Sep 28, 2024
Is credit repair a scam? Learn the truth from
experts about repairing damaged credit, understanding credit
scores, and managing debt.
Doug Hoyes and Ted Michalos explain essential topics like credit
utilization rate, responsible credit card usage, and when you
should worry about your credit score.
Whether you’re working to rebuild your credit
or aiming to maintain a healthy score, this episode is full of
practical advice on credit and debt management for all
Canadians.
Timestamps:
(0:00) Humorous introduction: Doug Hoyes and Ted Michalos on modern credit
(2:00) Should you worry about your credit score?
(5:10) Credit utilization rate and access to debt
(7:40) How many credit cards are too many?
(11:10) Can items be removed from your credit report?
(12:25) How often should you check your credit report?
(14:00) Practical strategies for reducing debt
(17:10) What is a consumer proposal? How does it impact your credit score?
(20:00) Why saving cash is more important than you think
(21:50) The importance of paying your bills on time
(24:00) The “223 Rule” explained
(26:00) Two new “trade lines”
and additional credit repair tips
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Episode Resources:
Rules to Master Your Credit with Richard Moxley
Why Are
Credit Reports Always Wrong? Fixing Errors w/ Richard
Moxley
“The Credit Game:
Play To Win – Richard Moxley”
Straight Talk On Your Money – Doug Hoyes
Hoyes Michalos YouTube
Hoyes Michalos Blog
Doug Hoyes on X
Find a Hoyes Michalos Office in Your Area
Here
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.