Industry insights from Hoyes Michalos co-founders Doug Hoyes and Ted Michalos on bankruptcy, debt relief and consumer debt issues that affect Ontarians. Doug and Ted are strong advocates of a fair, equitable and transparent process for those dealing with overwhelming debt problems.
Every financial guru says that achieving success starts with setting a goal. I disagree. While there is some benefit to setting goals, you are more likely to achieve success if, instead of focusing on goals,... Read more »
This past year may prove to be a turning point for household debt in Canada and not in a good way. As of October 2018, Canadian household debt reached a whopping $2.158 trillion. Undoubtedly, this... Read more »
It’s been a long time coming, longer than Ted Michalos and I predicted in our past year-in-review podcasts. We predicted that 2014 and 2015 consumer insolvencies would remain flat, and they did. However, last year,... Read more »
This year marks the 8th Financial Literacy Month in Canada, which begs the question: has our financial literacy improved in eight years? Total household debt is at record highs while personal savings rates are at... Read more »
Our research shows that the split of bankruptcy filings between men and women is now roughly 50/50. In 2012, 42% of insolvencies were filed by women. By 2017, this percentage has increased to 48%. Our infographic... Read more »
Everyone knows the statistics: Canadians are carrying more debt than ever before. And yet, based on a review of data from my clients, it takes less unsecured debt to force individuals to file a consumer... Read more »
At the end of last year, Ted Michalos and I predicted three types of bankruptcies we expect to see more of in 2018: People will be denied for debt consolidation and refinancing. Ontarians will be... Read more »
In early February, we released updated research that shows 3 in 10 Ontario insolvencies involve payday loans. Payday loans have been a fairly popular discussion in 2018, as the Government of Ontario changed laws lowering the... Read more »
3 in 10 insolvent debtors turn to payday loans to make debt payments. KITCHENER, ONTARIO, February 12, 2018 – Payday loan use among heavily indebted Ontarians continues to escalate, as research conducted by Licensed Insolvency... Read more »
It’s that time again where Ted Michalos and I do our annual year-in-review podcast and predictions for the New Year. We’ve been predicting that high consumer debt will lead to problems for Canadians, the economy and... Read more »
You are not a customer of Equifax: You are the Product (Kitchener, ON) Equifax announced today that their recent data breach has impacted approximately 100,000 Canadians. Doug Hoyes, Licensed Insolvency Trustee and author of Straight... Read more »
Every two years we issue our Joe Debtor report that provides a detailed analysis of emerging trends in bankruptcy filings in Ontario. We track debt loads by age, income level, marital status and gender. We... Read more »
It’s happened before: a company gets cocky, thinks they will make money forever, and spends a lot of money putting their name on a building. We all remember Enron Field, named in 2000, home of... Read more »
If you’ve looked into Hoyes, Michalos & Associates Inc., you’ll know that we strictly help individual people, not corporations or big banks. While we both started our careers doing corporate work at big accounting firms,... Read more »
There is a lot of chatter surrounding Canadian real estate, housing prices and mortgage rates. Vancouver sales have started to drop but not in Ontario. Is there a housing bubble in Ontario? When will it... Read more »
Debt Relief Experts