Debt Free in 30

Doug Hoyes
  • 4.2 (67)
  • Investing
  • Updated 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. 4d ago

    620 - The Cost of Caring: Balancing Generosity and Debt

    Debt Free in 30

  2. Jul 11

    619 - Payday Loans in Disguise: The Slick New Ways Apps Get You Hooked on Credit

    Are these financial apps just payday loans in disguise? Learn the sneaky ways modern tech keeps you hooked on debt and how to avoid it. Many popular money apps market themselves as helpful tools, but often hide high-cost borrowing structures beneath a clean interface. This conversation breaks down the mechanics behind these predatory lending tactics, specifically focusing on how they encourage users to borrow money, keeping you in a cycle of repayment. If you are trying to become debt free, understanding these traps is essential to protecting your finances. Doug & Ted examine the psychological hooks that keep people cycling through high-interest debt. By identifying these patterns early, you can take control of your spending habits and avoid falling for slick marketing that hides the cost of credit. Subscribe for weekly debt free strategy breakdowns, and comment below if you have ever spotted a suspicious lending feature in a finance app. Chapters: 00:00 Intro 00:38 What Payday Loans Were & What They Are Today 03:11 The Categories of Online Loans Starting with Payday Loan Apps 07:40 Credit Building Products & The Dangers 08:40 Buy Now Pay Later Apps 12:30 The Dangers of Online Lending, Money Apps, & BNPL 14:30 Credit Adjacent Products - What Are They - Why It Matters! 15:40 The Differences Between Traditional Payday Loans & New Cash Apps 21:00 The Problem With Modern Cash Apps & Practical Advice

  3. Jul 4

    618 - What Happens If You Just Stop Paying Your Credit Cards?

    What happens when you stop paying credit card bills? Learn the real consequences of missed payments and how to protect your financial health. This discussion breaks down exactly what occurs after you miss a credit card payment. If you are worried about mounting debt or are unsure how creditors handle unpaid balances, this conversation provides clear, actionable answers. We discuss the timeline of collections, the impact on your credit score, and the steps to take if you find yourself unable to meet your monthly obligations. Understanding credit card debt consequences is essential for anyone struggling with personal finance management. By identifying how credit card bills affect your long-term stability, you can make better decisions today. This session aims to cut through the confusion surrounding debt collection processes so you can navigate your financial situation with confidence. Subscribe for weekly debt management breakdowns and comment below with your biggest question about handling credit card debt. Chapters: 00:00 Intro 00:34 Why people start missing credit card payments? 03:36 When do missed payments get reported? 04:07 Missed payment example - How much will you pay in interest? 05:25 How do companies deal with late or missed payments early on? 07:10 What third-party collectors must do when taking over the debt? 09:10 Can collections keep calling me every hour? Ontario Collections Act 10:13 When third-party collection laws matter & the right of offset 13:00 Can you really get sued for unpaid debt? 16:25 What is the limitations act and how does it impact collections? 19:50 Credit Card Debt Myths Busted 25:58 Practical Advice - Take Stock & Be Proactive

  4. Jun 27

    617- Saving While in Debt - Smart or Stupid?

    Is saving money while in debt a smart financial move? Doug & Ted break down the strategy to help you decide how to manage your cash. Many people struggle with the dilemma of whether to prioritize building savings or paying off debt aggressively. This conversation explores the logic behind both approaches, offering a practical analysis for anyone currently carrying a balance. We look at the trade-offs involved in debt repayment strategy and how to balance your immediate financial health with long-term goals. If you have been wondering if saving money while in debt is counterproductive, this discussion provides the perspective you need. We examine the math and the psychology behind these choices, helping you determine which path makes the most sense for your specific situation. This is essential listening for anyone seeking clear financial advice on how to handle their debt repayment strategy while maintaining a safety net. Whether you are focused on debt elimination or building an emergency fund, understanding the nuance of saving money while in debt changes your approach. We break down the pros and cons of prioritizing these competing financial goals. Subscribe for weekly personal finance tips and let us know in the comments if you prioritize saving or debt payoff first. 00:00 Intro 00:26 Smart or Stupid? Should you save while paying off debt? 00:59 Why it might not be stupid to save while in debt. 01:45 Real world example of saving vs debt pay off 03:05 Changing your state of mind and how it helps 03:51 When saving while in debt doesn't make sense 06:05 Not all debt is created equal - Putting context to debt type 08:44 What is a Consumer Proposal 11:14 How much should you save in a Consumer Proposal? 14:05 When should paying down debt be a priority over savings? 18:02 Using a hybrid approach to pay debt and save - Does it work? 20:08 What should I do with my tax refund with no savings and debt 22:44 Automating payments and how it helps or hinders 24:43 Answer to todays question - Is it smart or stupid to save while in debt?   #debt #dfi30 #podcast #debtfreejourney #debtfreein30 #personalfinance

  5. Jun 20

    616 - The Financial Impact of a Crisis - Building Resilience

    Learn how to survive a financial crisis by building resilience and strengthening your personal finance foundation. This conversation provides practical steps to prepare for economic instability. We discuss the core principles of protecting your assets and maintaining stability during uncertain times. Whether you are concerned about market volatility or personal budget security, this discussion offers a clear perspective on how to build financial resilience effectively. We break down the mindset and tactical adjustments necessary to weather a storm. Implementing these money management strategies can help you maintain control over your future. We examine why proactive planning is the most effective tool for financial crisis survival and how to adjust your habits before trouble starts. Subscribe for weekly personal finance tips and comment below with your biggest worry regarding the current economy. Related Links: What Many Canadians Still Get Wrong About Debt: https://youtu.be/VS50UtDNWRA The Dangers Of Installment Loans:  https://youtu.be/fmN23pIWbWg Behind on Payments? Here's What To Pay First:  https://youtu.be/1oVaraaWaH4 Warning Signs You Have Too Much Debt & How To Deal With It:  https://www.hoyes.com/blog/15-warning... Our Free Online Budgeting Course:  https://courses.hoyes.com/courses/how...

