1 00:00:00,080 --> 00:00:03,000 Speaker 1: Welcome to How to Money. I'm Joel and Dine Matt, 2 00:00:03,200 --> 00:00:26,160 Speaker 1: and today we're discussing the truth about deck consolidation. Yeah, 3 00:00:26,239 --> 00:00:29,920 Speaker 1: joll for folks who have debts, especially consumer debt, that 4 00:00:30,040 --> 00:00:32,680 Speaker 1: consolidation is something to consider. We've gotten a bunch of 5 00:00:32,720 --> 00:00:35,440 Speaker 1: emails recently of folks asking if that's something that they 6 00:00:35,440 --> 00:00:37,720 Speaker 1: should consider. So I'm glad that we can answer some 7 00:00:37,720 --> 00:00:41,000 Speaker 1: some listener questions. At least do a listener Request Request 8 00:00:41,040 --> 00:00:44,960 Speaker 1: hotline to set that up. Yeah. Yeah, dec consolidation is 9 00:00:45,040 --> 00:00:47,639 Speaker 1: kind of one of those tricky subjects. There's a lot 10 00:00:47,640 --> 00:00:51,360 Speaker 1: to consider before you consolidate any of your existing consumer debt. 11 00:00:51,560 --> 00:00:54,160 Speaker 1: But it is also something that especially for people paying 12 00:00:54,240 --> 00:00:57,080 Speaker 1: high interest rates on their debt, it's something that they 13 00:00:57,240 --> 00:00:59,160 Speaker 1: des probably want to figure out. So yeah, I think 14 00:00:59,200 --> 00:01:01,240 Speaker 1: it's gonna be a good up quickly before we get 15 00:01:01,240 --> 00:01:02,800 Speaker 1: to that, Matt, what you got for us? I wanted 16 00:01:02,840 --> 00:01:06,480 Speaker 1: to mention I just this past weekend sprayed for pests 17 00:01:06,560 --> 00:01:09,440 Speaker 1: at my house and so if people aren't aware doing 18 00:01:09,440 --> 00:01:11,400 Speaker 1: your own pest control, We've written about that on the 19 00:01:11,440 --> 00:01:13,840 Speaker 1: website and it is something that can save you hundreds 20 00:01:13,880 --> 00:01:16,520 Speaker 1: of dollars a year, and it's actually really doesn't take 21 00:01:16,560 --> 00:01:18,679 Speaker 1: that much effort to do it. So I just want 22 00:01:18,720 --> 00:01:21,840 Speaker 1: to say, man, I got out my gloves, makes my solution. 23 00:01:22,319 --> 00:01:24,440 Speaker 1: Did the spraying around the exterior of the house. And 24 00:01:24,480 --> 00:01:26,520 Speaker 1: I do this at my rental properties to just to 25 00:01:26,560 --> 00:01:29,080 Speaker 1: save me, like literally over a thousand dollars a year 26 00:01:29,120 --> 00:01:31,960 Speaker 1: when we're talking about all the houses together, and a 27 00:01:32,040 --> 00:01:34,759 Speaker 1: quarterly spray really doesn't take much time out of my day. 28 00:01:35,000 --> 00:01:36,679 Speaker 1: Just swung by my way after work to do a 29 00:01:36,680 --> 00:01:38,840 Speaker 1: rental property the other day too. So yeah, it's pretty simple. 30 00:01:39,000 --> 00:01:40,720 Speaker 1: You mentioning that just rubbed in my face because I 31 00:01:40,720 --> 00:01:42,760 Speaker 1: haven't yet. Gotta get with it, man, it's really not 32 00:01:42,800 --> 00:01:45,120 Speaker 1: that hard. Yeah, what's this warming up here in the south? 33 00:01:45,280 --> 00:01:46,720 Speaker 1: Termites is something you have to keep an eye out 34 00:01:46,720 --> 00:01:49,880 Speaker 1: for as well, And so that's how star pro. Is 35 00:01:49,880 --> 00:01:52,440 Speaker 1: that what you used? Yeah, yeah, that's that's that's what 36 00:01:52,480 --> 00:01:54,880 Speaker 1: I have as well. But that's really great for keeping 37 00:01:55,040 --> 00:01:57,720 Speaker 1: termites down as well. Yeah, and for anyone who is 38 00:01:57,800 --> 00:02:00,400 Speaker 1: interested in potentially saving a few hundred dollars a year 39 00:02:00,600 --> 00:02:02,720 Speaker 1: and doing their own pest control. Just a quick word 40 00:02:02,720 --> 00:02:04,480 Speaker 1: of the wise. You don't want to go to home 41 00:02:04,520 --> 00:02:06,880 Speaker 1: depot or lows and pick up the stuff there. There 42 00:02:06,880 --> 00:02:09,480 Speaker 1: are websites that sell the stuff that the pros use, 43 00:02:09,840 --> 00:02:11,799 Speaker 1: and Amazon even sells some of the stuff that the 44 00:02:11,840 --> 00:02:13,600 Speaker 1: pros used too. We linked to that stuff in the 45 00:02:13,720 --> 00:02:15,560 Speaker 1: article we wrote on how to money dot com, so 46 00:02:15,560 --> 00:02:17,320 Speaker 1: you can totally check it out. It's just one of 47 00:02:17,360 --> 00:02:19,640 Speaker 1: my favorite money saving tips, especially this time of year 48 00:02:19,680 --> 00:02:21,480 Speaker 1: when the bugs are out full force. Yeah, one of 49 00:02:21,480 --> 00:02:24,320 Speaker 1: those Joel originals. All right, Joel, let's introduce our beer 50 00:02:24,480 --> 00:02:26,920 Speaker 1: for this episode, and to remind our listeners why you 51 00:02:26,960 --> 00:02:29,400 Speaker 1: and I have a craft beer on the show every 52 00:02:29,440 --> 00:02:32,040 Speaker 1: single week, And it's because we like beer. We love 53 00:02:32,080 --> 00:02:34,840 Speaker 1: craft beer, and it's an example of a way that 54 00:02:34,880 --> 00:02:37,720 Speaker 1: we are balancing our lives by living a little bit 55 00:02:37,760 --> 00:02:40,000 Speaker 1: of life now while at the same time saving for 56 00:02:40,040 --> 00:02:41,840 Speaker 1: our futures and being smart with our money. It's it's 57 00:02:41,880 --> 00:02:44,760 Speaker 1: not all about depriving the here and now for some 58 00:02:44,840 --> 00:02:47,640 Speaker 1: lofty goal of being financially independent at some point. We 59 00:02:47,680 --> 00:02:50,119 Speaker 1: also like to take some small little winds and pleasures 60 00:02:50,240 --> 00:02:51,519 Speaker 1: right now, and one of those for you and me 61 00:02:51,960 --> 00:02:53,880 Speaker 1: is delicious craft beer. And I feel like we literally 62 00:02:53,919 --> 00:02:56,519 Speaker 1: just kind of outlined a way in which we save 63 00:02:56,600 --> 00:03:00,320 Speaker 1: money in one possibly for some considered to be an 64 00:03:00,320 --> 00:03:02,799 Speaker 1: extreme way by doing your own pest control. And yet 65 00:03:02,880 --> 00:03:06,120 Speaker 1: we will spend money on fairly expensive craft beer from 66 00:03:06,120 --> 00:03:08,160 Speaker 1: time to time, but this one, unfortunately, Matt, we didn't 67 00:03:08,160 --> 00:03:10,200 Speaker 1: have to spend any money on. And why is that? 68 00:03:10,200 --> 00:03:13,120 Speaker 1: That's right? Man? This beer was sent in from a listener, Naomi, 69 00:03:13,440 --> 00:03:15,200 Speaker 1: and she mentioned that her and her husband they kind 70 00:03:15,200 --> 00:03:16,959 Speaker 1: of went off for the weekend, I think, to Wilmington, 71 00:03:17,040 --> 00:03:18,960 Speaker 1: North Carolina. There's an awesome beach there. Have you ever 72 00:03:18,960 --> 00:03:20,799 Speaker 1: been up there? I haven't. No, I've been there once. 73 00:03:20,800 --> 00:03:22,760 Speaker 1: It's actually really nice. But her and her husband they 74 00:03:22,760 --> 00:03:25,800 Speaker 1: discussed their values and how they relate to financial goals 75 00:03:25,840 --> 00:03:28,000 Speaker 1: per one of our earlier episodes, and she said that 76 00:03:28,000 --> 00:03:31,240 Speaker 1: the conversation and the beer was amazing and she wanted 77 00:03:31,280 --> 00:03:32,799 Speaker 1: to thank us, and she picked us up one of 78 00:03:32,840 --> 00:03:36,480 Speaker 1: these beers from Wilmington's brewing company, which is called Secret 79 00:03:36,480 --> 00:03:39,880 Speaker 1: Lovers the sequel, which is pretty awesome. And this is 80 00:03:39,920 --> 00:03:43,160 Speaker 1: a collaboration beer with New Anthem Brewing, which is also 81 00:03:43,280 --> 00:03:45,400 Speaker 1: right there in Wilmington as well. Yeah, and this one's 82 00:03:45,440 --> 00:03:47,600 Speaker 1: right up our alley. It's in New England style double 83 00:03:47,640 --> 00:03:49,080 Speaker 1: I p A. We'll let you know what we think 84 00:03:49,080 --> 00:03:50,560 Speaker 1: of this beer. At the end of the show, big 85 00:03:50,600 --> 00:03:52,880 Speaker 1: thanks to Naomi for sending this out. It's inspiring to 86 00:03:53,040 --> 00:03:55,200 Speaker 1: to hear kind of the story behind why she's in 87 00:03:55,320 --> 00:03:57,240 Speaker 1: this beer. That's just that's kind of fun. Yeah, we 88 00:03:57,240 --> 00:03:59,880 Speaker 1: don't talk about that often, but that's a huge rewarding 89 00:04:00,040 --> 00:04:02,400 Speaker 1: aspect of of what we do, being able to talk 90 00:04:02,400 --> 00:04:04,880 Speaker 1: on the silly podcast and talking