More credit means a higher score, right? Not exactly. #debtfreein30

Many assume more loans and higher credit means a higher score, but the reality is more complex. Doug Hoyes and Ted Michalos break down how multiple loans impact your credit score and share expert advice on when accessing more credit makes sense—and when it doesn’t.

(0:00) – What impacts your credit score?
(5:35) – How important is your credit score in Canada’s unique rating system?
(6:45) – Understanding credit utilization rate and debt-to-income ratio
(9:00) – What’s the difference between hard and soft inquiries?
(14:30) – The impact of credit history and canceling accounts
(16:30) – Why missed payments hurt more than you think
(17:40) – A fictional but realistic debt scenario
(24:20) – Why dealing with your debt should be your priority—and how to start
(26:00) – How to decide if taking out another loan is the right move

Credit Card Debt Consolidation in Canada - What You Need to Know

What is Credit History and How To Influence It

What To Do About Credit Card Debt in Collections

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE Credit Rebuilding Course

‘Debtasized’ Full Length Documentary – Free on YouTube HERE

Sign Up for the Debt Free Digest

Hoyes Michalos YouTube Channel

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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.

Can you identify and escape the pitfalls of debt traps?

Learn from the co-founders of Hoyes Michalos how marketing and psychology fuel debt cycles. Spot the warning signs of financial trouble—from payday loans to student debt—and understand the emotional toll that debt can take. Plus, gain practical, proven strategies to break free from the cycle and achieve financial stability.

(0:00) – What is a debt trap, and how does it work?
(3:30) – Inflation still stretching budgets
(4:30) – The student loan dilemma
(5:30) – Homeownership can be a debt trap
(7:15) – Utilization Rate – borrowing more than you can handle
(8:30) – Stress and the emotional toll of being trapped in debt
(11:00) – How a debt traps are created– the power of marketing and psychology
(21:20) – Warning signs you’re falling into a debt trap
(24:30) – Practical solutions to escape the cycle of debt
(27:45) – What’s really keeping you stuck in a debt trap

‘Debtasized’ Full Length Documentary – Free on YouTube HERE

Payday Loan Debt Relief in Ontario: Break the Cycle

Pros and Cons of Using Payday Loans in Emergencies

Does Debt Consolidation Impact My Credit Score

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE 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.

Are credit card points and rewards as beneficial as they seem, or are they secretly costing you more than you realize?

Doug Hoyes and Ted Michalos discuss the truths behind credit card reward systems, revealing how spending habits, annual fees, and high-interest cards may affect your financial health. Learn how credit card companies use your data, the psychology behind reward marketing, and whether these points and rewards are worth it in the long run.

(0:50) – Have you changed your spending habits to earn credit card rewards?
(1:45) – The history of credit card rewards: How they started and why they’re popular.
(5:45) – What personal data do credit card companies collect from you?
(8:00) – How credit card companies market rewards and why we’re drawn to them.
(10:45) – The biggest downside of credit card rewards
(12:55) – Doug and Ted's advice: How many credit cards should you really have?
(14:30) – Why using high-interest cards can lead to risky financial situations.
(18:20) – How credit card usage affects your credit score: Tips to avoid negative impacts.
(22:30) – The overlooked cost of annual fees
(26:00) – The risk of losing your points during insolvency: Use them, or lose them.
(27:00) – Expert advice on credit card rewards

Learn more from Hoyes Michalos:

What Happens to Points If You Go Bankrupt?

Pros and Cons of Preapproved Limit Increase

Unpaid Credit Card Consequences

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE Credit Rebuilding Course

Sign Up for Our Newsletter HERE
https://www.hoyes.com/subscribe-newsletter/

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Hoyes Michalos Instagram

Hoyes Michalos Facebook

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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.

Real estate is often seen as the ultimate investment, but is it really?

Doug and Ted discuss the financial realities of homeownership, from the hidden costs of maintenance and repairs to the risks of negative equity, pre-con agreements, and even becoming a landlord.

This episode explains why a house may not always be the wealth-building asset it’s made out to be—especially if it’s beyond your financial reach.

