Debt Free in 30 Doug Hoyes

In this episode, Doug and Ted discuss the subtle ways debt accumulates over time, highlighting the unnoticed expenses that may lead you into debt. Have you ever calculated how much you spend monthly on subscriptions? Consider services like Amazon, Netflix, Disney, meal kits such as HelloFresh or Factor, pet and beauty subscriptions, car subscriptions, book clubs, and newspapers. These examples highlight how your money can slip away without you realizing it and potentially lead you toward bankruptcy. Tune in for practical advice on what to do to reduce these expenses, so you don’t find yourself in debt.
 
Time Stamps:
00:00 Introduction
03:00 Set it and forget it method
04:03 Subscriptions
13:01 Why would a business want you to be on a subscription service?
16:49 Practical advice
 
Related Links:
The Marketing of Consumer Debt. Avoid The Traps - https://www.hoyes.com/blog/the-marketing-of-consumer-debt-avoid-the-traps/
52 Tips to Avoid Debt -  https://www.hoyes.com/blog/52-tips-avoid-debt/
5 Debt Lessons Every Student Should Know - https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/
How To Minimize Debt as a Millennial - https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/
How to Minimize Debt as Your Family Grows - https://www.hoyes.com/blog/how-to-minimize-debt-as-your-family-grows/
How to Minimize Debt Before and After Retirement – https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Doug is joined by Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine.
In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health.  Amanda shares strategies for achieving financial objectives during times of struggle. We also discuss how financial decisions affect our relationships and the importance of values and goals.
Time Stamps:
00:00 Introduction
01:17 What is a financial therapist?
03:35 How can a financial therapist help you?
04:13 Do financial problems cause psychological stress?
06:07 How does financial therapy work?
09:01 What’s an example of how someone would describe their financial situation?
11:53 Advice for couples dealing with difficult financial decisions
17:00 Client trends in financial therapy
17:37 Values and goals
24:13 How many sessions of financial therapy will you need?
 
 
Related Links:
Are Debt and Mental Health Connected? Understanding Debt Stress: https://www.hoyes.com/blog/are-debt-and-mental-health-connected-understanding-debt-stress/
About Amanda: https://amandaclayman.com/about
Amanda Clayman Website: https://amandaclayman.com/
Amanda’s Podcast, Emotional Investment: www.Audible.com/emotionalinvestment
Amanda Clayman LinkedIn: https://www.linkedin.com/in/amandaclayman/
Amanda Clayman Twitter: https://twitter.com/mandaclay
Amanda Clayman Instagram: https://www.instagram.com/amandaclayman/
Amanda Clayman Facebook:  https://www.facebook.com/AmandaClaymanFinancialTherapy/
Amanda Clayman Pinterest: https://www.pinterest.ca/claymanamanda/

Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians.
 
Timestamps:
 
00:00 Documentary announcement
 
02:37 Why should you care about the Federal budget?
 
03:00 Taxes
 
06:28 What is a budget?
 
08:07 Automatic tax filing for low-income Canadians
 
10:29 Single sign in portal for government services
 
11:35 Reduce CRA call centre wait times
 
12:07 NSF Fees
 
14:23 Free and affordable bank accounts
 
17:47 Cell phone fees
 
18:38 Credit for paying rent
 
24:12 Credit utilization for rent
 
26:10 Student housing
 
27:45 Credit bureaus
 
29:03 Payday loans
 
29:55 Final thoughts
 
Related Links:
 
Should Rent Be a Part of a Credit Score?: https://www.hoyes.com/blog/should-rent-be-a-part-of-a-credit-score/
Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html
TurboTax Personal Tax Calculator: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp
Bretton Woods and Related Agreements Act: https://laws-lois.justice.gc.ca/eng/acts/b-7/index.html

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