Sep 21, 2024
Does it feel impossible to make any progress with your debt? Getting out of debt is a battle against high interest rates, financial traps like payday loans, and the emotional toll that debt takes on your mental health.
Doug Hoyes and Ted Michalos explore the hidden factors that keep you stuck, from the predatory lending practices that pile on to your balance to the family pressures and stress that make it harder to break free. Learn how to stop the cycle of borrowing and why ignoring debt only makes things worse. Discover the tools available to help you, including guidance from licensed insolvency trustees who will review all the options available to you and your unique financial situation.
You can get out of debt!
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Timestamps:
(0:00) Introduction: Debt is more common than you think
(2:00) How debt accumulates over time
(3:50) The math of debt: Interest rates
(6:05) Predatory lending and the danger of payday loans
(8:10) Why a consolidation loan isn’t a simple fix for everyone
(12:00) Family pressures and their impact on your debt decisions
(13:55) Mental health struggles: Why many ignore their debt problems
(15:30) Debt fatigue: What it is and how it affects your motivation
(16:50) What happens when you ignore your debt and where to turn for help
(20:25) Step 1: How to begin tackling your debt
(25:25) Professional help: Realizing when your debt is too much
(28:00) The role of a Licensed Insolvency Trustee and exploring your options
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DEBTASIZED DOCUMENTARY
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 personalized advice from a qualified financial
advisor. Always consult with 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 or strategies
discussed.