Denied credit when you need it most? Learn why creditors reject credit and loan applications and what steps you can take next. This guide covers real solutions to dealing with emergency credit denial, from avoiding payday loan traps to protecting yourself financially in tough times.

Doug and Ted also recommend using the links below to access your free credit reports, a right for all Canadians! You do not need to pay for your credit score, and finding the free report option on these websites can sometimes be tricky:

Link to access your FREE Equifax Credit Report

Link to access your FREE TransUnion Report

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(00:00) - Why You May Be Denied Credit

(02:35) – What Is and Is Not on Your Credit Report

(05:30) – Why Banks Prefer Lending Large Amounts

(07:00) – How Lending Criteria Differs Between Lenders

(08:00) – Why People Are Relying on Credit in Emergencies

(10:00) – What to Do Before Considering a Payday Loan

(13:00) – The Payday Loan Cycle: Why It’s Hard to Escape

(15:00) – Credit-Building Tips to Improve Your Chances

(19:00) – Should You Cash Out an RRSP or TFSA? Pros and Cons

(22:30) – Talking to Creditors: Can You Defer a Payment?

(25:00) – Emergency Solutions When All Else Fails

(27:00) – How to Protect Yourself Financially in a Survival Situation

Break the Payday Loan Cycle

13 Myths About Credit Card Debt in Canada

What Debt Relief Options Are Available in Ontario?

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.

What does it mean to be house poor in today’s Canadian economy? With home prices rising much faster than wages, more people are stretching their finances to buy property, only to find themselves stressed, overleveraged, and without a financial safety net.

We explore how the definition of "house poor" has evolved, the role gig work and income instability play, and whether it's ever worth it to stretch your finances for a home. Most importantly, we share practical tools to help you avoid becoming house poor—or to recover if you’re already there.

(0:00) Defining "House Poor": Understanding the Basics
(2:00) The Changing Definition of House Poor Over Time
(3:45) House Prices vs. Wages & Inflation
(6:00) Gig Work & the Modern Workforce
(8:30) When Is Being House Poor Acceptable?
(13:00) Rethinking Homeownership as Investment
(14:30) Practical Advice: How to Avoid Becoming House Poor
(19:30) Financial Planning Tools: Calculating Your Homeownership Affordability
(22:00) The Link Between Homeownership & Unsecured Debt
(26:00) Getting Out of the House Poor Situation: Actionable Strategies

What To Do If You Can’t Pay Your Mortgage

Second Mortgage Home Equity Loan or Interest Free Consumer Proposal?

Can You Get A Mortgage With Bad Credit?

DEBTASIZED - How Our Reliance on Credit Leads to Price Inflation FREE YouTube Doc

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Debt Free in 30 Podcast YouTube Channel

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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.

Loans are getting longer, interest rates are getting higher, and that shiny new car? It could lead to serious debt. We dive into Canadian data to help you make informed choices when it comes to buying, leasing, or walking away from a car loan that no longer makes sense.

Can I Buy a Car With Bad Credit?
Car Buying Options Keep You In a Debt Cycle
How GMC Revolutionized the Car Loan Industry Documentary
What Not To Do When Getting a Car Loan
DEBTASIZED - How Our Reliance on Credit Leads to Price Inflation FREE YouTube Doc

Sign Up for the Debt Free Digest

(00:00) – How to Get a Car Loan in Canada
(02:00) – Exchange Rates & the Canadian Dollar Impact
(03:30) – Used Car Prices Explained
(04:30) – What Influences Interest Rates?
(12:00) – Is Your Car Loan Secured? Risks of Repossession
(13:30) – What Happens If You Miss Car Loan Payments?
(15:00) – When and Why Do Lenders Repossess Cars?
(19:00) – Smart Car Buying Tips: Save Money with Strategic Choices
(22:00) – Car Leasing in Canada: Pros and Cons Compared
(25:00) – How to Get Out of a Car Loan Legally and Strategically

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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.