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Speaker 1: And now time for the b A Q B keep

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Speaker 1: A b A keep I love when we do the

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Speaker 1: brann abission question, anansa.

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Speaker 2: Yes, and don't forget. We have a fun new segment

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Speaker 2: including or a fun new segment on Fridays that we're

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Speaker 2: calling BA fan Fridays because Friday was just not complete

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Speaker 2: with justice, ba Q and A. We wanted to shout

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Speaker 2: out some of our favorite fan mails. So this is

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Speaker 2: going to be reviews that y'all have left for us

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Speaker 2: on iTunes. So we're going to pluck those out and

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Speaker 2: give y'all some love on our socials. So definitely leave

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Speaker 2: those reviews on iTunes or wherever you listen to the show,

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Speaker 2: and maybe you'll have a special shout out on Friday.

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Speaker 1: So first question of BA Fridays Vaqa is from anonymous,

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Speaker 1: So we're just gonna call you muss so Mussas. In

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Speaker 1: twenty nineteen, I paid off fourteen thousand dollars off my

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Speaker 1: student loan debt. COVID happened, and I didn't pay any

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Speaker 1: money in twenty twenty and haven't made any payments in

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Speaker 1: twenty twenty one. I've just been saving. I have thirteen

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Speaker 1: thousand dollars of debt left that I can pay off today.

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Speaker 1: Even with paying off the loan, I will still have

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Speaker 1: over a year's worth of savings. I'm hesitanting to pay

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Speaker 1: off my loans because I was hoping for some student

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Speaker 1: loan forgiveness from the Bided administration. I didn't want to

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Speaker 1: pay them off and then ten thousand dollars of student

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Speaker 1: loan debt be forgiven the next day. But I also

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Speaker 1: just want to be debt free and officially done with

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Speaker 1: nail net. Would you pay it off now? Would you

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Speaker 1: wait until the government made a decision? What should I do? Ooh, muss?

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Speaker 1: It is a conundrum.

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Speaker 2: Indeed, I can't with that name mus. It's just rhymes

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Speaker 2: will puzz And it's just like anyway this is I

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Speaker 2: love this question because I feel like a lot of

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Speaker 2: folks are in this predicament right now. Like student loan

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Speaker 2: you know, payments have been deferred or for you know,

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Speaker 2: suspended since the pandemic hit, and it's going to be

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Speaker 2: that way through January at least. Biden said that was

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Speaker 2: the last extension he was going to give. So the

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Speaker 2: ball isn't his court, and he's had this investigation team

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Speaker 2: looking into supposedly how he could possibly cancel student loan debt,

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Speaker 2: but even if he does, it does seem like he's

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Speaker 2: gonna go with just the ten k option. So there

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Speaker 2: are folks who are like, I've been saving up money,

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Speaker 2: or I have money, what do I do? So Tiff like,

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Speaker 2: what's your first reaction to this question?

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Speaker 1: My first reaction is, Okay, well, maybe just leave the

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Speaker 1: ten thousand because I get it, because I'd be highly

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Speaker 1: pissed if you know, he paid it off. And I'm like, oh, so,

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Speaker 1: I mean, I'm assuming that your interest rate is not

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Speaker 1: too crazy because these are student loans. If you have

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Speaker 1: thirteen thousand left to pay off, I don't think he's

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Speaker 1: going to forgive more than ten thousand, honestly, So maybe

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Speaker 1: I would pay down the three if I was feeling

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Speaker 1: some sort of way about it. And I would say,

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Speaker 1: if you have all of this and you would still

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Speaker 1: have a year's worth of saving saved, one, you might

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Speaker 1: be saving too much because at some point, you know,

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Speaker 1: it's called the law of diminishing returns, you can actually

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Speaker 1: have too much savings, meaning that the money is not

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Speaker 1: being put to work. I would consider, also, in the meantime,

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Speaker 1: putting some of that money to work in the market,

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Speaker 1: you know, investment property somehow like getting that money to grow.

