586 - Should You Use Your Home Equity to Pay Off Debt in This Market?
Debt Free in 30
Turn your home equity into a plan, not a panic button! This episode gives a clear, practical checklist for using a HELOC or second mortgage wisely: how they work, what they cost, when they help, and when alternatives (like a consumer proposal) will protect your cash flow and your home better. Listen first, then decide with the numbers. (00:00) Toronto condo stress and Welcome to Scott Terrio (05:00) What a HELOC is and how it works (07:30) Second mortgages: key risks (09:00) Home “value” is changing in this market (11:00) HELOC pitfalls and personal risk (15:30) Why many homeowners resist...
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585 – Small Business: Mixing Personal and Business Debt Pros & Cons
Debt Free in 30
Many Ontario small business owners use personal credit to get a venture off the ground, because banks rarely lend to brand-new businesses. That convenience can help with early cash-flow gaps and sometimes costs less than a high-risk business loan, but it also creates serious personal exposure: guarantees, blurred books, CRA headaches, and credit-score damage. Doug and Ted walk through when using personal debt might make sense, the major risks to watch for, and practical ways to structure your finances. (00:00) Self-employment: Opportunity vs. Necessity (02:00) Capital-Intensive vs. Lean...
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584 – Top Mistakes Debtors Make and How to Avoid Them
Debt Free in 30
Drawing on experience from 25+ years and 73,000+ filings, Doug and Ted break down the top debt mistakes Canadians make, and how to avoid them. They explain how problems creep up, why waiting narrows your options, high-cost credit and payday-loan cycles, CRA’s real collection powers, and so much more. Canada-specific guidance for debtors with tips on protecting your long-term financial health. (00:00) How debt mistakes happen (02:00) Spotting debt problems early (04:30) Waiting too long is costly: interest, stress, fewer options (06:30) Choosing the right help: Licensed Insolvency Trustees...
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583 – Job Loss: What to Do Financially in Your First 30 Days
Debt Free in 30
Laid off or let go? Your first 30 days matter. This is a practical, Canada-specific guide to unemployment, covering everything from applying for EI to discussing when upskilling or a pivot makes sense, as well as the risks of jumping into self-employment and how to handle debt while unemployed. If you’re currently employed, treat this episode as a readiness checklist to ensure you feel prepared and confident about whatever comes next. (00:00) Why the first 30 days of unemployment matter (02:00) Day-one checklist: severance, benefits, documents (05:30) EI basics: ROE, timing with severance,...
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582 – How to Prioritize When Every Expense Feels Urgent
Debt Free in 30
When money is tight, everything feels urgent. Rent, groceries, a credit card bill, and that unexpected car repair. In this episode, we walk through a survival-mode framework for prioritizing essentials, organizing a bare-minimum budget, and avoiding common traps that lead to a deeper debt spiral. We discuss why “loud” debts aren’t always the ones you should pay first, and when it makes sense to speak with a Licensed Insolvency Trustee about a consumer proposal. If the math “isn’t mathing” this guide helps you focus on stability right now and a path to rebuild next. 00:00 – How...
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581 – Why the Best Financial Advice Sounds Boring – But Works
Debt Free in 30
Ever feel like the best financial advice sounds... boring and hard to stick to? Doug Hoyes and guest Licensed Insolvency Trustee Maureen Parent discuss why the most effective money habits are often the least exciting. From the myth of quick fixes to the power of slow, steady progress, they explore how consistency, not complexity, builds lasting financial stability. You’ll also hear practical, realistic ways to start building better habits today (even when life gets in the way). (00:00) – Does money management have to be complicated? The myth of the quick fix (05:00) – Everyday...
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580 – Can You Really Live Debt Free in Canada?
Debt Free in 30
Can you live without debt in today’s Canada? In this myth-busting episode, Doug and Ted explore the real cost of going debt-free. They unpack the difference between credit and debt, challenge the necessity of mortgages and student loans, and share strategies to reduce or eliminate debt, whether you're starting out or retiring soon. From rising housing costs to the fear of missing out (FOMO), this episode offers practical, age-specific advice for Canadians trying to regain control of their finances. [00:00] What Does ‘Living Without Debt’ Really Mean? [05:00] Why Life Feels Pricier:...
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579 – Budgeting Without Burnout: Finding the Right Tracking Method
Debt Free in 30
Is tracking every single expense the key to taking control of your finances, or just a fast track to burnout? What are the pros and cons of meticulous money tracking? Doug Hoyes and guest Charlie Kovacs debate who benefits most from detailed spending logs, when it’s OK to simplify, and strategies to build a money system that actually sticks. 00:00 – Welcome & Introduction: Charlie explains why he’s a fan of tracking expenses 08:00 – Variable vs. Fixed Expenses: Focusing on variable expenses to reveal patterns 10:00 – How to Create a Simple Spending Summary 11:30 – The...
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578 – Student Loan Struggles in Canada: Paying Debt Years Later
Debt Free in 30
Student loans can follow Canadians for years after graduation, sometimes delaying life milestones like buying a home or starting a family. In this episode, Doug Hoyes and Ted Michalos explain why student debt is so difficult to repay in Canada, the risks of borrowing for education, and the Supreme Court’s latest ruling on the “7-year rule” for government student loans. If you’re still paying off your education years later, this conversation sheds light on the challenges and options for relief. 00:00 – Why student loans in Canada are a massive problem 04:00 – When can government...
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577 – How to Break Free from the Minimum Payment Trap
Debt Free in 30
Making only the minimum payment on credit cards may feel manageable, but it’s one of the riskiest financial habits for Canadians today. Doug Hoyes and Ted Michalos explain the real math behind minimum payments and share practical strategies for breaking out of the cycle for good. 00:00 – Setting the stage: the shift from “getting by” to falling behind 02:30 – The math behind minimum payments 08:30 – Quebec’s new rules - will increasing minimum payments make a difference? 12:00 – Canada’s credit card landscape after the pandemic: the growing debt burden 17:05 – Red flags...
info_outlineDon't just brace for a recession, prepare to come out stronger. This conversation is about turning Canada’s economic uncertainty into an opportunity for financial growth (or, at least, stability). We'll equip you with proactive strategies for managing debt, finding new income streams, and building a mindset of resilience.
Learn how to take decisive control of your financial future, no matter what the economy throws at you.
(00:00) – Prediction: How We Knew a Recession Was Coming
(02:30) – Rising Costs & Reduced Work Hours Impacting Households
(04:00) – Forecast: Hitting Recession Thresholds by End of Summer
(05:30) – Managing Money vs. Managing Debt: Good Times vs. Bad
(07:45) – First Steps When You Feel Financial Pressure
(11:00) – Side Hustles 101: Pros & Cons of Supplemental Income
(14:00) – Leveraging Networks & Community Support
(15:45) – How to Start (and Grow) an Emergency Fund
(18:00) – Recession-Proofing Strategies for Homeowners
(19:15) – Top Tips for Canadians in Debt as Recession Hits
(27:00) – Building Mental Resilience & Setting Realistic Goals
Reducing Tax Debt in Ontario
Planning For Retirement When You Have Debt
Why You Absolutely Need An Emergency Fund
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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 personal guidance from 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, strategies, or digital tools/apps discussed.