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Debt Free in 30

By: Doug Hoyes
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  • Summary

  • Every week we take 30 minutes and talk to industry experts about debt, money and personal finance.
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Episodes
  • 502 – Should I Buy or Rent a Home? What Makes Sense in Today's Market

    502 – Should I Buy or Rent a Home? What Makes Sense in Today's Market
    Apr 13 2024

    Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home. From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out.

    Time Stamps:

    00:00 Introduction

    01:00 Reasons you should own a home

    03:38 Is a mortgage a forced savings plan?

    06:10 Reasons not to buy a home

    06:21 Timing is everything in real estate

    08:17 Variable rate interest only mortgage vs. amortization mortgage

    12:03 Moving if you own a home vs. if you rent

    15:29 Maintenance

    18:50 Credit creep

    24:11 Practical advice

    Related Links:

    Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

    Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

    Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/

    Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/

    Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/
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    31 mins
  • 501 – Things Collection Agents Can and Cannot Do with Your Credit Report

    501 – Things Collection Agents Can and Cannot Do with Your Credit Report
    Apr 6 2024
    Blair DeMarco-Wettlaufer, the Chief of Operations Officer of Kingston Data & Credit joins Doug to discuss the consequences of unpaid debts and their impact on your credit score. They look at real-life scenarios and provide practical advice to manage your credit report. They also discuss what collection agents can and cannot do when it comes to reporting your debts to the credit bureau and how to dispute old debts, so they don’t affect your credit. Timestamps: 00:00 Introduction 01:45 If you don’t pay a collection agent can it affect your credit score? 04:33 The Statute of Limitations Act. 05:30 The Credit Bureau. 09:45 How and when do collection agents report to the credit bureau? 16:20 What collection agents cannot do when reporting to the credit bureau. 18:14 Can a collection agency remove a debt from your credit report? 23:24 What happens if a collection agency keeps calling the wrong number? 26:07 How owing a collection agent can affect your credit score. 27:43 Practical advice from a collection agent. 34:05 How to reach out to Blair DeMarco-Wettlaufer. Related Links: How Old Tickets and Fines Can Destroy your Credit Score: https://www.hoyes.com/blog/how-old-tickets-and-fines-can-destroy-your-credit-score/ 'Insanely old' city ticket wreaks havoc on Ottawa man's credit score: https://www.cbc.ca/news/canada/ottawa/insanely-old-city-ticket-wreaks-havoc-on-ottawa-man-s-credit-score-1.7141166 Long-forgotten fines won't linger on credit records, city assures residents: https://www.cbc.ca/news/canada/ottawa/city-of-ottawa-parking-ticket-debt-owed-collection-credit-score-1.7152329 Blair Demarco-Wettlaufer’s Blog “Receivable/Accounts - Information for Credit and Collection Issues”: https://receivableaccounts.blogspot.com/ Legislation Links Cited in the Podcast: Collection and Debt Settlement Services Act of Ontario: https://www.ontario.ca/laws/statute/90c14 The Provincial Offenses Act, section 76: https://www.ontario.ca/laws/statute/90p33#BK105 The Limitations Act of Ontario sets a basic limitation period of two years: https://www.ontario.ca/laws/statute/02l24#BK16 The Consumer Reporting Act of Ontario: https://www.ontario.ca/laws/statute/90c33#BK11 Blair Demarco-Wettlaufer’s Previous Appearance Links on Debt Free in 30: Episode 20 – January 17, 2015 - Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer: https://www.youtube.com/watch?v=0tsrKacdx4U Episode 57 – October 3, 2025 Collection Agents: How Did They Find Me?: https://www.youtube.com/watch?v=0SMU1R5N0ms Episode 70 – January 2, 2016 – Top 10 Tips for Dealing with a Collection Agent: https://www.youtube.com/watch?v=736J-IefWrI Episode 264 – September 21, 2019 - How to Negotiate With a Collection Agent: https://www.youtube.com/watch?v=ZgNWpKfBUwU Episode 296 – May 2, 2020 - Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact: https://www.youtube.com/watch?v=S86gnBEkeUY Episode 373 – October 23, 2021 - Your Top Collections Questions Answered by a Debt Collector!: https://www.youtube.com/watch?v=Ue8gFE2Z48w Episode 477 – October 21,2023 The Messy World of Debt Collection and Statute-Barred Claims: https://www.youtube.com/watch?v=6uN82x3ts1k&t=115s
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    36 mins
  • 500 – Why Do We Feel Despair? (A Rant)

    500 – Why Do We Feel Despair? (A Rant)
    Mar 30 2024

    This is episode 500, and Doug does a solo rant exploring the factors contributing to the despair felt by Canadians. He reflects on how the past four years has affected our economy. He touches on the cost of real estate, the stock market, fatalistic YOLO, inflation, and strategies for achieving wealth. Enjoy!

    Related Links:

    Build a Get Out of Debt Repayment Plan - https://www.hoyes.com/debt-relief/get-out-of-debt/

    Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted -https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401

    Statistics Canada, Wealth Gap - https://www150.statcan.gc.ca/n1/daily-quotidien/230331/dq230331b-eng.htm

    CPI Basked Weight Visualization - https://www150.statcan.gc.ca/n1/pub/71-607-x/2018016/cpi-ipc-eng.htm

    National balance sheet and financial flow accounts, fourth quarter 2023 -https://www150.statcan.gc.ca/n1/daily-quotidien/240313/dq240313a-eng.htm

    Wealth Gap, Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/240122/dq240122a-eng.htm

    Bank of Canada, Monetary Aggregates (Money Supply) - https://www.bankofcanada.ca/?p=47527

    Canadian Real Estate Association, National Statistics - https://stats.crea.ca/en-CA/

    November 2023 Federal Government Fall Economic Update - https://www.budget.canada.ca/fes-eea/2023/report-rapport/anx1-en.html#a1

    Episode 270, The Fable of the 20 Dollar Bill - https://youtu.be/5fYfAvSnNps?si=ziTAfuUWwbdmYHvk
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    35 mins
Economics Personal Finance
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