about money but actually 91 00:04:04,920 --> 00:04:08,800 Speaker 1: having an impact on individuals lives, helping relationships. I would 92 00:04:08,840 --> 00:04:10,600 Speaker 1: have never thought that, in some sort of weird way, 93 00:04:10,720 --> 00:04:13,480 Speaker 1: that were these financial counselors and helping couples talk through 94 00:04:13,480 --> 00:04:15,040 Speaker 1: their money. But in a way I feel like that 95 00:04:15,040 --> 00:04:16,480 Speaker 1: you and I are kind of doing that. Yeah, it's 96 00:04:16,480 --> 00:04:19,640 Speaker 1: weird to think about, right, because we started this podcast 97 00:04:19,680 --> 00:04:22,200 Speaker 1: just two buddies drinking beers talking about money. Um, and 98 00:04:22,360 --> 00:04:25,120 Speaker 1: you have the response. Our listeners are the best. All right, Matt, 99 00:04:25,200 --> 00:04:27,880 Speaker 1: Let's get onto the topic at hand, the truth about 100 00:04:27,920 --> 00:04:31,919 Speaker 1: debt consolidation. So let's quickly touch on the problems involved 101 00:04:31,960 --> 00:04:35,760 Speaker 1: with debt consolidation. People fall prey to the lofty promises 102 00:04:35,960 --> 00:04:39,120 Speaker 1: Matt of debt consolidation companies. A quick fix always sounds 103 00:04:39,160 --> 00:04:42,159 Speaker 1: so nice, But just like unloading your timeshare with an 104 00:04:42,240 --> 00:04:44,320 Speaker 1: upfront fee is going to leave you with thousands less 105 00:04:44,320 --> 00:04:46,440 Speaker 1: than the bank account and still with a timeshare on 106 00:04:46,480 --> 00:04:48,960 Speaker 1: your hands. Signing up with a debt consolidation or debt 107 00:04:49,000 --> 00:04:51,839 Speaker 1: settlement company could cost you money points on your credit score, 108 00:04:52,080 --> 00:04:54,480 Speaker 1: and in the end could potentially not move the needle 109 00:04:54,520 --> 00:04:57,880 Speaker 1: at all. There are ways where you can consolidate your 110 00:04:57,920 --> 00:05:00,280 Speaker 1: debt and it's actually gonna be helpful to you. Will 111 00:05:00,360 --> 00:05:02,200 Speaker 1: kind of go over some of those ways, but there 112 00:05:02,240 --> 00:05:04,520 Speaker 1: are a lot of potential pitfalls, and we have to 113 00:05:04,560 --> 00:05:06,400 Speaker 1: talk about those. For people that do have debt and 114 00:05:06,440 --> 00:05:08,520 Speaker 1: want to figure out a way to kind of lower 115 00:05:08,560 --> 00:05:10,680 Speaker 1: their payments and lower their interest rate. First, let's go 116 00:05:10,680 --> 00:05:14,279 Speaker 1: ahead and to find debt consolidation, and that is combining 117 00:05:14,360 --> 00:05:17,359 Speaker 1: lots of individual unsecured debts that you have into a 118 00:05:17,440 --> 00:05:20,920 Speaker 1: single monthly bill, right into a single monthly payment. What's 119 00:05:20,920 --> 00:05:23,080 Speaker 1: really important to keep in mind is that this doesn't 120 00:05:23,200 --> 00:05:25,960 Speaker 1: actually get rid of any debt. It just restructures that 121 00:05:26,040 --> 00:05:29,040 Speaker 1: you're just changing the shape of it. Essentially, if you're 122 00:05:29,080 --> 00:05:30,880 Speaker 1: going through a company, what you're doing is you're paying 123 00:05:30,880 --> 00:05:34,560 Speaker 1: for the convenience and that focus, and you know that 124 00:05:34,640 --> 00:05:37,360 Speaker 1: actually might be a good thing. If you have lots 125 00:05:37,400 --> 00:05:39,839 Speaker 1: of high interest debts, in particularly if you have lots 126 00:05:39,839 --> 00:05:41,919 Speaker 1: of credit card debts. If you're looking at over like 127 00:05:41,920 --> 00:05:44,279 Speaker 1: six is the average credit card interest rate that folks 128 00:05:44,320 --> 00:05:46,560 Speaker 1: are carrying these days. So if you know you've got 129 00:05:46,560 --> 00:05:50,120 Speaker 1: sixteen percent or higher, it might be worth it to consolidate. However, 130 00:05:50,200 --> 00:05:51,680 Speaker 1: you still need to be careful. There's a lot of 131 00:05:51,720 --> 00:05:55,200 Speaker 1: considerations and I'm excited to talk about this today and 132 00:05:55,240 --> 00:05:58,960 Speaker 1: debt consolidation, Matt is not to be confused with debt settlement, 133 00:05:59,279 --> 00:06:02,160 Speaker 1: which is is much much worse for people. We do 134 00:06:02,240 --> 00:06:03,800 Speaker 1: have to mention that before we kind of move on 135 00:06:03,839 --> 00:06:06,240 Speaker 1: and talk about the particulars of debt consolidation and whether 136 00:06:06,240 --> 00:06:08,560 Speaker 1: it works for your situation. In the case of debt 137 00:06:08,600 --> 00:06:11,720 Speaker 1: settlement companies, well you'll hear them often advertising on TV 138 00:06:11,800 --> 00:06:14,640 Speaker 1: and radio that that's like a popular place for for 139 00:06:14,680 --> 00:06:16,880 Speaker 1: them to hang out. Probably a lot of daytime television 140 00:06:16,880 --> 00:06:19,520 Speaker 1: shows too often, sometimes the worst advertisers that prey on 141 00:06:19,560 --> 00:06:22,360 Speaker 1: people advertises during those times of the day. And debt 142 00:06:22,400 --> 00:06:26,000 Speaker 1: settlement companies in particular tell customers not to pay their 143 00:06:26,000 --> 00:06:28,200 Speaker 1: debts anymore, that they don't have to pay their credit 144 00:06:28,200 --> 00:06:30,440 Speaker 1: card company, they don't have to pay that personal loan 145 00:06:30,480 --> 00:06:32,960 Speaker 1: back and that this debt settlement company is going to 146 00:06:33,080 --> 00:06:35,719 Speaker 1: essentially handle everything for you and you're gonna be fine. 147 00:06:36,040 --> 00:06:37,560 Speaker 1: And you know what else they tell you On top 148 00:06:37,600 --> 00:06:39,720 Speaker 1: of that, They say you need to pay an upfront fee, 149 00:06:39,960 --> 00:06:43,480 Speaker 1: sometimes thousands of dollars. And while you're paying them, oftentimes 150 00:06:43,480 --> 00:06:45,680 Speaker 1: the only money that's left in your bank account as 151 00:06:45,680 --> 00:06:48,240 Speaker 1: they tell you they're negotiating your debts down, you're also 152 00:06:48,279 --> 00:06:50,680 Speaker 1: not paying the companies that have lent you money, which 153 00:06:50,839 --> 00:06:53,760 Speaker 1: is leading to a ruin of your credit score. And then, 154 00:06:53,760 --> 00:06:56,120 Speaker 1: on top of that, the debt settlement companies almost never 155 00:06:56,240 --> 00:06:59,000 Speaker 1: make good on their promise to actually negotiate your debts 156 00:06:59,160 --> 00:07:01,919 Speaker 1: with your lenders, and so your credit score gets ruined. 157 00:07:02,000 --> 00:07:04,279 Speaker 1: In most cases, it drops by a hundred and forty 158 00:07:04,320 --> 00:07:07,000 Speaker 1: two a hundred and sixty points. And at the end 159 00:07:07,000 --> 00:07:09,840 Speaker 1: of that terrible saga, you're out thousands of dollars and 160 00:07:09,880 --> 00:07:12,920 Speaker 1: you're in arrears with your debtors. So be very very 161 00:07:12,960 --> 00:07:15,760 Speaker 1: careful before you jump in bed with a debt settlement company, 162 00:07:15,800 --> 00:07:18,520 Speaker 1: because often they're gonna leave you in a much much 163 00:07:18,560 --> 00:07:21,520 Speaker 1: worse financial and credit situation than you were in to 164 00:07:21,600 --> 00:07:24,480 Speaker 1: start with. And John, you mentioned fees up front. That's 165 00:07:24,520 --> 00:07:27,600 Speaker 1: a huge red flag of a company that isn't direct 166 00:07:27,680 --> 00:07:30,600 Speaker 1: violation of the FTC. So if they take any fees, 167 00:07:30,680 --> 00:07:33,880 Speaker 1: any money before they actually settle or they get your 168 00:07:33,880 --> 00:07:37,760 Speaker 1: payments lowered, they're breaking the law. Like that's completely illegal. Again, 169 00:07:37,800 --> 00:07:40,160 Speaker 1: that should be a huge red flag. You also mentioned 170 00:07:40,200 --> 00:07:43,240 Speaker 1: them actually not negotiating on on on your behalf. Well, 171 00:07:43,440 --> 00:07:46,360 Speaker 1: I don't want to defend debt settlement companies, but the 172 00:07:46,400 --> 00:07:49,440 Speaker 1: fact is they actually might be trying to. But the creditors, 173 00:07:49,600 --> 00:07:51,960 Speaker 1: whoever you have debts with, they just don't have any 174 00:07:52,000 --> 00:07:55,480 Speaker 1: obligation to actually say yes and work with the settlement companies. 