More and more high-income Canadians are finding themselves under financial pressure. Doug Hoyes and Ted Michalos examine the shift they are seeing firsthand and challenge some common assumptions about who struggles with debt.

They discuss how rising costs, borrowing capacity, and income complexity can quietly change financial outcomes, even for people who appear financially secure.

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CPI Data Statistics Canada

Debt Free in 30: What's Breaking Canadian Consumers' Budgets?

Need Help with Debt?

If debt is keeping you up at night, you don't have to endure forever. Start here!

Free Budgeting Workbook – Hoyes Michalos

Debt Relief Calculator

01:10 – The myth of the "typical" insolvency filer
05:10 – Rising share of higher-income insolvency filings
07:20 – Inflation and rising living costs
09:40 – Housing costs, mortgages, and payment shock
12:00 – Lifestyle creep and fixed-cost stacking
14:30 – Variable income vs fixed monthly obligations
16:40 – Easy access to credit and leverage loops
21:30 – High income vs real cash-flow health
23:40 – When refinancing and balance transfers fail
27:20 – Practical next steps for high earners in trouble

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.

Financial planning doesn't have to start with investing or retirement, and it doesn't require everything to be "under control" first.

This is a practical, non-judgmental conversation that explains what financial planning really means, how it differs from budgeting, and where to start when money is tight or debt is part of the picture.

You'll be able to understand cash flow, set priorities, and reduce stress by knowing what to tackle first – even during a consumer proposal or bankruptcy.

Subscribe to Debt Free Digest Newsletter – Don't Miss the Chance to WIN a Copy of The Wealthy Barber!

Need Help with Debt?

If debt is keeping you up at night, you don't have to endure forever. Start here!

Debt Free in 30: Getting Out of Debt Requires a System

Debt Free in 30: Budget Without Burnout

Free Budgeting Workbook – Hoyes Michalos

Debt Relief Calculator

00:00 – Why most people don't start planning until a crisis
03:30 – What financial planning really means
07:45 – Budgeting vs financial planning
12:20 – Why prioritization matters more than perfection
17:30 – Where to start when money is tight
20:10 – Planning to deal with debt
25:10 – When a consumer proposal becomes part of the plan
29:15 – Why having a plan reduces stress

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.

David Chilton, author of The Wealthy Barber and one of Canada's most influential voices on personal finance, joins Doug Hoyes on Debt Free in 30 for an extra special double–long episode.

Doug and David dig into the issues Canadians are struggling with most: the true cost of inflation, a "K-shaped" economy, housing affordability, rising student debt, the growing gap between financial knowledge and financial discipline, and more.

Subscribe to Debt Free Digest Newsletter – Don't Miss The Chance To Win a Copy of The Wealthy Barber

Buy the Wealthy Barber on Indigo

Buy the Wealthy Barber Audiobook

The Wealthy Barber – David Chilton's Web Page

00:00 – David Chilton on the updated Wealthy Barber book
02:27 – Why storytelling works for personal finance (and how he tested it)
06:52 – TFSA vs RRSP: how to decide in real life
15:21 – Financial literacy vs discipline in today's economy
18:29 – "K-shaped" Canada: who's thriving and who's squeezed
21:27 – First steps: debt payoff vs RRSP match priorities
22:54 – Spending summaries vs budgets: the method that actually changes behaviour
34:29 – Housing affordability, down payments, and parental help
38:06 – Gambling, meme stocks, crypto: a fast-growing driver of debt trouble
55:16 – Hope and next steps: learning money basics + building side income

Need Help With Debt?

If debt is keeping you up at night, you don't have to endure forever.

Talking to a Licensed Insolvency Trustee isn't about filing sooner — it's about understanding your options and reducing stress.

Learn more at: https://www.hoyes.com

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.