Debt Free in 30

How much does it cost to own a pet? Join Doug and special guest Maureen Parent as they break down the expenses, from breeder fees to food, vet bills, travel, dental, training, and more! Maureen offers valuable tips for managing your pet's expenses while avoiding debt. Time Stamps: 00:00 Introduction 02:05 What are the upfront costs of owning a pet? 06:11 The regular costs of owning a pet 16:55 The unexpected costs of owning a pet 20:33 How much does it cost to board your pet? 21:55 Practical advice for owning a pet 24:04 Pet Insurance 25:42 Smaller pets vs. large pets 27:30 Can rescue pets save you money? 27:55 Toy and treat tips to save you money 29:59 Conclusion   Related Links: The Cost of Dog Parenthood in 2024 - https://www.rover.com/ca/blog/cost-of-dog-parenthood/

Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home.  From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out. Time Stamps: 00:00 Introduction 01:00 Reasons you should own a home 03:38 Is a mortgage a forced savings plan? 06:10 Reasons not to buy a home 06:21 Timing is everything in real estate 08:17 Variable rate interest only mortgage vs. amortization mortgage 12:03 Moving if you own a home vs. if you rent 15:29 Maintenance 18:50 Credit creep 24:11 Practical advice   Related Links: Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/ Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/ Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

Blair DeMarco-Wettlaufer, the Chief of Operations Officer of Kingston Data & Credit joins Doug to discuss the consequences of unpaid debts and their impact on your credit score. They look at real-life scenarios and provide practical advice to manage your credit report.  They also discuss what collection agents can and cannot do when it comes to reporting your debts to the credit bureau and how to dispute old debts, so they don’t affect your credit. Timestamps: 00:00 Introduction 01:45 If you don’t pay a collection agent can it affect your credit score? 04:33 The Statute of Limitations Act. 05:30 The Credit Bureau. 09:45 How and when do collection agents report to the credit bureau? 16:20 What collection agents cannot do when reporting to the credit bureau. 18:14 Can a collection agency remove a debt from your credit report? 23:24 What happens if a collection agency keeps calling the wrong number? 26:07 How owing a collection agent can affect your credit score. 27:43 Practical advice from a collection agent. 34:05 How to reach out to Blair DeMarco-Wettlaufer.   Related Links: How Old Tickets and Fines Can Destroy your Credit Score:  https://www.hoyes.com/blog/how-old-tickets-and-fines-can-destroy-your-credit-score/ 'Insanely old' city ticket wreaks havoc on Ottawa man's credit score: https://www.cbc.ca/news/canada/ottawa/insanely-old-city-ticket-wreaks-havoc-on-ottawa-man-s-credit-score-1.7141166 Long-forgotten fines won't linger on credit records, city assures residents: https://www.cbc.ca/news/canada/ottawa/city-of-ottawa-parking-ticket-debt-owed-collection-credit-score-1.7152329 Blair Demarco-Wettlaufer’s Blog “Receivable/Accounts - Information for Credit and Collection Issues”:  https://receivableaccounts.blogspot.com/   Legislation Links Cited in the Podcast:   Collection and Debt Settlement Services Act of Ontario: https://www.ontario.ca/laws/statute/90c14   The Provincial Offenses Act, section 76: https://www.ontario.ca/laws/statute/90p33#BK105 The Limitations Act of Ontario sets a basic limitation period of two years: https://www.ontario.ca/laws/statute/02l24#BK16 The Consumer Reporting Act of Ontario: https://www.ontario.ca/laws/statute/90c33#BK11   Blair Demarco-Wettlaufer’s Previous Appearance Links on Debt Free in 30: Episode 20 – January 17, 2015 - Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer: https://www.youtube.com/watch?v=0tsrKacdx4U Episode 57 – October 3, 2025 Collection Agents: How Did They Find Me?: https://www.youtube.com/watch?v=0SMU1R5N0ms Episode 70 – January 2, 2016 – Top 10 Tips for Dealing with a Collection Agent: https://www.youtube.com/watch?v=736J-IefWrI Episode 264 – September 21, 2019 - How to Negotiate With a Collection Agent: https://www.youtube.com/watch?v=ZgNWpKfBUwU  Episode 296 – May 2, 2020 - Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact: https://www.youtube.com/watch?v=S86gnBEkeUY  Episode 373 – October 23, 2021 - Your Top Collections Questions Answered by a Debt Collector!: https://www.youtube.com/watch?v=Ue8gFE2Z48w Episode 477 – October 21,2023 The Messy World of Debt Collection and Statute-Barred Claims: https://www.youtube.com/watch?v=6uN82x3ts1k&t=115s

