Debt Free in 30

Doug Hoyes
  • 4.3 (67)
  • Investing
  • Weekly

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. 6d ago

    You Missed Debt Payments - What Happens Next?

    Miss a payment and three separate clocks start running, and they don't all start on the same day. The lender's clock, late fees and interest start the day after the due date. The credit bureau's clock doesn't start until you're 30 days behind. The collection and legal clock is slower, but it does the real damage.  And the type of payment matters. A rent, mortgage or car payment can carry different consequences from a credit card bill.  Doug Hoyes and Ted Michalos walk through what actually happens when you miss a payment. They discuss what can happen around 30, 60 and 90 days, why a debt write-off doesn't mean you no longer owe the money, and how to decide which bills need attention first.  You'll also learn when to contact your lender, what to ask for, and how to recognize when missed payments have become a recurring problem. Timing depends on your agreement and circumstances; the legal examples in this episode focus on Ontario.  Related material  Guide to Ontario Debt Collection Laws   Wage Garnishment: Know Your Rights   What to do About Credit Card Debt in Collections    Ontario Limitations Act and Old Debts   Mortgage Arrears   Debt Repayment Calculator  Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos.  Learn more at https://www.hoyes.com    Time Stamps  00:00 What happens when you miss a payment?  00:34 The three clocks: lender, credit report and legal action  02:32 Days 1–29: fees, interest and lender reminders  03:38 How penalty interest rates can work  05:57 What to do if you are only a few days late  06:47 NSF fees and returned-payment charges  07:08 Around day 30: credit reporting and payment history  09:08 Why the type of debt matters  09:46 Around day 60: another missed payment  11:33 Day 90 and beyond: collections  12:18 Why a write-off does not erase your debt  13:13 Collection agencies versus debt buyers  14:31 Negotiating a settlement  15:23 Rent arrears and the Ontario N4 notice  16:32 Mortgage arrears and power of sale  18:53 Car payments, repossession and a remaining shortfall  20:50 Which bills should you prioritize?  22:32 The legal clock and limitation periods  22:52 Ontario Small Claims Court  24:34 Responding to a claim and enforcement  26:19 What to do at each stage  27:45 When missed payments become a bigger debt problem  29:26 Tools to help you assess your debt  #MissedPayment #DebtCollection #CreditReport #DebtFreeIn30

  2. Oct 17

    What Happens If You Lie on a Credit Application?

    Rounding up your income or leaving debts off a credit application may help you get approved. But it does not give you more money to repay what you borrow.    Learn more about credit and rebuilding your credit score with our free online course after the podcast!   Equifax Canada reported this spring that first-party fraud rose 31% year over year. On credit card applications specifically, it nearly doubled, from 0.08% to 0.15% of applications.  First-party fraud isn't someone stealing your identity. It's a real person deliberately adjusting their own information to get approved: rounding the income up, leaving a payday loan off the form, describing a loan's purpose generously.  Doug Hoyes and Ted Michalos explain what first-party fraud means, how inaccurate income and debt information can affect lending decisions, and why getting approved can make an existing cash flow problem worse. They put the Equifax fraud figures in context and distinguish mismatched information from deliberate deception.  They discuss:  First-party fraud versus identity theft  Why a nearly doubled rate can still represent a small share of applications  Irregular overtime, gig income and the difference between revenue and earnings  Debts that may not appear on a credit report  Why a credit report does not show your current income  How extra credit can provide short-term relief while increasing payment pressure  What may happen if a lender discovers false information  Why debt obtained by false pretences or fraudulent misrepresentation can survive bankruptcy  What to do when you need credit because your income no longer covers your expenses  The key takeaway: use accurate information and assess what you can actually repay. If you feel you need to inflate the numbers to qualify, look at the underlying cash flow problem before taking on more debt. A typo or honest error is not automatically fraud; the circumstances matter.  Related material  How credit bureaus work and what they report What is an acceptable debt-to-income ratio?  What debts bankruptcy can't discharge  Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos.  Learn more at https://www.hoyes.com #CreditApplications #Debt #Borrowing #DebtFreeIn30  Time Stamps  00:00 Why an inflated income figure can have lasting consequences  00:19 Equifax's first-party fraud figures  01:05 Putting the increase in context  02:13 How income gets overstated  03:21 First-party fraud vs. identity theft  04:30 Mismatched information is not always a deliberate lie  06:38 What can be wrong on a credit application?  07:29 Overtime, tips and gig income  08:44 Debts missing from credit reports  09:20 Should CRA debt appear on credit reports?  11:02 Could one line from your tax return verify income?  12:26 Why lenders ask what a loan is for  13:49 Why small changes to an application can matter  14:13 How automated approval relies on your information  16:13 Getting approved does not mean you can repay  17:44 How debt and payment pressure build  18:45 What happens when the lender finds out?  19:37 Criminal consequences vs. repayment risk  21:12 When a debt may survive bankruptcy  22:16 Examples of fraudulent borrowing  24:12 Tell your trustee about concerns with an application  24:28 How income verification may change  25:35 What to do if you badly need credit  26:39 Address the underlying cash flow problem  27:22 Review your debts and repayment options  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