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Speaker 2: I absolutely agree. I was going to say, I mean, honestly,

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Speaker 2: I don't think you should give your student loans any

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Speaker 2: more than you absolutely have to. So when your payment's

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Speaker 2: become due, I would just look at your monthly payment

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Speaker 2: and just make that payment in full each month and

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Speaker 2: then take that money that you've been saving and actually

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Speaker 2: start investing it, you know. And that's different for every person,

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Speaker 2: and we don't know a ton about you, so it's

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Speaker 2: hard to give like specific advice. But it could be

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Speaker 2: increasing how much you're contributing to your four one K

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Speaker 2: if you're working or if you're not working, your individual

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Speaker 2: retirement account your IRA, and think about the benefit of

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Speaker 2: just sinking a big chunk of change. Like if Tiffany

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Speaker 2: says you have a nice you have a nice emergency fund,

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Speaker 2: you don't have other debt. You know, you're feeling financially stable,

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Speaker 2: think about making a lump some contribution to an IRA,

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Speaker 2: or even maxing it out for the year. I think

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Speaker 2: the limit is sixty sixty, five hundred or six thousand

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Speaker 2: dollars for twenty It changes every year, so IRS DOT

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Speaker 2: go for all your specific questions, but actually funding that

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Speaker 2: so that the money can start working for you and

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Speaker 2: start growing for you, because you know, like Tiffany said,

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Speaker 2: student loan debt, the interest rate is fairly low, especially

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Speaker 2: federal student loan debt, and you potentially could stand to

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Speaker 2: earn a lot more by investing your money in the market.

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Speaker 2: And you know, lump some investing may sound scary, but

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Speaker 2: studies show that sometimes it can be more beneficial in

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Speaker 2: the long run. You'll earn more in the long run

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Speaker 2: if you just kind of sink everything in and one go.

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Speaker 2: That's a super aggressive approach. But at the same time,

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Speaker 2: like you want to sleep at night, and there's no

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Speaker 2: wrong answer here, like paying off your student loan debts

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Speaker 2: is an amazing thing, but you have to kind of

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Speaker 2: weigh do you want to sleep now and feel like

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Speaker 2: you've you've said like f you to neel net or

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Speaker 2: would it make you even more upset if you found

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Speaker 2: out that you could have got that ten k you

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Speaker 2: know forgiven, and which one of those emotions is stronger,

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Speaker 2: And then just make the call that you know you

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Speaker 2: you want to make that makes you feel not fulfilled,

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Speaker 2: but makes you feel stable, It makes you feel like

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Speaker 2: you did the right choice with the information that you have.

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Speaker 1: You know right now? Okay, we wish you well.

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Speaker 2: This listener who says we can call her Brie, says, hello,

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Speaker 2: beautiful ladies, I have a question. After graduating college, I

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Speaker 2: was super broke and used my Discover and Chase Chase

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Speaker 2: credit cards. Both cards have been charged off and sent

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Speaker 2: to collections. At this point, I'm not sure what to do.

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Speaker 2: Do I reach out to Chase and Discover to try

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Speaker 2: to pay it back. Well, paying the charge off card

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Speaker 2: increase my credit score? Once paid? Can I have it

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Speaker 2: turned back on? Since those two are my oldest credit cards?

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Speaker 2: Please help? Sad face emogree.

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Speaker 1: This is a really good question. A lot of people

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Speaker 1: think like, okay, paying off old cards is going to

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Speaker 1: raise their credit score. It won't. It actually is gonna

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Speaker 1: bring down your score. Here's the thing about credit scores,

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Speaker 1: Credit scores and credit bureaus. They like the new, the now,

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Speaker 1: the current. They're like, who is breed today?

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Speaker 2: Right?

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Speaker 1: So bree today is someone yes that has cards that

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Speaker 1: are charged off. But because those cards are charged off,

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Speaker 1: it that means there hasn't been really any major action

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Speaker 1: on them, I'm assuming in some years, but if you

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Speaker 1: start paying on them now you literally bring not only

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Speaker 1: the current payments but any pass payments current again, and

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Speaker 1: then that becomes who you are now, and therefore your

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Speaker 1: score is going to drop. So I don't know how

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Speaker 1: long ago. What I would do first and foremost is

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Speaker 1: I would get my Googles on. I would say, Hey, Google, gird,

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Speaker 1: you're looking cute lose away, Oh you thick thig Okay,

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Speaker 1: I would say Google, what is the statute of limitations

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Speaker 1: of credit card debts or revolving debt in my state,

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Speaker 1: in the state of New Jersey and New York, for example,

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Speaker 1: is six years. That means after six years, your debt

