Debt Free in 30
Every week we take 30 minutes and talk to industry experts about debt, money and personal finance.
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592 – The Wealthy Barber on Debt Free in 30: Financial Issues Canadians are Struggling with Most
01/03/2026
592 – The Wealthy Barber on Debt Free in 30: Financial Issues Canadians are Struggling with Most
David Chilton, author of The Wealthy Barber and one of Canada’s most influential voices on personal finance, joins Doug Hoyes on Debt Free in 30 for an extra special double–long episode. Doug and David dig into the issues Canadians are struggling with most: the true cost of inflation, a “K-shaped” economy, housing affordability, rising student debt, the growing gap between financial knowledge and financial discipline, and more. 00:00 – David Chilton on the updated Wealthy Barber book 02:27 – Why storytelling works for personal finance (and how he tested it) 06:52 – TFSA vs RRSP: how to decide in real life 15:21 – Financial literacy vs discipline in today’s economy 18:29 – “K-shaped” Canada: who’s thriving and who’s squeezed 21:27 – First steps: debt payoff vs RRSP match priorities 22:54 – Spending summaries vs budgets: the method that actually changes behaviour 34:29 – Housing affordability, down payments, and parental help 38:06 – Gambling, meme stocks, crypto: a fast-growing driver of debt trouble 55:16 – Hope and next steps: learning money basics + building side income Need Help With Debt? If debt is keeping you up at night, you don’t have to endure forever. Talking to a Licensed Insolvency Trustee isn’t about filing sooner — it’s about understanding your options and reducing stress. Learn more at: 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.
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591 – Why Debt Is Rising, but Bankruptcies Aren’t (Yet) — and 2026 Insolvency Predictions for Canadians
12/27/2025
591 – Why Debt Is Rising, but Bankruptcies Aren’t (Yet) — and 2026 Insolvency Predictions for Canadians
Debt is at record highs, yet insolvencies are flat. Why? In this episode of Debt Free in 30, Licensed Insolvency Trustees Doug Hoyes and Ted Michalos explain a financial paradox that’s leaving millions of Canadians stressed, exhausted, and confused. The answer isn’t that people are okay. It’s that people are enduring. If you’re paying your bills but still feel like you’re drowning, this episode is for you. Coming Up Next Next episode: a special double episode with David Chilton (The Wealthy Barber) — a practical conversation about money, debt, and what Canadians are really facing heading into 2026. In This Episode, You’ll Learn: · Why people don’t file when debt rises — they file when cash flow breaks · How inflation pushed credit card balances higher without immediate defaults · Why paying the minimum isn’t a solution — it’s a delay · How balance transfers and mortgage equity are masking financial stress · Why insolvencies tend to stay flat, then jump · What would trigger a surge in personal insolvencies · Our 2026 insolvency predictions for Ontario · Why relief isn’t failure — and how getting advice early preserves options (00:00) You’re Not Failing — You’re Enduring (02:30) Debt Is Exploding, So Why Aren’t Bankruptcies Rising? (05:20) People Don’t File When Debt Rises — They File When Cash Flow Breaks (08:10) Why Credit Card Debt Is Rising Without Defaults (11:00) Paying the Minimum Is Buying Time — Not Solving the Problem (14:00) Who’s Carrying the Debt Now (And Why That Matters) (17:10) Why Inflation Changed How Insolvencies Work (20:20) The Hidden Delay: Interest Rates Haven’t Fully Hit Yet (23:40) Mortgage Equity Is Masking Financial Stress (27:00) Why Insolvencies Don’t Rise Gradually — They Snap (30:00) Why Convexity Shows Up Later (32:40) The Paperclip Effect: Endurance vs. Breaking (34:10) What Would Trigger a Surge in Insolvencies? (35:30) Our 2026 Insolvency Predictions (38:00) Relief Isn’t Failure — It’s a Reset 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.
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590 – Will Your Investments Survive Serious Debt?
12/20/2025
590 – Will Your Investments Survive Serious Debt?
