299 – The True Cost of Debt Deferrals

Debt Free in 30

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4y ago 22:09

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With many Canadians facing a cash crunch during the COVID-19 lockdown, a quick-fix solution has been to defer debt payments. Deferring a debt payment can provide you with funds in the short-term to pay for needed expenses. But what you may not realize is that a deferment will raise the carrying cost of your debt overall. On today's podcast, Ted Michalos and Doug Hoyes explain how much more expensive a mortgage, car loan, and credit card can get if you defer payments and offer practical advice to avoid getting overwhelmed by debt. They also remind listeners of the tax implications of the Canada Emergency Response Benefit (CERB). Tune in to this episode, filled with lots of practical tips.

Voluntary Surrender: Should I Hand My Vehicle Back? https://www.hoyes.com/blog/voluntary-surrender-should-i-hand-my-vehicle-back/

You Can Now File a Consumer Proposal and Bankruptcy Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/

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