Debt Free in 30

What happens when a Licensed Insolvency Trustee gets five minutes to tell Parliament what's really happening with debt in Canada?
Doug Hoyes shares his firsthand experience testifying before the House of Commons Standing Committee on Finance, explaining why Canadians are taking longer before reaching a financial breaking point, how affordability challenges are changing the nature of debt, and why issues like CRA repayment demands continue to push some people toward insolvency.

The conversation also explores the growing divide between homeowners and renters, debt layering, and why insolvency is often a lagging indicator of financial stress.
Get a firsthand look inside Parliament and discover what Canada's debt trends could mean for the future of household finances.
01:02 Being invited to testify before Parliament
03:18 Inside the House of Commons committee process
06:18 The three messages presented to MPs
08:50 Why financial collapse now takes years
10:32 What MPs asked during the hearing
13:30 CRA repayment demands and consumer bankruptcies
16:12 Why the same CRA issues remain after 18 years
18:10 Affordability, rising costs, and structural debt problems
22:05 Debt layering: how Canadians stay afloat until they can't
24:15 Homeowners vs. renters: a growing financial divide
26:05 Mortgage renewals and what's coming next
29:15 Doug's biggest takeaway from testifying before Parliament
31:45 Why real financial stress isn't reflected in the headlines

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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

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00:00 Intro
00:38 What Payday Loans Were & What They Are Today
03:11 The Categories of Online Loans Starting with Payday Loan Apps
07:40 Credit Building Products & The Dangers
08:40 Buy Now Pay Later Apps
12:30 The Dangers of Online Lending, Money Apps, & BNPL
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15:40 The Differences Between Traditional Payday Loans & New Cash Apps
21:00 The Problem With Modern Cash Apps & Practical Advice

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00:34 Why people start missing credit card payments?
03:36 When do missed payments get reported?
04:07 Missed payment example - How much will you pay in interest?
05:25 How do companies deal with late or missed payments early on?
07:10 What third-party collectors must do when taking over the debt?
09:10 Can collections keep calling me every hour? Ontario Collections Act
10:13 When third-party collection laws matter & the right of offset
13:00 Can you really get sued for unpaid debt?
16:25 What is the limitations act and how does it impact collections?
19:50 Credit Card Debt Myths Busted
25:58 Practical Advice - Take Stock & Be Proactive