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Speaker 1: All right, Well, this is one of my favorite segments.

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Speaker 1: And I've been doing this just as long as asky

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Speaker 1: I feel like, or maybe a little bit shorter, but

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Speaker 1: Wealth Wednesdays. My partner, Stacy Tisdale is here with me.

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Speaker 1: It is an honor to have been doing this with

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Speaker 1: you this long. Yes, what we've done and it's important work,

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Speaker 1: and today we're really excited to do some credit counseling

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Speaker 1: one oh one. We made that it is National Credit

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Speaker 1: Education Month, and who better to sit with us than

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Speaker 1: Barry Coleman, the vice president of Vice President Education National

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Speaker 1: Foundation for Credit Counseling in other words, the NFCC. Right,

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Speaker 1: the NFCC actually started National Credit Education Month, so we

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Speaker 1: really have the expert and NFCC, Barry, I'll tell you

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Speaker 1: what they do, but among other things, they provide free

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Speaker 1: credit counseling, which is one of the reasons we wanted

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Speaker 1: to have them here with you all to close out

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Speaker 1: National Credit Education Month. And starting with that, Barry, why

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Speaker 1: don't you tell us why you're organization one to highlight

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Speaker 1: March for Credit Education Month, where it was thought it

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Speaker 1: was important to do that, and what do you think

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Speaker 1: of where we kind of stand with credit right now

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Speaker 1: in this country. Yeah. So, the NFCC promotes financial education

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Speaker 1: across the country in all areas that we serve, and

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Speaker 1: we felt it was important to highlight credit education because

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Speaker 1: we feel it oftentimes there's misinformation that is available and

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Speaker 1: oftentimes people may not have a thorough understanding of the

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Speaker 1: importance of credit education to their everyday lives. And so

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Speaker 1: we helped to create Financial Education Month to highlight the

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Speaker 1: importance of credit education and to encourage consumers to learn

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Speaker 1: as much as they can about how to handle their

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Speaker 1: credit and a responsible manner. All right, Well, we're excited

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Speaker 1: that some people wrote in some questions actually from our listeners.

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Speaker 1: But before we get into that, m let's just talk

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Speaker 1: about the importance of credit in a person's life. Sometimes

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Speaker 1: people feel like debt is not a good thing and

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Speaker 1: if I can't pay for it with cash, I shouldn't

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Speaker 1: do it at all. Yeah, I would say, you know,

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Speaker 1: credit is an instrument that can help consumers in their

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Speaker 1: daily lives. You know, we don't believe that should be

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Speaker 1: utilized in every situation, but obviously there there are situations

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Speaker 1: where credit can be important and it can be an

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Speaker 1: end to a means. You know, certainly you know, most

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Speaker 1: people can't pay for a home in Castle Bae. Loans

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Speaker 1: most people can't Mortgage loans are important. You know, cars

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Speaker 1: can be very expensive, and so that's another area where

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Speaker 1: you know, credit is important because it helps someone to

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Speaker 1: obtain a vehicle that you know, they can use to

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Speaker 1: get back and forth to work and such. Credit card debt,

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Speaker 1: oftentimes is where we see individuals run into trouble. You know,

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Speaker 1: it's very easy to use you know, reach into your wallet,

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Speaker 1: pull out a credit card, and pay for a purchase

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Speaker 1: with that that credit card. And what we find is

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Speaker 1: over time, as the interest and crew a cruise, it

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Speaker 1: becomes sometimes more difficult for people to repay um for

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Speaker 1: those particular purchases. So individuals that consider using credit cards

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Speaker 1: should think about the cost over the term of that

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Speaker 1: particular purchase. You know, if you're buying something that's a

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Speaker 1: that's a thousand dollars and you pay for it with

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Speaker 1: the credit card and you make the minimum payments, well

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Speaker 1: you're paying a lot more than a thousand dollars for

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Speaker 1: that particular item. So they really need to step back

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Speaker 1: and think about, Okay, is this really worth this thousand,

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Speaker 1: twelve hundred fifteen hundred dollars that this item may eventually

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Speaker 1: cost me because I put it on a credit card.

