According to TransUnion, the average credit consumer with a balance in Canada saw a 10% year-over-year increase in their minimum monthly debt payments in Q4 2022. If your minimum payments start going up, what should you do? What if they already have? On today’s podcast, Maureen Parent returns to discuss why minimum payments increase in the first place, and practical advice on how to get ahead of them. Maureen and Doug also share specific tips for you to negotiate with your credit card company to possibly reduce your debt costs. Tune in for a great discussion!

Related Links:

TransUnion Q4 2022 Release: https://newsroom.transunion.ca/credit-health-in-canada-remains-steady-despite-high-interest-rate-and-inflation-environment/

Podcast Ep 352 - The Minimum Payment Lie: https://youtu.be/6nbkc8UBW54

Minimum Payments on Credit Cards Are Keeping You In Debt: https://www.hoyes.com/blog/minimum-payments-on-credit-cards-are-keeping-you-in-debt/

Maureen Parent on Twitter: https://twitter.com/MaureenParent7

Maureen Parent, LIT: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/

Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today’s podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won’t want to miss this episode. Tune in!

Time Stamps

7:42 What is Shrinkflation?

8:31 Groceries vs. Snacks + Tax

11:55 Is the Grocery Rebate Even Helpful?

19:01 Which Days of The Week To Shop Groceries?

23:30 Shop at 3 Different Stores

27:04 Consumers Can Make a Difference

Links:

The Food Professor Podcast: food-professor.simplecast.com/episodes">https://the-food-professor.simplecast.com/episodes

Dr. Sylvain Charlebois on Twitter: https://twitter.com/FoodProfessor

CRA: GST/HST on food products: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-020/bars.html

Toronto Sun article on the food rebate: https://torontosun.com/opinion/columnists/charlebois-government-handouts-are-mirage-for-needy

Episode #254 – What Costco Can Teach Us About Making Financial Decisions: https://www.youtube.com/watch?v=-8PlGkHjHG8

Episode #270 – The Fable of the 20 Dollar Bill - https://www.youtube.com/watch?v=5fYfAvSnNps

We are no strangers to inflation, with the cost of living soaring to new records. But what’s really causing inflation? Where are our dollars going and what’s the impact on the economy? On today’s podcast, David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, returns to discuss his research on why we see inflation and who benefits. David also shares his thoughts on employment, where wages are headed, and whether credit card debt will continue to trend upwards. Tune in for a very informative discussion!

Related Links:

Podcast 319: CERB Transition to EI https://youtu.be/piEhsYgWU8I

Podcast 114: Basic Income, Is it a Silver Bullet for Poverty? https://youtu.be/mi3tWjg1bC4

Where Are Your Inflation Dollars Going Report: https://policyalternatives.ca/publications/reports/where-are-your-inflation-dollars-going

David Macdonald on Twitter: https://twitter.com/DavidMacCdn

Canadian Centre for Policy Alternatives: https://policyalternatives.ca/ Episode 435 December 31, 2022, Year-End Predictions show, https://youtu.be/3i22JpmcozY Statistics Canada Consumer Price Index Portal: https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes

Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401

Time Stamps:

1:34 What is Inflation and Where Is It Going

5:10 Who Benefits From Inflation?

12:42 Wages vs. Inflation

16:27 Is Unemployment Actually Low?

18:48 Why We Didn’t Have the Great Resignation in Canada

24:30 Is Now the Best Time To Change Jobs?

27:10 Will Credit Card Debt Keep Going Up?

Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increase your earning potential. Finally, they review the dos and don’ts of increasing income if you have a lot of debt. Tune for great tips!

Links:

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/

Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/

Surplus Income Calculator 2022: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/

The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today’s podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion!

