Debt Free in 30

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.  Subscribe to Debt Free Digest Newsletter – Don't Miss The Chance To Win a Copy of The Wealthy Barber Buy the Wealthy Barber on Indigo Buy the Wealthy Barber Audiobook The Wealthy Barber – David Chilton's Web Page 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:  https://www.hoyes.com 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.

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.  2025 Predictions Show Office of the Superintendent of Bankruptcy, Insolvency Statistics Statistics Canada, Household debt levels (including credit cards) Statistics Canada, CPI (Inflation) Mortgage Rates, Bank of Canada Hoyes Michalos Homeowners Bankruptcy Index TransUnion, Canadian Consumer Debt Continues to Grow Despite Macroeconomic Relief Hoyes Michalos Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario 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.

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. CRA TFSA Contribution Calculator Bankruptcy & Insolvency Act, paragraph 67  Hoyes Michalos Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario (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

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. Ontario Limitations Act Collection Agency Rules, Ontario Search the Ontario government's website to verify that a collection agency is licensed here Hoyes Michalos Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario (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.

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 Should You Use a Bonus to Pay Debt or Invest? Which Debts Should You Pay First? What is the Right of Offset and What Should You Do About It? Credit Repair Strategies and Rebuilding Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Learn About Debt Relief Options in Ontario 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.