  3. Oct 10

    Why Your Debt Feels Smaller Than It Actually Is

    If someone asked you right now how much you owe, you'd probably have a number. It's probably low.  Doug Hoyes and Ted Michalos see it constantly: someone says, "I think I owe about $20,000," yet once every debt is listed it turns out to be $40,000 or $50,000. Not because anyone is lying, but because they just don't keep track or understand how fast debt can accumulate.  Build a Debt Repayment Plan including a free debt repayment worksheet!  Debt can feel manageable when it is spread across a few credit cards, a line of credit and several payment plans. But being able to make the monthly payments does not tell you how much you owe, or whether your payments mean your total debt is going down.  In this episode, Doug and Ted explain why people underestimate their debt, how monthly payments shape our perception, and why everyday spending can replace the balances we pay off. They also identify debts that often get left off the list because we don't think of them as debt, including buy now, pay later plans, unpaid bills, taxes and money owed to family.  They discuss:  Why several small balances can add up to a large debt  How debts accumulate one account at a time  Why minimum payments become the number we focus on  How new purchases can cancel out repayment progress  What your credit report can help you find—and what else to check  How joint and co-signed debts affect the full picture  How to list your balances, rates and required payments on one page  Why comparing today's total with last year's matters  What to do when your debt payments exceed the money you have available  The key takeaway: write down the full amount you owe, then check which way it is moving. You cannot make a realistic repayment plan until you know the total.  Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos.    📚 FREE Canadian Credit Repair Course and NEW Budgeting Resources     ✅ Licensed Debt Relief in Canada – Debt Help Starts Here    📩 Debt Free Digest Monthly E-Newsletter Sign Up Here    🧮 Debt Repayment & Consumer Proposal Calculator    🎥 Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts    Timestamps: 00:00 Why your debt estimate may be too low  00:36 What people leave out of their debt total  01:56 Start with your credit report  04:03 Why debt can feel smaller than it is  04:49 Several small balances add up  06:32 How debts accumulate over time  08:15 Monthly payments vs. total debt  08:37 How minimum payments become an anchor  10:40 Why repayment progress may disappear  12:04 Making payments, then borrowing again  13:22 Everyday expenses going back on the card  13:58 Paying $800, adding $500: why the total stays put  15:19 Debts that never make the list  17:24 Unpaid bills and taxes count too  18:50 Family loans, co-signed debts and joint debts  20:18 Put everything you owe on one page  21:55 Compare your total with a year ago  23:19 Use your real numbers in a repayment calculator  24:15 Compare required payments with available cash  25:32 When consolidation may help  26:28 Consumer proposals and bankruptcy  28:14 Why a complete debt inventory matters  29:18 The number in your head vs. the facts  #Debt #DebtRepayment #CreditCardDebt #DebtFreeIn30  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

