Debt often gets a bad rap, but what if you could use it to your advantage?

This episode unlocks the power of strategic debt! Learn to leverage other people's money, distinguish between good and bad debt, and manage borrowing effectively. Doug and Ted, co-founders of Hoyes Michalos, provide practical strategies for building wealth with debt, including a look at crypto's role.

Learn how to make debt work for you, not against you.

(0:00) - Using Debt as a Wealth-Building Tool
(4:00) - Understanding Leverage and Margin: Risks and Rewards of Investing with Borrowed Money
(7:00) - Good Debt vs. Bad Debt: Identify the Difference
(15:45) - Building Wealth While in Debt, Is It Possible?
(17:30) - Opportunity Cost and Interest Rates
(20:00) - The Challenge of Paying Interest While Building Assets
(22:40) - Cryptocurrency and Debt: A Viable Investment Strategy?
(24:00) - Practical Debt Management Strategies for Wealth Growth
(26:30) - Strategic Borrowing: Using Debt for Investments?

Myths About Credit Card Debt in Canada

How to Eliminate Debt in Ontario

Is Another Loan a Good Idea?

Sign Up for the Debt Free Digest

FREE Credit Rebuilding Course

Debt Repayment Calculator

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 having zero debt the key to financial freedom, or could it hold you back? Expert Licensed Insolvency Trustees Doug and Ted explore the pros and cons of being completely debt-free, from psychological and financial benefits to the impact on your credit score and long-term opportunities.

(0:00) – Introduction: What does financial independence really mean?
(5:00) – Is Zero Debt a good goal for everyone?
(6:15) – The benefits of being debt-free: Psychological and financial impacts
(10:25) – The downside of Zero Debt: Credit score considerations
(13:30) – The hidden cost of Zero Debt: Opportunity costs explained
(17:00) – The role of credit: Why access to credit matters
(19:00) – Debt as a financial tool: When and how to use it wisely
(23:00) – Forget budgeting—why you need a financial plan instead
(28:00) – Setting realistic financial goals for long-term success

Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024

How Much Debt Does It Take To File Bankruptcy?

Debt Repayment Calculator
https://www.hoyes.com/debt-repayment-calculator/

Debt To Income Ratio Calculator
https://www.hoyes.com/debt-to-income-ratio-calculator/

FREE Credit Rebuilding Course
https://www.hoyes.com/blog/category/credit-repair/

‘Debtasized’ Full Length Documentary – Free on YouTube HERE

Sign Up for the Debt Free Digest

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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.

Canadians are being crushed by debt—and we have the data to prove it.

In this exclusive episode, Hoyes Michalos co-founders Doug Hoyes and Ted Michalos break down the findings from the 2024 Joe Debtor study, Canada’s leading consumer insolvency report.

Our research reveals how rising debt levels are impacting Canadians like never before. From millennials facing record-high debt to homeowners running out of options, we analyze the trends, why they matter, and what the average insolvent Canadian looked like in 2024.

You won’t hear this anywhere else—tune in for expert insights from Canada’s leading Licensed Insolvency Trustees.

Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024

(0:00) – Who is Hoyes Michalos? What is the Joe Debtor study?
(2:15) – Studies vs. Surveys, and understanding the term “Consumer Insolvencies”
(4:00) – Debt is Surging – even we’re shocked by the numbers
(8:10) – Why did Millennials have the most significant increases in debt?
(12:30) – The average monthly income of an insolvent individual in Canada
(14:30) – Income is rising, but Canadians are still struggling – here’s why
(17:00) – Home equity used to help people - why that’s no longer an option
(20:00) – Homeowners are increasingly in debt, and vehicle loans are a huge problem
(24:00) – Owing CRA: How taxes and interest rates hurt
(28:00) – Key questions to ask yourself and expert advice to help your finances

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

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.

Why is it so hard to break bad money habits?

Doug Hoyes and Ted Michalos dig into the psychology of impulse buying, the powerful influence of marketing on buying decisions, and the easy-purchase pathway spending cycle that keeps so many people stuck. They share personal anecdotes from decades in the insolvency industry and provide real-world strategies for building sustainable financial habits.

(0:00) – Has Ted ever regretted an impulse buy?
(4:30) – Marketing tactics: how fear and urgency drive sales
(8:00) – Spending triggers: product placements and targeted ads
(11:00) – The Influencer Effect
(15:00) – Easy purchase pathways encourage overspending
(17:30) – Debt is normalized by society
(19:30) – Resisting change: people are creatures of habit
(21:00) – Practical tips to curb spending and build better habits
(23:30) – How reflection and mindfulness can change your financial future

Dealing With Debt When Living Paycheque to Paycheque

Needs vs. Wants – A Budget Should Balance Both

Break The Payday Loan Cycle

Debt Repayment Calculator

Debt To Income Ratio Calculator

FREE Credit Rebuilding Course

‘Debtasized’ Full Length Documentary – Free on YouTube

Sign Up for the Debt Free Digest

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

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.

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

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.

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.