175 00:07:55,760 --> 00:07:57,800 Speaker 1: They may have very well made that phone call and 176 00:07:57,840 --> 00:08:00,480 Speaker 1: are talking to them, but whoever you actually debts do, 177 00:08:00,840 --> 00:08:03,600 Speaker 1: they're just not willing to work with that specific settlement company. 178 00:08:03,840 --> 00:08:05,760 Speaker 1: And so that's something to keep in mind. Even though 179 00:08:05,800 --> 00:08:08,200 Speaker 1: that a settlement company might say, oh, yes, we can 180 00:08:08,240 --> 00:08:10,760 Speaker 1: do this or we will do this, your creditor has 181 00:08:10,840 --> 00:08:13,600 Speaker 1: zero obligation to work with that company. Yeah, and those 182 00:08:13,800 --> 00:08:16,760 Speaker 1: potentially thousands of dollars that you spent upfront to hire 183 00:08:16,800 --> 00:08:19,480 Speaker 1: this debt settlement company to do the dirty work for you, well, 184 00:08:19,520 --> 00:08:21,920 Speaker 1: oftentimes that would be better off sitting in your savings 185 00:08:21,920 --> 00:08:24,680 Speaker 1: account as an emergency fund or paid in lump sum 186 00:08:24,760 --> 00:08:26,800 Speaker 1: towards your highest interest rate debt to kind of get 187 00:08:26,880 --> 00:08:30,200 Speaker 1: you started working on that road towards paying down your debts. 188 00:08:30,600 --> 00:08:32,960 Speaker 1: That's right, Okay, So think about this. If your debt 189 00:08:33,360 --> 00:08:35,600 Speaker 1: isn't more than half of your income right now, and 190 00:08:35,640 --> 00:08:38,319 Speaker 1: you've got a pretty good credit score, and this is 191 00:08:38,360 --> 00:08:40,680 Speaker 1: almost the most important thing I think, Joel, if you 192 00:08:40,760 --> 00:08:44,240 Speaker 1: have a plan to not take on any more consumer debt, well, 193 00:08:44,240 --> 00:08:46,959 Speaker 1: you know, debt consolidation might actually be a good option 194 00:08:47,000 --> 00:08:48,920 Speaker 1: for you. And so after the break, we're gonna talk 195 00:08:48,920 --> 00:08:51,880 Speaker 1: about ways and not just through a consolidation company, but 196 00:08:51,960 --> 00:08:54,480 Speaker 1: just different methods that you can consolidate your debt and 197 00:08:54,520 --> 00:09:05,800 Speaker 1: also some other pitfalls to keep an eye off for. Alright, man, 198 00:09:05,800 --> 00:09:08,400 Speaker 1: we're back, and before we get into the specifics of 199 00:09:08,520 --> 00:09:11,600 Speaker 1: debt insolidation, let's talk about the specifics of who is 200 00:09:11,640 --> 00:09:15,480 Speaker 1: going to be a good candidate to consider deconsolidation. And 201 00:09:15,520 --> 00:09:18,120 Speaker 1: like you mentioned going into the break, if your debt 202 00:09:18,640 --> 00:09:21,400 Speaker 1: is less than half of your income, that's gonna be 203 00:09:21,400 --> 00:09:25,280 Speaker 1: one big reason that you should consider deconsolidation as an option. 204 00:09:25,400 --> 00:09:27,559 Speaker 1: And also you're gonna need a pretty good credit score. 205 00:09:27,679 --> 00:09:29,760 Speaker 1: You're also gonna need to be committed to not taking 206 00:09:29,840 --> 00:09:32,360 Speaker 1: out any more debt, and in particular, that credit score 207 00:09:32,440 --> 00:09:35,679 Speaker 1: is going to be key, because deconsolidation isn't gonna be 208 00:09:35,720 --> 00:09:38,160 Speaker 1: helpful for you if you have a really low credit score, 209 00:09:38,280 --> 00:09:40,080 Speaker 1: because that is going to prevent you from getting the 210 00:09:40,120 --> 00:09:42,720 Speaker 1: lowest advertised rates. If you have a great credit score 211 00:09:42,720 --> 00:09:44,480 Speaker 1: and a lot of debt, there's a good chance that 212 00:09:44,520 --> 00:09:47,360 Speaker 1: you could qualify for a much lower rate than what 213 00:09:47,440 --> 00:09:50,000 Speaker 1: you're paying on, let's say, your credit cards. But if 214 00:09:50,040 --> 00:09:52,040 Speaker 1: you have a really low credit score, there's just not 215 00:09:52,160 --> 00:09:53,480 Speaker 1: much of a chance that you're gonna be able to 216 00:09:53,559 --> 00:09:56,839 Speaker 1: lower your rate by any meaningful amounts, and lenders might 217 00:09:56,880 --> 00:09:58,920 Speaker 1: not be willing to work with you at all. Yeah, Basically, 218 00:09:58,920 --> 00:10:00,680 Speaker 1: if you have a crappy credit score, like those rates 219 00:10:00,679 --> 00:10:02,319 Speaker 1: that you see advertise, they're going to be too good 220 00:10:02,360 --> 00:10:04,560 Speaker 1: to be true. And there's something else to consider if 221 00:10:04,600 --> 00:10:07,640 Speaker 1: you're looking at debt consolidation companies is that extending your 222 00:10:07,679 --> 00:10:10,920 Speaker 1: payment terms might mean some more financial breathing room, but 223 00:10:11,240 --> 00:10:14,160 Speaker 1: it can also mean higher rates and obviously longer time 224 00:10:14,240 --> 00:10:16,679 Speaker 1: in actual debt. And even if you get a lower rate, 225 00:10:16,840 --> 00:10:19,560 Speaker 1: it can mean paying more in interest overall because you've 226 00:10:19,559 --> 00:10:22,360 Speaker 1: extended how long you're paying towards that loan. Yeah, it's 227 00:10:22,400 --> 00:10:24,640 Speaker 1: like if you have a thirty year mortgage matt at 228 00:10:24,640 --> 00:10:26,600 Speaker 1: four and a half percent, and you're ten years into 229 00:10:26,640 --> 00:10:29,240 Speaker 1: that mortgage. But if there's a screaming deal for a 230 00:10:29,240 --> 00:10:32,079 Speaker 1: mortgage rate at four point to five, well, if you 231 00:10:32,160 --> 00:10:35,199 Speaker 1: refinance into that, guess what you're back paying for ten 232 00:10:35,280 --> 00:10:37,599 Speaker 1: years longer, and overall you're gonna pay a heck of 233 00:10:37,640 --> 00:10:40,280 Speaker 1: a lot more in interest because of that refinance than 234 00:10:40,320 --> 00:10:42,600 Speaker 1: you would have otherwise. That lower rate seems like a 235 00:10:42,600 --> 00:10:44,720 Speaker 1: good idea, but it's not because of all the fees 236 00:10:44,760 --> 00:10:46,640 Speaker 1: and extra interest you're gonna pay because of the extended 237 00:10:46,640 --> 00:10:48,920 Speaker 1: load terms. Ye basically you're hitting that reset button and 238 00:10:48,960 --> 00:10:52,160 Speaker 1: you're starting all over. And the typical debt consolidation loan 239 00:10:52,200 --> 00:10:54,640 Speaker 1: is about five years. And honestly, if you think you 240 00:10:54,679 --> 00:10:56,680 Speaker 1: could pay down some credit card debt maybe in like 241 00:10:56,760 --> 00:10:59,640 Speaker 1: eighteen months, eighteen months of hard work where you're buckling 242 00:10:59,640 --> 00:11:01,520 Speaker 1: down and really getting after it, just think about how 243 00:11:01,559 --> 00:11:04,000 Speaker 1: much longer paying another three and a half years on 244 00:11:04,040 --> 00:11:06,320 Speaker 1: top of that is. And this is typically for consumer debt. 245 00:11:06,600 --> 00:11:09,160 Speaker 1: These are purchases that that you made of stuff that 246 00:11:09,200 --> 00:11:11,040 Speaker 1: you may not even have anymore. Like it's it's something 247 00:11:11,040 --> 00:11:13,280 Speaker 1: that you may have thrown away and you're still paying 248 00:11:13,280 --> 00:11:15,920 Speaker 1: on it five years later. Yeah, that's just terrible. So 249 00:11:16,000 --> 00:11:18,720 Speaker 1: let's talk about credit cards in particular. If you have 250 00:11:19,000 --> 00:11:22,200 Speaker 1: less money to get solidate less outstanding debt in a 251 00:11:22,240 --> 00:11:24,000 Speaker 1: decent credit scored at the same time, it might be 252 00:11:24,000 --> 00:11:27,120 Speaker 1: best to shop around for better credit card offers. If 253 00:11:27,120 --> 00:11:29,440 Speaker 1: you're looking at paying off let's say that last three 254 00:11:29,440 --> 00:11:32,000 Speaker 1: thousand dollars in credit card debt, Well, bouncing to a 255 00:11:32,120 --> 00:11:35,040 Speaker 1: zero percent interest rate intro offer isn't a bad idea. 256 00:11:35,240 --> 00:11:37,319 Speaker 1: You'll want to know the promo period, like how long 257 00:11:37,360 --> 00:11:39,600 Speaker 1: that zero percent interest rate lasts, and if there are 258 00:11:39,600 --> 00:11:43,079 Speaker 1: any transfer fees associated. Oftentimes there's a three percent fee. 259 00:11:43,160 --> 00:11:46,120 Speaker 1: Sometimes there's as much as a five percent fee if 260 00:11:46,120 --> 00:11:48,280 Speaker 1: you transfer a balance over to a zero percent card, 261 00:11:48,440 --> 00:11:50,600 Speaker 1: So know that ahead of time. Also know that it's 262 00:11:50,600 --> 00:11:53,160 Speaker 1: going to take discipline. After you've gone