  4. Oct 3

    Carrying a Credit Card Balance? What It Really Costs You

    If you carry $5,000 on a credit card at around 20% interest, keeping that balance can cost roughly $1,000 a year. Making the minimum payment may keep your account in good standing, but it does not mean you are paying the debt off.  Doug Hoyes and Ted Michalos explain what it means to pay a credit card in full, the difference between your statement balance and current balance, and why a card changes from a convenient payment tool into an expensive loan when you carry a balance. They look at the cost of interest, how minimum payments stretch repayment, and why a balance carried month after month can signal a cash flow problem.  They also discuss the Bank of Canada's findings on Canadians who carry balances, when consolidation can help, and practical steps to take if you cannot pay your statement balance.   They provide tips to manage your credit cards like checking your card statement for the minimum payment repayment estimate, then using a repayment calculator to see what a fixed higher payment would change.  The key takeaway: if you can't pay your statement balance this month, don't just ask how you'll make the minimum payment. Ask what has to change so you can pay in full in the future. If there isn't a clear answer, that's the problem worth solving.  Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos.  Related material:  Why Pay More Than the Minimum?  13 Myths About Credit Card Debt in Canada    Hoyes Michalos YouTube Channel     Hoyes Michalos Free Courses     #CreditCardDebt #MinimumPayment #CreditCardInterest #DebtFreeIn30  Time stamps  00:00 The real cost of carrying $5,000  00:22 How many Canadians pay in full?  01:52 What the Bank of Canada's account data shows  04:00 What paying in full actually means  04:38 Statement balance vs. current balance vs. minimum payment  06:27 The annual cost of a $5,000 balance  07:52 Why on-time minimum payments can still leave you behind  08:14 Grace periods and cash advances  09:36 A credit card as a payment tool or a loan  11:04 What interest costs per day and over time  13:30 Can rewards offset credit card interest?  14:39 The minimum payment trap  15:40 Fixed payments and consolidation loans  17:04 How an extra $100 changes repayment  17:44 Find the repayment estimate on your statement  18:42 What carrying a balance may predict  20:47 Why utilization above 80% matters  21:56 The cash flow problem underneath the balance  23:07 How credit card debt grows before insolvency  25:44 Rough month or ongoing problem?  26:35 What to do this week  28:06 When the payments no longer fit your income  29:17 Make a plan to pay in full again  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.

  5. Sep 26

    630 – Maxed Out? The Real Problem Isn't Your Credit Limit

    What does it really mean when you max out your credit card? A maxed-out card may look like a credit problem, but often the real issue is cash flow: you're spending more each month than you have available, and credit is filling the gap.    Take our free online course: Hoyes Michalos Credit Rebuilding Course   Doug Hoyes and Ted Michalos explain what happens when you hit your credit limit, how maxed-out cards affect your credit utilization and borrowing options, and why simply asking for a higher limit may make the underlying problem worse.  They discuss:  What happens when you max out a credit card  How high credit utilization affects your credit  The cost of making only minimum payments  Why you may have reached your credit limit  When a one-time expense is different from an ongoing cash-flow shortfall  When increasing your credit limit can make sense, and when it can lead to more debt  The risks of moving balances between credit cards  How to take inventory of your debts, income and monthly expenses  When cutting expenses may not be enough to solve the problem  What options are available when you simply can't afford your debt payments  The key takeaway: hitting your credit limit isn't something to solve automatically by borrowing more. Look at why you reached the limit and whether your total debt is growing. A higher credit limit gives you more room to borrow, but it doesn't give you more income to repay what you owe.    Learn more about licensed debt relief options available in Ontario at https://www.hoyes.com, and the Hoyes Michalos YouTube channel: https://www.youtube.com/@hoyesmichalos  Time Stamps:  00:00 Is maxing out your credit card really a credit problem?  01:16 What happens when you hit your credit limit?  02:05 When a low credit limit can make sense  03:26 Is a maxed-out card a warning sign of something else?  04:50 Why increasing your limit may not solve the problem  05:06 The problem with making minimum payments  05:44 How maxed-out cards affect your credit score  07:21 Can maxing out make it harder to borrow?  09:22 Why did you reach your credit limit?  10:15 One-time expense vs. recurring cash-flow problem  13:34 When credit starts hiding the real problem  14:07 Should you ask for a higher credit limit?  16:01 Can transferring debt to another card help?  16:54 When more available credit becomes dangerous  18:09 What should you do instead?  18:56 Start with an inventory of your debts  20:30 Which debts should you pay first?  21:44 Calculate what comes in — and where it goes  23:55 How to find room in your budget  25:36 What if cutting expenses isn't enough?  26:26 When a consumer proposal may be an option  28:23 Final Takeaway: Cash Is King when your debt is growing    #CreditCardDebt #CreditLimit #MaxedOut #DebtFreeIn30 #HoyesMichalos