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Speaker 1: becomes what they call zombie debt. Now, it doesn't mean

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Speaker 1: that you don't have that you don't technically owe it,

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Speaker 1: like a zombie is not technically dead or alive, So

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Speaker 1: it doesn't mean that you don't technically owe it, but

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Speaker 1: it does mean that they can't technically come after you

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Speaker 1: for it, because the state basically says, hey, you have

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Speaker 1: six years to get Brie. If you were in New

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Speaker 1: York and New Jersey to get Bree to pay up,

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Speaker 1: you're not going to have her at ninety years old

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Speaker 1: for debt that she owed when she was twenty No. No,

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Speaker 1: So if I would say, if my credit card debts

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Speaker 1: were in the zombie debt zone, I would move on

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Speaker 1: with my life and put my money toward other debt,

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Speaker 1: you know, and paying that off and full and being

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Speaker 1: timely to raise my credit score, because paying off super

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Speaker 1: old debt, honestly is going to bring down your score.

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Speaker 2: Yeah, and if it's six years, you're only one year

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Speaker 2: away from that falling off your credit report. So if

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Speaker 2: you just hang in there and be patient and start

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Speaker 2: building up that good credit behavior, then your score should

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Speaker 2: definitely bounce back. I would just add when when it

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Speaker 2: comes to zombie debt, it's stopping people from suing you

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Speaker 2: for the debt. They can still contact you, and they will,

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Speaker 2: and that's where it becomes. It's kind of like poking

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Speaker 2: one of those zombies, if you imagine them like walking.

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Speaker 2: I hate zombie movies. Let me just not invoke that

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Speaker 2: image anyway. But if you poke a zombie and it

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Speaker 2: starts to chase you like, they'll try and call you

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Speaker 2: to get you to fall for their you know, bait,

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Speaker 2: take the bait. And if you even pay a dollar

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Speaker 2: on an old debt, that technically has Yeah, it's statue

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Speaker 2: limitations has expired, then they can it like restarts the clock,

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Speaker 2: and then they can try and sue you again for it.

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Speaker 2: So that's why it's important to do what Tiffany said,

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Speaker 2: find out the facts for yourself and don't believe anything

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Speaker 2: they try to tell you to get you to make

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Speaker 2: a payment. If you know for a fact that your

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Speaker 2: statue limitations is expired or it's close to expiring, you

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Speaker 2: know you can It's it's okay to focus on newer,

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Speaker 2: you know, newer financial challenges, debt, saving, investing, things like that,

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Speaker 2: and let that old debt expire.

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Speaker 1: Exactly, Bree, I'm glad you reach out, Boo boo, so hopefully.

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Speaker 2: Actually October if spooky season, we're talking about zombies.

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Speaker 1: Exactly, we should have a we should have a Halloween

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Speaker 1: Q and a SEGMENTO of scary financial questions.

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Speaker 2: They're all terrifying.

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Speaker 1: I know.

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Speaker 2: I'm still shuddering from from the afromanimalist Christine earlier this

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Speaker 2: week when she was telling me I talked to my

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Speaker 2: dad about his storage shed from hell that I'm going

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Speaker 2: to inherit one day. Oh my god, that's a terrifying, terrifying,

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Speaker 2: question that I have to figure out how to answer

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Speaker 2: for myself.

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Speaker 1: Oh oh, it's hard with family.

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Speaker 2: My daddy. You're never going to open that thrift store.

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Speaker 2: You're never gonna open there. It's just not happening for you. Yeah, tough. Well,

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Speaker 2: then you.

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Speaker 1: Have questions, you know, you can always reach out to

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Speaker 1: us on the IG. You can reach out to us

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Speaker 1: via Brandonbision podcast dot com, BRANDI Vision Podcasts at gmail

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Speaker 1: dot com.

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Speaker 2: Yes, ma'am, we love to hear from y'all. Send us

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Speaker 2: all your questions and don't forget to leave your iTunes

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Speaker 2: reviews because you may be featured on our IG for

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Speaker 2: our b A I Almost said, b A QA No

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Speaker 2: b A Fam Fridays, b A Fam Friday. So check

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Speaker 2: and follow us on IG if you're not already following,

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Speaker 2: where have you been? And stay tuned for that.

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Speaker 1: Awesome or Amanda until next week. Booboo