178 – How to Pay Down Massive Debt

178 – How to Pay Down Massive Debt

Author: Doug Hoyes January 27, 2018 Duration: 16:13

You hear the stories about the person who paid off $100,000 in debt in just 3 years; sounds great, but how did they do it, and is that realistic for the average person?

The short answer is no, if you earn $25,000 per year it is mathematically impossible to pay off $100,000 in three years, but you do have options, which we discuss on today's show.


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
363 –  REBROADCAST: CRA and CERB: What can you do if you owe CRA? [not-audio_url] [/not-audio_url]

Duration: 30:01
It's August 2021, and many Canadians filed their 2020 taxes and discovered they owe taxes on the CERB they received last year, or they have to pay it all back because CRA said they weren't eligible. What can they do? Tod…
362 – REBROADCAST - Can a Collection Agency Take Me to Court? [not-audio_url] [/not-audio_url]

Duration: 22:12
This episode first aired two years ago and is one of our most-watched videos on YouTube. Today Ted Michalos and Doug Hoyes return with updated information on how the COVID-19 lockdown impacted the Limitations Period, whi…
361 –  How Not to Get Scammed by a Debt Consultant [not-audio_url] [/not-audio_url]

Duration: 32:53
Unlicensed and unregulated debt consultants prey on vulnerable, indebted Canadians. They say they can eliminate your debt, but all they really do is charge you a big fee and then refer you to a Licensed Insolvency Truste…
360 –  How to Plan for Retirement on a Limited Income [not-audio_url] [/not-audio_url]

Duration: 36:18
Experts say you should have 10 times your income saved to retire, but for many people that's a difficult target. What can you do if your savings are nowhere near that amount or, more likely, you haven't even started savi…
359 –  The Unintended Consequences of Debt [not-audio_url] [/not-audio_url]

Duration: 31:54
There are a lot of scenarios where borrowing makes sense: buying a home, a car, or paying for school. But if you don't stop to think before borrowing, you can face some serious unintended consequences. Sure, that 8-year…
358 –  6 Outdated Pieces of Financial Advice You Should Rethink [not-audio_url] [/not-audio_url]

Duration: 31:32
Times have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don't require 4-year degrees necessarily. Knowing this, why do…
356 –  How To Invest If You Can Only Save $100 a Month [not-audio_url] [/not-audio_url]

Duration: 35:35
If you have a little money, is it better to invest it or just leave it in a savings account? And if you do invest, how can you do so with very small amounts of money? Enter Robert Brown, author of Wealthing Like Rabbits.…