This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy.  He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth.  Enjoy!  Related Links: Build a Get Out of Debt Repayment Plan - https://www.hoyes.com/debt-relief/get-out-of-debt/ Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 Statistics Canada, Wealth Gap - https://www150.statcan.gc.ca/n1/daily-quotidien/230331/dq230331b-eng.htm CPI Basked Weight Visualization - https://www150.statcan.gc.ca/n1/pub/71-607-x/2018016/cpi-ipc-eng.htm National balance sheet and financial flow accounts, fourth quarter 2023 -https://www150.statcan.gc.ca/n1/daily-quotidien/240313/dq240313a-eng.htm Wealth Gap, Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/240122/dq240122a-eng.htm Bank of Canada, Monetary Aggregates (Money Supply) - https://www.bankofcanada.ca/?p=47527 Canadian Real Estate Association, National Statistics -  https://stats.crea.ca/en-CA/ November 2023 Federal Government Fall Economic Update - https://www.budget.canada.ca/fes-eea/2023/report-rapport/anx1-en.html#a1 Episode 270, The Fable of the 20 Dollar Bill - https://youtu.be/5fYfAvSnNps?si=ziTAfuUWwbdmYHvk

Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise.  Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada’s auto theft epidemic.  They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement. This discussion is essential for Canadian vehicle owners looking to stay safe and understand what actions to take in case of a car theft and how to prevent yourself from falling victim. Timestamps: 00:00 Introduction 02:10 The latest update on car thefts in Canada 04:40 How many stolen vehicles end up departing Canada? 06:14 What is a VIN number and what is re-vinning?                10:44 What happens if you purchase a stolen used vehicle? 12:25 What is the solution to prevent car thefts? 17:45 What measures can individuals take to defend themselves against car theft? 28:40 The cost of enforcement 33:31 Conclusion   Related Links: Can You Include Your Car Loan in a Consumer Proposal? - https://www.hoyes.com/blog/can-you-include-your-car-loan-in-a-consumer-proposal/ What Happens to a Financed or Leased Car in Bankruptcy? - https://www.hoyes.com/blog/what-happens-to-a-financed-or-leased-car-in-bankruptcy/ Should You Consolidate or Pay Bills with a Car Title Loan? -https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/ How Car Loans and Car Loan Rollovers Lead to Insolvency - https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Car Thefts Have Reached Crisis Levels Across Canada.  How did we get here? - https://macleans.ca/society/car-thefts-have-reached-crisis-levels-across-canada-how-did-we-get-here/ Michael Rothe LinkedIn - https://www.linkedin.com/in/michael-rothe/ Canadian Finance & Leasing Association - https://cfla-acfl.ca/

