491 –  Will Changes to the Criminal Code Make Borrowing More Affordable?

491 – Will Changes to the Criminal Code Make Borrowing More Affordable?

Author: Doug Hoyes January 27, 2024 Duration: 31:39

In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed.  They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they are assisting Canadians in rebuilding credit.  Enjoy!

 

Related Links: 

Canada Gazette, Regulations

https://www.gazette.gc.ca/rp-pr/p1/2023/2023-12-23/html/reg3-eng.html 

Criminal Code 

https://laws-lois.justice.gc.ca/eng/acts/c-46/page-51.html#h-122004 


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
424 –  Should You Be Charged a Fee for Using Credit Cards? [not-audio_url] [/not-audio_url]

Duration: 30:52
Effective October 6, 2022, merchants may now add a credit card surcharge of up to 2.4% when you pay with a credit card. Will they? Or will customers revolt and boycott stores that charge the extra fee? Are we all going t…
423 –  How Debt Consolidation Becomes the 'Never, Never Plan' [not-audio_url] [/not-audio_url]

Duration: 30:59
Did you know that bankers often refer to debt consolidation loans as a 'never, never plan,' meaning the borrower will never become free of their debts? This may sound odd since consolidation loans often make total debt c…
422 –  Running Short on Cash. What Payments Can You Skip? (If Any) [not-audio_url] [/not-audio_url]

Duration: 34:07
With record inflation, many people are feeling the pinch, and we've even been asked if it's possible to skip a bill or two just to get to the next month. Well, on today's podcast, we're addressing this exact question. Wh…
418 –  Season Premiere: Navigating This Crazy Economy [not-audio_url] [/not-audio_url]

Duration: 12:45
It's Season #9 of Debt Free in 30! Life is changing fast – there's no question about it. How can you navigate this crazy economy? How do you deal with an ever-limited budget? Doug Hoyes returns in this short season premi…
415 –  REBROADCAST - Car Loans Keeping You Broke? Here's What To Do [not-audio_url] [/not-audio_url]

Duration: 29:04
Today we rebroadcast episode #339 (and it's even more timely today). For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is…