When parents ask their adult children to co-sign a loan, add their name to a mortgage, or take out a car loan “for the family,” it can feel impossible to say no. But what are the risks?

Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos break down the financial (and emotional) minefield of taking on debt for your parents. From credit utilization issues to legal responsibility and long-term credit damage, they explain how even well-meaning help can backfire, and offer solutions to support aging parents without risking your financial stability.

(00:00) Risks of Co-Signing for Your Parents' Credit
(02:30) Why Parents Ask Their Kids to Co-Sign Loans
(05:50) Supplemental vs. Joint Credit: What’s the Difference?
(07:30) Co-Signing Auto Loans: Why It’s Risky
(09:00) Credit Utilization: How It Hurts Even If Payments Are On Time
(12:30) Planning for the Worst: Protecting Yourself from Family Debt
(14:45) What to Do If You Can’t (or Don’t Want to) Help Your Parents
(16:30) Safe Ways to Support Parents Without Taking on Debt
(19:45) Helping Your Parents Manage Money as They Age
(26:30) How to Help Parents with Unmanageable Debt

How Co-Signed Debt Is Dealt with in a Consumer Proposal

Is a Secondary Credit Card Holder Responsible for Debt?

Can a Joint Bank Account be Garnished in Canada?

Best Debt Relief Options Ontario

Free Credit Rebuilding Course and learning resources

Sign Up For The Monthly Debt Free Digest

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.

For many newcomers to Canada, the Canadian credit system can feel like a high-stakes challenge. Although it's essential for building a financial life, aggressive lending practices, cultural mindsets around credit, and a lack of clear guidance can lead to overwhelming debt before fully understanding how the system works.

In this essential episode, Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos discuss the challenges newcomers may face, explain how banks and lenders operate, and pinpoint the critical warning signs to watch for when navigating a new financial life in Canada.

00:00 – Why do banks and lenders target new Canadians?

03:30 – How Canada’s credit culture affects immigrants

06:00 – How do credit and banks work in Canada? Can they be trusted?

09:00 – Unique financial challenges for newcomers

11:00 – What banks consider when lending to new Canadians

12:30 – Is building credit the only way to succeed? Ted’s advice

14:00 – Red flags for immigrants seeking financial help: Who can you trust?

22:00 – Credit advice everyone should know (not just newcomers)

23:30 – Real-life scenario that illustrates key credit considerations for new Canadians

26:00 – What to do if you’re an immigrant (or anyone) with unmanageable debt in Canada


Bankruptcy, Sponsorship, and Citizenship in Canada

Student Loan Debt Forgiveness

Best Debt Relief Options Ontario

Free Credit Rebuilding Course and learning resources

Sign Up For The Monthly Debt Free Digest


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.

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.

Have you ever wondered what life would look like if your credit score didn’t exist? Licensed Insolvency Trustees Doug Hoyes and Ted Michalos compare Canada’s score-driven system with France’s radically different, no-score approach.

You’ll learn:

• How France decides who can borrow—without a three-digit score.
• The cultural attitudes that shape lending and spending in France and Canada
• Why credit-report errors and identity theft are bigger issues than most Canadians realize.
• Whether Canada could (or should) adopt parts of France’s model—and what you can do right now to work the system in your favour.
  
  

(00:00) Intro – How Canada Tracks Credit with TransUnion & Equifax

(04:45) France’s “No-Score” System: How Trustworthiness Is Judged

(07:10) Lending Culture in France: Relationships Over Ratings

(09:00) Lending Culture in Canada: Why Scores Still Rule

(13:00) Could Canada Move Toward a French-Style Model?

(15:50) Credit-Report Errors: The Hidden Cost of Scores

(19:00) Building Rapport with Lenders: Help or Hindrance?

(20:30) Identity Theft Risks: Centralized Data vs. Decentralized Files

(22:00) Which System Carries Less Bias—France or Canada?

(26:30) Is Canada’s Credit Reporting Actually Working?

(28:00) Takeaways: How to Navigate Canada’s System to Your Advantage

The Big Credit Score Scam

Solutions for Maxed-Out Credit Cards

Hoyes Michalos FREE Credit Rebuilding Course and Learning Resources

Sign Up For The Monthly Debt Free Digest

The Best Canadian Personal Finance and Debt Management TikToks

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.

Zombie memberships are real – and they’re feasting on your budget every month.

Forgotten fitness app? Digital subscription you thought was cancelled? Auto-renewals can quietly drain your finances if you're not paying attention.

Doug Hoyes and Ted Michalos discuss why some subscriptions are so easy to miss, and how to track, cancel, and avoid them going forward. This episode includes real examples, expert tips, and even a personal story from the Hoyes Michalos team, proving it can happen to anyone.

(00:00) Are You Paying for Subscriptions You Forgot About?