through the effort 263 00:11:53,200 --> 00:11:55,959 Speaker 1: to transfer to a zero percent interest rate card, you're 264 00:11:55,960 --> 00:11:58,199 Speaker 1: gonna want to make sure you have the discipline to 265 00:11:58,240 --> 00:12:00,880 Speaker 1: tackle that debt within the time A lotted before that 266 00:12:00,960 --> 00:12:04,280 Speaker 1: promo rate runs out edel and not just rolling over 267 00:12:04,360 --> 00:12:06,600 Speaker 1: credit card debt to other credit card debt. But if 268 00:12:06,640 --> 00:12:08,720 Speaker 1: you have a plan and you you just mentioned discipline, 269 00:12:09,080 --> 00:12:10,440 Speaker 1: If you have a plan and you know that you 270 00:12:10,440 --> 00:12:13,559 Speaker 1: can pay down within eighteen months or whatever that introductory 271 00:12:13,559 --> 00:12:15,400 Speaker 1: period is where you have zero percent, you can roll 272 00:12:15,480 --> 00:12:18,360 Speaker 1: over other debts into a single credit card. Again, if 273 00:12:18,400 --> 00:12:20,520 Speaker 1: you have a plan, if you know that, you're just 274 00:12:20,520 --> 00:12:23,000 Speaker 1: buying yourself some time, and eventually this is gonna reset 275 00:12:23,040 --> 00:12:25,160 Speaker 1: and it's gonna blow up in your face. Yeah, and 276 00:12:25,160 --> 00:12:28,640 Speaker 1: that rate's gonna jack back up to well, honestly, there's 277 00:12:28,679 --> 00:12:31,160 Speaker 1: just not much point in doing that. You're just basically 278 00:12:31,160 --> 00:12:33,760 Speaker 1: shuffling your debt around and it's with these guys for 279 00:12:33,760 --> 00:12:35,800 Speaker 1: a little bit and then it's over here, and sure 280 00:12:35,800 --> 00:12:37,120 Speaker 1: you might save a buck here and there, but your 281 00:12:37,120 --> 00:12:39,240 Speaker 1: credit is gonna suffer. And honestly, when you're kind of 282 00:12:39,240 --> 00:12:41,440 Speaker 1: playing that shuffle game and you're moving your money around, 283 00:12:41,559 --> 00:12:44,040 Speaker 1: it's hard to keep track of what is with who, 284 00:12:44,080 --> 00:12:46,440 Speaker 1: and what fees have been paid and what annual fee 285 00:12:46,480 --> 00:12:49,160 Speaker 1: is about to hit. You're complicating your life. I'm getting 286 00:12:49,160 --> 00:12:52,000 Speaker 1: stressed even thinking about it. And that without a plan, 287 00:12:52,240 --> 00:12:55,080 Speaker 1: you're not gonna get very far with this approach at all. Yeah, 288 00:12:55,080 --> 00:12:56,920 Speaker 1: we're talking about discipline, you don't that makes me think 289 00:12:56,920 --> 00:12:59,679 Speaker 1: of makes me think of a fellow podcaster, Jacko that 290 00:13:00,000 --> 00:13:03,600 Speaker 1: podcast here listening one. What's his last name, Jocko Willink. Yeah, 291 00:13:03,600 --> 00:13:05,240 Speaker 1: So that guy man, he's a he's a baller. And 292 00:13:05,240 --> 00:13:08,400 Speaker 1: if you need any motivation to get disciplined, check out 293 00:13:08,520 --> 00:13:10,800 Speaker 1: Jackos podcast or Yeah. I just know that he was 294 00:13:10,800 --> 00:13:13,319 Speaker 1: in armed forces and he's jacked. And I made a 295 00:13:13,360 --> 00:13:15,280 Speaker 1: joke one time about bidding him in arm wrestling, So 296 00:13:16,559 --> 00:13:19,320 Speaker 1: I think his arms are bigger than our bodies. That 297 00:13:19,360 --> 00:13:22,640 Speaker 1: guy's massive. But another important point Matt on that subject 298 00:13:22,720 --> 00:13:24,559 Speaker 1: is that if you do consolidate your credit card debt 299 00:13:24,600 --> 00:13:26,880 Speaker 1: into a lower monthly payment like a zero percent interest 300 00:13:26,880 --> 00:13:29,559 Speaker 1: transfer card, you need to cut up those old cards. 301 00:13:29,600 --> 00:13:33,760 Speaker 1: The biggest downfall, the biggest pitfall when you're transferring your 302 00:13:33,840 --> 00:13:36,040 Speaker 1: debt from one credit card to another, is that you 303 00:13:36,160 --> 00:13:37,800 Speaker 1: go back to that old credit card and you end 304 00:13:37,880 --> 00:13:40,640 Speaker 1: up running up more debt. And a zero percent interest 305 00:13:40,720 --> 00:13:42,880 Speaker 1: rate helps you not at all. If if you have 306 00:13:42,920 --> 00:13:45,440 Speaker 1: no discipline and you're running up the other credit card 307 00:13:45,640 --> 00:13:47,959 Speaker 1: at the same time, you're just compounding the amount of 308 00:13:48,000 --> 00:13:50,160 Speaker 1: debt you have, and eventually that zero percent is gonna 309 00:13:50,160 --> 00:13:51,920 Speaker 1: wear off, and you've got two credit cards and at 310 00:13:51,920 --> 00:13:54,160 Speaker 1: that point your struggles are multiplying. Yeah, and going back 311 00:13:54,200 --> 00:13:56,520 Speaker 1: to the whole credit score thing. If you're taking additional 312 00:13:56,559 --> 00:13:58,520 Speaker 1: debt and rolling it onto a credit card, well that 313 00:13:58,520 --> 00:13:59,960 Speaker 1: can work out, like we said, if you actually have 314 00:14:00,040 --> 00:14:02,160 Speaker 1: the plan to pay that off within that period. But 315 00:14:02,200 --> 00:14:04,600 Speaker 1: you need to keep an eye on your utilization rate 316 00:14:04,640 --> 00:14:07,520 Speaker 1: because when you've got a single card loaded up like that, 317 00:14:07,520 --> 00:14:10,079 Speaker 1: that takes that rate through the roof, not through the roof, 318 00:14:10,080 --> 00:14:12,439 Speaker 1: I guess, but almost to the ceiling. And again that's 319 00:14:12,480 --> 00:14:14,840 Speaker 1: that's a terrible thing for your credit score. And if 320 00:14:14,840 --> 00:14:16,600 Speaker 1: you had a good credit score when you made the transfer, 321 00:14:16,640 --> 00:14:18,440 Speaker 1: well you might not pretty quick, depending on what that 322 00:14:18,480 --> 00:14:20,880 Speaker 1: credit limit is and what your balance is. All right, Joe, 323 00:14:20,960 --> 00:14:23,200 Speaker 1: So so far we've talked about a debt consolidation company, 324 00:14:23,240 --> 00:14:25,240 Speaker 1: and that's sort of like an all in one. You know, 325 00:14:25,280 --> 00:14:27,280 Speaker 1: you talked at the beginning about hitting an easy button. 326 00:14:27,320 --> 00:14:30,320 Speaker 1: It's an easy solution, and then we talked about credit cards. 327 00:14:30,560 --> 00:14:32,640 Speaker 1: What we started talking about there was more of a 328 00:14:32,680 --> 00:14:35,240 Speaker 1: manual way to consolidate your debt, and I say manually, 329 00:14:35,240 --> 00:14:37,400 Speaker 1: because you're doing the work yourself. You're the one that's 330 00:14:37,440 --> 00:14:39,640 Speaker 1: kind of doing the legwork. You're figuring out where the 331 00:14:39,640 --> 00:14:41,960 Speaker 1: best rates are, you're making the decisions to pay off 332 00:14:42,000 --> 00:14:45,120 Speaker 1: old debt, high interest rate debt, and you're taking advantage 333 00:14:45,120 --> 00:14:47,240 Speaker 1: of new low offers while at the same time having 334 00:14:47,280 --> 00:14:50,240 Speaker 1: a plan. Right, And another way that you could potentially 335 00:14:50,440 --> 00:14:53,440 Speaker 1: manually consolidate your debt on your own is to roll 336 00:14:53,560 --> 00:14:57,160 Speaker 1: some of that unsecured debt into a secure debt. That 337 00:14:57,280 --> 00:14:59,840 Speaker 1: is an option. However, you have to be very very careful. 338 00:15:00,000 --> 00:15:01,600 Speaker 1: You're gonna considering you that, all right, dumb it down 339 00:15:01,680 --> 00:15:03,760 Speaker 1: for people Matt who don't know the difference between an 340 00:15:03,840 --> 00:15:06,040 Speaker 1: unsecured and of secured debt and why is that important. 341 00:15:06,120 --> 00:15:09,200 Speaker 1: Age also unsecured debt that is a debt obligation that 342 00:15:09,240 --> 00:15:12,440 Speaker 1: you have that is not tied to an asset or collateral. So, 343 00:15:12,480 --> 00:15:14,440 Speaker 1: for instance, if you have a car loan, or if 344 00:15:14,480 --> 00:15:16,840 Speaker 1: you have a mortgage that is secured debt, credit card 345 00:15:16,840 --> 00:15:19,680 Speaker 1: debt or consumer debt or personal loan, those are unsecured 346 00:15:19,720 --> 00:15:21,800 Speaker 1: forms of debt. They're not coming for those fifty pairs. 