Latest news with #Hoyes
Toronto Sun
a day ago
- Business
- Toronto Sun
Want to crush your debt? Financial experts suggest trying a money crash diet
The premise is simple: Aside from rent, groceries and internet, cut absolutely all other spending, and live like a monk Published Jun 12, 2025 • Last updated 8 minutes ago • 4 minute read Locked wallet to not spend money. Photo by Getty Images Crash diets are extreme and unhealthy, but the financial version might actually make sense. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Scott Terrio recommends them to his clients sometimes, as manager of consumer insolvency for Hoyes, Michalos & Associates Licensed Insolvency Trustees. The firm helps people filing for bankruptcy, or making deals to avoid it, with offices across Ontario. Terrio sees clients with a lot of debt, but if it's a relatively modest amount — maybe $5,000 or $10,000 or so — he tells them to try an 'extreme austerity program.' The premise is simple: Aside from rent, groceries and internet, cut absolutely all other spending, and live like a monk. Commit to this lifestyle for a handful of months, or more if you can; the short timespan will make it more tolerable, Terrio said. No takeout, no Uber, cancel your subscriptions, get a cheap phone plan, tell your friends you can't go out to restaurants or bars, he said. Pick the winter months when you're not tempted by summer patios. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. After a stint with the crash diet, you can take a break and return to normal life. If you aren't able to tackle all of your debt in one go, you can resume the crash diet later on in the year to reduce it further or eliminate it for good. On this plan, you can gain more ground on your debt in a much shorter time — especially with high-interest debts such as credit cards. Extreme austerity can save years on your repayment plan, Terrio said. 'Putting $300 down on your credit card is nothing,' he said. 'But putting $700 for a few months is going to help you.' 'The downside is that it sucks, but you're on a mission,' he added. 'When you do all this, you will have taken what is a blip in your life of 12 months and fixed the problems that would have otherwise taken up 20 years of your life.' This advertisement has not loaded yet, but your article continues below. It's definitely not for everyone, Terrio said, but it's very effective for those with discipline and financial goals. Robin Taub, CPA and author of The Wisest Investment, sees the potential in a hard reset. A short-term crash diet can change habits and help 'subscription creep,' when you lose track of smaller monthly recurring payments, she said. Taub likened it to a recent experience where her credit card was compromised and she was issued a new card — all those websites and subscriptions didn't have her new card info, so she found herself updating them all individually. 'I was just reminded: Do I really want to give them my new credit card number and keep paying for this?' The answer was often no, Taub said. 'They really do add up without you noticing — it becomes a bit of a habit, and you're not as mindful of your spending. I think the idea of a crash diet is to regain that awareness and mindfulness around your spending.' This advertisement has not loaded yet, but your article continues below. Frugality trends with similar premises have been circulating on social media for years, Taub pointed out. Loud budgeting involves telling everyone you are on a strict financial plan so you don't feel pressured to spend money socially, while 'No Buy 2025' is a movement to make it through the year without buying any non-essential items. Cutting spending is also about sustainability, Taub said, which resonates with younger people. This demographic is also just simply feeling the pinch of the cost of living. 'A lot of young people are feeling this way,' Taub said. 'My kids say to me: Every time they walk out the door, it costs them $100, whether they're buying groceries or trying to do something fun with their friends. It's just really expensive these days.' This advertisement has not loaded yet, but your article continues below. Sean Cooper made the news for his extreme frugality — the Toronto-based mortgage broker and author of Burn Your Mortgage went viral for paying down his mortgage in just three years. Cooper owned his home outright at age 30. A major part of his financial plan was collecting rent: He lived in the basement of his home and rented out the rest of the property. But in addition to a strict budget, Cooper picked up side jobs as well. 'Earning an extra source of income is great,' he said. 'There are so many different opportunities to earn income these days. So it's looking at a skill and how you can make money from it, whether it's making YouTube videos or freelance writing or freelance web design, even pet sitting, dog walking — just find something that you enjoy and try to monetize it.' This advertisement has not loaded yet, but your article continues below. Make it hard to spend money, Cooper advised. Don't bring your credit card when you go out, take your credit card info off your phone, delete the info from online shopping sites, apps, and subscriptions. 'Do you really need five streaming services?' Cooper said. 'There's so many free streaming services you can watch.' After the crash diet, you might have found new useful habits, free hobbies, or the realization some past spending wasn't serving you. Another perk? A higher credit score. 'If you're paying your debt this aggressively, you're also rebuilding your credit,' Terrio said, 'because you're not only addressing 35 per cent of your score — which is transaction history — you're also addressing another 30 per cent of your score, which is credit utilization, because your debt is coming down.' 'So you can watch your credit score go crazy … You're pulling the two biggest levers of your credit score at the same time, over a short period.' World Celebrity World Sunshine Girls Sunshine Girls
