Jul 5, 2025
Is it ever “too late” to get out of debt? Whether you're
mid-career, nearing retirement, or already retired, this episode
will shatter the “too late” myth and walk you through clear,
actionable steps to take control of your finances, no matter your
age or life stage.
Visit hoyes.com to get personalized support in Ontario from a
Licensed Insolvency Trustee to reduce debt before
retirement, and access the FREE Hoyes Michalos credit rebuilding
course.
(00:45) Age & Debt: Does Your Age Limit Your
Options?
(03:00) Why It Feels “Too Late” – Common Concerns Explained
(04:45) Step 1: Identify Your Income Streams
(06:40) Step 2: Track Your Expenses and Spending Habits
(10:00) Step 3: Review All Your Debts and Available Credit
(10:45) Step 4: Build a Realistic Repayment Plan (Budget)
(14:20) Approaching Retirement? Key Actions You Need to Take
(17:00) Where to Apply Extra Payments: Tackling High-Interest Loans
First
(20:00) Why Debt Consolidation Often Falls Short
(22:00) Downsizing, Selling Assets & Tapping Savings: Pros &
Cons
(24:00) Can it be too late for a Bankruptcy or a Consumer
Proposal?
(26:00) The One Debt That Never Disappears on Its Own: CRA
(28:00) It’s Never Too Late: Reducing Debt Legally
Planning For Retirement When You Have Debt
Debt Relief
for Seniors in Canada: Your Options and Solutions
RRSP and
Bankruptcy in Canada: Will I Lose My Retirement Savings?
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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.