If you’re carrying serious debt but also have money in an RRSP, TFSA, or other investments, one of the biggest fears is this: Will I lose everything if I get help? Doug Hoyes and Ted Michalos, Licensed Insolvency Trustees, break down what actually happens to your investments when debt becomes unmanageable. They explain which assets are protected under Canadian insolvency law, which are at risk, and when cashing out savings can do more long-term harm than good. (00:00) Debt and investments: will savings survive serious debt? (02:10) The fear of “losing everything” when seeking debt help (04:20) Pressure to cash in investments before asking for help (06:30) Using a TFSA to pay debt: when it makes sense (09:10) RRSP withdrawals and the real tax consequences (12:45) Why multiple RRSP withdrawals don’t reduce total tax owed (15:30) What happens to RRSPs and pensions in bankruptcy (18:40) Which investments are not protected in insolvency (21:30) Consumer proposals vs. bankruptcy: what you keep (24:30) Can you still invest while repaying debt? 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
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589 – Debt Collectors Busier Than Ever? - What They Are Really Looking For from You
12/13/2025
589 – Debt Collectors Busier Than Ever? - What They Are Really Looking For from You
Debt collectors are contacting Canadians more than ever. In this episode, Doug Hoyes and Ted Michalos explain why activity is increasing, what collectors are actually looking for, and how to respond without accidentally restarting the clock on old debts. They also cover how to spot scams, understand your rights, and know when it’s time to get professional help. Search the Ontario government’s website to verify that a collection agency is licensed (00:00) Why debt collectors are busier than ever (02:00) What’s driving higher delinquencies in Canada (04:10) When creditors typically begin collection efforts (06:00) What collectors want besides money (08:00) How small payments or acknowledgments reset the 2-year clock (10:00) Why collectors ask for employer and contact information (12:00) Should you answer if you can’t pay? (14:00) How to verify a real collector vs. a scam (17:00) Your rights when dealing with collection calls (19:00) When it’s time to speak with a Licensed Insolvency Trustee 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.
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588 – Are You Financially Fit Enough to Invest?
12/06/2025
588 – Are You Financially Fit Enough to Invest?
Start investing because your numbers say “go,” not because the internet says “now.” This episode will remove the guesswork from entering the world of investing and provide a straightforward way for you to judge your readiness. Using simple math in layman’s terms (think “why paying 20% interest beats chasing a maybe 10% return”), we discuss what to do first, how to keep bills safe from market swings, and when it makes sense to get professional help. (00:00) Welcome Charlie Kovacs from Hoyes Michalos (02:00) Do Canadians need to take big risks to get ahead? Myth vs. Reality (05:00) Pay debt vs. Invest (08:00) Fitness Test: Do you know your ins and outs? (11:00) Using your credit score as a tool, not a toy (13:00) Emergency fund and liquidity (16:30) Defining your “why” goals (20:00) Is saving for a first home realistic? (23:00) Are you knowledgeable enough to invest? Core concepts to know (27:00) Choosing vehicles: TFSA, RRSP, employer match, and more 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.
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587 – Should Parents Help Adult Children with Debt?
11/29/2025
587 – Should Parents Help Adult Children with Debt?
With housing costs, student loans, and everyday expenses skyrocketing, more young adults are turning to their parents for financial support. Doug Hoyes and Ted Michalos unpack the emotional, financial, and practical realities behind “helping” adult children, including why many parents feel compelled to assist, and break down the real risks of co-signing, lending money, or tapping home equity to solve a child’s debt issues. (00:00) How costs, debt, and housing pressures shape young adults’ expectations (03:10) Why parents feel compelled to help financially (06:20) When helping becomes risky for parents approaching or in retirement (10:00) Enabling, dependency, and how money strains family dynamics (12:00) Co-signing explained: what parents are really responsible for (13:30) When support prevents children from developing budgeting or financial skills (15:05) Alternatives to direct financial help (17:10) When to involve a Licensed Insolvency Trustee (18:40) Conditional help vs. open-ended rescue (25:00) Key takeaway: protect your own financial future first 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.
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586 - Should You Use Your Home Equity to Pay Off Debt in This Market?
11/22/2025
586 - Should You Use Your Home Equity to Pay Off Debt in This Market?