Planning a wedding on a budget? In this episode, Jessica Bishop, founder of The Budget Savvy Bride, shares expert advice on keeping your big day affordable without sacrificing style. Whether you are dreaming of a traditional ceremony or considering eloping, Jessica's insights will help you celebrate your love without breaking the bank. We discuss micro weddings, destination weddings, the cost of having an open bar, wedding party attire, and more!  Don't miss out on these essential tips for a budget-friendly wedding! Time Stamps: 00:00 Introduction 01:42 What does a wedding cost? 03:50 How has the wedding world changed since the pandemic? 05:58 What is a micro wedding? 06:43 How do you save money on your wedding? 10:36 Wedding resources and finances 12:31 Do you consider the potential gift contributions from your guests when planning your wedding budget? 17:09 What amount of money is appropriate to give as a wedding gift?                21:06 Strategies for reducing wedding budget expenses 25:07 Are destination weddings more affordable? 26:59 Wedding party attire 30:29 Should I have an open bar? 32:47 Where to find The Budget Savvy Bride   Related Links: Should You Get a Wedding Loan? - https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ The Budget Savvy Bride - https://thebudgetsavvybride.com/ The Budget Savvy Bride Real Wedding Budgets - https://thebudgetsavvybride.com/real-weddings/ Book: The Budget-Savvy Wedding Planner & Organizer: Checklists, Worksheets, and Essential Tools to Plan the Perfect Wedding on a Small Budget – on Amazon https://www.amazon.ca/Budget-Savvy-Wedding-Planner-Organizer-Checklists/dp/1623159857/ref=sr_1_1_sspa?&_encoding=UTF8&tag=moneyproblems-20&linkCode=ur2&linkId=a64ef88027584470ba33c94dfd58c76e&camp=15121&creative=330641 The Budget Savvy Bride on TikTok - https://www.tiktok.com/@budgetsavvybride The Budget Savvy Bride on YouTube - https://www.youtube.com/@TheBudgetSavvyBride The Budget Savvy Bride Twitter - https://twitter.com/savvybride The Budget Savvy Bride Threads - https://threads.net/@budgetsavvybride The Budget Savvy Bride Facebook - https://facebook.com/budgetsavvybride The Budget Savvy Bride Pinterest - https://pinterest.com/savvybride The Budget Savvy Bride Instagram - https://instagram.com/budgetsavvybride Jessica Bishop LinkedIn - https://linkedin.com/in/jessicalehrybishop The Bouquet Toss: A Wedding Planning Podcast - https://thebudgetsavvybride.com/the-bouquet-toss-podcast/ Marriage or Mortgage Podcast Episode - https://thebudgetsavvybride.com/podcast/episode-66-marriage-or-mortgage/ The Wedding Report - https://wedding.report/ Honeyfund - https://www.honeyfund.com/ Something Borrowed Blooms- https://www.somethingborrowedblooms.com/

Top tips on how to file taxes. How to file taxes in Canada, setup your CRA my account, deadlines, government benefits and how to receive your refund with no additional fees. We also discuss tax discounting services, the importance of gathering all your documents, claiming all legitimate deductions such as moving expenses and tuition and notifying CRA of any changes such as your marital status, address, etc.  Tune in for great practical advice and recommendations on which tools to use to file your taxes for free in 2024. Time Stamps: 00:00 - Why should you file your taxes? 06:07 - Government benefits 08:30 - Deadlines 14:52 - Set up for CRA my account 24:20 - Do your taxes yourself and file for free 26:54 - Notify CRA of any changes 27:46 - Tax discounting services 32:24 - What if you cannot afford to pay your tax debts? Related Links: Avoid Instant Cash Back: https://www.hoyes.com/blog/instant-cash-back-on-tax-refunds-is-it-worth-it/ Tax Debt Relief in Canada: https://www.hoyes.com/debt-relief/tax-debt/ Tax Returns Not Filed Because You Are Afraid You Have Tax Debts?: https://www.hoyes.com/blog/tax-returns-not-filed/ Income Taxes and Bankruptcy - What You Need to Know: https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/ CRA – My Account for Individuals: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html CRA – Due Dates and Payment Dates: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals.html CRA - Interest and Penalties on Late Taxes: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties/late-filing-penalty.html CRA – Prescribed Interest Rates: https://www.canada.ca/en/revenue-agency/services/tax/prescribed-interest-rates.html CRA – Tax Credits and Benefits for Individuals: https://www.canada.ca/en/services/taxes/child-and-family-benefits.html CRA – Child and Family Benefits Calculator: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html CRA - Tuition Tax Credit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-32300-your-tuition-education-textbook-amounts/eligible-tuition-fees.html CRA - Free Tax Filing Software: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program.html

