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Debt Free in 30

Doug Hoyes
Debt Free in 30
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  • 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 Bankruptcy, Sponsorship, and Citizenship in Canada Student Loan Debt Forgiveness Best Debt Relief Options Ontario Free Credit Rebuilding Course and learning resources Sign Up For The Monthly Debt Free Digest 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
    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 How Co-Signed Debt Is Dealt with in a Consumer Proposal Is a Secondary Credit Card Holder Responsible for Debt? Can a Joint Bank Account be Garnished in Canada? Best Debt Relief Options Ontario Free Credit Rebuilding Course and learning resources Sign Up For The Monthly Debt Free Digest 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
    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 Joe Debtor Study https://hoyes.info/joe-debtor-study Student Loan Debt Help Ontario https://hoyes.info/student-loan-rules-ontario Free Credit Rebuilding Course and learning resources https://hoyes.info/credit-rebuilding-course-free Sign Up For The Monthly Debt Free Digest https://hoyes.info/newsletter Check out our other YouTube Channel: @hoyesmichalos  https://www.youtube.com/@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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  • 562 – Canada’s Credit Score Crisis: Does France's No Score System Reveal A Better Way?
    Have you ever wondered what life would look like if your credit score didn’t exist? Licensed Insolvency Trustees Doug Hoyes and Ted Michalos compare Canada’s score-driven system with France’s radically different, no-score approach. You’ll learn: How France decides who can borrow—without a three-digit score. The cultural attitudes that shape lending and spending in France and Canada Why credit-report errors and identity theft are bigger issues than most Canadians realize. Whether Canada could (or should) adopt parts of France’s model—and what you can do right now to work the system in your favour. (00:00)  Intro – How Canada Tracks Credit with TransUnion & Equifax  (04:45)  France’s “No-Score” System: How Trustworthiness Is Judged  (07:10)  Lending Culture in France: Relationships Over Ratings  (09:00)  Lending Culture in Canada: Why Scores Still Rule  (13:00)  Could Canada Move Toward a French-Style Model?  (15:50)  Credit-Report Errors: The Hidden Cost of Scores  (19:00)  Building Rapport with Lenders: Help or Hindrance?  (20:30)  Identity Theft Risks: Centralized Data vs. Decentralized Files  (22:00)  Which System Carries Less Bias—France or Canada?  (26:30)  Is Canada’s Credit Reporting Actually Working?  (28:00)  Takeaways: How to Navigate Canada’s System to Your Advantage    The Big Credit Score Scam Solutions for Maxed-Out Credit Cards Hoyes Michalos FREE Credit Rebuilding Course and Learning Resources Sign Up For The Monthly Debt Free Digest The Best Canadian Personal Finance and Debt Management TikToks 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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  • 561 – Zombie Subscriptions: How To Spot And Cancel Hidden Budget Killers
    Zombie memberships are real – and they’re feasting on your budget every month. Forgotten fitness app? Digital subscription you thought was cancelled? Auto-renewals can quietly drain your finances if you're not paying attention. Doug Hoyes and Ted Michalos discuss why some subscriptions are so easy to miss, and how to track, cancel, and avoid them going forward. This episode includes real examples, expert tips, and even a personal story from the Hoyes Michalos team, proving it can happen to anyone. (00:00) Are You Paying for Subscriptions You Forgot About? (03:00) Fitness Classes, Digital Apps & Other Zombie Memberships  (07:00) Why Auto-Renewal Is a Red Flag  (12:00) How to Identify What’s Draining Your Cash  (16:00) Our Own Zombie Membership Story  (17:30) Why Cancelling Is So Hard  (19:30) Track It and Cancel It Fast  (21:00) Use the “One In, One Out” Rule  (24:00) Try Before You Buy: Avoid Entering Credit Card Info  (27:00) You Don’t Have to Give Up What Works for You  Hoyes Michalos FREE Credit Rebuilding Course and Learning Resources Balancing Needs Vs Wants When Budgeting What To Do About Credit Card Debt In Collections Sign Up For The Monthly Debt Free Digest Get A Personalized Debt Plan 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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About Debt Free in 30

Each week Doug Hoyes talks to industry experts about debt, money, and personal finance. Don't be confused; listen as the guest experts cut through the jargon and share practical advice.
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