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 selling (17:00) Could creditors place a lien anyway? Get the numbers (21:00) Banks can cut credit access—even existing limits (25:00) Snapshot of cash flow: budget vs. “budgeting,” emergency funds (31:00) Rebuilding plan: why it isn’t too late 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.
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585 – Small Business: Mixing Personal and Business Debt Pros & Cons
11/15/2025
585 – Small Business: Mixing Personal and Business Debt Pros & Cons
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 Start-Ups (with examples) (04:00) Why banks don’t fund brand-new businesses and what “collateral” means (06:30) Pro #1- Easier access to credit for start-ups (08:00) Pro #2 - Cash flow and other short-term advantages (09:30) Con #1- Personal liability: when business failure becomes personal insolvency (12:00) Con #2 - Blurred finances: bookkeeping pitfalls, CRA risk, and collection stress (14:00) Con #3 - Credit-score impact: utilization and missed-payment damage (16:00) Best practices and tips (19:00) The three roles every small business owner needs 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.
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584 – Top Mistakes Debtors Make and How to Avoid Them
11/08/2025
584 – Top Mistakes Debtors Make and How to Avoid Them
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 vs. “debt consultants” (08:30) Minimum payments: is it ever a good strategy? (10:30) High-cost credit & payday loan cycle (13:30) Ignoring CRA debt: the powers of the Canada Revenue Agency (15:30) RRSPs to pay debt? Taxes, exemptions, and better paths (18:00) The credit-score trap (21:00) Practical resets, scam red flags 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.
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583 – Job Loss: What to Do Financially in Your First 30 Days
11/01/2025
583 – Job Loss: What to Do Financially in Your First 30 Days
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, applying early (08:30) Money triage: cut variable costs, protect cash flow (12:30) Job search that works: résumé/LinkedIn refresh + networking (17:00) If your field is shrinking: upskill or pivot? (21:00) Self-employment/freelance: risks, cash needs, taxes (24:30) Debt decisions: the best time to file bankruptcy or a consumer proposal 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.
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582 – How to Prioritize When Every Expense Feels Urgent
10/25/2025
582 – How to Prioritize When Every Expense Feels Urgent
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 to Make Smart Decisions in Survival Mode 03:30 – Inflation Pressure: Why Everything Feels Urgent 06:00 – What Comes First: Rent, Utilities, and Food 09:00 – Organizing Finances: Your Personal Priority Order 12:00 – Grocery Strategies That Stretch a Tight Budget 13:30 – Collections 101: Small Debts Are Loud, Big Debts Need a Plan 15:00 – Shame, Stress, and the Realities Canadians Face 19:00 – Don’t Let the Loudest Creditor Set Your Budget 23:00 – Joe Debtor Study: What We Know & Why You Have Options 26:00 – Negotiating with Creditors & How Consumer Proposals Work 28:00 – Survival First, Debt Strategy Second: Keep Moving Forward 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.
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581 – Why the Best Financial Advice Sounds Boring – But Works
10/18/2025
581 – Why the Best Financial Advice Sounds Boring – But Works
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 challenges to managing money (11:00) – Discipline vs. intelligence: which matters more? (15:30) – The “first three months suck” mindset (17:00) – Why boring habits beat willpower (19:00) – Needs vs. wants and being realistic (21:30) – Starting with just one small habit (28:30) – Avoiding a financial hangover 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.
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580 – Can You Really Live Debt Free in Canada?
10/11/2025
580 – Can You Really Live Debt Free in Canada?
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: Inflation vs. Reality [06:30] Homeownership in Canada: Is Debt Inevitable? [08:00] The Canadian Dream: How Culture Fuels Housing Debt [11:00] Is University Worth the Debt? Alternatives to Student Loans [13:00] How to Minimize or Eliminate Debt: Real Strategies [15:30] Crunching the Numbers: Real-Life Debt Scenarios [19:00] What’s the Cost of Avoiding Debt Entirely? [22:00] Debt in Retirement: Smart Advice for Seniors [26:40] When Debt Feels Overwhelming: What to Do Next [28:00] Credit vs. Debt: Focus on What Really Matters 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.
