430 – Are Credit Cards Right For Credit Repair?
Debt Free in 30
by Doug Hoyes
2d ago
We need good credit to get things like an apartment or a cell phone or to qualify for an affordable loan. But what if you’ve struggled with managing credit and now have bad credit? Is a credit card the solution to fixing bad credit? It can be if you know how to use it. On today’s podcast, Jennifer Kwon, LIT, returns with lots of practical advice for how to use a credit card wisely to rebuild credit, what types of credit cards exist, and the dos and don’ts of credit rebuilding. Tune in for the discussion with Jennifer Kwon and Doug Hoyes ..read more
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429 – Credit Card Installment Plans – What’s The Risk?
Debt Free in 30
by Doug Hoyes
1w ago
Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today’s podcast, Ted Michalos and Doug Hoyes discuss the true cost of these installment plans, the extra fees you need to pay, and why they can put your finances at risk ..read more
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427 – How to Have an Affordable Christmas This Year
Debt Free in 30
by Doug Hoyes
3w ago
The price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today’s podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in!   Links Mentioned in the Show:   What’s The Point of Financial Literacy Today? https://youtu.be/AL ..read more
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SPECIAL: What’s The Point of Financial Literacy Today?
Debt Free in 30
by Doug Hoyes
3w ago
It’s that time of the year again – Financial Literacy Month (2022). Is there any point to it?  Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he’d like to share with you regarding today’s economy, how it’s impacting Canadians, and what you can do.   #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy   Links: Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos website: https://www.hoyes.com ..read more
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426 – What If You Can’t Renew Your Mortgage?
Debt Free in 30
by Doug Hoyes
1M ago
Mortgage rates are up, and real estate prices are down. What does this mean for you if you’re renewing your mortgage? Can your bank decline your renewal and what are your options if they do? On today’s podcast, Ted Michalos returns to give practical advice for how to approach your mortgage renewal in a rising rate environment, whether selling is a good option, and how to deal with unsecured debts if you’re overwhelmed. Tune in for lots of tips! Related Links: Mortgage Challenges After Record Rate Hikes with Ron Butler: https://youtu.be/kJ9vyHA5pJw Renewing Your Mortgage as Rates Change: https ..read more
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425 – Is Having Bad Credit the End of the World?
Debt Free in 30
by Doug Hoyes
1M ago
Bad credit can mean a lot of things. But when is bad credit good and when is it actually bad? Is it worse to have bad credit because you owe too much or because you have no debt? Is there a difference between a credit score and a credit report? Maureen Parent is back on today’s podcast to answer all these questions and offer practical advice for maintaining healthy finances. Tune in. Resources Mentioned in the Show: Free Credit Rebuilding Course: https://courses.hoyes.com/courses/rebuild-credit A Clean Credit Report Does Not Equal a Good Credit Report: https://www.hoyes.com/blog/a-clean-credit ..read more
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424 – Should You Be Charged a Fee for Using Credit Cards?
Debt Free in 30
by Doug Hoyes
1M ago
Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going to switch to cash? How will this affect our budgets? And is this even fair to the consumer? Ted Michalos is back to discuss and offer lots of practical advice. Tune in.   Resources Mentioned in the Show:   What You Need to Know About the New Credit Card Surcharge: https://www.cbc.ca/news/credit-card-surcharge-faq-1.6610356 Loblaws Financial Statements: https://www.lobl ..read more
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422 – Running Short on Cash. What Payments Can You Skip? (If Any)
Debt Free in 30
by Doug Hoyes
2M ago
With record inflation, many people are feeling the pinch, and we’ve even been asked if it’s possible to skip a bill or two just to get to the next month. Well, on today’s podcast, we’re addressing this exact question. Which bills can be skipped, if any? Which ones should you absolutely pay? Can you delay paying your rent? And if so, how should you approach this? What about car payments, taxes, credit cards, or other loans? Maureen Parent returns on the podcast with lots of practical tips to survive these trying times. Tune in. Links: Maureen Parent on Twitter: https://twitter.com/MaureenParent ..read more
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421 – Mortgage Challenges After Record Rate Hikes + Advice with Ron Butler
Debt Free in 30
by Doug Hoyes
2M ago
Interest rates are at 18-year highs in Canada and if you got a mortgage in the last few years, you’re probably dealing with higher mortgage payments today. If rates keep rising, what potential challenges will come up for mortgage holders? What happens when you hit a trigger rate? What do costly mortgages mean for renters? On today’s podcast, mortgage expert extraordinaire Ron Butler returns to discuss the impact five straight interest rate hikes have had on mortgages and whether now is a good time to buy. Ron also shares a special announcement at the end of the podcast – be sure to tune in for ..read more
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420 – Rising Rates, Callable Debts, Tighter Credit & What They Mean For You
Debt Free in 30
by Doug Hoyes
2M ago
We’ve now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender’s discretion. On today’s podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice to help y ..read more
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