Author Archives: Ted Michalos


About Ted Michalos

Ted is a Licensed Insolvency Trustee and Chartered Accountant with more than 20 years experience. He is a co-founder of Hoyes, Michalos & Associates Inc., one of the largest personal insolvency practices in Canada focused on helping individuals deal with their debt.

One of the early warning signs that you may be in financial trouble is how frequently you find yourself “missing” payments on your bills.  Accidently missing a payment can happen to anyone – missing payments because you have to is another thing altogether. The key is to plan sufficiently so… Read more

Credit counselling is a much used, little understood term, that various companies in Canada now use to describe a multitude of debt relief solutions. Some offer great services, it doesn’t really matter what they call it. Other ‘credit counselling’ agencies are purposefully confusing readers about the product they offer because… Read more

There are ways you can repair your credit score, however it might help to also understand how credit reporting agencies collect the information in the first place. Very few people actually understand how credit reporting works.  There are two very large national credit bureau companies in Canada – Equifax and Trans… Read more

Depending on what you read, the first bank issued credit card has been around since as early as 1946 when a New York bank first invented the ‘Charge-It’ system. Then like now, individuals bought items on credit at a merchandise store, the store collected from the bank and the bank… Read more

You’ve seen the debt settlement ads. The ones that say “we can reduce your debt by up to 70% – avoid bankruptcy”. There are two ways that companies can do this. The first is to refer you to a licensed trustee in bankruptcy to file a consumer proposal. They tell… Read more

For quite a few years now, financial and debt advisors have been encouraging Canadians to consolidate their expensive credit card and overdraft debt into much more reasonable line of credit debt. If you are trying to pay off your debt faster, using a line of credit instead of credit card… Read more