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?

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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.

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

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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.

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

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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.

Drawing on experience from 25+ years and 73,000+ filings, Doug and Ted break down the top debt mistakes Canadians make, and how to avoid them. They explain how problems creep up, why waiting narrows your options, high-cost credit and payday-loan cycles, CRA's real collection powers, and so much more.

Canada-specific guidance for debtors with tips on protecting your long-term financial health.

(00:00) How debt mistakes happen
(02:00) Spotting debt problems early
(04:30) Waiting too long is costly: interest, stress, fewer options
(06:30) Choosing the right help: Licensed Insolvency Trustees vs. "debt consultants"
(08:30) Minimum payments: is it ever a good strategy?
(10:30) High-cost credit & payday loan cycle
(13:30) Ignoring CRA debt: the powers of the Canada Revenue Agency
(15:30) RRSPs to pay debt? Taxes, exemptions, and better paths
(18:00) The credit-score trap
(21:00) Practical resets, scam red flags

Hoyes Michalos Joe Debtor Consumer Insolvency Study 2024

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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.

Laid off or let go? Your first 30 days matter. This is a practical, Canada-specific guide to unemployment, covering everything from applying for EI to discussing when upskilling or a pivot makes sense, as well as the risks of jumping into self-employment and how to handle debt while unemployed. If you're currently employed, treat this episode as a readiness checklist to ensure you feel prepared and confident about whatever comes next.

(00:00) Why the first 30 days of unemployment matter
(02:00) Day-one checklist: severance, benefits, documents
(05:30) EI basics: ROE, timing with severance, applying early
(08:30) Money triage: cut variable costs, protect cash flow
(12:30) Job search that works: résumé/LinkedIn refresh + networking
(17:00) If your field is shrinking: upskill or pivot?
(21:00) Self-employment/freelance: risks, cash needs, taxes
(24:30) Debt decisions: the best time to file bankruptcy or a consumer proposal

How To Check If You Qualify For Employment Insurance (EI Benefits)

Payday Loans Aren't Worth It: How To Break The Cycle

Should I Get a Loan To Pay Off My Credit Cards?

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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.

When money is tight, everything feels urgent. Rent, groceries, a credit card bill, and that unexpected car repair. In this episode, we walk through a survival-mode framework for prioritizing essentials, organizing a bare-minimum budget, and avoiding common traps that lead to a deeper debt spiral. We discuss why "loud" debts aren't always the ones you should pay first, and when it makes sense to speak with a Licensed Insolvency Trustee about a consumer proposal. If the math "isn't mathing" this guide helps you focus on stability right now and a path to rebuild next.

00:00 – How to Make Smart Decisions in Survival Mode
03:30 – Inflation Pressure: Why Everything Feels Urgent
06:00 – What Comes First: Rent, Utilities, and Food
09:00 – Organizing Finances: Your Personal Priority Order
12:00 – Grocery Strategies That Stretch a Tight Budget
13:30 – Collections 101: Small Debts Are Loud, Big Debts Need a Plan
15:00 – Shame, Stress, and the Realities Canadians Face
19:00 – Don't Let the Loudest Creditor Set Your Budget
23:00 – Joe Debtor Study: What We Know & Why You Have Options
26:00 – Negotiating with Creditors & How Consumer Proposals Work
28:00 – Survival First, Debt Strategy Second: Keep Moving Forward

Hidden Costs on Food in Canada: The Food Professor on Debt Free in 30 Blows Up Our TikTok

Food Inflation Exposed: The Surprising Truth About Grocery Prices - The Food Professor on Debt Free in 30

Ways To Survive Without A Credit Card

Personal Budgeting Help and Free Spreadsheet

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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.

Ever feel like the best financial advice sounds... boring and hard to stick to? Doug Hoyes and guest Licensed Insolvency Trustee Maureen Parent discuss why the most effective money habits are often the least exciting. From the myth of quick fixes to the power of slow, steady progress, they explore how consistency, not complexity, builds lasting financial stability. You'll also hear practical, realistic ways to start building better habits today (even when life gets in the way).

(00:00) – Does money management have to be complicated? The myth of the quick fix
(05:00) – Everyday challenges to managing money
(11:00) – Discipline vs. intelligence: which matters more?
(15:30) – The "first three months suck" mindset
(17:00) – Why boring habits beat willpower
(19:00) – Needs vs. wants and being realistic
(21:30) – Starting with just one small habit
(28:30) – Avoiding a financial hangover

How To Find a Credible Financial Planner

Personal Budgeting Help and Free Spreadsheet

DIY Credit Repair Strategies and Free Course

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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.

Can you live without debt in today's Canada? In this myth-busting episode, Doug and Ted explore the real cost of going debt-free. They unpack the difference between credit and debt, challenge the necessity of mortgages and student loans, and share strategies to reduce or eliminate debt, whether you're starting out or retiring soon. From rising housing costs to the fear of missing out (FOMO), this episode offers practical, age-specific advice for Canadians trying to regain control of their finances.

[00:00] What Does 'Living Without Debt' Really Mean?
[05:00] Why Life Feels Pricier: Inflation vs. Reality
[06:30] Homeownership in Canada: Is Debt Inevitable?
[08:00] The Canadian Dream: How Culture Fuels Housing Debt
[11:00] Is University Worth the Debt? Alternatives to Student Loans
[13:00] How to Minimize or Eliminate Debt: Real Strategies
[15:30] Crunching the Numbers: Real-Life Debt Scenarios
[19:00] What's the Cost of Avoiding Debt Entirely?
[22:00] Debt in Retirement: Smart Advice for Seniors
[26:40] When Debt Feels Overwhelming: What to Do Next
[28:00] Credit vs. Debt: Focus on What Really Matters

Free full length Canadian documentary: Debtasized

Personal Budgeting Help and Free Spreadsheet

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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.