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579 – Budgeting Without Burnout: Finding the Right Tracking Method
10/04/2025
579 – Budgeting Without Burnout: Finding the Right Tracking Method
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 Motivation Problem: Why staying on track is hard 13:30 – Start Small: Charlie’s advice for tackling one category at a time 14:30 – One-Week Tracking Tip: Find Your Spending Baseline 20:00 – The Subtraction Method: Identifying savings opportunities 23:00 – Should You Have More Than One Bank Account? Pros and cons explained 26:00 – Finding What Works: Progress, not perfection 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.
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578 – Student Loan Struggles in Canada: Paying Debt Years Later
09/27/2025
578 – Student Loan Struggles in Canada: Paying Debt Years Later
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 student loans be included in insolvency? 05:00 – Why does it take so long to pay off student loans? 06:15 – The future of specific jobs—and risks of student debt 08:50 – The hidden risks of borrowing for education 11:35 – Interest on student loans: federal vs. provincial rules 12:30 – Practical tips to pay off student loans faster 13:30 – The hidden costs of prolonged repayment 16:00 – How a consumer proposal might help with student loan repayment 18:45 – The Supreme Court’s decision and the 7-year rule explained 25:00 – Planning for the future beyond student debt 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.
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577 – How to Break Free from the Minimum Payment Trap
09/20/2025
577 – How to Break Free from the Minimum Payment Trap
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 that you’re stuck in a minimum payment trap 22:00 – Strategies to recover from minimum payment habits 24:00 – Converting credit card balances to fixed-term loans 27:00 – How to break the cycle for good 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.
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576 – First-Time Homebuyer's Survival Guide: Avoid Hidden Costs & Regrets
09/13/2025
576 – First-Time Homebuyer's Survival Guide: Avoid Hidden Costs & Regrets
Are you considering stepping into the world of homeownership? This episode is packed with insights every first-time homebuyer needs. Doug Hoyes and Ted Michalos discuss why a declining market might benefit new buyers, the emotional traps leading to risky financial decisions, and the true cost of homeownership – beyond the mortgage. Learn how unexpected expenses (from land transfer taxes to home repairs) can derail your budget if you’re not prepared, the biggest regrets homeowners face, and how to avoid being “burned” by your first purchase. 00:00 - Why a declining market can be an opportunity for new homebuyers 02:30 - The emotional reasons people want to own a home over renting 04:45 - The biggest emotional mistake of buying a house 10:40 - The mortgage is just the tip of the iceberg for home costs 16:00 - Emergency fund vs. line of credit for home maintenance 18:00 - The inevitability of things needing repair 19:00 - Land transfer tax, and so much more 21:00 - The many other costs of buying a home: lawyer fees, moving, and HOAs 23:00 - The biggest regrets new homeowners have 27:00 - How to avoid being "burned" by buying a house 29:00 - The pressure of "keeping up with the Joneses” 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.
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575 – Why Canadians Are Financially Struggling, Even When Doing Everything Right
09/06/2025
575 – Why Canadians Are Financially Struggling, Even When Doing Everything Right
Staying financially stable in Canada has never been harder. Even when you’re working, budgeting, and “doing everything right,” rising insolvencies, higher debt loads, and a cooling housing market are leaving many Canadians struggling to stay afloat in 2025. If you’ve ever wondered why it feels impossible to get ahead financially (even when you’re trying your best!?), this episode helps explain the challenges in today’s economy and offers practical strategies to help Canadians move forward. 0:00 – Season 12 kicks off, Doug Hoyes and Ted Michalos discuss the future of DFI30 2:00 – Canada’s economy today: rising insolvencies and financial strain 4:00 – The impact of higher unemployment and growing uncertainty 7:15 – Why home equity isn’t the financial safety net it once was 10:50 – How financial exhaustion affects mental health and overall wellness 13:00 – Breaking the stigma: addressing shame around debt 14:30 – Key warning signs that you may have too much debt 17:00 – Why many Canadians underestimate how much debt they carry 20:00 – First steps to take when debt feels unmanageable 23:30 – Why working more hours won’t solve financial problems 24:20 – How consumer proposals help Canadians get back on track 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
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574 – Simple Shifts: Ways to Save More and Spend Less
08/30/2025
574 – Simple Shifts: Ways to Save More and Spend Less
Looking to save more and spend smarter? This episode is packed with practical, expert-backed tips - from insider grocery hacks and avoiding hidden fees to smarter banking strategies. Learn how simple shifts, like opening a second bank account or using preloaded credit cards, can help you take control of your money and reach your financial goals faster. (01:00) Avoiding hidden service charges (04:00) Top Canadian grocery tips: Snacks vs. Groceries with The Food Professor (05:40) How preventive costs can save you big (09:45) Why you should open a second bank account (10:30) More grocery hacks to cut your bill (15:00) The payoff of investing in insurance (17:50) Top 3 shopping tips to save money (20:00) Why a home isn’t always an investment: Renting vs. owning (24:00) The benefits of preloaded credit cards with digital banks (28:00) The importance of diversifying your money 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.
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573 – The Best Get Out of Debt Advice from Top Guests (Compilation)
08/23/2025
573 – The Best Get Out of Debt Advice from Top Guests (Compilation)
Listen for great get-out-of-debt advice from some of our most popular guests! Featuring Canadian financial experts from Hoyes Michalos and Chris Enns, founder of and Danielle Park, author of From spotting predatory financial advisors to the importance of building an emergency fund, this episode is packed with practical, real-world tips and strategies you can start using today to get out of debt! 00:00 – The Snowball vs. Avalanche Method with Licensed Insolvency Trustee Joel Sandwith 01:20 – How to Avoid Predatory Financial Advice with Danielle Park 04:40 – How to Realistically Start Managing Your Money with Chris Enns 07:45 – Predatory Credit Advisors – What You Need to Know cont. 11:30 – Why Canadians Aren’t Prepared for Financial Emergencies with Scott Terrio 13:00 – Snowball and Avalanche Method – Advanced Tips 16:30 – Why Your Perspective on Loans Matters 19:50 – Getting Out of Debt and Building Savings Has To Be Practical with Danielle Park 22:35 – Key Indicators of Debt Trouble – When to Seek Help 25:00 – A “Holistic” Approach to Paying Off Debt? 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.
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572 – Best Advice for Getting Out of Debt - Top Strategies from Debt Free in 30
08/16/2025
572 – Best Advice for Getting Out of Debt - Top Strategies from Debt Free in 30
This special compilation episode is packed with nuggets of wisdom and strategies for getting out of debt. We've pulled together the best clips on avoiding credit traps, building emergency funds, and implementing practical “budgeting” strategies. 00:00 – August is a special month before launching a new season 01:00 – Why people end up in debt 02:10 – How to avoid the minimum payment trap 03:40 – Building and maintaining an emergency fund 06:00 – How insolvency clients are a leading indicator of the economy 07:30 – Why you shouldn’t rely on credit in an emergency 10:00 – First steps to begin getting out of debt 12:05 – The problems with consolidation loans 14:00 – Practical budgeting tips: tracking income and expenses 16:00 – The benefits of putting your bills on autopay 19:00 – Don’t ignore your finances 21:10 – Why paying off high-interest debt is the best strategy (and why you still need an emergency fund) 24:00 – Why debt consultants send their clients to Licensed Insolvency Trustees 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.
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571 – Scam Compilation: The Most Dangerous Ways Canadians Are Being Tricked
08/09/2025
571 – Scam Compilation: The Most Dangerous Ways Canadians Are Being Tricked
From shady loan offers to AI voice fraud and everything in between, this special edition of Debt Free in 30 is your go-to for avoiding financial scams. We’ve compiled some of the most important scam warnings from past episodes. These are real risks facing Canadians today, and knowing the red flags could protect your money, identity, and peace of mind. 00:00 – August is a special episode month before launching a new season this fall 01:30 – Housing and rental scams 03:55 – Payday loan and installment loan traps 05:00 – Debt consultant scams 06:30 – “Granny scams” and AI voice fraud 08:00 – Upfront fee fraud 10:30 – Pig butchering scams (crypto and romance fraud) 14:45 – The truth about so-called “savings loans” 17:00 – Red flags and scam warning signs 20:00 – CRA impersonation and email phishing scams 23:30 – Another look at pig butchering scams 24:45 – Final thoughts: trust, but verify… verify, verify 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.