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
Want to crush your debt? Financial experts suggest trying a money crash diet
Crash diets are extreme and unhealthy, but the financial version might actually make sense. Scott Terrio recommends them to his clients sometimes, as manager of consumer insolvency for Hoyes, Michalos & Associates Licensed Insolvency Trustees. The firm helps people filing for bankruptcy, or making deals to avoid it, with offices across Ontario. Terrio sees clients with a lot of debt, but if it's a relatively modest amount — maybe $5,000 or $10,000 or so — he tells them to try an 'extreme austerity program.' The premise is simple: Aside from rent, groceries and internet, cut absolutely all other spending, and live like a monk. Commit to this lifestyle for a handful of months, or more if you can; the short timespan will make it more tolerable, Terrio said. No takeout, no Uber, cancel your subscriptions, get a cheap phone plan, tell your friends you can't go out to restaurants or bars, he said. Pick the winter months when you're not tempted by summer patios. After a stint with the crash diet, you can take a break and return to normal life. If you aren't able to tackle all of your debt in one go, you can resume the crash diet later on in the year to reduce it further or eliminate it for good. On this plan, you can gain more ground on your debt in a much shorter time — especially with high-interest debts such as credit cards. Extreme austerity can save years on your repayment plan, Terrio said. 'Putting $300 down on your credit card is [nothing],' he said. 'But putting $700 for a few months is going to help you.' 'The downside is that it sucks, but you're on a mission,' he added. 'When you do all this, you will have taken what is a blip in your life of 12 months and fixed the problems that would have otherwise taken up 20 years of your life.' It's definitely not for everyone, Terrio said, but it's very effective for those with discipline and financial goals. Robin Taub, CPA and author of The Wisest Investment, sees the potential in a hard reset. A short-term crash diet can change habits and help 'subscription creep,' when you lose track of smaller monthly recurring payments, she said. Taub likened it to a recent experience where her credit card was compromised and she was issued a new card — all those websites and subscriptions didn't have her new card info, so she found herself updating them all individually. 'I was just reminded: Do I really want to give them my new credit card number and keep paying for this?' The answer was often no, Taub said. 'They really do add up without you noticing — it becomes a bit of a habit, and you're not as mindful of your spending. I think the idea [of a crash diet] is to regain that awareness and mindfulness around your spending.' Frugality trends with similar premises have been circulating on social media for years, Taub pointed out. Loud budgeting involves telling everyone you are on a strict financial plan so you don't feel pressured to spend money socially, while 'No Buy 2025' is a movement to make it through the year without buying any non-essential items. Cutting spending is also about sustainability, Taub said, which resonates with younger people. This demographic is also just simply feeling the pinch of the cost of living. 'A lot of young people are feeling this way,' Taub said. 'My kids say to me: Every time they walk out the door, it costs them $100, whether they're buying groceries or trying to do something fun with their friends. It's just really expensive these days.' Sean Cooper made the news for his extreme frugality — the Toronto-based mortgage broker and author of Burn Your Mortgage went viral for paying down his mortgage in just three years. Cooper owned his home outright at age 30. A major part of his financial plan was collecting rent: He lived in the basement of his home and rented out the rest of the property. But in addition to a strict budget, Cooper picked up side jobs as well. 'Earning an extra source of income is great,' he said. 'There are so many different opportunities to earn income these days. So it's looking at a skill and how you can make money from it, whether it's making YouTube videos or freelance writing or freelance web design, even pet sitting, dog walking — just find something that you enjoy and try to monetize it.' Make it hard to spend money, Cooper advised. Don't bring your credit card when you go out, take your credit card info off your phone, delete the info from online shopping sites, apps, and subscriptions. 'Do you really need five streaming services?' Cooper said. 'There's so many free streaming services you can watch.' After the crash diet, you might have found new useful habits, free hobbies, or the realization some past spending wasn't serving you. Another perk? A higher credit score. 'If you're paying your debt this aggressively, you're also rebuilding your credit,' Terrio said, 'because you're not only addressing 35 per cent of your score — which is transaction history — you're also addressing another 30 per cent of your score, which is credit utilization, because your debt is coming down.' 'So you can watch your credit score go crazy … You're pulling the two biggest levers of your credit score at the same time, over a short period.' This report by The Canadian Press was first published June 10, 2025.
