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?

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.

When parents ask their adult children to co-sign a loan, add their name to a mortgage, or take out a car loan “for the family,” it can feel impossible to say no. But what are the risks?

Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos break down the financial (and emotional) minefield of taking on debt for your parents. From credit utilization issues to legal responsibility and long-term credit damage, they explain how even well-meaning help can backfire, and offer solutions to support aging parents without risking your financial stability.

(00:00) Risks of Co-Signing for Your Parents' Credit
(02:30) Why Parents Ask Their Kids to Co-Sign Loans
(05:50) Supplemental vs. Joint Credit: What’s the Difference?
(07:30) Co-Signing Auto Loans: Why It’s Risky
(09:00) Credit Utilization: How It Hurts Even If Payments Are On Time
(12:30) Planning for the Worst: Protecting Yourself from Family Debt
(14:45) What to Do If You Can’t (or Don’t Want to) Help Your Parents
(16:30) Safe Ways to Support Parents Without Taking on Debt
(19:45) Helping Your Parents Manage Money as They Age
(26:30) How to Help Parents with Unmanageable Debt

How Co-Signed Debt Is Dealt with in a Consumer Proposal

Is a Secondary Credit Card Holder Responsible for Debt?

Can a Joint Bank Account be Garnished in Canada?

Best Debt Relief Options Ontario

Free Credit Rebuilding Course and learning resources

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.

For many newcomers to Canada, the Canadian credit system can feel like a high-stakes challenge. Although it's essential for building a financial life, aggressive lending practices, cultural mindsets around credit, and a lack of clear guidance can lead to overwhelming debt before fully understanding how the system works.

In this essential episode, Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos discuss the challenges newcomers may face, explain how banks and lenders operate, and pinpoint the critical warning signs to watch for when navigating a new financial life in Canada.

00:00 – Why do banks and lenders target new Canadians?

03:30 – How Canada’s credit culture affects immigrants

06:00 – How do credit and banks work in Canada? Can they be trusted?

09:00 – Unique financial challenges for newcomers

11:00 – What banks consider when lending to new Canadians

12:30 – Is building credit the only way to succeed? Ted’s advice

14:00 – Red flags for immigrants seeking financial help: Who can you trust?

22:00 – Credit advice everyone should know (not just newcomers)

23:30 – Real-life scenario that illustrates key credit considerations for new Canadians

26:00 – What to do if you’re an immigrant (or anyone) with unmanageable debt in Canada


Bankruptcy, Sponsorship, and Citizenship in Canada

Student Loan Debt Forgiveness

Best Debt Relief Options Ontario

Free Credit Rebuilding Course and learning resources

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.