611 – Before You Borrow:  7 Questions to Ask Yourself to Avoid Debt Regret

611 – Before You Borrow: 7 Questions to Ask Yourself to Avoid Debt Regret

Author: Doug Hoyes May 16, 2026 Duration: 30:00

Most people do not end up in serious debt because of one huge mistake. It is usually a series of small decisions that felt reasonable at the time.

Doug Hoyes and Ted Michalos discuss seven important questions everyone should ask before borrowing money, whether it is for a car loan, line of credit, credit card purchase, or buy-now-pay-later financing.

From calculating the true cost of borrowing to understanding what happens if your income changes, this conversation offers practical ways to avoid years of debt regret.

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01:05 – Borrowing is easier than ever
04:18 – Question #1: Do I actually need this?
07:02 – Question #2: What's the total cost?
10:15 – Why minimum payments keep people trapped
12:08 – Question #3: Can I really afford it?
15:02 – How income changes create debt problems
17:06 – Question #4: Do I have other options?
19:28 – Easy financing can be a warning sign
21:02 – Question #5: What's my exit plan?
23:10 – Question #6: Have I been honest about my debt?
25:14 – Question #7: Why am I making this decision today?
27:35 – How small decisions can lead to major debt
29:00 – What to do if debt already feels overwhelming



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
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