Debt Free in 30

Doug Hoyes

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.

  1. -22 H

    606 – When Rent Eats Your Paycheque: The Hidden Reason Canadians Are Falling Into Debt

    When rent takes up too much of your income, debt often follows, not because of overspending, but because the numbers no longer work. Many Canadians are finding that even after cutting back and budgeting carefully, there simply isn't enough left at the end of the month. Doug Hoyes and Ted Michalos explain why rising housing costs are a key driver of debt, how to recognize when your situation is more than just a temporary squeeze, and the practical steps to take when your income and expenses no longer align. Licensed Debt Relief in Canada Advice for Renting with Bad Credit Can Bankruptcy Stop Eviction for Rent Arrears in Canada? Debt Free Digest Monthly E-Newsletter Debt Repayment & Consumer Proposal Calculator Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts 00:00 – When rent eats your paycheque 03:00 – Why it's a math problem, not budgeting 06:30 – The 30% rule vs. today's reality 10:30 – When high rent becomes financially risky 13:30 – Key warning signs to watch for 16:30 – Budget issue vs. structural shortfall 19:00 – Short-term strategies to stabilize 21:30 – What to avoid when money is tight 24:00 – Long-term solutions if the math doesn't work 27:00 – Final takeaways and when to seek help 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.

    30 min
  2. 4 AVR.

    605 – Owe CRA Tax Debt? The Biggest Loan Mistake Canadians Make

    Owing money to the CRA can feel urgent, and taking out a loan might seem like the fastest way to fix it. But in many cases, it can make your situation worse. Doug Hoyes and Ted Michalos break down when borrowing to pay off tax debt might work, and when it creates bigger financial risk. From self-employed Canadians stuck in a cycle of owing taxes every year, to homeowners refinancing and increasing long-term pressure, this conversation walks through the real consequences of using a loan to solve CRA debt. You'll also learn: Why CRA debt feels more serious than other debt What steps to take before considering a loan How CRA payment plans work When a consumer proposal may be the better option If your tax bill feels overwhelming, this will help you understand your options and avoid common mistakes. 👉 Need help with CRA tax debt? 01:30 Why people end up owing tax debt 03:00 How to avoid tax debt (pay-as-you-go strategies) 04:30 Why CRA debt feels more urgent than other debt 07:00 CRA's collection powers explained 09:00 3 steps before considering a loan 12:00 CRA payment plans – how they work 14:30 When borrowing might make sense 19:00 When borrowing makes things worse 21:30 Refinancing your home to pay CRA 26:00 Loan vs consumer proposal – how to decide 28:00 Final checklist before borrowing 10 Tips for Dealing with CRA and Tax Debt Problems CRA Property Liens and Your Home – What Are Your Options? Debt Free Digest Monthly E-Newsletter Debt Repayment & Consumer Proposal Calculator Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts 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.

    30 min
  3. 28 MARS

    604 – The Dangers of Installment Loans

    Installment loans are often marketed as a safer alternative to payday loans because payments are predictable and structured. However, fixed payments do not always mean lower cost or less financial risk.  Learn the warning signs of high-cost borrowing, common misconceptions about structured payments, and practical ways to evaluate whether an installment loan helps or makes debt harder to manage. Risks of Buy Now, Pay Later Common Factors Affecting Credit Scores Debt Relief in Ontario Start Here Debt Repayment Calculator Debt Free Digest – a free monthly e-newsletter Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts 01:30 What is an installment loan 04:00 How installment loans are structured 07:00 Why lenders promote installment loans 10:30 Common misconceptions about predictable payments 14:00 When installment loans can create long-term debt pressure 18:00 Warning signs the loan may not be affordable 22:00 Comparing installment loans to other borrowing options 26:00 Installment loans vs overall financial health 28:30 Practical advice before applying 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.

    31 min
  4. 14 MARS

    Is It Too Late to Save for Retirement? Real Math Canadians Need to See

    Many Canadians worry that they started saving for retirement too late. The numbers can feel discouraging, especially if debt, minimum payments, or everyday expenses delay investing for years. This conversation breaks down the math behind retirement saving and why delay matters more than age. Instead of focusing solely on hitting a "$1 million retirement goal," the discussion shifts to more practical goals: eliminating debt, understanding government benefits like CPP and OAS, and building financial stability over time. Debt Relief For Canadian Seniors – Know Your Options Pre and Post Retirement Debt Repayment Calculator Debt Free Digest – a free monthly e-newsletter Joe Debtor- Hoyes Michalos Annual Consumer Debt Study Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts 00:00 Is it ever too late to save for retirement? 02:05 The real problem isn't age 04:40 The math behind starting at 25 vs 45 vs 55 07:20 Why most households can't outrun the numbers 09:30 What the Joe Debtor study reveals about financial delay 12:10 How minimum payments quietly destroy retirement runway 14:20 Should retirement saving happen while carrying debt? 17:00 What happens to retirement plans during a proposal or bankruptcy 20:10 When saving becomes urgent (20s vs 40s vs 50s) 23:00 When retirement saving becomes a lifestyle planning question 26:00 The reality of CPP, OAS and retirement income in Canada 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.