Yahoo
3 days ago
- Business
- Yahoo
Want to crush your debt? Financial experts suggest trying a money crash diet
Crash diets are extreme and unhealthy, but the financial version might actually make sense. Scott Terrio recommends them to his clients sometimes, as manager of consumer insolvency for Hoyes, Michalos & Associates Licensed Insolvency Trustees. The firm helps people filing for bankruptcy, or making deals to avoid it, with offices across Ontario. Terrio sees clients with a lot of debt, but if it's a relatively modest amount — maybe $5,000 or $10,000 or so — he tells them to try an 'extreme austerity program.' The premise is simple: Aside from rent, groceries and internet, cut absolutely all other spending, and live like a monk. Commit to this lifestyle for a handful of months, or more if you can; the short timespan will make it more tolerable, Terrio said. No takeout, no Uber, cancel your subscriptions, get a cheap phone plan, tell your friends you can't go out to restaurants or bars, he said. Pick the winter months when you're not tempted by summer patios. After a stint with the crash diet, you can take a break and return to normal life. If you aren't able to tackle all of your debt in one go, you can resume the crash diet later on in the year to reduce it further or eliminate it for good. On this plan, you can gain more ground on your debt in a much shorter time — especially with high-interest debts such as credit cards. Extreme austerity can save years on your repayment plan, Terrio said. 'Putting $300 down on your credit card is [nothing],' he said. 'But putting $700 for a few months is going to help you.' 'The downside is that it sucks, but you're on a mission,' he added. 'When you do all this, you will have taken what is a blip in your life of 12 months and fixed the problems that would have otherwise taken up 20 years of your life.' It's definitely not for everyone, Terrio said, but it's very effective for those with discipline and financial goals. Robin Taub, CPA and author of The Wisest Investment, sees the potential in a hard reset. A short-term crash diet can change habits and help 'subscription creep,' when you lose track of smaller monthly recurring payments, she said. Taub likened it to a recent experience where her credit card was compromised and she was issued a new card — all those websites and subscriptions didn't have her new card info, so she found herself updating them all individually. 'I was just reminded: Do I really want to give them my new credit card number and keep paying for this?' The answer was often no, Taub said. 'They really do add up without you noticing — it becomes a bit of a habit, and you're not as mindful of your spending. I think the idea [of a crash diet] is to regain that awareness and mindfulness around your spending.' Frugality trends with similar premises have been circulating on social media for years, Taub pointed out. Loud budgeting involves telling everyone you are on a strict financial plan so you don't feel pressured to spend money socially, while 'No Buy 2025' is a movement to make it through the year without buying any non-essential items. Cutting spending is also about sustainability, Taub said, which resonates with younger people. This demographic is also just simply feeling the pinch of the cost of living. 'A lot of young people are feeling this way,' Taub said. 'My kids say to me: Every time they walk out the door, it costs them $100, whether they're buying groceries or trying to do something fun with their friends. It's just really expensive these days.' Sean Cooper made the news for his extreme frugality — the Toronto-based mortgage broker and author of Burn Your Mortgage went viral for paying down his mortgage in just three years. Cooper owned his home outright at age 30. A major part of his financial plan was collecting rent: He lived in the basement of his home and rented out the rest of the property. But in addition to a strict budget, Cooper picked up side jobs as well. 'Earning an extra source of income is great,' he said. 'There are so many different opportunities to earn income these days. So it's looking at a skill and how you can make money from it, whether it's making YouTube videos or freelance writing or freelance web design, even pet sitting, dog walking — just find something that you enjoy and try to monetize it.' Make it hard to spend money, Cooper advised. Don't bring your credit card when you go out, take your credit card info off your phone, delete the info from online shopping sites, apps, and subscriptions. 'Do you really need five streaming services?' Cooper said. 'There's so many free streaming services you can watch.' After the crash diet, you might have found new useful habits, free hobbies, or the realization some past spending wasn't serving you. Another perk? A higher credit score. 'If you're paying your debt this aggressively, you're also rebuilding your credit,' Terrio said, 'because you're not only addressing 35 per cent of your score — which is transaction history — you're also addressing another 30 per cent of your score, which is credit utilization, because your debt is coming down.' 'So you can watch your credit score go crazy … You're pulling the two biggest levers of your credit score at the same time, over a short period." This report by The Canadian Press was first published June 10, 2025. Nina Dragicevic, The Canadian Press
Yahoo
16-05-2025
- Business
- Yahoo
Couple set to open Biloxi bed and breakfast in 2023 didn't see lawsuit coming
