174 – Seeds of a Debt Crisis: 2017 Debt Statistics and 2018 Predictions

174 – Seeds of a Debt Crisis: 2017 Debt Statistics and 2018 Predictions

Author: Doug Hoyes December 30, 2017 Duration: 30:10

What will happen in 2018 that could water the seeds of a financial crisis? Ted Michalos and Doug Hoyes believe there are three big stories to watch in 2018:

  1. Minimum wage going up in Ontario from $11.60 to $14.00, effective January 1st. This means any employer that is already marginal or has very tight margins is probably going to employ fewer people.
  2. Debt. According to the Canadian Payroll Association's September 2017 survey, 49% of Ontarians are living paycheque to paycheque and 43% of them save less than 5% of their earnings. Canadians are also the most indebted in the world by at least one measure, as household debt is more than our GDP.
  3. Real estate value and mortgage interest rates. The Bank of Canada predicts that 47% of Canadian real estate mortgages will renew in 2018 and a lot of people are going to be facing an increase because rates are higher than they were a year ago.

For more insight and detailed breakdown of our predictions for 2018, tune into the podcast.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
Podcast Episodes
608 – Advice or Sales Pitch? Why Canadians Have Lost Trust in Banks [not-audio_url] [/not-audio_url]

Duration: 30:27
Most Canadians trust their bank to help them make smart financial decisions. But sometimes, what feels like advice is shaped by something else. We talk about how bank incentives influence recommendations, why that can le…
607 – Credit Score vs Cash Flow: What Actually Matters in a Crisis? [not-audio_url] [/not-audio_url]

Duration: 30:22
A high score does not always indicate stable finances. It is possible to keep up with most of your bills and maintain a decent credit score while still feeling like you are falling behind. When cash flow is stretched, ev…
605 – Owe CRA Tax Debt? The Biggest Loan Mistake Canadians Make [not-audio_url] [/not-audio_url]

Duration: 30:23
Owing money to the CRA can feel urgent, and taking out a loan might seem like the fastest way to fix it. But in many cases, it can make your situation worse. Doug Hoyes and Ted Michalos break down when borrowing to pay o…