In this episode, Doug and Ted discuss the risks of co-signing on a loan. They discuss the differences between joint loans and co-signed loans and the impact they can have on your credit. They address common scenarios such as parental co-signing and provide advice on alternative ways to assist friends or children financially without assuming the burden of co-signing. This episode is a must-listen if you've ever considered co-signing a loan.  Related Links: How Is Cosigned Debt Treated in a Consumer Proposal? https://www.hoyes.com/blog/how-is-cosigned-debt-treated-in-a-consumer-proposal/ A Complete Guide To Joint Debts https://www.hoyes.com/blog/a-complete-guide-to-joint-debts/ Should Married Couples Get a Joint Consolidation Loan? https://www.hoyes.com/blog/should-married-couples-get-a-joint-consolidation-loan/ Co-Signer vs Co-Borrower | What's the difference? https://www.youtube.com/watch?v=ee4R7mKxp1w Joint Debt and Co-Signing. Am I Responsible For My Spouse’s Debt? https://www.youtube.com/watch?v=M9gBlzJXnG0 Don’t Lend to Family or Co-Sign – It Can Hurt Your Finances https://www.youtube.com/watch?v=KGpQ4CX_IB4 What Is Joint Debt? https://www.youtube.com/watch?v=jRGcHSWl_nw

In this episode of Debt Free in 30, Ted and Doug discuss RRSP early withdrawals. They weigh the pros and cons of tapping into your savings before retirement and discuss tax implications, CPP and exceptions such as the Home Buyer's Program and the Lifelong Learning Plan. This helpful discussion will give you the knowledge to make the right decisions when it comes to withdrawing your RRSP. Time Stamps: 00:00 - Introduction 00:39 - What is an RRSP? 01:43 - Is there a good time to cash in an RRSP? 2:41 - Withdrawing money from your RRSP 4:38 - TFSA vs RRSP 6:29 - Is there a good time to cash in an RRSP before retirement? 8:23 - If you are buying a home for the first time is it a good idea to take out your RRSP? 10:28 - The lifelong learning plan 12:51 – Should I use my RRSP for living expenses? 15:00 – When should I take my CPP 17:58  – Creditors can’t go after RRSP              22:42 – Bankruptcy vs. Consumer Proposal 28:03 – Conclusion   Related Links: Canadian Retirement Income Calculator https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html RRSP New Home Buyer’s Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html RRSP Life Long Learning Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan.html Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/ RRSP, Registered Savings Accounts and Bankruptcy Laws https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/

In this episode, Maureen and Doug explore financial habits and discuss why we spend the way we do and how we can make better choices. Maureen shares how habits form and how you can be influenced to spend money. From understanding the psychology behind spending to learning strategies for breaking bad habits and building good ones, this episode will give you tools to take charge of your finances and break bad habits!   Related Links: Maureen Parent - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Learn Price Matching Tips on the Flipp App to Save Big on Groceries - https://www.youtube.com/watch?v=VHu_cWGlUR8&t=1s What’s Really Causing Grocery & Food Inflation? w/ The Food Professor https://www.youtube.com/watch?v=bZrsL4LgI2A&t=3s How to Improve Your Financial Wellness https://www.hoyes.com/blog/how-to-improve-your-financial-wellness/ PSYCHOLOGY OF SPENDING, PROF DRAZAN PRELEC https://betterworld.mit.edu/spectrum/issues/winter-1999/the-psychology-of-spending/ PSYCHOLOGY OF MONEY: SAVING AND SPENDING HABITS- by Erin Bruehl-journalist https://current.com/blog/the-psychology-of-money-saving-and-spending-habits/ HABITS MATTER MORE… REBECCA STRONG- MEDICALLY REVIEWED BY JOSLYN JELINEK LCSW https://www.healthline.com/health/mental-health/why-are-habits-important CONSUMER FINANCIAL PROTECTION BUREAU https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/ 7 SIMPLE WAYS TO BUILD GOOD MONEY HABITS- RENE BENNETT https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-habits-norms/

In this episode, Doug Hoyes and Ted Michalos discuss the annual Hoyes Michalos Joe Debtor Bankruptcy Study for 2023. They talk about why credit card debt is driving consumer insolvencies, challenges faced by homeowners, and why we are seeing an increase in insolvencies among higher-income individuals. For more information, you can access the detailed report at joedebtor.ca. Related Links: Hoyes Michalos Joe Debtor Bankruptcy Study: www.joedebtor.ca Office of the Superintendent of Bankruptcy – Canadian Consumer Debtor Profile – 2021: https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research/canadian-consumer-debtor-profile-2021 Credit Card Debt is a Problem For A Lot of Canadians: https://www.hoyes.com/debt-relief/credit-card-debt/ 2023 Debt Statistics and What It Means for Consumer Insolvencies: https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/ How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Student Loans and the 7 Year Rule: https://www.hoyes.com/blog/are-your-student-loans-past-the-7-year-rule-a-vaughan-bankruptcy-story/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping.  Additionally, Janette also explains the rebate app Checkout 51.  Enjoy! Related Links:  Flipp: https://flipp.com/  Checkout 51: https://www.checkout51.com/  Jannette Martin: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/janette-martin/ 

