Debt Relief Experts
Let’s Call a Spade a Spade: Credit is Debt
Words matter. Have you ever wondered why a credit card isn’t called a debt card like it should be? Think about it. That’s what a credit card really does – it gives you debt. Well, I’ll... Read more »
Viewpoints
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.
Financial Literacy Needs More Thinking and Less Math
November is financial literacy month in Canada, and for the seventh straight year the government will encourage Canadians to “take concrete actions to better manage their money and debt, including making a budget, having a... Read more »
Equifax Data Hack: Insolvency Trustee Gives Advice on How to Protect Yourself
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 »
Student Debt and Bankruptcy Alarmingly A Women’s Issue
Every year 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 also... Read more »
Renaming of the Air Canada Centre: Real Estate Status Symbol or Bad Omen?
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 »
Why We Expect Tighter, More Expensive Mortgage Markets
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 »
The Canadian Economy and Household Debt: Awkward Dance Partners
We’re living in very different times in terms of our economy. To help us explore this topic further I talked with economist David Bond about how the Canadian economy as a whole is impacted by household debt... Read more »
Why Minimum Wage is Not a Living Wage
As a Licensed Insolvency Trustee, my clients tell me how difficult it is to live on minimum wage. That’s why they often have no choice but to use debt to survive. I know that the... Read more »
Poverty Reduction: What Can We Do? With Tom Cooper
We know from our Joe Debtor study that the average person in Ontario who files a consumer proposal or bankruptcy has an income that is almost 40% lower than the median income in Ontario. Low or... Read more »
Homeowners Banking On Their Home Equity
Last week we discussed the impact car loans have on our debt levels. This week we’re taking a larger bite out of secured debt and discussing how homeowners cope with their debt, and what they do... Read more »
Use of Debt Consultants Questioned by OSB
It’s no secret that Hoyes Michalos is not a fan of debt consultants. We’ve written about our concern with debt consultants many times. It’s for this reason that I was quite pleased to see the... Read more »
The Economic Reality of Vulnerable Debtors
Earlier this week, our firm Hoyes, Michalos & Associates launched our 2017 study of Joe Debtor. Joe Debtor is a report on the average insolvent Ontarian that we publish every two years. This year marks our sixth... Read more »
Seniors Turning To Payday Loans A Scary Trend
In a study released by Hoyes Michalos, we know that payday loans are a big problem. This is especially true for people who are already carrying high levels of credit card and other revolving debt.... Read more »
Millennials Heavy Payday Loan Users and It’s Costing Them Bigtime
Payday loans are a loan of last resort for a lot of people. A previous Hoyes Michalos – Harris Poll showed that 10% of Ontarian’s admitted to using a payday or short-term loan (we’ll refer... Read more »
Yes, We Have A Payday Loan Crisis
We have a crisis and it’s called payday loans. At Hoyes Michalos we believe payday loans are a real problem because all too often they create a vicious cycle of debt. We also don’t believe that... Read more »