With housing costs, student loans, and everyday expenses skyrocketing, more young adults are turning to their parents for financial support. Doug Hoyes and Ted Michalos unpack the emotional, financial, and practical realities behind "helping" adult children, including why many parents feel compelled to assist, and break down the real risks of co-signing, lending money, or tapping home equity to solve a child's debt issues.

(00:00) How costs, debt, and housing pressures shape young adults' expectations
(03:10) Why parents feel compelled to help financially
(06:20) When helping becomes risky for parents approaching or in retirement
(10:00) Enabling, dependency, and how money strains family dynamics
(12:00) Co-signing explained: what parents are really responsible for
(13:30) When support prevents children from developing budgeting or financial skills
(15:05) Alternatives to direct financial help
(17:10) When to involve a Licensed Insolvency Trustee
(18:40) Conditional help vs. open-ended rescue
(25:00) Key takeaway: protect your own financial future first

How Can I Help My Adult Child With A Lot Of Debt?

Joint Consumer Proposal – Who Can File Together?

DIY Free Credit Repair Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel

Learn About Debt Relief Options in Ontario

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.

Turn your home equity into a plan, not a panic button! This episode gives a clear, practical checklist for using a HELOC or second mortgage wisely: how they work, what they cost, when they help, and when alternatives (like a consumer proposal) will protect your cash flow and your home better. Listen first, then decide with the numbers.

(00:00) Toronto condo stress and Welcome to Scott Terrio
(05:00) What a HELOC is and how it works
(07:30) Second mortgages: key risks
(09:00) Home "value" is changing in this market
(11:00) HELOC pitfalls and personal risk
(15:30) Why many homeowners resist selling
(17:00) Could creditors place a lien anyway? Get the numbers
(21:00) Banks can cut credit access—even existing limits
(25:00) Snapshot of cash flow: budget vs. "budgeting," emergency funds
(31:00) Rebuilding plan: why it isn't too late

Think Twice Before Getting a Home Equity Line of Credit Episode with Scott Terrio – Debt Free in 30

HELOC Debt: Is a Home Equity Line of Credit Right for You? Hoyes Michalos

DIY Free Credit Repair Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel

Learn About Debt Relief Options in Ontario

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.

Many Ontario small business owners use personal credit to get a venture off the ground, because banks rarely lend to brand-new businesses. That convenience can help with early cash-flow gaps and sometimes costs less than a high-risk business loan, but it also creates serious personal exposure: guarantees, blurred books, CRA headaches, and credit-score damage. Doug and Ted walk through when using personal debt might make sense, the major risks to watch for, and practical ways to structure your finances.

(00:00) Self-employment: Opportunity vs. Necessity
(02:00) Capital-Intensive vs. Lean Start-Ups (with examples)
(04:00) Why banks don't fund brand-new businesses and what "collateral" means
(06:30) Pro #1- Easier access to credit for start-ups
(08:00) Pro #2 - Cash flow and other short-term advantages
(09:30) Con #1- Personal liability: when business failure becomes personal insolvency
(12:00) Con #2 - Blurred finances: bookkeeping pitfalls, CRA risk, and collection stress
(14:00) Con #3 - Credit-score impact: utilization and missed-payment damage
(16:00) Best practices and tips
(19:00) The three roles every small business owner needs

Debt Traps of Buying a Business with David Barnett – Debt Free in 30

Bad Funding Choices for Small Businesses with David Barnett – Debt Free in 30

Want to Buy a Business? Here's What to Know First – Debt Free in 30

Starting or Buying A Business Out of Necessity – Debt Free in 30

DIY Free Credit Repair Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel

Learn About Debt Relief Options in Ontario

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.