(2:00) – What exactly qualifies as an investment?
(3:45) – Liquidity and diversification: why they matter
(6:00) – Doug’s take: a house is a consumer good, not an investment
(10:00) – Why owning a home is often more expensive than renting
(13:30) – The forced savings argument: does it hold up?
(15:00) – Negative equity and the risks of market downturns
(16:10) – Preconstruction agreements and the challenges they could bring in 2025
(18:20) – The overlooked costs of maintenance and repairs
(24:15) – Forced holding: why homeownership limits your flexibility
(25:45) – Renting out your home doesn’t automatically make it a profitable investment
(27:20) – Ted’s perspective: is owning a house truly an investment?

Learn more from Hoyes Michalos:

What Happens If You Miss A Mortgage Payment?

Will A Second Mortgage Clean Up Your Debts?

What To Do If You Can’t Pay Deferred Mortgage Payments

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE 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.

It’s crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted?

Doug and Ted provide insight into potential lending trends, emerging marketing tactics, unintended consequences, and how this change will impact the most vulnerable borrowers and secondary lenders in the future.

Timestamps:

(0:30) – Short explanation of the Criminal Interest Rate

(2:40) – What is changing, and who does it impact?

(3:30) – Payday Loans and Vulnerable Borrowers

(9:20) – “Net Charge Off Rate” a rationale for high interest

(12:30) – The “dubious speculation part of the show that is not based on fact”

(14:00) - Unintended consequences – predatory lenders pivoting

(18:30) – Secondary lenders diversifying product lines? To what?

(21:00) – Microloans, Insurance, Rent to Own, and more

(28:00) – Heads up for new marketing tactics – Buyer Beware

Learn more from Hoyes Michalos:

Episode 491 of DFI30 (Thorough Background of Criminal Interest Rate)

Payday Loan in Collection? What To Do Next

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE 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.

As 2024 comes to an end, Doug Hoyes and Ted Michalos revisit their past predictions to see what they nailed—and what surprised them.

They cover everything from inflation and insolvency to unemployment and real estate and, using the latest economic data and trends, share their evidence-based predictions for 2025.

Do you agree with Doug and Ted, or do you have a different perspective to share? Let us know in the comments!

Timestamps:

(2:00) – Doug and Ted’s 2024 predictions on inflation

(6:00) – Insolvency trends and forecasts from 2024

(10:00) – Returning to pre-pandemic insolvency numbers and trending upward

(10:50) – Discussion on unemployment rates

(14:20) – A closer look at rising credit card debt

(15:15) – Real estate, homeownership, and pre-construction agreements

(19:00) – Is Canada in a recession? Examining GDP trends

(23:00) – Doug’s take: Why Canada is already in a recession

(24:00) – Predictions for 2025 in key economic areas

(26:00) – Wildcard topic: Should Canada be concerned about tariffs?

(27:00) – Insolvency Predictions for 2025

Learn more from Hoyes Michalos:

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE 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.

How do you balance financial well-being with the responsibility of supporting aging parents?

This important episode tackles the complexities of financial caregiving, highlighting the challenges of the "sandwich generation"—those caring for both children and elderly parents—all while managing personal debt.

Doug and Ted cover the pros and cons, from government benefits to taxes to practical steps for initiating conversations with your parents; you’ll learn essential tools and strategies for confidently navigating financial caregiving.

Timestamps:

(0:40) – What’s the Average Age for Insolvency?
(2:00) – Understanding the “Sandwich” Generation: Caught Between Debt and Aging Parents
(5:00) – Financial Caregiving Explained: What Does It Entail?
(8:00) – Should You Prioritize Paying Off Debt or Helping Your Parents?
(9:45) – Sidebar: Why Ted Hates Reverse Mortgages
(14:00) – Government and Community Benefits for Caregivers and Their Aging Parents
(16:00) – The Impacts and Downsides of Financial Caregiving
(19:20) – Why Filing Taxes Is Crucial for Caregivers
(22:30) – Making Tough Decisions on Behalf of Your Parents
(24:00) – Practical Advice: Preparing for Financial Caregiving
(28:00) – How to Start the Money Conversation with Your Parents

Learn more from Hoyes Michalos:

Cosigned Debt in a Consumer Proposal

Power of Attorney – Can I Deal With My Parents Debts?

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE 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.

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

Sign Up for Our Newsletter HERE

Smart Borrowing and Loan Management Tips

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.