359 –  The Unintended Consequences of Debt

359 – The Unintended Consequences of Debt

Author: Doug Hoyes July 17, 2021 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 car loan seems affordable today, but what if you face reduced income or something happens to the car and you're stuck with repayment? Would you still be able to afford it? On today's podcast, guest Ted Michalos and Doug Hoyes go through eight borrowing scenarios and the potential problems that come with them, along with practical advice for each case. Tune in!

 

Links:

 

5 Debt Lessons Every Student Should Know https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/

How Car Loans and Car Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/

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

What to Know About Credit Cards So You Use Credit Wisely: https://www.hoyes.com/blog/what-to-know-about-credit-cards-so-you-use-credit-wisely/

8 Alternatives to Payday Loans https://www.hoyes.com/blog/8-alternatives-to-payday-loans/

 

Time Stamps -

 

Unintended Consequences of:

1:42 Car Loans

5:01 Mortgage Loans

7:15 Credit Cards

8:33 Payday Loans

10:29 Student Loans

14:15 Wedding Loans

18:55 Borrowing to Invest

24:23 Borrowing to Start a Business


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…