563 – Debt: The New Normal? Comparing Boomer and Millennial Mindsets

563 – Debt: The New Normal? Comparing Boomer and Millennial Mindsets

Author: Doug Hoyes June 14, 2025 Duration: 30:37

Boomer budgeting tips collide with millennial money challenges in this candid conversation about debt, savings, housing costs, and the rise of gig-work income. Whether saving for a first home or paying off old credit cards, this episode bridges the generation gap with actionable insights for any age, complete with tried-and-true tactics Boomers still swear by, tech-savvy hacks Millennials can't live without.


0:00 - Do Boomers Have It Easier? Debunking Generational Money Myths
3:10 - Why Millennials Lead Insolvency Filings & Credit-Card Debt
6:00 - "Credential Creep": Rising Education Costs and Student Loans
9:00 - Buying a Home: 1980s Down Payment vs. 2020s Reality
13:00 - Starting Adulthood in Debt: How Timing Shapes Finances
16:00 - Shifting Attitudes: From Debt-Free Dreams to "Normal" Borrowing
18:00 - Gig Economy 101: Income Streams Boomers Never Faced
19:30 - Interest-Rate Shocks: Then (18%) vs. Now (Variable & Rising)
22:00 - 31 Flavours of Credit: BNPL, Lines of Credit, & More
25:00 - Boomer Money Rules That Still Work Today
28:00 - Reverse Mentorship: What Millennials Can Teach Boomers

Joe Debtor Study
https://hoyes.info/joe-debtor-study

Student Loan Debt Help Ontario
https://hoyes.info/student-loan-rules-ontario

Free
Credit Rebuilding Course and learning resources
https://hoyes.info/credit-rebuilding-course-free

Sign Up For The Monthly Debt Free Digest
https://hoyes.info/newsletter

Check out our other YouTube Channel: @hoyesmichalos
 https://www.youtube.com/@hoyesmichalos



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 personal guidance from 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, strategies, or digital tools/apps 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
515 – The Pros and Cons of Selling Everything to Pay off Your Debt [not-audio_url] [/not-audio_url]

Duration: 35:23
Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to…
514 –  Why Seniors End Up in The Payday Loan Trap & How To Help [not-audio_url] [/not-audio_url]

Duration: 30:33
In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial…
513 –  Inflation is driving up credit card use. Now what? [not-audio_url] [/not-audio_url]

Duration: 29:22
In this episode, Doug and Ted discuss the challenges of credit card debt and the struggles the average person faces in today's economy. They touch on the impact of food and shelter inflation, the rise in credit card debt…
512 –  Pay Off Debt or Build an Emergency Fund - Which is Better? [not-audio_url] [/not-audio_url]

Duration: 31:54
In this episode, Doug and Maureen tackle a common financial question: should you build an emergency fund first or pay off debt? They explain why prioritizing an emergency fund can be important, even if you have debt. Lea…
510 –  How Food Inflation has Affected the Food Bank [not-audio_url] [/not-audio_url]

Duration: 35:07
Doug is joined by Kim Wilhelm, CEO of the Food Bank of Waterloo Region. Together, they talk about the various programs available to the local community in need of food. They discuss the impact cost of living has had on t…

«1...678910