347 00:15:21,840 --> 00:15:25,720 Speaker 1: As any optical glasses that you bought right, I love Mazennis. However, 348 00:15:25,760 --> 00:15:28,880 Speaker 1: with a secure debt that is again tied to collateral, 349 00:15:29,200 --> 00:15:31,520 Speaker 1: and so that might sound like a terrible thing because 350 00:15:31,520 --> 00:15:33,320 Speaker 1: you think, oh, man, if I don't pay my mortgage, 351 00:15:33,320 --> 00:15:36,560 Speaker 1: they can come after my house. That is very true. However, 352 00:15:36,640 --> 00:15:39,360 Speaker 1: at the same time, because you have collateral involved, you 353 00:15:39,400 --> 00:15:42,240 Speaker 1: can get a much lower rate, which is why secured 354 00:15:42,280 --> 00:15:44,920 Speaker 1: debt will look a lot more attractive when you're looking 355 00:15:44,960 --> 00:15:47,840 Speaker 1: at the interest rate only. However, that is not the 356 00:15:47,880 --> 00:15:49,760 Speaker 1: only thing you want to take into account if you're 357 00:15:49,800 --> 00:15:52,640 Speaker 1: considering a secure debt for some debt consolidation. I know 358 00:15:52,720 --> 00:15:54,000 Speaker 1: probably a lot of people at this point in the 359 00:15:54,040 --> 00:15:56,600 Speaker 1: episode of thought, well, why wouldn't I just take out 360 00:15:56,640 --> 00:15:59,200 Speaker 1: a home equity line of credit or even refinance my 361 00:15:59,240 --> 00:16:01,480 Speaker 1: mortgage if you're a homeowner in order to get a 362 00:16:01,520 --> 00:16:04,000 Speaker 1: lower interest rate overall in your debt four or five. 363 00:16:04,400 --> 00:16:07,160 Speaker 1: That's way better than exactly It makes a whole lot 364 00:16:07,200 --> 00:16:10,360 Speaker 1: of sense, right, But the whole point behind unsecured versus 365 00:16:10,360 --> 00:16:12,960 Speaker 1: secured debt is one that you need to consider carefully 366 00:16:13,160 --> 00:16:15,560 Speaker 1: because with a refinance, not only are you paying a 367 00:16:15,600 --> 00:16:17,280 Speaker 1: lot of fees in order to make that happen, but 368 00:16:17,320 --> 00:16:19,760 Speaker 1: at the same time, you're taking a debt that doesn't 369 00:16:19,760 --> 00:16:22,720 Speaker 1: have any collateral behind it and rolling that debt into 370 00:16:22,800 --> 00:16:25,360 Speaker 1: an asset that you have, and if you defaulted on 371 00:16:25,440 --> 00:16:27,800 Speaker 1: that loan, that's going to cost you your house. That's 372 00:16:27,840 --> 00:16:29,880 Speaker 1: the reason why an interest rate on a car loan 373 00:16:29,960 --> 00:16:32,400 Speaker 1: or a home loan is so much less because those 374 00:16:32,440 --> 00:16:35,560 Speaker 1: companies know they have less at risk because there is 375 00:16:35,600 --> 00:16:39,000 Speaker 1: an actual tangible asset involved. At the end of the day, Yeah, 376 00:16:39,040 --> 00:16:41,960 Speaker 1: they know we can come get your stuff exactly, which 377 00:16:41,960 --> 00:16:44,600 Speaker 1: we're joking about. But that's the terrible thing, exactly. It 378 00:16:44,640 --> 00:16:45,920 Speaker 1: happens all the time. And there are a lot of 379 00:16:45,960 --> 00:16:47,960 Speaker 1: people who think, I'm just gonna roll this credit card 380 00:16:47,960 --> 00:16:50,440 Speaker 1: debt into my home loan or a helock or home 381 00:16:50,440 --> 00:16:53,440 Speaker 1: ECHI line of credit score that lower interest rate, but 382 00:16:53,480 --> 00:16:55,840 Speaker 1: then they have trouble paying that as well, and it 383 00:16:55,880 --> 00:16:58,440 Speaker 1: leads to even bigger issues with the potential foreclosure. And 384 00:16:58,480 --> 00:17:01,200 Speaker 1: so you need to be really careful before rolling in 385 00:17:01,320 --> 00:17:04,439 Speaker 1: on secured debt and to a secured asset like your 386 00:17:04,480 --> 00:17:07,400 Speaker 1: house that could cause bigger problems than you're in right now. Miguel. 387 00:17:07,480 --> 00:17:10,160 Speaker 1: And another option that sometimes folks consider when it comes 388 00:17:10,200 --> 00:17:13,679 Speaker 1: to consolidating debt is tapping into the retirement accounts to 389 00:17:13,680 --> 00:17:16,160 Speaker 1: pay off debt. And you know what we think about that. Yeah, 390 00:17:16,200 --> 00:17:19,520 Speaker 1: this is almost always a terrible idea because you're stealing 391 00:17:19,520 --> 00:17:21,800 Speaker 1: from your future self. These are your retirement accounts. This 392 00:17:21,840 --> 00:17:24,000 Speaker 1: is money that you've set aside for you when you're older, 393 00:17:24,240 --> 00:17:25,600 Speaker 1: when you're kicking back and you don't wanta have to 394 00:17:25,600 --> 00:17:28,720 Speaker 1: work anymore. You're stealing literally from your future self to 395 00:17:28,800 --> 00:17:32,040 Speaker 1: fund lifestyle and consumption right now while you're younger. It's 396 00:17:32,040 --> 00:17:34,160 Speaker 1: just a terrible idea. And not only that, but there's 397 00:17:34,200 --> 00:17:37,280 Speaker 1: also tax implications and penalties as well that will eat 398 00:17:37,320 --> 00:17:40,080 Speaker 1: you alive if you're withdrawing those funds from a retirement 399 00:17:40,080 --> 00:17:43,600 Speaker 1: account like a four O one K or an IRA. So, Matt, 400 00:17:43,640 --> 00:17:46,480 Speaker 1: let's say you've got a traditional IRA with like forts 401 00:17:46,520 --> 00:17:49,399 Speaker 1: in it, and you've got twenty dollars worth of credit 402 00:17:49,400 --> 00:17:51,520 Speaker 1: card debt. Let's just say it's at an interest rate 403 00:17:51,520 --> 00:17:55,000 Speaker 1: of well, you might think it's pretty high. It's pretty high. 404 00:17:55,080 --> 00:17:56,680 Speaker 1: It makes a heck of a lot of sense for 405 00:17:56,760 --> 00:17:59,920 Speaker 1: me to take out twenty dollars from that I R 406 00:18:00,040 --> 00:18:02,000 Speaker 1: A in order to pay it on that debt. Well, 407 00:18:02,000 --> 00:18:04,480 Speaker 1: what you don't realize is that you're going to pay 408 00:18:04,560 --> 00:18:07,399 Speaker 1: a lot in taxes and penalties just for taking that 409 00:18:07,480 --> 00:18:10,359 Speaker 1: money out. So when you're filing your taxes at the 410 00:18:10,359 --> 00:18:13,800 Speaker 1: beginning of next year, you're in for a rude awakening. 411 00:18:14,160 --> 00:18:18,480 Speaker 1: Often the taxes and penalties can be close to of 412 00:18:18,520 --> 00:18:20,720 Speaker 1: what you took out. So you took out twenty dollars 413 00:18:20,880 --> 00:18:23,440 Speaker 1: to pay that debt off, but depending on what tax 414 00:18:23,440 --> 00:18:26,480 Speaker 1: procket you're in, that combined with the penalty that you'll pay, 415 00:18:26,800 --> 00:18:29,240 Speaker 1: could be a major chunk of that, putting you in 416 00:18:29,280 --> 00:18:31,480 Speaker 1: another bind come tax time when you don't have that 417 00:18:31,520 --> 00:18:34,200 Speaker 1: cash on hand. So that is why taking money out 418 00:18:34,240 --> 00:18:36,680 Speaker 1: of your retirement accounts, not only is it a major 419 00:18:36,760 --> 00:18:39,959 Speaker 1: hit to your future retirement plans, it also hurts you 420 00:18:40,400 --> 00:18:42,280 Speaker 1: in the near term at the same time. So Matt, 421 00:18:42,320 --> 00:18:45,560 Speaker 1: let's get into some alternatives for debt consolidation and also 422 00:18:45,640 --> 00:18:47,840 Speaker 1: kind of what people with an overwhelming amount of debt 423 00:18:47,880 --> 00:18:58,879 Speaker 1: should consider right after the break. All right, Joe, So 424 00:18:58,920 --> 00:19:01,480 Speaker 1: we've talked through a few methods, right, like some manual 425 00:19:01,520 --> 00:19:03,760 Speaker 1: methods where you can consolidate your own debt. At the 426 00:19:03,800 --> 00:19:07,040 Speaker 1: beginning we talked about consolidation companies. It made me think 427 00:19:07,119 --> 00:19:09,119 Speaker 1: of maybe an analogy a little metaphor and see if 428 00:19:09,160 --> 00:19:11,399 Speaker 1: it works out for you. Imagine if you're sitting on 429 00:19:11,400 --> 00:19:13,480 Speaker 1: the couch, you've got a bunch of trash. Let's pretend 430 00:19:13,480 --> 00:19:16,919 Speaker 1: you're a slob. What okay, pretend you're in college. You've 431 00:19:16,960 --> 00:19:19,640 Speaker 1: painted a robust picture. You're in college, and your trash. 432 00:19:19,680 --> 00:19:21,359 Speaker 1: Instead of taking it to the trash can like a 433 00:19:21,400 --> 00:19:23,320 Speaker 1: normal human being, you're taking it and you're throwing it 434 00:19:23,359 --> 00:19:25,920 Speaker 1: behind the couch. And after a while that gets disgusting 435 00:19:26,280 --> 00:19:28,720 Speaker 1: and you get overwhelmed and you're like, oh, there's trash everywhere. 