The Hoyes didn't just quit their jobs, sell their possessions and move from Wisconsin to Biloxi. They had a plan. The couple, who have long worked in food service and hospitality, wanted to start their own business. They worked with business mentors, drew up a business plan for a bed and breakfast, and hunted for the perfect location — from South Carolina to Galveston, Texas, and elsewhere on the Gulf of Mexico. Heidi Hoye found the couple's new home in Biloxi. It was the third or fourth property they visited and they knew when they toured the two-story brick house with a waterfront view that this was the place. The Hoyes bought the 7,500-square-foot house in November 2021 and moved in a month later. Their real estate agent had done some homework, so they thought they would have no problem getting the city's permission for a bed and breakfast in their residential neighborhood. But their case was tied up with the city for most of 2022 and 2023. When they finally won approval, opponents appealed to Circuit Court. Both sides are still awaiting a decision on the court appeal, filed in October 2023. 'Eighteen months is a long time to stay afloat and wait for an answer,' Heidi Hoye said. Dan Hoye added, 'We're trying to ride it out the best we can.' The house they bought seems to have been built with a bed and breakfast in mind. Each of the six bedrooms has a bathroom. A generous front porch wraps around to a side porch and swimming pool. There's a pool house and living quarters over the garage. The home's interior has a historic look, even though it was built in 2004. It has 14-foot ceilings, wood floors on the first floor and an oak staircase leading to the second floor, brick fireplaces in every room and wide crown molding. A living room in front is lined with windows overlooking a small courtyard subdivision and the Mississippi Sound. To operate a bed and breakfast, the Hoyes needed a conditional-use permit and a zoning change from medium-density residential to low-density multifamily residential. Before Hurricane Katrina, a hotel was located a short distance to the west in a business district on the beach highway, while property to the east is zoned for high-density multi-family residential development. Their immediate neighbors live in single-family homes. When they first requested city permission for a bed-and-breakfast, the Hoyes were expecting questions from the neighbors about their business plans. They were unprepared for the packed, raucous public hearing held before the Biloxi Planning Commission, where residents wondered if the bed and breakfast would be attracting murderers and drug dealers. 'We were not prepared for that at all,' Heidi Hoye said. 'We were saying, 'This is not going well.' 'People thought we were going to come in and run a party house.' The Hoyes took a time out. And they started renting rooms to bring in some money. By right, homeowners can offer a rental for 30 days or more. They rent mostly to traveling nurses and tenants training at Keesler Air Force Base. They held an open house, where they served appetizers and invited guests to see for themselves that the house offered the perfect layout for a bed and breakfast. About 30 to 40 folks stopped by. The Hoyes say neighbors who live close by have been supportive of their business plans. They've been friendly and welcoming to the Hoyes. Those neighbors include the Lombardi-Bensons, who bought and renovated the historic Glenn Swetman home a stone's throw away. 'They're amazing people, amazing,' said Frank Lombardi-Benson. 'And they'll do a great job.' 'We're all for it. Everybody is. They have their heart and soul in what they want to do.' The Hoyes are naturals at hosting guests. They love to cook. He is a trained chef. Her speciality is baking. They sometimes invite their tenants for dinner, just to have company and share a good meal. They host a 'friendsgiving' Thanksgiving, Super Bowl parties and gatherings for the nonprofit Back Bay Mission. 'We love to entertain,' Dan Hoye said. His wife added: 'This is a huge, beautiful house. It should be used.' One of their Thanksgiving guests was Katherine Blessey, who ran her own bed and breakfast in Biloxi for seven years with her husband, Walter. It was on the beach, near the Biloxi Lighthouse. She met with the Hoyes, after being introduced by a mutual friend, to talk about their plans. Blessey had to close her bed and breakfast in 2017 when her husband passed away. 'People want a place to stay like this,' she said. 'They really do.' 'They would have the same type of hospitality we did,' she said. 'They're just charming.' On their second try for a city permit and rezoning, the Hoyes hired an attorney. An impressive number of residents turned out to support their business venture, which passed the Planning Commission unanimously. The City Council vote was split, but the Hoyes convinced a majority to support their plans. They were jubilant. Many of their neighbors joined them at the house to celebrate. Ten days later, they got the call from their attorney, Wayne Hengen, who happened to grow up in the neighborhood. The news wasn't good. Several residents had appealed the City Council's split decision — 3 in favor, two opposed and two abstentions — to Circuit Court. Two of the women appealing the City Council's decision live in the immediate neighborhood. A third, the sister of Council member George Lawrence, lives several blocks away. Lawrence, who voted against the bed and breakfast, did not return a telephone call seeking comment on his vote. His sister, Theresa Thompson, also failed to respond to a voicemail from the Sun Herald about the lawsuit. The appeal claims a bed and breakfast would be out of place in the neighborhood of single-family homes and that the character of the neighborhood has not changed, one of the factors considered when property is rezoned. But Community Development Director Jerry Creel said at one of the city hearings that the bed and breakfast ordinance was intended to accommodate houses such as the Hoyes'. Creel also said the house is in a transitional area between homes and commercial development. The Hoyes' appeal quoted his remarks. Their opponents quoted Creel, too, saying he could point to no specific change since the commission had rejected the Hoyes' first request 16-18 months earlier. Attorney Hengen also spoke at the hearing, saying the Hoyes had repaired extensive storm damage to the home, which had stood empty for almost 16 years. He also said the city has only two bed and breakfasts, and could use more. The judge on the bed and breakfast case, Randi Mueller, had to recuse herself after receiving a mysterious package in the mail. The contents of the package were entered into the court file but are sealed from public view. Judge Larry Bourgeois was assigned to the case in July. The Hoyes are trying to hold on financially until they get a ruling. They have a Plan B, but don't really want to think about selling the house. 'This community is our home and we want to stay here,' Heidi Hoye said. 'We're here for a reason — to be part of this community.'
