Author Archives: Sharon Hoyes


About Sharon Hoyes

Sharon Hoyes, CA, CPA is a Chartered Accountant and Managing Editor at writing about personal finance and consumer news and how it affects your debt.

You’re trying to improve your financial health but all the messages are getting confusing. First there are the warnings that Canadians need to pay off their high levels of debt. But now it is RRSP season, and you are wondering about your retirement savings. You’ve managed to salt away a… Read more

The number of debt settlement companies entering the Canadian marketplace has ballooned in recent years. Advertising a wide range of services including credit counselling, debt settlement, debt relief, debt consolidation, and debt management, it is hard for the average person to distinguish between what is fact, what is hype, and… Read more

A article in the Toronto Star today looking into practices at Consolidated Credit Counseling Services of Canada Inc., one of the largest not-for-profit credit counselling agencies in Toronto and across Canada, found that their advisors providing counselling services to potential clients are not certified counsellors. In the story, the Star… Read more

Just this week The Cash Store Financial Services Inc. announced their new line of credit products in Ontario. In their words these products will ‘help build a credit history’. Edmonton based Cash Store Financial, operating under the names “Cash Store Financial”, “Instaloans” and “The Title Store”, is offering the new… Read more

In what seems like good news for borrowers the Bank of Canada has eased off on its threat to raise interest rates if Canadians do not get control of their debt. In effect, household debt management has taken a back seat to a continued sluggish economy. The Bank of Canada… Read more

A simple activity with my youngest son last night had me thinking that for those wondering how to be debt free the answer was right there.  Keep it simple.  It all started when my youngest, up past his bedtime again, came excitedly into my office where I was working to… Read more

Making only the minimum payment on a credit card will keep you in debt longer and cost you thousands of dollars.  We all know this logically but have you ever wondered why? It’s because of a little trick that credit card companies don’t want to tell you.  Debt advisors call it… Read more

The Ontario government is set to introduce new debt settlement regulations  designed to crack down on abusive debt settlement companies and it’s about time.  Following the lead taken by Alberta, Manitoba and Nova Scotia,the new rules are likely to ban debt management and debt settlement companies from charging upfront fees, limit… Read more

No hassle payday loan. Get cash in 3 easy steps — no calls, no fax. Receive up to $1500 instantly. These are just some of the catchy phrases in the new world of payday loans – the Online Payday Loan. Yes, payday lenders have entered the internet age. Now borrowing… Read more

Canadians don’t think they are better off financially now compared to a year ago and most are even more worried about the future. Does this sound like you?  Should you be worried? The answer is probably yes.  And here’s why. Consumer debt in Canada is too high.  Household debt-to-income in… Read more