  6. Sep 19

    Why Lenders Keep Giving You More Credit (Even When You're Struggling)

    Why would a lender raise your credit limit when you're already struggling to keep up? Credit approval algorithms look at your credit report and payment history, not your entire financial picture. You may be making every minimum payment on time while using a line of credit, cash advance, or buy now pay later plan just to keep up. To the lender, you can look like an ideal customer even while your debt grows every month. In this episode, Doug Hoyes and Ted Michalos explain how lenders decide who gets more credit, why credit limits can keep increasing, and what happens when the borrowing finally stops. To learn more about debt relief options, please visit us at Hoyes Michalos Start Exploring Debt Relief in Ontario  They discuss: • Why being approved for credit doesn't mean you can afford it  • Why lenders offer automatic credit limit increases  • How borrowing to make minimum payments can hide financial trouble  • The warning signs that your debt is becoming unmanageable  • When a consolidation loan can help, and when it can make things worse  • Why your bank account can be at risk if you owe money to the same bank  • How to measure whether your financial situation is actually improving The key takeaway: don't use a lender's willingness to give you more credit as a measure of your financial health. Look at your total debt, your interest costs, and whether your balances are going up or down. Debt Free in 30 is hosted by Licensed Insolvency Trustees Doug Hoyes and Ted Michalos of Hoyes Michalos. Hoyes Michalos Repayment Calculator Credit Rebuilding Course and Other Free Resources Start Exploring Debt Relief in Ontario Watch Our Library of Free Videos on YouTube! Time Stamps:  00:00 Why do lenders keep giving you more credit? 01:16 How lenders decide whether to approve you 02:16 What your lender doesn't know about your finances 03:31 Why credit limits keep increasing 05:01 Should you accept a credit limit increase? 06:44 How lenders encourage you to borrow more 07:42 How the debt cycle begins 10:00 How people accumulate debt while staying current 11:07 Robbing Peter to pay Paul: modern-day kiting 13:12 What happens when the credit finally stops 15:36 Can a consolidation loan help? 16:50 The risk of consolidating credit card debt 19:34 Why your bank account could be at risk 21:21 Warning signs your debt is becoming a problem 23:51 Make a list of your debts 25:47 Look at what you own, too 26:47 Think about interest in hours worked 28:25 The key takeaway If you need credit card debt help, start by listing every debt, rate and payment — and track your total, not just minimums. To learn more about debt relief options, please visit us at https://www.hoyes.com

  7. Sep 12

    628 - Only 780 Trustees for 40 Million Canadians: What It Takes

    What does it actually take to become a Licensed Insolvency Trustee (LIT) in Canada? Hint: It's not just a quick course and a quick test. In this episode, Doug Hoyes welcomes back Charlie Kovacs to the studio for his first official appearance as a newly minted Licensed Insolvency Trustee! Together, they pull back the curtain on the multi-year journey required to earn the designation. From university requirements and the BIA Insolvency Counselors course to surviving the notorious PC3 assignments, the rigorous two-day CNE case exam, and facing the Office of the Superintendent of Bankruptcy (OSB) oral board examinations—they cover it all. Whether you are looking to enter the industry, working at a bank looking for a career change, or just curious about the administrative and legal backbone of consumer proposals and bankruptcies, Charlie shares invaluable advice on what to expect, how to stay committed, and what a trustee actually does on a day-to-day basis. Don't forget to like, subscribe, and hit the notification bell so you never miss our weekly financial insights! Connect with Charlie Kovacs or book a consultation: hoyes.com Learn more about the Canadian Association of Insolvency and Restructuring Professionals (CAIRP): https://cairp.ca Questions answered in this episode: 1) What does it take to become a Licensed Insolvency Trustee in Canada? 2) How long does the qualification process take? 3) What counts toward the 2,400-hour experience requirement? 4) What are IP3, the CNIE and the oral board examination? 5) What is the difference between a CIRP designation and an LIT license? 6) What does a Licensed Insolvency Trustee actually do for clients? Licensed Insolvency Trustees: Who We Are & What That Means Time Stamps: 00:00 Meet Canada's Newest Insolvency Trustee 01:05 Do You Need A University Degree? 02:07 Becoming A BIA Insolvency Counsellor 04:40 The Introductory Course & Experience Requirement 09:26 IP3: Insolvency Processes, Practices and Principles 12:06 The CNI Exam & CIRP Designation 13:28 OSB Oral Boards Explained 21:00 New Trustee Probation Period 22:09 Total Timeline: 3-6 Years 26:33 What Trustees Do Every Day 29:39 Final Advice & Closing   DISCLAIMER: This video is for educational and informational purposes only and is not financial, legal, or insolvency advice. Debt options including consumer proposals and bankruptcy have serious legal consequences and affect everyone differently. For advice about your specific situation, consult a Licensed Insolvency Trustee in Canada. Content reflects Ontario / Canadian law (Bankruptcy & Insolvency Act) as of September 2026.

