568 – Can You Have Good Debt? Debt In Canada Today

568 – Can You Have Good Debt? Debt In Canada Today

Author: Doug Hoyes July 19, 2025 Duration: 29:58

Is debt still avoidable, or has borrowing become a fact of life in Canada? Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos answer our questions, share a simple test to assess new debt, and provide an action plan for those struggling to make ends meet.

(00:00)  What's changed in Canada's economy recently?
(02:30)  The problem with "good debt" as conventional wisdom
(04:00)  Auto loans: smart purchase or risky commitment?
(10:00)  Student loans: are they worth it?
(14:00)  What the household debt-to-income ratio tells us
(17:00)  Red and green flags when borrowing money
(18:45)  Is it still possible to live debt-free in Canada?
(20:00)  Doug & Ted's 5-point test for smart borrowing
(22:00)  Understanding the hidden risks of borrowing
(23:50)  Your debt action plan: what to do starting today
(25:00)  Mortgage tips: borrowing for a home in today's market
(27:30)  The best kind of debt - and what to do if yours isn't working for you

DEBTASIZED – Full Length Documentary


Debt Repayment / Consumer Proposal Calculator


Hoyes Michalos Debt-to-Income Ratio Calculator


Joe Debtor – Canadian Insolvency Statistics Explained


Reducing Tax Debt in Ontario


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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 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
535 – How Seasonal Workers Can Manage Income and Debt [not-audio_url] [/not-audio_url]

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534 – How to Stay Motivated While Paying Off Debt [not-audio_url] [/not-audio_url]

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Struggling to stay motivated while repaying debt? You're not alone! Charlie Kovacs, BIA Insolvency Counselor with Hoyes Michalos, joins Debt Free in 30 to share practical strategies to help you stay focused, celebrate sm…
532 – Financial Fitness Check: How to Assess Your Financial Health [not-audio_url] [/not-audio_url]

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How do you know if you're financially fit? Doug Hoyes and Ted Michalos break down the essentials of financial "fitness", covering the importance (or unimportance) of positive net worth, stable cash flow, emergency funds,…
531 – Why Popular Budgeting Techniques Don't Work [not-audio_url] [/not-audio_url]

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Ready to break all the budgeting rules? This episode is a lively debate that flips the script on traditional money management. Doug Hoyes isn't holding back on his opinions about the Government of Canada's "Financial Lit…
530 – How To Use Credit Cards to Boost Your Credit Score [not-audio_url] [/not-audio_url]

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527 – Debt After Death: Can You Inherit Debt in Canada? [not-audio_url] [/not-audio_url]

Duration: 30:09
A loved one can leave assets in their will, but what about debts? Can you inherit debt? What makes you legally responsible for debt, and what should you do if creditors come calling? Doug Hoyes and Ted Michalos tackle co…
526 – What Canadians Need to Know About Credit Repair [not-audio_url] [/not-audio_url]

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Is credit repair a scam? Learn the truth from experts about repairing damaged credit, understanding credit scores, and managing debt. Doug Hoyes and Ted Michalos explain essential topics like credit utilization rate, res…