Links:

What Happens If You Can’t Pay Your CEBA Loan? https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/

Hoyes Michalos Bankruptcy Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/

CERB and EI Statistics: report.html"> https://web.archive.org/web/20220606110225/https:/www.canada.ca/en/services/benefits/ei/claims-report.html

CRB Statistics: statistics.html"> https://web.archive.org/web/20220604110136/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-statistics.html

CRCB Statistics: statistics.html"> https://web.archive.org/web/20220604103941/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-caregiving-benefit/crcb-statistics.html

The Canadian government just announced a new Tax-Free First Home Savings Account (FHSA), which will launch on April 1, 2023. This new account gives first-time home buyers the ability to save $40,000 tax-free to put towards their first home. But don’t we already have this program through RRSPs First Time Home Buyers Plan? And what about Tax-Free Savings Accounts (TFSA)? How do these savings vehicles differ? That’s the discussion on today’s podcast, with guest Ted Michalos. Doug and Ted also discuss what happens to money in these accounts when you file a consumer proposal or bankruptcy and whether you should first pay down debt or invest. Tune in for lots of practical advice!

Helpful Links:

Design of the First Home Savings Account: of-the-tax-free-first-home-savings-account.html"> https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html

Ottawa’s New Tax-Free Home Savings Account is Coming – What To Know: https://www.jamiegolombek.com/articledetail.php?article_id=1998

Should You Pay Down Debt or Invest in RRSP: https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/

Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Fraudsters and scammers look for every available opportunity to prey on you. How can you protect yourself? Enter Rachel Jolicoeur. Rachel is the Director of Cyber Market Intelligence & Financial Crimes at Interac, and she is back on the podcast with Doug Hoyes to share the top scams she’s seeing in 2023, from renter scams to investment cons. Rachel shares lots of practical tips and helpful information to help you stay vigilant. You won’t want to miss this show. Tune in & share to spread awareness.

1:40 Renter Scams

5:55 Loan Scams

9:51 Employment/Job Scams

15:59 Investment Scams

21:06 Canada Revenue Agency (CRA) Scam

25:04 How Interac Auto-Deposit Prevents Fraud

Links:

How to Avoid E-Transfer Email Scams: https://youtu.be/971-DQWk4CI

Interac Digital Self-Care Checkup: https://www.interac.ca/en/content/life/digital-self-care-stay-safe-online-with-the-ultimate-cyber-security-checkup/

Online Investment Cyber Crime: https://ottawa.ctvnews.ca/it-s-heartbreaking-ottawa-woman-says-she-lost-100-000-in-an-online-investment-cyber-crime-1.6296899

A debt service ratio basically the amount of your monthly income that’s used to service your monthly debt payments. But why does this ratio matter and what’s a good debt service ratio to have? On today’s podcast, Doug Hoyes and Ted Michalos break down how a debt service ratio is calculated, what it means for your financial health and practical advice for how to avoid a high ratio and debt problems. Tune in to this episode, which also serves as a great introduction to financial literacy.

Links:

What’s the Wealth Effect (And Why It Matters To You): https://youtu.be/jVjVS8gik2o

4 Personal Finance Ratios That Measure Debt Risk: https://www.hoyes.com/blog/4-personal-finance-ratios-that-measure-debt-risk/

When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if you can repay only some of your debt? On today’s podcast, Scott Terrio returns with Doug Hoyes to give practical advice on dealing with collection agencies and spotting their tricks. They also share specific tips for approaching Canada Revenue Agency when you have unpaid tax debt. Tune in for a great show!

Related Links:

Exposing Collection Agencies’ Dirty Tricks: https://www.hoyes.com/blog/collection-agency-dirty-tricks/

Collection Agents: How Did They Find Me? https://www.hoyes.com/blog/collection-agency-dirty-tricks/

Top 10 Tips for Dealing with a Collection Agent: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/

Can a Collection Agency Take Me to Court? https://youtu.be/6UHpCGqVP4k

We just released our 2022 Hoyes Michalos Consumer Insolvency Study which found that 49% of all insolvencies are now being filed by Millennials. Millennials were the only age demographic to see a rise in their unsecured debt obligations last year. On today’s podcast, Doug Hoyes and Ted Michalos explain why Millennial insolvencies are rising. They also discuss another alarming trend from our study – the growth in Rapid Loan (high-cost payday and installment loan) usage. Tune in for a great discussion!

Links:

Hoyes Michalos Consumer Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/

Rapid Loans & Insolvency Study 2022: https://www.hoyes.com/press/joe-debtor/how-insolvent-borrowers-use-payday-loans/