Debt Free in 30

Are credit card points and rewards as beneficial as they seem, or are they secretly costing you more than you realize? Doug Hoyes and Ted Michalos discuss the truths behind credit card reward systems, revealing how spending habits, annual fees, and high-interest cards may affect your financial health. Learn how credit card companies use your data, the psychology behind reward marketing, and whether these points and rewards are worth it in the long run. (0:50) – Have you changed your spending habits to earn credit card rewards? (1:45) – The history of credit card rewards: How they started and why they’re popular. (5:45) – What personal data do credit card companies collect from you? (8:00) – How credit card companies market rewards and why we’re drawn to them. (10:45) – The biggest downside of credit card rewards (12:55) – Doug and Ted's advice: How many credit cards should you really have? (14:30) – Why using high-interest cards can lead to risky financial situations. (18:20) – How credit card usage affects your credit score: Tips to avoid negative impacts. (22:30) – The overlooked cost of annual fees (26:00) – The risk of losing your points during insolvency: Use them, or lose them. (27:00) – Expert advice on credit card rewards Learn more from Hoyes Michalos: What Happens to Points If You Go Bankrupt? Pros and Cons of Preapproved Limit Increase Unpaid Credit Card Consequences Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE https://www.hoyes.com/subscribe-newsletter/ Watch the Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Real estate is often seen as the ultimate investment, but is it really? Doug and Ted discuss the financial realities of homeownership, from the hidden costs of maintenance and repairs to the risks of negative equity, pre-con agreements, and even becoming a landlord. This episode explains why a house may not always be the wealth-building asset it’s made out to be—especially if it’s beyond your financial reach. (2:00) – What exactly qualifies as an investment? (3:45) – Liquidity and diversification: why they matter (6:00) – Doug’s take: a house is a consumer good, not an investment (10:00) – Why owning a home is often more expensive than renting (13:30) – The forced savings argument: does it hold up? (15:00) – Negative equity and the risks of market downturns (16:10) – Preconstruction agreements and the challenges they could bring in 2025 (18:20) – The overlooked costs of maintenance and repairs (24:15) – Forced holding: why homeownership limits your flexibility (25:45) – Renting out your home doesn’t automatically make it a profitable investment (27:20) – Ted’s perspective: is owning a house truly an investment? Learn more from Hoyes Michalos: What Happens If You Miss A Mortgage Payment? Will A Second Mortgage Clean Up Your Debts? What To Do If You Can’t Pay Deferred Mortgage Payments Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

It’s crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted?  Doug and Ted provide insight into potential lending trends, emerging marketing tactics, unintended consequences, and how this change will impact the most vulnerable borrowers and secondary lenders in the future. Timestamps: (0:30) – Short explanation of the Criminal Interest Rate (2:40) – What is changing, and who does it impact? (3:30) – Payday Loans and Vulnerable Borrowers (9:20) – “Net Charge Off Rate” a rationale for high interest  (12:30) – The “dubious speculation part of the show that is not based on fact” (14:00) - Unintended consequences – predatory lenders pivoting (18:30) – Secondary lenders diversifying product lines? To what? (21:00) – Microloans, Insurance, Rent to Own, and more (28:00) – Heads up for new marketing tactics – Buyer Beware Learn more from Hoyes Michalos: Episode 491 of DFI30 (Thorough Background of Criminal Interest Rate) Payday Loan in Collection? What To Do Next Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

As 2024 comes to an end, Doug Hoyes and Ted Michalos revisit their past predictions to see what they nailed—and what surprised them. They cover everything from inflation and insolvency to unemployment and real estate and, using the latest economic data and trends, share their evidence-based predictions for 2025. Do you agree with Doug and Ted, or do you have a different perspective to share? Let us know in the comments! Timestamps: (2:00) – Doug and Ted’s 2024 predictions on inflation (6:00) – Insolvency trends and forecasts from 2024 (10:00) – Returning to pre-pandemic insolvency numbers and trending upward (10:50) – Discussion on unemployment rates (14:20) – A closer look at rising credit card debt (15:15) – Real estate, homeownership, and pre-construction agreements (19:00) – Is Canada in a recession? Examining GDP trends (23:00) – Doug’s take: Why Canada is already in a recession (24:00) – Predictions for 2025 in key economic areas (26:00) – Wildcard topic: Should Canada be concerned about tariffs? (27:00) – Insolvency Predictions for 2025 Learn more from Hoyes Michalos: Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.