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570 – Debt Free in 30: Bloopers & Best Bits!
08/02/2025
570 – Debt Free in 30: Bloopers & Best Bits!
While we're known for expert debt advice, let’s say it’s a good thing we’re better at being LITs than we are at staying on script! Join us for a compilation of our funniest on-air flubs, the kind of candid moments that usually end up on the cutting room floor. It's the perfect mix of lighthearted fun and the valuable debt insights you've come to expect. Don't miss this special (and hilarious) blooper episode! 00:00 – A long-requested episode: bloopers and funny moments from Debt Free in 30! 00:30 – Leaky Boat Incident 03:30 – "Size Matters" 04:30 – To Ted's Wife – We Are Sorry 06:10 – Debt, Death, and Zombies’ Discussion 09:30 – Maureen Forgets Her Name 10:00 – Scott Terrio on Watching the Podcast 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.
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569 – The Fastest Ways To Break Free From Debt
07/26/2025
569 – The Fastest Ways To Break Free From Debt
You need strategies that go beyond budgeting apps. Doug Hoyes and Ted Michalos are experts who’ve seen it all – and they offer practical, honest advice to build momentum and pay off debt faster. Learn what you can do before considering insolvency, how to know if you’re at that point, and what to do if you are—a clear, actionable guide for Canadians. (00:30) How Interest Works (and How to Make It Work for You) (04:00) Why You Should Pay Off High-Interest Credit Cards First (08:00) Realistic DIY Strategies to Eliminate Debt (13:10) What to Do with Windfalls or Extra Income (14:30) Micropayments: Small but Mighty (15:30) Paying Bills with Debt in Mind (17:00) Boosting and Rebuilding Your Credit Score (19:30) How and Why to Automate Your Finances (22:00) Debt Consolidation: Pros and Cons (26:00) When to Consider a Consumer Proposal or Bankruptcy (28:00) What’s Coming Next on Debt Free in 30 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.
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568 – Can You Have Good Debt? Debt In Canada Today
07/19/2025
568 – Can You Have Good Debt? Debt In Canada Today
Is debt still avoidable, or has borrowing become a fact of life in Canada? Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos answer our questions, share a simple test to assess new debt, and provide an action plan for those struggling to make ends meet. (00:00) What’s changed in Canada’s economy recently? (02:30) The problem with “good debt” as conventional wisdom (04:00) Auto loans: smart purchase or risky commitment? (10:00) Student loans: are they worth it? (14:00) What the household debt-to-income ratio tells us (17:00) Red and green flags when borrowing money (18:45) Is it still possible to live debt-free in Canada? (20:00) Doug & Ted’s 5-point test for smart borrowing (22:00) Understanding the hidden risks of borrowing (23:50) Your debt action plan: what to do starting today (25:00) Mortgage tips: borrowing for a home in today’s market (27:30) The best kind of debt - and what to do if yours isn’t working for you – Full Length Documentary 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.
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567 – How to Financially Prepare for Canada's Recession
07/12/2025
567 – How to Financially Prepare for Canada's Recession
Don'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 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.
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566 – Can It Be Too Late to Get Out of Debt? How to Start Fresh at Any Age
07/05/2025
566 – Can It Be Too Late to Get Out of Debt? How to Start Fresh at Any Age
Is it ever “too late” to get out of debt? Whether you're mid-career, nearing retirement, or already retired, this episode will shatter the “too late” myth and walk you through clear, actionable steps to take control of your finances, no matter your age or life stage. Visit to get personalized support in Ontario from a Licensed Insolvency Trustee to reduce debt before retirement, and access the FREE Hoyes Michalos . (00:45) Age & Debt: Does Your Age Limit Your Options? (03:00) Why It Feels “Too Late” – Common Concerns Explained (04:45) Step 1: Identify Your Income Streams (06:40) Step 2: Track Your Expenses and Spending Habits (10:00) Step 3: Review All Your Debts and Available Credit (10:45) Step 4: Build a Realistic Repayment Plan (Budget) (14:20) Approaching Retirement? Key Actions You Need to Take (17:00) Where to Apply Extra Payments: Tackling High-Interest Loans First (20:00) Why Debt Consolidation Often Falls Short (22:00) Downsizing, Selling Assets & Tapping Savings: Pros & Cons (24:00) Can it be too late for a Bankruptcy or a Consumer Proposal? (26:00) The One Debt That Never Disappears on Its Own: CRA (28:00) It’s Never Too Late: Reducing Debt Legally 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.
