Doug Hoyes Talks to Canada From Cambridge

by J. Douglas Hoyes

Doug Hoyes interviewed on CBC Radio from his desk in Cambridge

This morning I was interviewed by Anna Maria Tremonti on The Current, on CBC Radio One.  The Current is a radio show aired nationally across Canada, and I did the interview sitting at my desk here in Cambridge, Ontario. Instead of the telephone, CBC radio uses Skype, so I plugged my microphone into my computer, put on my headset, and did the interview.

I was asked on the show as a bankruptcy expert to comment on a recent study by an economist who said that the way we measure debt is deceiving, and it could be argued that our debt problems are not as bad as we think.

I won’t get into the mathematical argument, but here’s a brief summary of what I said:

Debt is manageable when times are good, like now, when interest rates are low.  But if something goes wrong, like you lose your job, or get injured or sick and can’t work, or you get divorced, debt becomes a series problem.  Debt becomes a ticking time bomb.

Here’s the math example I used on the show: if you have a $200,000 mortgage, and the interest rate goes up by 1%, you might not think 1% is very much, but a 1% interest rate increase increases your monthly payment by about $200.

How would a $200 per month expense increase impact you?  If you have lots of free cash each month, it’s no big deal, but if you are living paycheque to paycheque it can put a serious dent in your monthly cash flow.

My advice: do what you can to reduce your debt, whether it’s a mortgage, a car loan, or high interest debts like credit cards.

If you have more debt than you can handle, give me a call in Cambridge at 519-622-3773 or e-mail me and we’ll meet to explore your options.

If you want to hear my comments on the radio today, you can find them on the CBC Radio Website (my segment starts at the 8 minute mark).

 

About

Douglas Hoyes is the co-founder of Hoyes, Michalos & Associates Inc., Ontario’s largest independent personal insolvency firm, and the trustee responsible for the Hoyes Michalos Cambridge office.

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