What Canadians Need to Know About Credit Repair in 2024/25

Is credit repair a scam? Learn the truth from experts about repairing damaged credit, understanding credit scores, and managing debt.
Doug Hoyes and Ted Michalos explain essential topics like credit utilization rate, responsible credit card usage, and when you should worry about your credit score.
Whether you’re working to rebuild your credit or aiming to maintain a healthy score, this episode is full of practical advice on credit and debt management for all Canadians.

Timestamps:
(0:00) Humorous introduction: Doug Hoyes and Ted Michalos on modern credit
(2:00) Should you be concerned about your credit score?
(5:10) Credit utilization rate and access to debt
(7:40) How many credit cards are too many?
(11:10) Can items be removed from your credit report?
(12:25) How often should you check your credit report?
(14:00) Practical strategies for reducing debt
(17:10) What is a consumer proposal? How does it impact your credit score?
(20:00) Why saving cash is more important than you think
(21:50) The importance of paying your bills on time
(24:00) The “223 Rule” explained
(26:00) Two new “trade lines” and additional credit repair tips

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Resources:
Rules to Master Your Credit with Richard Moxley
“The Credit Game: Play To Win – Richard Moxley”

Hoyes Michalos YouTube
Hoyes Michalos Blog
Doug Hoyes on X
Find a Hoyes Michalos Office in Your Area Here

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 personalized advice from a qualified financial advisor. Always consult with 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 or strategies discussed.

[pollenatrix]

With regard to using credit instead of having emergency savings: You may not get a lot of interest in a savings account but if you can't pay off that debt right away you'll be paying a whole lot more for that emergency in debt interest.

[huntingupland]

I’ll guess everyone that is going through bankruptcy now is putting money aside as per a trustee’s instructions for unexpected needs (ie. money into separate savings accounts for your goals).
Putting money aside toward a secured credit card would seem to be an optimal strategy to rebuild credit.

[_Pooter_]

u guys should make a debt to total assets/equity ratio episode and the compare it with the bank of canada :D

[rustykatt]

Great video guys! Great info and it is nice to watch people who banter ideas around in such a friendly and knowledgeable way! Happy Saturday and good luck to us all ✨😊✨.