In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed.  They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they are assisting Canadians in rebuilding credit.  Enjoy!   Related Links:  Canada Gazette, Regulations https://www.gazette.gc.ca/rp-pr/p1/2023/2023-12-23/html/reg3-eng.html  Criminal Code  https://laws-lois.justice.gc.ca/eng/acts/c-46/page-51.html#h-122004 

In this eye-opening episode of Debt Free in 30 host Doug Hoyes is joined by guest Richard Dunwoody to unravel the often-overlooked connection between human trafficking and coerced debt. With Ontario facing the second-highest rate of police-reported human trafficking in Canada, the conversation sheds light on how traffickers exploit victims financially. The focus turns to Bill 41, the "Protection from Coerced Debts Incurred in relation to Human Trafficking Act, 2023," exploring its role in safeguarding victims from crushing debts. From explaining what coerced debt means to tackling potential challenges, the episode breaks down the proposed legislation's impact on creditors, unlicensed debt consultants, and, most importantly, the victims. Join us for a discussion on how this legislation could be a crucial shield for those affected by human trafficking and coerced debts. Related Links:   Human Trafficking and Financial Fraud: A Survivor’s Story   https://www.youtube.com/watch?v=9z8kNmVuFpY  A Different View of Credit Counselling & Getting Out of Debt  https://www.youtube.com/watch?v=qLWWNREu4x4  Concord Adex Survivors Fund https://www.survivorsfund.ca/

In this episode of Debt Free in 30, Doug and Ted discuss the ongoing battle against unregulated debt consultants. They dive into the recent developments, including the conversation with Superintendent of Bankruptcy Elisabeth Lang and the release of a comprehensive position paper. The paper exposes the deceptive practices of these consultants, who have cost consumers a staggering $21 million in fees over the last two years! Doug questions the effectiveness of government actions while providing practical tips to avoid falling prey to debt relief scams.   Related Links:  Position Paper on 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  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  OSB Statutory Complaint Portal  https://www.ic.gc.ca/eic/site/bsf-osb.nsf/frm-eng/LSMH-BB2MMW  Competition Bureau’s Complaint Form  https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/frm-eng/GH%C3%89T-7TDNA5  Debt Consultants: Why You Should Avoid the Extra Cost https://www.hoyes.com/blog/debt-consultants-why-you-should-avoid-the-extra-cost/ The Problem with Debt Consultants https://www.hoyes.com/blog/the-problem-with-debt-consultants/ Debt Counsellors and Debt Coaches - Real or Scam? https://www.hoyes.com/blog/debt-counsellors-and-debt-coaches-real-or-scam/ Use of Debt Consultants Questioned by OSB   https://www.hoyes.com/blog/use-of-debt-consultants-questioned-by-office-of-the-superintendent-of-bankruptcy/   Debt Consultants or Licensed Insolvency Trustees? Who to Trust https://www.hoyes.com/blog/debt-consultants-or-licensed-insolvency-trustees/ The Cold-Hard Truth About Unlicensed Debt Consultants https://www.hoyes.com/blog/the-cold-hard-truth-about-unlicensed-debt-consultants/

Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income, offering practical tips to make your financial journey in 2024 a success. Don't wait – hit play now and make this your best financial year yet! Related Links:  How are habits formed: Modelling habit formation in the real world, European Journal of Social Psychology, Phillipa Lally  https://onlinelibrary.wiley.com/doi/abs/10.1002/ejsp.674 Getting Out Of Debt Requires A System, Not Just A Goal  https://youtu.be/ysvkV0uN7mM?si=tcUHlcE7gWVzdAK9  https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/  Debt Management Plan  https://www.hoyes.com/debt-relief/debt-management-plan/  Build a Get Out of Debt Repayment Plan  https://www.hoyes.com/debt-relief/get-out-of-debt/ 