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Speaker 1: We know people, particularly in our community, they're sometimes using

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Speaker 1: credit cards just to make ends meet. I think according

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Speaker 1: to the Federal Reserve, more than half of black and

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Speaker 1: Hispanic Americans have poor or no credit, and when it

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Speaker 1: comes to consumer credit like credit cards, that makes up

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Speaker 1: over forty four percent of all debt for black consumers.

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Speaker 1: So where does the person who's sitting on five figures

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Speaker 1: and credit card debt but they're only earning fifty sixty

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Speaker 1: thousand dollars a year, where do they begin? I think

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Speaker 1: they begin by developing a plan. I mean, obviously, they

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Speaker 1: don't want the burden of this credit hanging over their

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Speaker 1: heads forever, and so they need a plan to address

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Speaker 1: just exactly how they're going to go about repaying paying

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Speaker 1: this debt. I mean, obviously, you know, most of us

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Speaker 1: have goals and aspirations, and sometimes, you know, having too

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Speaker 1: much debt can be a hindrance to those goals and aspirations.

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Speaker 1: In order to reach your goals, you want to be

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Speaker 1: able to address this credit in a structured way, and certainly,

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Speaker 1: you know, speaking to a nonprofit credit counselor could be

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Speaker 1: a good place to start. As Angela mentioned, you know,

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Speaker 1: our agencies provide credit counseling sessions, typically free of charge,

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Speaker 1: and we sit down with consumers to help them to

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Speaker 1: develop a plan of action to address their financial situation

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Speaker 1: and come away with education that will help them to

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Speaker 1: spend more wisely and to use credit more wise. Can

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Speaker 1: we talk about these higher interest rates too, since we're

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Speaker 1: talking about getting our debt under control. We've been hearing

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Speaker 1: a lot about that with what's happened with Silicon Value Bank,

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Speaker 1: Signature Bank. And how does these higher interest rates affect

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Speaker 1: the average person? Yeah, they certainly have an impact on

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Speaker 1: the average person, especially if someone has credit card debt

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Speaker 1: and their current balances every month. So, just to put

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Speaker 1: this into context, the average interest rates on credit card

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Speaker 1: debt have soort to nearly twenty percent from just over

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Speaker 1: sixteen percent at the beginning of last year, and that's

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Speaker 1: the largest one year increase four decades since those rates

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Speaker 1: have been tracked. Now, this partially influenced by the Federal

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Speaker 1: reserves increasing interest rate over the past year or so,

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Speaker 1: and that was designed to help put inflation into check.

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Speaker 1: We all are familiar with rise costs of everyday things,

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Speaker 1: and so the Federal Reserve has really one strategy when

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Speaker 1: it comes to reducing inflation, and that's increasing interest rates

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Speaker 1: to sort of slow down spending. Now, the Federal Reserve

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Speaker 1: doesn't directly dictate how much interest someone pays on credit

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Speaker 1: card debt, but the FED rate is the basis for

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Speaker 1: the banks prime rate, and in combination with other factors

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Speaker 1: such as credit score, the prime rate helps to determine

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Speaker 1: the annual percentage rate on a credit card, and most

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Speaker 1: credit cards are variable interest rates mean they fluctuate as

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Speaker 1: their changes in the market and changes to the Federal

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Speaker 1: funds rate. In addition to that, all of the scrutiny

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Speaker 1: banks are coming under now right now because of Silicon Valley,

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Speaker 1: they're going to be tougher on people when it comes

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Speaker 1: to giving out loans and credit. And that's one of

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Speaker 1: the reasons we wanted to talk to you today because

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Speaker 1: it's really more important now than it has been in

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Speaker 1: a while that you have your credit situation straight. Yes, yes,

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Speaker 1: that you know that is certainly causing credit issuers to

