Have you ever stopped to consider the real costs—and sacrifices—of borrowing someone else’s money?

Whether it’s a mortgage, car loan, or another form of financing, the hidden fees, penalties, and long-term credit impacts can quickly add up. Beyond the numbers, debt can bring stress, limit opportunities, and force tough choices in your personal and professional life.

Doug Hoyes and Ted Michalos provide expert insights to help you confidently navigate borrowing, avoid costly mistakes, and make decisions that protect your finances and peace of mind.

Timestamps:

(1:00) – Get Interested in Your Interest Rates

(3:25) – Understanding Origination Fees and Insurance Costs

(8:05) – Why Doug and Ted Recommend Paying on Time

(10:15) – Prepayment Penalties and Other “Hidden” Fees

(15:10) – Discretionary Spending or Needing to Borrow More

(17:10) – How Borrowing Impacts Your Credit Score

(19:30) – Debt Causes Stress and Limits Opportunities

(21:15) – Why Banks Encourage You to Finance

(24:00) – Practical Advice – How to Read Your Loan Contract

(26:50) – The Bottom Line: Calculating the Total Cost

(29:00) – Knowing When to Seek Professional Help

Learn more from Hoyes Michalos:

Debt Repayment Calculator

Debt To Income Ratio Calculator

Budgeting Course

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Smart Borrowing and Loan Management Tips

Hoyes Michalos YouTube Channel

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Hoyes Michalos Twitter (X)

Hoyes Michalos LinkedIn

Straight Talk on Your Money by Doug Hoyes

Find a Hoyes Michalos Office in Your Area Here


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 personalized advice from a qualified financial advisor. Always consult with 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 or strategies discussed.

Is the thought of maxed-out credit cards keeping you up at night?

This guide unpacks the pitfalls of credit card debt and offers clear strategies to break free from the cycle.

Doug Hoyes and Ted Michalos discuss why your credit utilization rate matters, how many credit cards you should really have, the pros (but mostly cons) of opening new credit accounts, and the best options when you’re in a pinch.

(1:45) – What’s the problem with maxing out your credit cards?

(4:00) – How a credit card should be used (cash substitute vs. borrowing tool)

(5:00) – Credit limit, available credit, and utilization rate – what’s the difference?

(7:00) – Strategies for a maxed-out situation: Short-term fixes that work.

(8:45) – Taking out additional credit cards: A double-edged sword.

(11:15) – Should you have one or two credit cards? More?

(14:30) – Signs your financial situation is serious: When to seek help.

(16:15) – Practical advice for maxed-out cards

(19:30) – The downside of debt consolidation loans

(23:40) – Can calling your bank help? Exploring referral programs and renegotiation.

(27:00) – Consumer proposals explained: Why creditors accept less payment.

Learn more from Hoyes Michalos:

Budgeting Course

Sign Up for Our Newsletter HERE

Should You Pay Credit Card Debt With Another Credit Card?

Hoyes Michalos YouTube Channel

Hoyes Michalos Instagram

Hoyes Michalos Facebook

Hoyes Michalos TikTok

Hoyes Michalos Twitter (X)

Hoyes Michalos LinkedIn

Straight Talk on Your Money by Doug Hoyes

Find a Hoyes Michalos Office in Your Area Here

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 personalized advice from a qualified financial advisor. Always consult with 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 or strategies discussed.

Many Canadians have seasonal employment or variable income, making financial planning more complex.

Doug Hoyes and Ted Michalos provide practical strategies for managing income fluctuations, saving effectively, dealing with debt, and handling taxes during off-seasons.

This episode is a must-listen for anyone navigating seasonal employment or variable income.

Timestamps:

(2:00) – The Seasonality of Jobs: Challenges for Canadian workers

(4:00) – Saving Money: Why it’s easier said than done

(6:45) – Financial Planning: Why every seasonal worker needs a plan

(8:50) – E.I. Eligibility in Canada: Can you qualify during the off-season?

(10:00) – Emergency Funds: Essential for seasonal employment stability

(12:15) – Boosting Income: ways to earn extra during off-seasons.

(15:20) – Strategic Use of Credit Cards

(16:30) – Pay Off Debt or Invest? How to prioritize your money

(19:00) – Smart Savings: Where to put your money

(22:00) – Taxes for Seasonal and Self-Employed Canadians: What to know

(25:00) – Staying Flexible: Preparing for life’s financial uncertainties

Learn more from Hoyes Michalos:

Managing Money on a Variable Income

First-time Home Buyer Podcast

Credit Rebuilding Course

Sign Up for Our Newsletter HERE

Hoyes Michalos YouTube Channel

Hoyes Michalos Instagram

Hoyes Michalos Facebook

Hoyes Michalos TikTok

Hoyes Michalos Twitter (X)

Hoyes Michalos LinkedIn

Straight Talk on Your Money by Doug Hoyes

Find a Hoyes Michalos Office in Your Area Here

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 personalized advice from a qualified financial advisor. Always consult with 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 or strategies discussed.