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
224 – Chatbots: Helping Your Finances or Up-selling? [not-audio_url] [/not-audio_url]

Duration: 35:06
Financial technology, or fin-tech, has come a long way. Much more than just a budgeting app, now you can do your banking, money management, investing and even borrowing, online. In addition to apps, fin-tech companies ar…
223 – Christmas Etiquette When You're Dealing With Debt [not-audio_url] [/not-audio_url]

Duration: 35:35
When you have debt, Christmas is a stressful time. With pressure to spend on family, friends, co-workers, and maybe even your barber, the season turns into more of a financial burden than a time to be merry. And even tho…
222 – Protecting Yourself Financially for Unexpected Life Events [not-audio_url] [/not-audio_url]

Duration: 34:47
The death of a spouse and divorce bring an emotional burden, but sadly such catastrophic events also create financial consequences. In fact, the death of a spouse or divorce are both common reasons why people file bankru…
221 – Retraining for a Second Career while Dealing with Debt [not-audio_url] [/not-audio_url]

Duration: 34:21
If you are out of work or laid-off and need to upgrade your skills to improve your employment potential, how can you do this without incurring more debt? The Ontario government has a Second Career program that offers fin…
220 – The Cold-Hard Truth About Unlicensed Debt Consultants [not-audio_url] [/not-audio_url]

Duration: 40:58
Indebted Canadians pay at least $24 million a year for what is often unnecessary debt advice. How does this happen? Well, when you have overwhelming debt, you're not just thinking about the money. There's also an emotion…
219 – Avoiding Debt Problems After a Personal Injury [not-audio_url] [/not-audio_url]

Duration: 33:34
Being injured or in an accident can have broad reaching financial implications. In addition to the costs of care, you can lose income if you are off work and may incur additional legal costs. Finding ways to recover some…
218 – A Three-Pronged Approach to Financial Literacy [not-audio_url] [/not-audio_url]

Duration: 28:47
This year marks the 8th Financial Literacy Month in Canada, which begs the question: has our financial literacy improved in eight years? Total household debt is at record highs while personal savings rates are at record…
217 – Why You Want to Avoid Debt at Every Age [not-audio_url] [/not-audio_url]

Duration: 27:54
Whether you are about to start your post-secondary education, start a family, or are headed for retirement, debt problems can happen at any age. While the average person who files for bankruptcy in Canada is in their mid…
216 – Should You File Bankruptcy in Canada if Living Abroad? [not-audio_url] [/not-audio_url]

Duration: 21:08
If you owe a debt in Canada, but live elsewhere in the world, should you ignore past due Canadian debts you can't afford to pay, or can you file bankruptcy in Canada when living abroad? As the Licensed Insolvency Trustee…
215 – What is a Robo-Planner? Automated Financial Planning [not-audio_url] [/not-audio_url]

Duration: 35:33
The use of computer technology to manage money continues to explode across the financial services industry. Enter the robo-planner. The question is can an online computer platform help answer common financial questions l…