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Speaker 1: you look at their operations, look at their lending criterias,

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Speaker 1: and to determine whether or not they are open to

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Speaker 1: adverse risk. I mean, the situation with Silicon Valley is

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Speaker 1: that they were open to risk. Interest rates had a

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Speaker 1: big impact on their operations. And as such, regulators have

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Speaker 1: been scrutinizing these financial institutions, especially those that appear to

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Speaker 1: show some significant risk. And so as a result, lenders

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Speaker 1: are going to become more more cautious when it comes

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Speaker 1: to their loan terms and such, and so they may

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Speaker 1: tighten the requirements in order for someone to be issued credit.

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Speaker 1: And that's why it's, to your point, utterly important that

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Speaker 1: consumers make sure that their credit profiles are appealing to lenders.

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Speaker 1: And that's you know, making sure that they use credit

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Speaker 1: in a wise and responsible way and that they pay

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Speaker 1: their bills on time if they have credit and instruments. Now,

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Speaker 1: that is so so important, and that's something that our

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Speaker 1: organization stresses quite frequently. That's something on time bill payment. Yeah,

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Speaker 1: Angela and I are founding partners of a credit building

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Speaker 1: initiative called Stellar Fi. And one of the first things

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Speaker 1: we did was within this organization, say we wanted to

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Speaker 1: partner with the NFCC because you provide free one on

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Speaker 1: one credit counseling to Stellar Fi users. That means when

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Speaker 1: you just go up go to stellar fi dot com,

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Speaker 1: which helps you build your credit score by paying, we

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Speaker 1: pay your bills on your behalf. We report those payments

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Speaker 1: to the credit bureaus, and that on time bill payment

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Speaker 1: is what helps your credit score so much. We've had

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Speaker 1: a lot of our users see a forty point jump

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Speaker 1: in one month. So we got a couple of things

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Speaker 1: to break down there. But first tell our audience how

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Speaker 1: important on time bill payment is to their overall credit Yeah.

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Speaker 1: So on time bill payment is the number one factor

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Speaker 1: that is to determine one's credit score. It amounts for

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Speaker 1: sixty I'm sorry, thirty five percent of the overall credit

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Speaker 1: credit score. So when someone has credit and they make

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Speaker 1: their payments on time, it positively influences their their credit score.

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Speaker 1: If they're laid on payments and start missing payments, that's

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Speaker 1: where it's going to adversely affect the individual and their

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Speaker 1: overall credit score. So it's the number one factor, amounts

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Speaker 1: for thirty five percent of the overall credit score. And

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Speaker 1: I won't lie. I was just showing Stacy my credit score,

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Speaker 1: and my credit score just jumped incredibly just because one

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Speaker 1: of my old like I didn't pay a bill on

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Speaker 1: time and it was like five years ago and it

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Speaker 1: was just really a few days late, but it really

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Speaker 1: affected my credit score. So now my credit score jumped

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Speaker 1: up over thirty points, you know, just from that. I

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Speaker 1: guess it dropped off. That's the kind of stuff you

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Speaker 1: help people, right when someone comes for these one on

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Speaker 1: one credit counseling sessions. She did it herself, but that's

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Speaker 1: one of the things they look for, right, Yeah, that's

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Speaker 1: one of the things that we help, you know, by

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Speaker 1: first of all providing that education, so folks know what

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Speaker 1: impacts the credit score, and you know, stressing the on

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Speaker 1: time payments. And there are some situations where individuals will

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Speaker 1: will come to us and they're burdened with credit card

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Speaker 1: debt and they're having problems making those minimum monthly payments.

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Speaker 1: And we have a tool called a debt management plan,

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Speaker 1: which is a structured repayment plan where the consumer would

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Speaker 1: make one monthly payment to us, and then we disperse

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Speaker 1: those payments to the creditors. Those creditors have offered reduced

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Speaker 1: monthly payments and interest rates to make the repayment more affordable.