(03:00) Fitness Classes, Digital Apps & Other Zombie Memberships

(07:00) Why Auto-Renewal Is a Red Flag

(12:00) How to Identify What’s Draining Your Cash

(16:00) Our Own Zombie Membership Story

(17:30) Why Cancelling Is So Hard

(19:30) Track It and Cancel It Fast

(21:00) Use the “One In, One Out” Rule

(24:00) Try Before You Buy: Avoid Entering Credit Card Info

(27:00) You Don’t Have to Give Up What Works for You


Hoyes Michalos FREE Credit Rebuilding Course and Learning Resources

Balancing Needs Vs Wants When Budgeting

What To Do About Credit Card Debt In Collections

Sign Up For The Monthly Debt Free Digest

Get A Personalized Debt Plan

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.

What legal actions can creditors take if you stop paying your debts? From collection calls to lawsuits and wage garnishments, Licensed Insolvency Trustees explain the real timeline of creditor actions—including how the CRA (Canada Revenue Agency) collects without going to court, and how to avoid scams when seeking help.

✅ Know your rights
✅ Understand the legal process
✅ Learn when (and how) to take action with confidence

00:00 – Can You Go to Jail for Not Paying Debt in Canada?
03:00 – When Do Creditors Start Calling After Missed Payments?
06:45 – When Can Creditors Start Legal Action Against You?
09:40 – Understanding the Statute of Limitations on Debt in Canada
12:20 – Debt Collections vs. Debt Buyers: Why Debts Are Sold
16:00 – How to Know If You're Actually Being Sued
17:00 – Superior Court vs. Small Claims Court: What If You Ignore It?
20:00 – CRA Collection Powers: Wage Garnishment Without Court
24:00 – Court-Ordered Support Payments (e.g., Child or Spousal Support)
26:00 – Practical Tips for Dealing with Debt Collectors
27:30 – What to Do If You're Facing a Wage Garnishment
29:00 – Avoiding Debt Relief Scams: Why You Need a Licensed Insolvency Trustee

How To Find Legitimate Debt Help in Canada

Legal Actions Creditors Can Take When You Don’t Pay

Hoyes Michalos YouTube: Will a Debt Collector Sue Me?

Sign Up For The Debt Free Digest (A monthly financial-motivation newsletter to your inbox!)

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.

Denied credit when you need it most? Learn why creditors reject credit and loan applications and what steps you can take next. This guide covers real solutions to dealing with emergency credit denial, from avoiding payday loan traps to protecting yourself financially in tough times.

Doug and Ted also recommend using the links below to access your free credit reports, a right for all Canadians! You do not need to pay for your credit score, and finding the free report option on these websites can sometimes be tricky:

Link to access your FREE Equifax Credit Report

Link to access your FREE TransUnion Report

Sign Up for the Debt Free Digest
(A monthly financial-motivation newsletter to your inbox!)

(00:00) - Why You May Be Denied Credit

(02:35) – What Is and Is Not on Your Credit Report

(05:30) – Why Banks Prefer Lending Large Amounts

(07:00) – How Lending Criteria Differs Between Lenders

(08:00) – Why People Are Relying on Credit in Emergencies

(10:00) – What to Do Before Considering a Payday Loan

(13:00) – The Payday Loan Cycle: Why It’s Hard to Escape

(15:00) – Credit-Building Tips to Improve Your Chances

(19:00) – Should You Cash Out an RRSP or TFSA? Pros and Cons

(22:30) – Talking to Creditors: Can You Defer a Payment?

(25:00) – Emergency Solutions When All Else Fails

(27:00) – How to Protect Yourself Financially in a Survival Situation

Break the Payday Loan Cycle

13 Myths About Credit Card Debt in Canada

What Debt Relief Options Are Available 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.

What does it mean to be house poor in today’s Canadian economy? With home prices rising much faster than wages, more people are stretching their finances to buy property, only to find themselves stressed, overleveraged, and without a financial safety net.

We explore how the definition of "house poor" has evolved, the role gig work and income instability play, and whether it's ever worth it to stretch your finances for a home. Most importantly, we share practical tools to help you avoid becoming house poor—or to recover if you’re already there.

(0:00) Defining "House Poor": Understanding the Basics
(2:00) The Changing Definition of House Poor Over Time
(3:45) House Prices vs. Wages & Inflation
(6:00) Gig Work & the Modern Workforce
(8:30) When Is Being House Poor Acceptable?
(13:00) Rethinking Homeownership as Investment
(14:30) Practical Advice: How to Avoid Becoming House Poor
(19:30) Financial Planning Tools: Calculating Your Homeownership Affordability
(22:00) The Link Between Homeownership & Unsecured Debt
(26:00) Getting Out of the House Poor Situation: Actionable Strategies

What To Do If You Can’t Pay Your Mortgage

Second Mortgage Home Equity Loan or Interest Free Consumer Proposal?

Can You Get A Mortgage With Bad Credit?

DEBTASIZED - How Our Reliance on Credit Leads to Price Inflation FREE YouTube Doc

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Debt Free in 30 Podcast YouTube Channel

Hoyes Michalos YouTube Channel


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.