Debt is at record highs, yet insolvencies are flat. Why? In this episode of Debt Free in 30, Licensed Insolvency Trustees Doug Hoyes and Ted Michalos explain a financial paradox that's leaving millions of Canadians stressed, exhausted, and confused.

The answer isn't that people are okay. It's that people are enduring.

If you're paying your bills but still feel like you're drowning, this episode is for you.

Coming Up Next

Next episode: a special double episode with David Chilton (The Wealthy Barber) — a practical conversation about money, debt, and what Canadians are really facing heading into 2026.

2025 Predictions Show

Office of the Superintendent of Bankruptcy, Insolvency Statistics

Statistics Canada, Household debt levels (including credit cards)

Statistics Canada, CPI (Inflation)

Mortgage Rates, Bank of Canada

Hoyes Michalos Homeowners Bankruptcy Index

TransUnion, Canadian Consumer Debt Continues to Grow Despite Macroeconomic Relief

Hoyes Michalos Credit Repair Strategies and Rebuilding Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel

Learn About Debt Relief Options in Ontario

In This Episode, You'll Learn:

· Why people don't file when debt rises — they file when cash flow breaks

· How inflation pushed credit card balances higher without immediate defaults

· Why paying the minimum isn't a solution — it's a delay

· How balance transfers and mortgage equity are masking financial stress

· Why insolvencies tend to stay flat, then jump

· What would trigger a surge in personal insolvencies

· Our 2026 insolvency predictions for Ontario

· Why relief isn't failure — and how getting advice early preserves options

(00:00) You're Not Failing — You're Enduring
(02:30) Debt Is Exploding, So Why Aren't Bankruptcies Rising?
(05:20) People Don't File When Debt Rises — They File When Cash Flow Breaks
(08:10) Why Credit Card Debt Is Rising Without Defaults
(11:00) Paying the Minimum Is Buying Time — Not Solving the Problem
(14:00) Who's Carrying the Debt Now (And Why That Matters)
(17:10) Why Inflation Changed How Insolvencies Work
(20:20) The Hidden Delay: Interest Rates Haven't Fully Hit Yet
(23:40) Mortgage Equity Is Masking Financial Stress
(27:00) Why Insolvencies Don't Rise Gradually — They Snap
(30:00) Why Convexity Shows Up Later
(32:40) The Paperclip Effect: Endurance vs. Breaking
(34:10) What Would Trigger a Surge in Insolvencies?
(35:30) Our 2026 Insolvency Predictions
(38:00) Relief Isn't Failure — It's a Reset

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.