    31 min
  5. 7 MARS

    The Most Dangerous Financial Advice on the Internet

    Financial advice is everywhere online. Some of it is mathematically correct, but that does not mean it is right for your situation. Popular tips can sound smart, but if money is already tight, those strategies can sometimes make things worse instead of better. Hear the full episode to learn about some of the most common financial tips circulating online and why, in the wrong situation, they can quietly push people deeper into debt. Using Home Equity for Debt – What You Need To Know First Credit Counselling vs Consumer Proposal Reliable Financial Motivation – Our Monthly Newsletter Free Budgeting Planner – For Realistic Tracking Hoyes Michalos YouTube Channel – Free Canadian Debt Answers 00:00 – The problem with financial advice on the internet 02:20 – Why good advice can still be wrong for your situation 04:50 – Bad advice #1: "Just transfer the balance to a 0% card" 08:40 – Why moving debt doesn't actually reduce debt 11:40 – Bad advice #2: "Invest instead of paying down debt" 15:00 – Why guaranteed interest beats theoretical returns 18:00 – Bad advice #3: "Use your HELOC to fix everything" 21:10 – Turning unsecured debt into secured debt 23:40 – Bad advice #4: "Just hustle harder" 26:10 – The three tests for evaluating financial advice 28:40 – Why context matters more than internet tips   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.

    31 min
  6. 28 FÉVR.

    Debt Misunderstandings Keeping Canadians Stressed

    In this milestone episode, Doug Hoyes and Ted Michalos discuss the biggest myths about debt that refuse to die, the one behaviour that most reliably predicts insolvency, and explain what people who successfully recover from debt tend to do differently. After working with more than 75,000 Canadians over nearly three decades, one theme stands out: debt problems rarely explode overnight. They compound quietly,  and clarity, not optimism, is what changes the outcome. Subscribe to the monthly Debt Free Digest e-newsletter – Don't miss monthly gift card giveaways! Ontario Debt Relief Starting Point Free Budgeting Workbook Debt Relief Calculator Learn more about Canadian debt relief on the Hoyes Michalos YouTube channel 00:00 – What 27 years have taught us about debt 02:30 – Why most debt problems aren't caused by one crisis 05:10 – The biggest myth about debt 08:00 – The temporary mindset trap 11:00 – The one behaviour that predicts insolvency 14:20 – Why minimum payments are more dangerous than they look 17:00 – The "Still Current" illusion and credit scores 20:00 – Utilization normalization: being maxed out feels normal 23:00 – What's structurally different about debt in 2026 26:00 – What people who recover do differently 29:00 – Why debt is a math problem, not a motivation problem 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.

    31 min
  7. 21 FÉVR.

    What Happens When You Can't Afford to Stay in Your Home?

    Owning a home is supposed to bring stability, but for many Canadian households, the numbers are getting harder to manage. Mortgage renewals at higher rates, unexpected repairs, and rising day-to-day costs can quietly shift a manageable situation into one that no longer works. This conversation explores the early warning signs that homeownership may be becoming unsustainable, including relying on credit to cover housing costs or delaying necessary maintenance. It also looks at practical options homeowners can consider before things become urgent, and why acting early can help preserve both financial control and home equity. (00:00) Owning a home but struggling to afford it (03:05) Mortgage renewals, repairs, and rising housing costs (05:20) The early warning signs that affordability is breaking (08:10) Borrowing to stay housed - why that's a red flag (10:02) The emotional resistance to selling a home (13:05) Why timing matters and protecting your equity (15:10) Downsizing vs. selling and renting (17:45) What happens if you fall behind on mortgage payments (20:05) Talking to your lender and possible relief options (22:30) When homeowners should consider insolvency solutions (25:00) Can you keep your house in a consumer proposal or bankruptcy?   What to do if your mortgage is in arrears? Subscribe to the monthly Debt Free Digest e-newsletter – Don't miss monthly gift card giveaways! Ontario Debt Relief Starting Point Free Budgeting Workbook Debt Relief Calculator Learn more about Canadian debt relief on the Hoyes Michalos YouTube channel 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.

    31 min

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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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