In this year-end podcast, Doug and Ted review their 2023 predictions and share insights on what to expect in 2024. They discuss the accuracy of last year's forecasts on inflation, interest rates, and insolvency rates. Doug predicts a decline in inflation due to an anticipated recession, and Ted adds insights on borrowing for essential living costs and the potential rise in insolvencies. They acknowledge wildcard factors like the real estate market and unemployment rates. Tune in for predictions on what is on the horizon for 2024 and how it could shape your financial future.    Related Links:  2023 Debt Statistics and What It Means for Consumer Insolvencies  https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/   Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions]   https://youtu.be/3i22JpmcozY   Bank of Canada Interest Rates  https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/  Federal Budget Deficit  https://hillnotes.ca/2023/04/06/the-2023-federal-budget-at-a-glance/  Bank of Canada: Definition of M2   https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/  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 and Research from Statistics Canada  https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901  https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110006501 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3810023801 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Join Doug and Ted as they break down simple strategies for financial success in 2024. Whether you're dreaming of starting a business, planning for retirement, or making big purchases, their advice can make a real impact. They discuss the importance of having a personal plan and explore the significance of setting long-term goals. Don't miss out on valuable insights. Take charge of your financial future in 2024!  Related Links:  Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments   Episode 482 -  Setting Yourself Up for Success in 2024 – Annual Financial Check Up  https://youtu.be/yBJZkk6JSjk?si=_-3JSHJtzDtjwpI3     Episode 227 – Getting Out of Debt Requires a System, Not Just a Goal  https://youtu.be/ysvkV0uN7mM?si=K2L_Yuo_D5h4GXll   Getting Out Of Debt Requires A System, Not Just A Goal https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/  Save Money with Recipes from Cashflow Cookbook https://www.hoyes.com/blog/save-money-with-recipes-from-cashflow-cookbook/  Planning for Retirement? Pay Off Debt & Start Practicing https://www.hoyes.com/blog/planning-for-retirement-pay-off-debt-start-practicing/  How to Minimize Debt Before and After Retirement  https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/  Build a Get Out of Debt Repayment Plan  https://www.hoyes.com/debt-relief/get-out-of-debt/ 

Does the cost-of-living soar when you're flying solo? Join Doug in this episode as he's joined by Heather Cudmore, a Certified Credit Counsellor, and Client Service Specialist at Hoyes Michalos. Together, they delve into the concept of the 'single tax' and discuss the unique financial hurdles that singles often encounter.   Drawing on her extensive experience assisting single clients, Heather shares valuable insights and practical advice. She discusses the importance of building an emergency fund to navigate unexpected life events and advocates for budgeting to uncover potential savings. From housing and transportation to entertainment, pets and food, Heather provides actionable tips, including exploring unconventional living arrangements, embracing online grocery shopping, and minimizing food waste.  Related Links:  Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments  Heather Cudmore (BA, Certified Credit Counsellor and Client Service Specialist) - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/heather-cudmore/  Statistics Canada. 2023. Census Profile. 2021 Census.  Statistics Canada Catalogue no. 98-316-X2021001. Ottawa. Released February 8 2023: https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/index.cfm  Financial Stress Facing Single Parents: https://www.hoyes.com/blog/financial-stress-facing-single-parents/  Emergency Fund Critical for Single Parents: https://www.hoyes.com/blog/emergency-fund-critical-for-single-parents/  Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/ 

In this episode, Doug sits down with Joel Sandwith, a Licensed Insolvency Trustee based at the Hoyes Michalos London office. Together, they explore effective debt management strategies and delve into optimal approaches for debt repayment. The episode provides a comprehensive comparison of the snowball and avalanche methods. If you're trying to figure out the best way to pay off your debts, this episode is a helpful guide. It's here to support you on your journey to financial freedom, giving you insights into different methods and assisting you in selecting the one that suits you best.    Related Links:  Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments   Joel Sandwith BA, Licensed Insolvency Trustee - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/  Debt Snowball Method vs High Interest First - https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/  Debt Repayment Worksheet - https://www.hoyes.com/debt-repayment-worksheet/  Debt Repayment & Consumer Proposal Calculator - https://www.hoyes.com/debt-repayment-calculator/