  6. Jun 18

    615 - Your Credit Limit Is TOO HIGH (Here's Why That's a Problem)

    Is your credit limit too high? Learn how to safely request a lower credit limit to manage your personal finances more effectively. Most financial advice focuses on getting more credit, but having too much available can be a liability for some borrowers. This video explains why you might want to reduce your total credit limit and the specific steps required to contact your bank to make this adjustment. We cover the potential impact on your credit score and the practical reasons for keeping your credit card management simple. Understanding how your bank views a request to lower your credit limit is essential for maintaining control over your debt. By the end of this video, you will know exactly how to handle your credit limit if you decide it is simply too high. Subscribe for weekly credit card management breakdowns, and comment below if you have ever had to ask a bank to reduce your borrowing power. 00:00 Intro 00:19 Case Study - Client example of Bank Giving More Than Asked For 01:28 How Do Banks Decide Your Credit Limit 04:50 Debtasized & Brief Credit Card History 07:08 How People Very Easily Become Over Extended with Credit 09:28 What is Lifestyle Inflation 10:50 When High Credit Limits Are Actually Useful 13:01 High Credit Limit Risks & Downsides 16:08 Practical Advice on Managing High Credit Limits 20:28 Implications of Lowering Credit Limits 22:15 Keeping Up With Payments On Lines Of Credit 24:23 Dos and Don'ts of Using Credit Related Links: Debtasized Documentary:    • DEBTASIZED -  How Our Reliance On Credit L...   Banks Are Not Your Friends - Here's Why    • Banks Aren't Your Friends - Here's Why   FREE How To Budget Course: https://courses.hoyes.com/courses/how... Debt Free Digest Monthly E-Newsletter Sign Up Here https://hoyes.tips/debt-free-digest-s... Debt Repayment & Consumer Proposal Calculator https://hoyes.tips/repayment-calculat... Hoyes Michalos YouTube Channel – Reliable Canadian Debt Answers by Experts    / @hoyesmichalos   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.

  7. Jun 6

    Splitting Up with Shared Debt: What Happens When Couples Break Up

    No one enters a relationship expecting to one day untangle joint credit cards, co-signed loans, or shared lines of credit. Yet when a relationship ends, many people discover they're still financially connected long after they've gone their separate ways. Doug Hoyes and Ted Michalos discuss who is legally responsible for shared debt after a breakup, how separation can affect your credit score, common mistakes that can become costly, and the options available when the debt becomes too much to manage alone. 🔗 Bankruptcy & Insolvency Act, Commonality of Debt, section 66.12 (1.1) 🔗 Directive 2R – Joint Filing 🤝 Hoyes Michalos Guide to Joint Debt 📚 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 0:50 Why Breakups Become Financial Crises 3:20 The Biggest Misunderstanding About Joint Debt 6:45 Joint Borrower vs. Authorized User 8:15 What Actually Goes Wrong After a Breakup 12:05 Why People Delay Separating Their Finances 15:10 What To Do Immediately After Separating 19:45 Questions Everyone Should Ask After a Breakup 22:10 How Breakups Can Damage Your Credit Score 25:05 When Debt Becomes Too Much to Handle 26:40 Consumer Proposals and Joint Debt Explained 29:10 Joint Consumer Proposals: Pros and Cons 30:45 Rebuilding Financially After a Breakup 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.

  8. May 30

    Credit Score Myths Busted: What Canadians Get Wrong About Credit Reporting

    Canadians hear a lot of advice about credit scores, but much of it is outdated, oversimplified, or borrowed from the U.S. and simply doesn't apply here. Does carrying a balance help? Does checking your score hurt it? Can you pay to remove bad credit? Does having a high income automatically mean a strong score? Listen to learn what actually moves the needle when it comes to building stronger financial health, and if you've been trying to "optimize" your credit score, this episode may change how you think about credit entirely. 👍 Like, subscribe, and share with someone who still thinks carrying a balance helps their credit. FREE Canadian Credit Repair Course and NEW Budgeting Resources How Does Debt Relief Impact Credit Scores? 00:00 The credit myths costing Canadians money 03:12 The 5 factors that affect your score 05:08 Can you pay to remove bad credit? 07:12 Carrying a balance builds credit 09:40 Does checking your score hurt it? 11:58 Your credit score isn't everything 14:10 Why scores differ between lenders 16:28 Paying early hurts your score? 18:16 Does income affect credit? 20:12 Are credit scores regulated? 27:32 What actually builds credit in Canada Licensed Debt Relief in Canada – Debt Help Starts Here FAQs on Debt Relief Debt Free Digest Monthly E-Newsletter Sign Up Here 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.

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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
    620
  • Rating
    Clean
  • Show Website
    Debt Free in 30

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