  8. Sep 5

    627 - The Most Dangerous Thing About Debt? — You've Given In

    Are you making every payment on time but your credit card balance never moves? You're not managing debt — you're just managing cash flow.   In the Season 13 premiere of Debt Free in 30, Doug Hoyes, explains the most dangerous moment in debt — when exhaustion sets in and you believe there's no way out. We break down why minimum payments keep you trapped for 83 years, how Buy Now Pay Later and consolidation loans just move debt around, and why homeowner insolvencies are rising as the real estate "escape ramp" closes. Featuring data from the latest Ontario insolvency stats and the Hoyes Michalos Homeowner Bankruptcy Index. CHAPTERS: 00:00 - The 83-Year Credit Card Payoff: The Most Dangerous Moment in Debt 01:22 - The Real Shift: From Trigger Events to Debt Exhaustion 03:45 - The Minimum Payment Illusion: Paying Interest, Not Principal 06:03 - The Traps That Keep You Stuck: Buy Now, Pay Later & Consolidation Loans 07:58 - The Numbers Don't Lie: Rising Debt in Ontario Insolvencies 11:51 - Joe Debtor Insights: Higher Incomes, Faster-Growing Debt 13:14 - Insolvency as a Lagging Indicator: Why Bankruptcies Are Rising 14:42 - Consumer Proposal vs Bankruptcy: Understanding Your Options 17:21 - The Homeowner's Dilemma: Why Your Equity Escape Ramp Is Closing 21:19 - Homeowner Bankruptcy Index: Homeowners With More Unsecured Debt 23:06 - 4 Key Questions to Ask Yourself About Your Debt Right Now 26:34 - Making a Deal: How a Consumer Proposal Actually Works 27:59 - Overcoming Embarrassment & What's Coming Next This Season   MORE FROM HOYES MICHALOS New to debt relief? Start here: How Does Debt Relief Work? https://www.hoyes.com/blog/how-does-debt-relief-work/ Consumer Proposal vs Bankruptcy - Key Benefits: https://www.hoyes.com/consumer-proposals/consumer-proposal-benefits/ Will You Lose Your House? How to Keep Your House in Bankruptcy: https://www.hoyes.com/personal-bankruptcy/keep-your-house-if-file-bankruptcy/ Does a Consumer Proposal Affect Your House and Mortgage?: https://www.hoyes.com/blog/does-a-consumer-proposal-affect-my-house-and-mortgage/ Can't Pay Your Mortgage? Options to Keep Your Home: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/ Free Debt Assessment: https://www.hoyes.com 4 QUESTIONS TO ASK ABOUT YOUR DEBT (from this episode) 1. Am I making progress or just making payments? 2. If I make minimum payments, is my balance actually dropping? 3. Am I using credit to manage cash flow instead of reducing debt? 4. Have I talked to a Licensed Insolvency Trustee early enough to have options?  ABOUT DEBT FREE IN 30: Debt Free in 30 is a practical Canadian personal finance podcast hosted by Doug Hoyes, Licensed Insolvency Trustee and co-founder of Hoyes Michalos. We cut through the jargon with expert advice to help you understand debt, avoid financial traps, and become debt free. New episodes weekly.  Disclaimer: This content is for educational purposes only and does not constitute financial advice. For advice on your specific situation, please consult with a Licensed Insolvency Trustee.

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About

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.

Information

  • Creator
    Doug Hoyes
  • Years Active
    2014 - 2026
  • Episodes
    634
  • Rating
    Clean
  • Show Website
    Debt Free in 30

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