436 00:19:29,000 --> 00:19:31,840 Speaker 1: You know. What I need is a special couch trash 437 00:19:31,880 --> 00:19:33,480 Speaker 1: can right next to the couch so I can put 438 00:19:33,480 --> 00:19:35,960 Speaker 1: all this trash straight into it and not have to 439 00:19:36,000 --> 00:19:38,760 Speaker 1: walk to the actual trash can. In my house, it's 440 00:19:38,760 --> 00:19:41,280 Speaker 1: like organizing your stuff but shoving it all in the 441 00:19:41,280 --> 00:19:43,080 Speaker 1: closet and then when you open the door, it just 442 00:19:43,119 --> 00:19:45,840 Speaker 1: all comes crashing exactly. Well, the fact is that extra 443 00:19:45,960 --> 00:19:47,560 Speaker 1: special trash can that you just bought to put next 444 00:19:47,560 --> 00:19:49,680 Speaker 1: to your couch it costs you money, and on top 445 00:19:49,720 --> 00:19:53,560 Speaker 1: of that, it doesn't actually eliminate the trash. It's still there, 446 00:19:53,640 --> 00:19:55,520 Speaker 1: like you still have to go through the work of 447 00:19:55,560 --> 00:19:57,520 Speaker 1: getting up and at some point you have to empty 448 00:19:57,560 --> 00:19:59,159 Speaker 1: that trash can, put your pants on, and walk it 449 00:19:59,160 --> 00:20:01,840 Speaker 1: out to the You still have to own it. And 450 00:20:01,920 --> 00:20:03,879 Speaker 1: that's sort of the way I viewed debt consolidation a 451 00:20:03,920 --> 00:20:06,159 Speaker 1: little bit. All it does is it takes it, It 452 00:20:06,280 --> 00:20:09,440 Speaker 1: reshapes it, it restructures it. But it doesn't actually eliminate 453 00:20:09,480 --> 00:20:12,000 Speaker 1: it. It It doesn't really get rid of that debt. It 454 00:20:12,119 --> 00:20:13,960 Speaker 1: just makes it so that you don't see it. It's 455 00:20:13,960 --> 00:20:16,040 Speaker 1: behind the closet door, it's in the trash can. All 456 00:20:16,040 --> 00:20:18,320 Speaker 1: that trash isn't overwhelming you. It's not spread all around 457 00:20:18,320 --> 00:20:21,480 Speaker 1: the living room anymore. But you still eventually have to 458 00:20:21,520 --> 00:20:23,119 Speaker 1: pick that trash up and put it in the trash 459 00:20:23,119 --> 00:20:25,480 Speaker 1: can and take it out the door and deconsoalivation is 460 00:20:25,480 --> 00:20:28,040 Speaker 1: taking you into that nice, neater, tidy or lower monthly 461 00:20:28,040 --> 00:20:31,240 Speaker 1: payment potentially, but it's also costing you more money in 462 00:20:31,359 --> 00:20:33,159 Speaker 1: the long run because you're paying for a lot more 463 00:20:33,240 --> 00:20:35,479 Speaker 1: years usually. Exactly, yeah, exactly. So did you like that? 464 00:20:35,600 --> 00:20:37,679 Speaker 1: I like that? I love it. It's beautiful, man. That 465 00:20:37,760 --> 00:20:39,960 Speaker 1: that's a paints a vivid picture I think for everyone. Yeah, 466 00:20:39,960 --> 00:20:41,640 Speaker 1: the whole college scene with you throwing kind of trash 467 00:20:41,680 --> 00:20:44,160 Speaker 1: pizza boxes, maybe of your of your shoulder while watching TV. 468 00:20:44,320 --> 00:20:47,040 Speaker 1: Probably more pizza boxes than a day appeals much to 469 00:20:47,080 --> 00:20:49,440 Speaker 1: my shame. All Right, so let's get into the kind 470 00:20:49,440 --> 00:20:51,520 Speaker 1: of what you should do if you find yourself in 471 00:20:51,520 --> 00:20:55,040 Speaker 1: a situation where you're looking to consolidate your debts. And 472 00:20:55,320 --> 00:20:57,080 Speaker 1: one thing that I think is really important to mention 473 00:20:57,400 --> 00:20:59,360 Speaker 1: for many folks, it could be smart to at least 474 00:20:59,400 --> 00:21:02,040 Speaker 1: reach out to to your lenders. It's in their best 475 00:21:02,040 --> 00:21:03,960 Speaker 1: interest to work with you. They don't want you to 476 00:21:04,080 --> 00:21:06,719 Speaker 1: default on the dead a credit card company or your 477 00:21:06,760 --> 00:21:08,640 Speaker 1: credit union, let's say you have a car loan with them, 478 00:21:08,720 --> 00:21:11,520 Speaker 1: they might consider spreading out your payments over a longer 479 00:21:11,520 --> 00:21:15,320 Speaker 1: period of time, or lowering your fees without you having 480 00:21:15,359 --> 00:21:18,000 Speaker 1: to pay additional money in order to do so. There 481 00:21:18,080 --> 00:21:19,840 Speaker 1: is a chance that your credit score will go down 482 00:21:19,920 --> 00:21:21,760 Speaker 1: if you reach out to your lender to work out 483 00:21:21,800 --> 00:21:24,959 Speaker 1: an alternative payoff plan, but it might still be the 484 00:21:24,960 --> 00:21:28,439 Speaker 1: best option for you, Eduel. Something else to consider when 485 00:21:28,440 --> 00:21:31,120 Speaker 1: you're reaching out to those lenders is a few weeks ago, 486 00:21:31,160 --> 00:21:33,920 Speaker 1: we released an episode on getting great customer service. When 487 00:21:33,920 --> 00:21:36,240 Speaker 1: you're talking to your lenders. It's a lot like that 488 00:21:36,280 --> 00:21:39,600 Speaker 1: you're gonna use these same interpersonal tips, except keep in 489 00:21:39,640 --> 00:21:41,400 Speaker 1: mind that you've got a lot more on the line. 490 00:21:41,440 --> 00:21:43,040 Speaker 1: There's a lot more money on the line, So you 491 00:21:43,040 --> 00:21:45,240 Speaker 1: want to make sure that you're being incredibly polite and 492 00:21:45,359 --> 00:21:49,040 Speaker 1: kind a customer service representative or in this case, a lender, 493 00:21:49,280 --> 00:21:51,120 Speaker 1: they're not gonna want to help you. They're not going 494 00:21:51,200 --> 00:21:53,680 Speaker 1: to want to cut an alternate payment plan or method 495 00:21:53,840 --> 00:21:56,960 Speaker 1: with you. If you sound entitled or if you're a jerk, 496 00:21:57,359 --> 00:21:59,840 Speaker 1: be nice, but also make sure that you're keeping detailed 497 00:21:59,880 --> 00:22:02,000 Speaker 1: No chances are you gonna be talking to all different 498 00:22:02,040 --> 00:22:03,920 Speaker 1: sorts of folks, and some folks might be willing to 499 00:22:03,960 --> 00:22:05,560 Speaker 1: help you, or you might end up making a call 500 00:22:05,640 --> 00:22:07,399 Speaker 1: the next day and you might get pushed through to 501 00:22:07,400 --> 00:22:09,320 Speaker 1: a different call center where there happens to be somebody 502 00:22:09,320 --> 00:22:11,359 Speaker 1: there that's just really nice, or maybe they have the 503 00:22:11,400 --> 00:22:13,640 Speaker 1: authority to make a call like that. You just want 504 00:22:13,680 --> 00:22:15,400 Speaker 1: to make sure that you're making it as easy as 505 00:22:15,400 --> 00:22:18,040 Speaker 1: possible for that lender to work with you. Yeah, you 506 00:22:18,040 --> 00:22:20,520 Speaker 1: could also instead of reaching out to your lender for 507 00:22:20,600 --> 00:22:22,959 Speaker 1: a debt restructuring, which is going to be better for 508 00:22:23,000 --> 00:22:24,560 Speaker 1: you in the long run, there's gonna be less of 509 00:22:24,600 --> 00:22:27,440 Speaker 1: an effect on your credit score. Your lender has more 510 00:22:27,480 --> 00:22:29,679 Speaker 1: of an interest in working with you. If you're asking 511 00:22:29,720 --> 00:22:33,200 Speaker 1: for debt settlement with a particular lender, that means paying 512 00:22:33,240 --> 00:22:35,639 Speaker 1: a lump sum and paying less than the full amount 513 00:22:35,640 --> 00:22:38,440 Speaker 1: that you owe, and lenders are just typically not inclined 514 00:22:38,520 --> 00:22:41,679 Speaker 1: to do that unless unless they just see that as 515 00:22:41,720 --> 00:22:44,040 Speaker 1: their only option in getting some of their money back. 516 00:22:44,280 --> 00:22:46,600 Speaker 1: And if you do opt to try to settle your 517 00:22:46,680 --> 00:22:49,760 Speaker 1: debt with a lender, there are other issues involved too. 518 00:22:49,800 --> 00:22:52,280 Speaker 1: There's gonna be a massive hit to your credit score 519 00:22:52,280 --> 00:22:55,120 Speaker 1: in all likelihood, and at the same time, you are 520 00:22:55,240 --> 00:22:58,600 Speaker 1: going to get a ten form from the I r 521 00:22:58,760 --> 00:23:01,520 Speaker 1: S that forgiven debt is going to look like income 522 00:23:01,560 --> 00:23:03,280 Speaker 1: and you're gonna have to pay tax on that the 523 00:23:03,280 --> 00:23:06,320 Speaker 1: following year. So there are issues when you're talking about 524 00:23:06,359 --> 00:23:08,880 Speaker 1: asking for a debt settlement with your lender. So those 525 00:23:08,920 --> 00:23:10,280 Speaker 1: are the issues that you need to be aware of 526 00:23:10,320 --> 00:23:13,479 Speaker 1: when you're thinking about asking for a debt settlement versus 527 00:23:13,520 --> 00:23:16,000 Speaker 1: a restructuring of that debt, and also with a settlement 528 00:23:16,040 --> 00:23:18,240 Speaker 1: to make sure that whatever it is that they've agreed to, 529 00:23:18,440 --> 00:23:21,000 Speaker 1: that you get that in writing an email that's totally fine, 530 00:23:21,040 --> 00:23:24,120 Speaker 1: snat chat not so good that John's gonna disappear after. 