546 – Canadian Debt Is Surging – Concerning Trends from Joe Debtor 2024

546 – Canadian Debt Is Surging – Concerning Trends from Joe Debtor 2024

Author: Doug Hoyes February 15, 2025 Duration: 31:22

Canadians are being crushed by debt—and we have the data to prove it.

In this exclusive episode, Hoyes Michalos co-founders Doug Hoyes and Ted Michalos break down the findings from the 2024 Joe Debtor study, Canada's leading consumer insolvency report.

Our research reveals how rising debt levels are impacting Canadians like never before. From millennials facing record-high debt to homeowners running out of options, we analyze the trends, why they matter, and what the average insolvent Canadian looked like in 2024.

You won't hear this anywhere else—tune in for expert insights from Canada's leading Licensed Insolvency Trustees.

Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024

(0:00) – Who is Hoyes Michalos? What is the Joe Debtor study?
(2:15) – Studies vs. Surveys, and understanding the term "Consumer Insolvencies" 
(4:00) – Debt is Surging – even we're shocked by the numbers
(8:10) – Why did Millennials have the most significant increases in debt?
(12:30) – The average monthly income of an insolvent individual in Canada
(14:30) – Income is rising, but Canadians are still struggling – here's why
(17:00) – Home equity used to help people - why that's no longer an option
(20:00) – Homeowners are increasingly in debt, and vehicle loans are a huge problem
(24:00) – Owing CRA: How taxes and interest rates hurt 
(28:00) – Key questions to ask yourself and expert advice to help your finances

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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.


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: 100

Debt Free in 30
Podcast Episodes
547 – Financial Freedom & Zero Debt: What You Need to Know [not-audio_url] [/not-audio_url]

Duration: 30:31
Is having zero debt the key to financial freedom, or could it hold you back? Expert Licensed Insolvency Trustees Doug and Ted explore the pros and cons of being completely debt-free, from psychological and financial bene…
545 – Why We Overspend and How to Break Bad Money Habits [not-audio_url] [/not-audio_url]

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Why is it so hard to break bad money habits? Doug Hoyes and Ted Michalos dig into the psychology of impulse buying, the powerful influence of marketing on buying decisions, and the easy-purchase pathway spending cycle th…
544 – The Truth About Loans Impacting Your Credit Score [not-audio_url] [/not-audio_url]

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543 – How to Avoid Debt Traps: Expert Tips for Canadians [not-audio_url] [/not-audio_url]

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Can you identify and escape the pitfalls of debt traps? Learn from the co-founders of Hoyes Michalos how marketing and psychology fuel debt cycles. Spot the warning signs of financial trouble—from payday loans to student…
542 – The Truth of Credit Card Rewards – They're Costing You [not-audio_url] [/not-audio_url]

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541 – A House Is Not an Investment If You Can't Afford It [not-audio_url] [/not-audio_url]

Duration: 31:05
Real estate is often seen as the ultimate investment, but is it really? Doug and Ted discuss the financial realities of homeownership, from the hidden costs of maintenance and repairs to the risks of negative equity, pre…
540 – How the New Criminal Interest Rate Affects You [not-audio_url] [/not-audio_url]

Duration: 31:48
It's crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted? Doug and Ted provide insight into potential lending trends, emerging m…
539 – Canadian Insolvency and Economic Trends in 2025 [not-audio_url] [/not-audio_url]

Duration: 31:37
As 2024 comes to an end, Doug Hoyes and Ted Michalos revisit their past predictions to see what they nailed—and what surprised them. They cover everything from inflation and insolvency to unemployment and real estate and…