Debt Free in 30 Doug Hoyes

Doug is joined by BIA Insolvency Counsellor Charlie Kovacs. They discuss banking in the digital age and cover topics such as service fees, chequing accounts, digital transactions, payment methods (digital vs. cheques), prepaid cards, credit scores, mobile payment options, how to manage digital finances, free tax filing, and finding the best bank rates online. If you're new to digital banking or eager to learn insider tips from finance experts, this episode is a must-listen!
 
Time Stamps:
00:00 Introduction
01:25 How can you bank for free?
03:55 Using a mobile app for depositing cheques
05:14 Why do you have to open a new bank account if you file a consumer proposal or bankruptcy?
07:36 Cheques vs E-transfer
08:23 Debit Cards, Credit Cards, Prepaid Cards
14:57 What is the difference between a loadable credit card and secured credit card?
18:20 How do you keep track of your money digitally?
25:11 How do I file my taxes for free?
27:15 Shop around for the best rates
31:46 Final thoughts
 
 
Related Links:
Why You Should Bank at More Than One Bank - https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/
Why Do I Need To Switch Banks? I Love My Bank - https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/
How to Open a New Bank Account For A Bankruptcy or Consumer Proposal - https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets.
Time Stamps:
00:00 Introduction
02:43 Are all assets treated the same?
06:31 Cashing out your RRSP to pay debt
13:50 Should you file a consumer proposal or bankruptcy?
22:39 Are RESP’s protected in a bankruptcy?
25:43 Owning a house and filing bankruptcy
30:44 Final thoughts
 
Related Links:
Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/
Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/
Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/
How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/
How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/
Can’t Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/
Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/

In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.
 
Time Stamps:
00:00 Introduction
01:48 Why are payday loans a problem if you are a senior?
04:03 How does a senior end up in debt?
05:45 Payday loans and rapid loans
08:10 Seniors supporting their adult children
10:38 Seniors carrying debt into retirement
11:54 Practical advice
12:30 How can you tell if your parents are in debt?
15:13 How to retire with no debt
21:12 Seniors and financial scams
22:55 Co-signing loans for friends and family
25:00 Should seniors’ cash in their RRSP to pay off debt?
27:15 Should seniors file a consumer proposal or bankruptcy?
Related Links:
Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/
Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/
Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/
Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/
Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/
Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/

In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt leading to insolvencies, and the decline in homeownership. They also share their predictions for the future, including whether inflation will continue to rise, and offer their advice on how to navigate these tough times.
Time Stamps:
00:00 Introduction
00:44 Why did credit card debt drop during the pandemic?
03:05 Inflation rate for food
04:16 Shelter inflation
05:45 Credit card debt leads to insolvencies
08:15 How inflation and credit card debt affects everyone
14:35 Why are we not seeing homeowners?
16:52 Predictions
19:32 Practical advice
 
Related Links:
What to Know About Credit Cards So You Use Credit Wisely - https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/
Unpaid Credit Card Debt: What Are the Consequences? – https://www.hoyes.com/blog/unpaid-credit-card-debt-what-are-the-consequences/
Can Bankruptcy Stop a Tenant Eviction for Rent Arrears? - https://www.hoyes.com/blog/can-bankruptcy-stop-a-tenant-eviction-for-rent-arrears/
Can’t Pay Your Mortgage? Options To Keep Your House – https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/
Renewing Your Mortgage as Rates Change -https://www.hoyes.com/blog/get-ready-for-higher-interest-rates/
Statistics Canada. Table 36-10-0639-01  Credit liabilities of households (x 1,000,000) -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901
Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted -
https://www150.statcan.gc.ca/n1/en/catalogue/1810000401
Bank of Canada, Monetary Aggregates https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

In this episode, Doug and Maureen tackle a common financial question: should you build an emergency fund first or pay off debt? They explain why prioritizing an emergency fund can be important, even if you have debt. Learn how developing a savings habit can shield you from unexpected expenses and stop lenders from reducing your credit limit. They also discuss the risks of relying solely on debt for emergencies and how savings can keep you financially secure. Plus, they cover the benefits of paying off debt first, like saving on interest, boosting your credit score, and having the option to use credit for emergencies.
Time Stamps:
00:00 Introduction
01:50 What do you use your emergency fund for?
02:59 Reasons why an emergency fund is more important than paying down debt
06:40 The habit of savings
11:11 How much does your emergency fund need to be?
15:20 Where should you put your emergency savings?
23:11 Why should you pay off debt first before saving for an emergency fund
29:12 Final thoughts
Related Links:
Emergency Fund Critical For Single Parents - https://www.hoyes.com/blog/emergency-fund- - critical-for-single-parents/
Why You Need an Emergency Fund - https://www.hoyes.com/blog/why-you-need-an-emergency-fund/
Emergency Fund or Credit Card Debt? What’s the Better Choice? - https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/
Which Debts Should You Pay First? - https://www.hoyes.com/blog/which-debts-should-you-pay-first/
Dr. Brad Klontz Financial Psychologist - https://www.bradklontz.com/

Doug is joined by first-time guest Dr. Saul Schwartz, Professor Emeritus at the School of Public Administration at Carleton University in Ottawa, who holds a Ph.D. in Economics. They discuss Dr. Schwartz's recent paper titled "Tilting the Playing Field Away from the Discharge of Debts: The Case of Consumer Proposals in Canada." Together, they discuss the rise of consumer proposals over bankruptcies in Canada, surplus income, the influence of licensed insolvency trustees and creditors, unregulated debt advisors, and potential solutions for low-income debtors.
Time Stamps:
00:00 Introduction
03:35 Failure rate for consumer proposals
05:07 Why have consumer proposals overtaken bankruptcies in Canada?
08:33 Surplus income
12:12 Are the licensed insolvency trustees making more money on consumer proposals?
14:50 The creditors impact on a bankruptcy and consumer proposals
24:55 Unregulated debt advisors
33:39 Solutions for low-income debtors
44:22 Final thoughts
Related Links:
Dr. Saul Schwartz, Biography - https://carleton.ca/sppa/people/schwartz-saul/
The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system
Consumer Proposal vs Personal Bankruptcy - https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/
Is a Consumer Proposal the same as a Bankruptcy? - https://www.hoyes.com/blog/consumer-proposal-bankruptcy/
Who Does What in a Bankruptcy and Consumer Proposal? - https://www.hoyes.com/blog/who-does-what-in-a-bankruptcy-and-consumer-proposal/
Bankruptcy & Your Credit Score - https://www.hoyes.com/personal-bankruptcy/effect-bankruptcy-credit-rating/
Consumer Proposal And Your Credit Rating - https://www.hoyes.com/consumer-proposals/consumer-proposal-affect-credit-rating/
Negotiating Consumer Proposals. What Your Creditors Expect - https://www.hoyes.com/blog/negotiating-consumer-proposals-what-your-creditors-are-expecting/
Avoid The Surplus Income Penalty With A Consumer Proposal -https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/
Why Surplus Income Is an Important Part Of Your Debt Recovery - https://www.hoyes.com/blog/surplus-income-important-part-debt-recovery/
Surplus Income Bankruptcy Calculator - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/
Surplus Income Payments - https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-payments/
Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants? - https://www.hoyes.com/blog/will-the-federal-government-finally-put-an-end-to-unregulated-unlicensed-debt-consultants/