Owning a home is supposed to bring stability, but for many Canadian households, the numbers are getting harder to manage. Mortgage renewals at higher rates, unexpected repairs, and rising day-to-day costs can quietly shift a manageable situation into one that no longer works.

This conversation explores the early warning signs that homeownership may be becoming unsustainable, including relying on credit to cover housing costs or delaying necessary maintenance. It also looks at practical options homeowners can consider before things become urgent, and why acting early can help preserve both financial control and home equity.

(00:00) Owning a home but struggling to afford it
(03:05) Mortgage renewals, repairs, and rising housing costs
(05:20) The early warning signs that affordability is breaking
(08:10) Borrowing to stay housed - why that's a red flag
(10:02) The emotional resistance to selling a home
(13:05) Why timing matters and protecting your equity
(15:10) Downsizing vs. selling and renting
(17:45) What happens if you fall behind on mortgage payments
(20:05) Talking to your lender and possible relief options
(22:30) When homeowners should consider insolvency solutions
(25:00) Can you keep your house in a consumer proposal or bankruptcy?

What to do if your mortgage is in arrears?

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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.

Some Canadians are waking up to a surprise: reduced credit limits, frozen lines of credit, or cancelled credit cards…even with solid credit scores and no missed payments.

Banks are pulling back on credit, and a good score might not be enough to protect you anymore. Find out why lenders are reassessing risk, why they are closing unused accounts, and what these changes mean for your finances as we head into 2026.

00:00 – Why people with good credit are losing access to credit
02:30 – Real examples of credit cards being cut or reduced
05:10 – Why this isn't personal, it's structural
07:20 – How banks have shifted from growth to defence
10:00 – Rising credit losses and what banks see first
13:10 – The connection to the 2026 mortgage renewal wave
16:00 – Why credit scores aren't protecting borrowers anymore
18:50 – The "shadow cut": limits reduced without warning
21:30 – Common mistakes borrowers are making right now
24:10 – Practical steps to protect liquidity
26:40 – Why this is a credit cycle shift, not a personal failure

Debt Relief Starting Point

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Debt Relief Calculator

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Learn more about Canadian debt relief on the Hoyes Michalos YouTube channel


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.

Behind on bills and not sure where to start?

If money is tight and payments are stacking up, this episode gives you a clear starting point. Doug Hoyes and Licensed Insolvency Trustee Maureen Parent break down what to prioritize first, what can safely wait, how to handle creditor calls, and when it makes sense to look at a more permanent fix.

A practical, no-panic roadmap for protecting the basics, stabilizing cash flow, and making informed next steps when the math isn't working.

If debt is keeping you up at night, you don't have to endure forever – Start Here

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Learn more about Canadian debt relief on the Hoyes Michalos YouTube channel!

(00:00) Falling behind doesn't mean you failed
(03:10) The first 48 hours: what to pay first
(07:00) Rent, mortgage, and car payments: how to prioritize
(11:00) Utilities, phone, and internet: hardship options
(14:30) Credit cards and lines of credit: what can wait
(17:45) Payday loans and why they make things worse
(20:30) Taxes and CRA debt: what actually helps
(23:00) Calling creditors: what to say and what to track
(25:30) Building a 30-day survival budget
(28:00) When to consider a formal solution

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.