders pivoting
(18:30) – Secondary lenders diversifying product lines? To what?
(21:00) – Microloans, Insurance, Rent to Own, and more
(28:00) – Heads up for new marketing tactics – Buyer Beware
Learn more from Hoyes Michalos:
Episode 491 of DFI30 (Thorough Background of Criminal Interest Rate)
Payday Loan in Collection? What To Do Next
Debt Repayment Calculator
Debt To Income Ratio Calculator
FREE Credit Rebuilding Course
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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.