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Speaker 1: But what happens when that consumer makes their payment through us,

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Speaker 1: We send those payments to the creditors on a monthly basis,

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Speaker 1: are establishing that on time, you know, payment history, and

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Speaker 1: over time, that's going to help greatly in improving that

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Speaker 1: overall overall credit score and checking doing things like helping

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Speaker 1: people check for errors on their credit reports, make sure

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Speaker 1: you get your credit report and know your credit score

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Speaker 1: and all of those things. Yeah, so you know, consumers

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Speaker 1: have available the opportunity to get one free credit report

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Speaker 1: from each of the three major credit reporting agents experiencing experience, TransUnion,

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Speaker 1: and Equifax on an annual basis, so that they can

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Speaker 1: review that credit report, you know, look for eras, dispute

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Speaker 1: things that are incorrect. Now I will I will say

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Speaker 1: the annual credit report that's free does not include the

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Speaker 1: credit score. So oftentimes those credit bureaus will offer the

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Speaker 1: credit score as an add on to that that free

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Speaker 1: credit report, but it's usually a nominal fee. And the

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Speaker 1: important thing to note though, is that the credit score

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Speaker 1: is created from whatever appears on that credit report, So

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Speaker 1: it's important that credit report is accurate. It's important that

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Speaker 1: consumers work to improve anything that maybe detrimental on that

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Speaker 1: credit report, because that's going to have a direct correlation

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Speaker 1: to the credit score, and it's a good way to

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Speaker 1: make sure nobody's using your identity identity. Yeah, that's why

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Speaker 1: you have to because sometimes people have no idea. It

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Speaker 1: could be a family member or a stranger. That's why

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Speaker 1: you need to make sure you check. And we do

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Speaker 1: have some questions, yes, from our listeners, that we want

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Speaker 1: to make sure we get to because I know, first

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Speaker 1: of all, thank you mister Coleman for joining us today.

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Speaker 1: But all right, listeners are really excited. They have some

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Speaker 1: great questions. Yep, okay, And just before we jump into that,

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Speaker 1: I wanted to say that with this partnership, when you

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Speaker 1: sign up for our forgetstellar fi dot com before you

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Speaker 1: even pick a plan, you get a credit I do

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Speaker 1: a free credit report, and you get a free one

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Speaker 1: on one credit counseling session that was very important to

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Speaker 1: Angela Knight. So you can go to get stellar fi

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Speaker 1: dot Com to sign up for that, and until Friday

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Speaker 1: at midnight, if you use the code way up, you

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Speaker 1: will get a five dollar credit for signing up for

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Speaker 1: one of the plans after you link the first bill.

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Speaker 1: So this is just till Friday at midnight, and you

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Speaker 1: can go to get stellar fi dot com free one

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Speaker 1: on one counseling session with the NFCC and your credit

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Speaker 1: scorever go way up. Yeah, and that's one of the

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Speaker 1: you know, reasons that we really wanted to partner with

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Speaker 1: you all. Our first question is from John Brown, and

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Speaker 1: he wants to know how badly does being one day

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Speaker 1: late on a credit card payment affect my credit score?

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Speaker 1: It could, um it could adversely affect the credit score

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Speaker 1: typically one day, one day, one day, it could um

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Speaker 1: It all depends on the on the the credit issuer

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Speaker 1: and how they report that that late pay to the

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Speaker 1: credit bureau. Some of them will will give you a

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Speaker 1: little little leeway and if you know, if you if

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Speaker 1: you're more than thirty days late, then that's when they

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Speaker 1: start reporting. But one day late could actually theoretically affect

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Speaker 1: someone's credit score in a negative if they want to

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Speaker 1: be a jerk and then they should call. You'll call

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Speaker 1: you like a thousand times. I'm not gonna lie. I'm

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Speaker 1: still bitter about this one because none was like a

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Speaker 1: week late. I really just forgot and I don't know,

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Speaker 1: like I don't think you can. Yeah, I just forgot.

