Nov 8, 2025
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
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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.