531 00:23:25,240 --> 00:23:27,760 Speaker 1: But then also even if they send it via snail mail, like, 532 00:23:27,840 --> 00:23:30,200 Speaker 1: it doesn't have to be sent in the actual paper mail. 533 00:23:30,400 --> 00:23:32,240 Speaker 1: Just know that an email is just fine as well. 534 00:23:32,359 --> 00:23:33,880 Speaker 1: By the way, we probably just got that thing wrong 535 00:23:33,880 --> 00:23:36,000 Speaker 1: about Snapchat shows you how much we know about new 536 00:23:36,040 --> 00:23:38,520 Speaker 1: media these days, right. I like Instagram stories, man, that's 537 00:23:38,560 --> 00:23:40,919 Speaker 1: what we do. Yeah, we have fun on there all right, Joe. 538 00:23:41,000 --> 00:23:44,919 Speaker 1: So that was reaching out two lenders yourself directly, and 539 00:23:44,920 --> 00:23:47,639 Speaker 1: that takes some mental strength, That takes some energy. You 540 00:23:47,720 --> 00:23:50,000 Speaker 1: might be in a position where you don't have that hope, 541 00:23:50,040 --> 00:23:52,919 Speaker 1: where you may not have that light at the end 542 00:23:52,920 --> 00:23:55,360 Speaker 1: of the tunnel. In those cases, what we would recommend 543 00:23:55,400 --> 00:23:57,760 Speaker 1: is to check out some debt counseling. That can be 544 00:23:57,840 --> 00:23:59,960 Speaker 1: a great option for you. For a lot of folks, 545 00:24:00,000 --> 00:24:01,800 Speaker 1: you feel like that they're just completely underwater. It feels 546 00:24:01,800 --> 00:24:03,840 Speaker 1: like they're drowning in their debt. And the n f 547 00:24:04,119 --> 00:24:06,600 Speaker 1: c C they're a nonprofit that will work with you 548 00:24:06,600 --> 00:24:08,879 Speaker 1: and they can help you to create a debt management 549 00:24:08,960 --> 00:24:12,240 Speaker 1: plan or a d MP. Yes, so, the National Foundation 550 00:24:12,280 --> 00:24:15,280 Speaker 1: for Credit Counseling, also known as the NFCC is the 551 00:24:15,320 --> 00:24:18,440 Speaker 1: best possible option for you to get real debt counseling 552 00:24:18,760 --> 00:24:21,080 Speaker 1: We mentioned early on in the show debt settlement companies 553 00:24:21,200 --> 00:24:24,080 Speaker 1: who oftentimes ask for big upfront fees and offer to 554 00:24:24,119 --> 00:24:26,520 Speaker 1: negotiate with your lenders for you, and how usually that 555 00:24:26,560 --> 00:24:29,120 Speaker 1: doesn't pan out well for you. Well, with the NFCC, 556 00:24:29,480 --> 00:24:33,320 Speaker 1: they actually do have some leeway to negotiate with specific 557 00:24:33,440 --> 00:24:36,560 Speaker 1: lenders on your behalf and lower interest rates and get 558 00:24:36,600 --> 00:24:39,680 Speaker 1: better terms for you. And at the same time, the 559 00:24:39,800 --> 00:24:43,679 Speaker 1: NFCC is so great because these counseling programs are almost 560 00:24:43,680 --> 00:24:46,000 Speaker 1: always free. So if you want more information, you want 561 00:24:46,000 --> 00:24:48,800 Speaker 1: to find an NFCC member agency near you, go to 562 00:24:48,920 --> 00:24:51,520 Speaker 1: NFCC dot org. There's even a phone number for you 563 00:24:51,560 --> 00:24:53,560 Speaker 1: to call it to speak to a budget counselor you know, 564 00:24:53,680 --> 00:24:55,480 Speaker 1: right now. So that's just the one place I would 565 00:24:55,480 --> 00:24:58,440 Speaker 1: turn if I had overwhelming debt. That is literally the 566 00:24:58,480 --> 00:25:01,240 Speaker 1: place I would run to as quick possible. They're kind 567 00:25:01,240 --> 00:25:03,919 Speaker 1: of like a shining beacon of hope in the in 568 00:25:04,000 --> 00:25:07,000 Speaker 1: the dark world of overwhelming debt. But Joel, you know what, 569 00:25:07,080 --> 00:25:10,600 Speaker 1: if you have just a significant amount of debt, You've 570 00:25:10,640 --> 00:25:13,080 Speaker 1: gone to the NFCC, They've worked with you, you've talked 571 00:25:13,119 --> 00:25:15,600 Speaker 1: with them. They might even advise that you know now 572 00:25:15,680 --> 00:25:16,840 Speaker 1: is the time for you to go ahead and file 573 00:25:16,880 --> 00:25:19,760 Speaker 1: for bankruptcy. That might be your only option at this point. 574 00:25:19,960 --> 00:25:23,040 Speaker 1: There's obviously a lot of negative sort of social stigma 575 00:25:23,080 --> 00:25:26,679 Speaker 1: around bankruptcy, but financially speaking, that might really be the 576 00:25:26,720 --> 00:25:29,320 Speaker 1: best option for you. And if you've identified that, you 577 00:25:29,320 --> 00:25:30,960 Speaker 1: know what this is what needs to happen, this is 578 00:25:31,000 --> 00:25:34,280 Speaker 1: what is next. Know that that is a legitimate option, 579 00:25:34,359 --> 00:25:36,240 Speaker 1: like that might be what is necessary for you to 580 00:25:36,280 --> 00:25:38,760 Speaker 1: move forward in your life while learning from the mistakes 581 00:25:38,760 --> 00:25:40,640 Speaker 1: that you've made in the past. Keep in mind, though, 582 00:25:40,680 --> 00:25:43,960 Speaker 1: that if you don't pass the means test, that bankruptcy 583 00:25:44,040 --> 00:25:46,280 Speaker 1: is not an option, and that's basically some number crunching 584 00:25:46,320 --> 00:25:48,680 Speaker 1: that they do to compare the debt that you owe 585 00:25:49,000 --> 00:25:51,159 Speaker 1: versus your income, and I think they take some assets 586 00:25:51,160 --> 00:25:53,280 Speaker 1: into account as well. You had one thing to note 587 00:25:53,359 --> 00:25:56,400 Speaker 1: on bankruptcy. If student loans are one of the major problems, 588 00:25:56,440 --> 00:25:59,600 Speaker 1: the major debts hanging over your head, it's very very 589 00:25:59,640 --> 00:26:02,960 Speaker 1: difficult for student loans to be discharged in bankruptcy. So 590 00:26:03,000 --> 00:26:05,720 Speaker 1: if that's a big factor in your overall debt burden, 591 00:26:05,800 --> 00:26:07,679 Speaker 1: one of the things that's weighing you down, just know 592 00:26:07,840 --> 00:26:09,560 Speaker 1: that that is not one of the things that will 593 00:26:09,600 --> 00:26:12,960 Speaker 1: be forgiven when it comes to bankruptcy in all likelihood. Yeah, 594 00:26:13,000 --> 00:26:15,160 Speaker 1: that's a huge bomber man. And also know that you 595 00:26:15,200 --> 00:26:18,480 Speaker 1: are required to get credit counseling at least six months 596 00:26:18,480 --> 00:26:21,720 Speaker 1: prior to filing for bankruptcy. And there's a link of 597 00:26:21,800 --> 00:26:24,760 Speaker 1: government approved counseling agencies and will link to that in 598 00:26:24,760 --> 00:26:27,960 Speaker 1: our show notes. Most of these are going to be nonprofits. 599 00:26:28,000 --> 00:26:29,879 Speaker 1: But also keep in mind that just because it's a 600 00:26:29,920 --> 00:26:32,879 Speaker 1: nonprofit doesn't mean that they won't charge or that it 601 00:26:32,920 --> 00:26:35,600 Speaker 1: may not be affordable for you. They're just not out 602 00:26:35,640 --> 00:26:40,280 Speaker 1: for profit, say like a debt consolidation company might be. Yeah. Man, 603 00:26:40,359 --> 00:26:42,720 Speaker 1: that's a real serious undertaking that a lot of people 604 00:26:42,760 --> 00:26:45,120 Speaker 1: have had two at different times in their lives. Consider 605 00:26:45,560 --> 00:26:47,760 Speaker 1: I know it affects families in a major way, and 606 00:26:47,760 --> 00:26:50,359 Speaker 1: and just real quickly, to be honest, I've known that 607 00:26:50,359 --> 00:26:53,000 Speaker 1: because it affected me as a kid. It affected our family, 608 00:26:53,359 --> 00:26:55,199 Speaker 1: and so yeah, I just wanted to mention that that 609 00:26:55,280 --> 00:26:57,280 Speaker 1: it's not something we take lightly and I know it's 610 00:26:57,280 --> 00:26:58,720 Speaker 1: a hard thing, and so yeah, I just wanted to 611 00:26:58,760 --> 00:27:00,880 Speaker 1: say that real quick, let's not the labored the point 612 00:27:00,880 --> 00:27:02,680 Speaker 1: on that. Just know that it is an option if 613 00:27:02,680 --> 00:27:05,160 Speaker 1: that's in a worst case scenario, right, But let's get 614 00:27:05,160 --> 00:27:06,920 Speaker 1: back to this beer, Matt. We did drink a beer 615 00:27:06,920 --> 00:27:10,040 Speaker 1: called Secret Lovers the sequel. It's a New England style 616 00:27:10,119 --> 00:27:13,400 Speaker 1: double I p A by It's a collaboration and man, 617 00:27:13,440 --> 00:27:15,639 Speaker 1: this was sent to us by listener Naomi. It was 618 00:27:15,680 --> 00:27:18,159 Speaker 1: a delightful beer. Do do you think we will ever 619 00:27:18,160 --> 00:27:20,119 Speaker 1: get tired of drinking New England Style? I p A. 620 00:27:20,160 --> 00:27:22,639 Speaker 1: It's like, right now, we love that style, but do 621 00:27:22,640 --> 00:27:24,720 Speaker 1: you think it's just a fad two or three, four 622 00:27:24,760 --> 00:27:26,400 Speaker 1: years from now? Do you think we're gonna look back 623 00:27:26,440 --> 00:27:28,320 Speaker 1: and say, man, we were so dumb for how much 624 00:27:28,400 --> 00:27:30,720 Speaker 1: of those beers that we drink? I don't think so. 625 00:27:30,920 --> 00:27:33,159 Speaker 1: I really feel like this is the style that I 626 00:27:33,160 --> 00:27:35,080 Speaker 1: could drink three or four nights a week and not 627 00:27:35,119 --> 00:27:37,080 Speaker 1: get tired of. But you know what, like you said, 628 00:27:37,119 --> 00:27:38,680 Speaker 1: maybe in four years, I'll be like, what a n idiot, 629 00:27:38,680 --> 00:27:41,119 Speaker 1: I'm so tired of those beers. I just love drinking 630 00:27:41,119 --> 00:27:44,760 Speaker 1: this And honestly, this was a quintessential reflection of that style. 631 00:27:45,040 --> 00:27:47,520 Speaker 1: It had that amazing hop nose which just a little 632 00:27:47,520 --> 00:27:49,399 Speaker 1: bit of sweetness. It made it one of those that 633 00:27:49,480 --> 00:27:52,280 Speaker 1: you felt like you could kind of sip in rapid fashion. Yeah. Well, 634 00:27:52,320 --> 00:27:53,720 Speaker 1: at the same time, it just had a ton of 635 00:27:53,760 --> 00:27:56,440 Speaker 1: juiciness going on, which is part of why I definitely 636 00:27:56,560 --> 00:28:01,600 Speaker 1: rapidly drank mine. Amusto. Really a thirsty this, buddy, I 637 00:28:01,600 --> 00:28:03,639 Speaker 1: need to have a water glass over here. I do 638 00:28:03,720 --> 00:28:06,560 Speaker 1: think that that plays into how much I enjoy a beer, 639 00:28:06,640 --> 00:28:09,560 Speaker 1: because if I'm particularly thirsty, I find that I really 640 00:28:09,600 --> 00:28:11,680 Speaker 1: like a beer. But if I'm not that thirsty, you 641 00:28:11,720 --> 00:28:14,200 Speaker 1: think I could do without. I personally enjoy a beer 642 00:28:14,240 --> 00:28:16,040 Speaker 1: like this over an extent of period of time, any 643 00:28:16,080 --> 00:28:18,040 Speaker 1: sort of good beer, which is what we're drinking, you know, 644 00:28:18,119 --> 00:28:20,399 Speaker 1: pretty much all the time. It's only really good beers. 645 00:28:20,720 --> 00:28:24,040 Speaker 1: I love drinking it slowly over the whole night. Drinking 646 00:28:24,080 --> 00:28:26,480 Speaker 1: like eight ounces of beer over a whole evening is 647 00:28:26,520 --> 00:28:28,480 Speaker 1: totally fine with me. I'm not. It's more about the 648 00:28:28,520 --> 00:28:30,560 Speaker 1: quality for me, Like the quantity Righteah, me too, But 649 00:28:30,600 --> 00:28:33,040 Speaker 1: I just wish I had more quantity of this because 650 00:28:33,400 --> 00:28:36,360 Speaker 1: it's delicious it is, and I'm really thirsty. So well, 651 00:28:36,400 --> 00:28:38,720 Speaker 1: I agree. So we'll have to try more from from 652 00:28:38,760 --> 00:28:42,120 Speaker 1: these breweries in North Carolina for sure at some point. Yeah, 653 00:28:42,160 --> 00:28:44,720 Speaker 1: this is my first ever Wilmington's brewing beer, and I 654 00:28:44,760 --> 00:28:46,880 Speaker 1: hope it's not my last. I completely agree with you, 655 00:28:46,960 --> 00:28:49,320 Speaker 1: my friend. All right, let's get to our final thoughts 656 00:28:49,400 --> 00:28:51,560 Speaker 1: on the subject that we tackled today, Matt. The truth 657 00:28:51,600 --> 00:28:55,520 Speaker 1: about debt consolidation. The best consolidation options out there are 658 00:28:55,640 --> 00:28:59,080 Speaker 1: once that simplify your life and lower your costs, and 659 00:28:59,120 --> 00:29:01,040 Speaker 1: that can be hard to chief. The key is to 660 00:29:01,080 --> 00:29:05,760 Speaker 1: avoid taking on new debt or massively prolonging your payback period. Also, 661 00:29:05,800 --> 00:29:09,040 Speaker 1: be very wary of debt settlement companies and anyone that 662 00:29:09,040 --> 00:29:11,520 Speaker 1: tells you to stop paying your debts and to pay 663 00:29:11,600 --> 00:29:14,440 Speaker 1: them an upfront fee. That's a recipe for disaster. And 664 00:29:14,480 --> 00:29:17,280 Speaker 1: also make sure that part of your plan, a huge 665 00:29:17,280 --> 00:29:19,880 Speaker 1: part of your plan, is to address the core issues, 666 00:29:19,920 --> 00:29:21,840 Speaker 1: the root issues of why you have debt in the 667 00:29:21,880 --> 00:29:24,480 Speaker 1: first place, and that you're not just treating the symptoms 668 00:29:24,520 --> 00:29:26,280 Speaker 1: of the payments that you can't afford. Right now, we 669 00:29:26,360 --> 00:29:28,960 Speaker 1: talked about opening a new card and taking advantage of 670 00:29:28,960 --> 00:29:31,120 Speaker 1: a zero present interest rate and just kind of shuffling 671 00:29:31,120 --> 00:29:33,600 Speaker 1: your moving your debt around, and that's literally what you're doing. 672 00:29:33,640 --> 00:29:36,240 Speaker 1: It's it's like rearranging the chairs on the deck of 673 00:29:36,240 --> 00:29:39,040 Speaker 1: the Titanic. But hopefully you're done edited in the same 674 00:29:39,040 --> 00:29:41,320 Speaker 1: direction exactly. But if you because if you don't have 675 00:29:41,360 --> 00:29:43,160 Speaker 1: a plan, like you're sinking. You can make it as 676 00:29:43,200 --> 00:29:45,280 Speaker 1: pretty as you want, and on the surface it might 677 00:29:45,320 --> 00:29:47,520 Speaker 1: look better for a second, but you've got to get 678 00:29:47,560 --> 00:29:50,040 Speaker 1: to the deeper core issues of spending and how you 679 00:29:50,160 --> 00:29:51,840 Speaker 1: viewed debt in the first place. Yeah, you gotta get 680 00:29:51,880 --> 00:29:54,120 Speaker 1: some of that Jocko discipline right at the same time. 681 00:29:54,400 --> 00:29:57,200 Speaker 1: And also, don't forget the NFCC is the best and 682 00:29:57,280 --> 00:29:59,479 Speaker 1: only place that we could tell people to go uh 683 00:29:59,520 --> 00:30:01,360 Speaker 1: a nonp off it that will work with you if 684 00:30:01,400 --> 00:30:03,200 Speaker 1: you're in over your head when it comes to your debt. 685 00:30:03,360 --> 00:30:05,840 Speaker 1: So we'll put a link to the nfcc's website in 686 00:30:05,840 --> 00:30:07,600 Speaker 1: our show notes as well, and you can find those 687 00:30:07,600 --> 00:30:10,320 Speaker 1: show notes for this episode on our website how to 688 00:30:10,440 --> 00:30:13,120 Speaker 1: money dot com. And Joel and I we would love 689 00:30:13,160 --> 00:30:16,920 Speaker 1: to find a five star review from you on Apple Podcasts, 690 00:30:17,200 --> 00:30:19,520 Speaker 1: but only if you really enjoy this episode. You see, 691 00:30:19,560 --> 00:30:22,320 Speaker 1: like Uncle Sam right now, we need you, We need 692 00:30:22,360 --> 00:30:24,680 Speaker 1: you to do this, but for real though, we've had 693 00:30:24,720 --> 00:30:27,640 Speaker 1: a lot of reviews recently and we are incredibly thankful 694 00:30:27,680 --> 00:30:29,880 Speaker 1: for all of our listeners out there. We read those 695 00:30:30,000 --> 00:30:32,360 Speaker 1: and we treat that as feedback, while at the same 696 00:30:32,360 --> 00:30:34,320 Speaker 1: time it's incredibly helpful for getting the word out for 697 00:30:34,320 --> 00:30:36,160 Speaker 1: those who haven't found the show yet, for those who 698 00:30:36,160 --> 00:30:39,240 Speaker 1: don't have their personal finances in order, those reviews help 699 00:30:39,320 --> 00:30:41,200 Speaker 1: us to reach them. And if you do feel like 700 00:30:41,280 --> 00:30:43,360 Speaker 1: that we have some room for improvement, we would also 701 00:30:43,440 --> 00:30:45,200 Speaker 1: love to hear from you. Hit us up on our 702 00:30:45,200 --> 00:30:48,120 Speaker 1: website at how to money dot com slash do Better. 703 00:30:48,560 --> 00:30:50,520 Speaker 1: But that's gonna be it for this episode, Joel, that's 704 00:30:50,520 --> 00:30:53,400 Speaker 1: fry buddy. Until next time, Best Friends Out, Friends Out, 705 00:31:00,080 --> 00:31:01,920 Speaker 1: m m m