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565 – Parents’ Debt In Your Name? Co-Signing Risks You Need To Know
06/28/2025
565 – Parents’ Debt In Your Name? Co-Signing Risks You Need To Know
When parents ask their adult children to co-sign a loan, add their name to a mortgage, or take out a car loan “for the family,” it can feel impossible to say no. But what are the risks? Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos break down the financial (and emotional) minefield of taking on debt for your parents. From credit utilization issues to legal responsibility and long-term credit damage, they explain how even well-meaning help can backfire, and offer solutions to support aging parents without risking your financial stability. (00:00) Risks of Co-Signing for Your Parents' Credit (02:30) Why Parents Ask Their Kids to Co-Sign Loans (05:50) Supplemental vs. Joint Credit: What’s the Difference? (07:30) Co-Signing Auto Loans: Why It’s Risky (09:00) Credit Utilization: How It Hurts Even If Payments Are On Time (12:30) Planning for the Worst: Protecting Yourself from Family Debt (14:45) What to Do If You Can’t (or Don’t Want to) Help Your Parents (16:30) Safe Ways to Support Parents Without Taking on Debt (19:45) Helping Your Parents Manage Money as They Age (26:30) How to Help Parents with Unmanageable Debt Free and learning resources 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.
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564 – What New Canadians Should Know About Credit and Debt
06/21/2025
564 – What New Canadians Should Know About Credit and Debt
For many newcomers to Canada, the Canadian credit system can feel like a high-stakes challenge. Although it's essential for building a financial life, aggressive lending practices, cultural mindsets around credit, and a lack of clear guidance can lead to overwhelming debt before fully understanding how the system works. In this essential episode, Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos discuss the challenges newcomers may face, explain how banks and lenders operate, and pinpoint the critical warning signs to watch for when navigating a new financial life in Canada. 00:00 – Why do banks and lenders target new Canadians? 03:30 – How Canada’s credit culture affects immigrants 06:00 – How do credit and banks work in Canada? Can they be trusted? 09:00 – Unique financial challenges for newcomers 11:00 – What banks consider when lending to new Canadians 12:30 – Is building credit the only way to succeed? Ted’s advice 14:00 – Red flags for immigrants seeking financial help: Who can you trust? 22:00 – Credit advice everyone should know (not just newcomers) 23:30 – Real-life scenario that illustrates key credit considerations for new Canadians 26:00 – What to do if you’re an immigrant (or anyone) with unmanageable debt in Canada Free and learning resources 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.
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563 – Debt: The New Normal? Comparing Boomer and Millennial Mindsets
06/14/2025
563 – Debt: The New Normal? Comparing Boomer and Millennial Mindsets
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 Education Costs and Student Loans 9:00 - Buying a Home: 1980s Down Payment vs. 2020s Reality 13:00 - Starting Adulthood in Debt: How Timing Shapes Finances 16:00 - Shifting Attitudes: From Debt-Free Dreams to “Normal” Borrowing 18:00 - Gig Economy 101: Income Streams Boomers Never Faced 19:30 - Interest-Rate Shocks: Then (18%) vs. Now (Variable & Rising) 22:00 - 31 Flavours of Credit: BNPL, Lines of Credit, & More 25:00 - Boomer Money Rules That Still Work Today 28:00 - Reverse Mentorship: What Millennials Can Teach Boomers https://hoyes.info/joe-debtor-study https://hoyes.info/student-loan-rules-ontario Free and learning resources https://hoyes.info/newsletter Check out our other YouTube Channel: @hoyesmichalos 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.
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