Yahoo
10-02-2025
- Business
- Yahoo
Credit Card Debt Among Insolvent Debtors Surges 26% in 2024, Signals Broader Economic Stress
KITCHENER, ON, Feb. 10, 2025 /CNW/ - The average insolvent debtor's credit card debt surged by 25.9% to $20,398 in 2024, marking the sharpest annual increase since the study began in 2011, according to research conducted by Licensed Insolvency Trustees Hoyes, Michalos & Associates Inc. "The dramatic rise in credit card debt tells a troubling story about the financial health of Canadian households," says Doug Hoyes, Licensed Insolvency Trustee. "We're seeing consumers increasingly relying on credit cards not for discretionary purchases, but to cope with basic living expenses in the face of persistent inflation and higher interest rates." The study found that credit cards now account for 34% of total unsecured debt among insolvent debtors, up from 30% in 2023. The increase affected all age groups, with millennials experiencing the steepest rise at 35.0%. "What's particularly concerning is that these insolvency statistics are just the tip of the iceberg," says Ted Michalos, Licensed Insolvency Trustee. "For every person who files insolvency, many more Canadians carry unsustainable credit card balances, struggling silently with minimum payments that barely cover the interest charges." The average insolvent debtor now owes $60,678 in total unsecured debt, an increase of 12.2% from 2023. Higher debt loads among insolvent debtors combined with rising consumer insolvencies reflect the broader rise in credit card and consumer credit among Canadian households. "We're seeing a perfect storm of financial stress," adds Hoyes. "Higher interest rates have increased the cost of credit while inflation continues to erode purchasing power. Many households are forced to choose between making rent or mortgage payments and keeping up with credit card bills." The study revealed that higher-income earners are increasingly affected, with 54% of all filers having a net monthly income over $3,000, up from 48% in 2023. "These numbers signal a deterioration in household finances across income levels," notes Michalos. "When we see this magnitude of increase in credit card debt, combined with rising insolvency filings among higher-income earners, it's clear that financial stress is moving up the income ladder." The study also revealed the impact of mounting debt stress among homeowners. "Homeowner equity has dropped dramatically, from 21% to just 10% in 2024, with one in seven insolvent homeowners now experiencing negative equity," says Hoyes. "With a wave of mortgage renewals approaching at higher interest rates, we're particularly concerned about homeowners relying on credit cards to maintain their mortgage payments." The study findings come amid growing economic uncertainty for Canadian households. "The combination of persistent inflation, higher interest rates, and new trade pressures creates significant risks for the Canadian economy," says Hoyes. "These conditions suggest we're likely to see even more households struggling with unsustainable debt loads in the months ahead, particularly if economic growth stalls." For more information, see the complete Joe Debtor study here: About Hoyes, Michalos & Associates, Inc. Hoyes, Michalos & Associates Inc., a Licensed Insolvency Trustee firm co-founded by Doug Hoyes and Ted Michalos in 1999, has established itself as the leading voice on personal debt issues in Ontario. Hoyes Michalos provides real debt management solutions to help Ontarians climb out of debt, including consumer proposals and personal bankruptcy, with offices throughout Ontario. Further information is available at SOURCE Hoyes, Michalos & Associates Inc. View original content:
