Is debt still avoidable, or has borrowing become a fact of life in Canada? Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos answer our questions, share a simple test to assess new debt, and provide an action plan for those struggling to make ends meet.

(00:00)  What’s changed in Canada’s economy recently? (02:30)  The problem with “good debt” as conventional wisdom (04:00)  Auto loans: smart purchase or risky commitment? (10:00)  Student loans: are they worth it? (14:00)  What the household debt-to-income ratio tells us (17:00)  Red and green flags when borrowing money (18:45)  Is it still possible to live debt-free in Canada? (20:00)  Doug & Ted’s 5-point test for smart borrowing (22:00)  Understanding the hidden risks of borrowing (23:50)  Your debt action plan: what to do starting today (25:00)  Mortgage tips: borrowing for a home in today’s market (27:30)  The best kind of debt - and what to do if yours isn’t working for you

DEBTASIZED – Full Length Documentary Debt Repayment / Consumer Proposal Calculator Hoyes Michalos Debt-to-Income Ratio Calculator Joe Debtor – Canadian Insolvency Statistics Explained Reducing Tax Debt in Ontario 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.

Don't just brace for a recession, prepare to come out stronger. This conversation is about turning Canada’s economic uncertainty into an opportunity for financial growth (or, at least, stability). We'll equip you with proactive strategies for managing debt, finding new income streams, and building a mindset of resilience. Learn how to take decisive control of your financial future, no matter what the economy throws at you.

(00:00) – Prediction: How We Knew a Recession Was Coming 

(02:30) – Rising Costs & Reduced Work Hours Impacting Households 

(04:00) – Forecast: Hitting Recession Thresholds by End of Summer 

(05:30) – Managing Money vs. Managing Debt: Good Times vs. Bad 

(07:45) – First Steps When You Feel Financial Pressure 

(11:00) – Side Hustles 101: Pros & Cons of Supplemental Income 

(14:00) – Leveraging Networks & Community Support 

(15:45) – How to Start (and Grow) an Emergency Fund 

(18:00) – Recession-Proofing Strategies for Homeowners 

(19:15) – Top Tips for Canadians in Debt as Recession Hits 

(27:00) – Building Mental Resilience & Setting Realistic Goals 

Reducing Tax Debt in Ontario Planning For Retirement When You Have Debt Why You Absolutely Need An Emergency Fund 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.

Scott Williams tells us about which films he feels he inherited, and which films he wants to pass on to the next generation (which isn't a Star Trek reference, but after two hours of recording, we finally give in to the pressure and talk Trek for a bit here). 

Scott's Double Take from his previous appearance is available in our back catalogue wherever you are listening to this! 

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