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Speaker 1: I think I didn't get the email because I do

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Speaker 1: everything online and I didn't get the email, and then

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Speaker 1: it was on my credit score for so long. It's

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Speaker 1: for like five years. Yeah, and I think some of

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Speaker 1: them drop off faster than others. So it dropped off

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Speaker 1: of my TransUnion, but it's still on, you know, on

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Speaker 1: Equifax and on Experience. Yeah. Those those those negative actions

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Speaker 1: on a credit report can stay on the credit report

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Speaker 1: for up to seven years. Now. They impact the score

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Speaker 1: lesser over time. So if you if you had a

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Speaker 1: late payment reported, say last month, and another late payment

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Speaker 1: that was reported, say two years ago, the one that

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Speaker 1: occurred last month will have more of a negative impact

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Speaker 1: than the one that happened two years ago. So over

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Speaker 1: time it factors in in less. See, if you would

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Speaker 1: have had a free one on one, they would have

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Speaker 1: done that for you. And I didn't know because I

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Speaker 1: wasn't even checking my credit report, which is why I'm

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Speaker 1: glad I do now. I make sure I check it

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Speaker 1: every single month just to see what's on it. Checking it.

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Speaker 1: I'm not kidding, I did. It's very important to do.

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Speaker 1: I mean, think about all of the situations of fraud

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Speaker 1: that occurred so many now days. Yeah, I mean it's

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Speaker 1: happened to me and you know the fact that I

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Speaker 1: was able to catch it early. You know, I was

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Speaker 1: able to actually do something about it. See it happened

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Speaker 1: to him, Yeah, NFCC, it could happen to you also. Okay,

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Speaker 1: you got some more questions. Um, do I have them here?

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Speaker 1: I don't have them here? You have you look, you

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Speaker 1: get those ready? And all right? This one is from

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Speaker 1: Uncle Jay. Does medical debt get reported to credit bureaus? Yes? Um,

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Speaker 1: medical debt can be reported to credit bureaus. Um. You know,

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Speaker 1: there's been some some talk about changing laws so that

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Speaker 1: medical debt does not have as much of an impact

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Speaker 1: on someone's credit as it has in the past. Um,

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Speaker 1: But it can be reported to the credit bureau. It

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Speaker 1: all depends on really the medical provider. You know, some

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Speaker 1: will and some won't. I would say situations where that

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Speaker 1: medical debt has been turned over to a collection agency,

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Speaker 1: those are probably at times where you're going to see

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Speaker 1: it reported to the credit bureau. And collection accounts have

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Speaker 1: an even more of an adverse effect on someone's someone's credits.

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Speaker 1: So once they start threatening you with this is going

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Speaker 1: to be sent to collections, you have to measure. You

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Speaker 1: want to do that, you want to act and I

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Speaker 1: found that most medical providers, you know, if you call

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Speaker 1: them and talk to them and you work out arrangements,

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Speaker 1: then they won't report it. And I took people freak

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Speaker 1: out at medical bills because usually they're so huge, but

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Speaker 1: they don't carry interest in most hospitals and stuff. They

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Speaker 1: just want to get paid. So if you call them,

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Speaker 1: that's like that. It's not good that of course obviously

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Speaker 1: to be in that kind of situation, but it's it

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Speaker 1: doesn't cost you interest, so don't pan a call out.

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Speaker 1: They will they will always work it out. I can

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Speaker 1: speak to all these things because I've been in all

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Speaker 1: these situations, okay, And you know, I think that's that's

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Speaker 1: an important example to follow too. You know, if someone's

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Speaker 1: experiencing issues with debt, you know, no matter what type

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Speaker 1: of dat it is, if you act on it's sooner

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Speaker 1: rather than later, and be proactive and call your creditors

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Speaker 1: and talk to your creditors. You know, many of them

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Speaker 1: are willing to work with you, and oftentimes you can,

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Speaker 1: you know, avoid any negative consequences if you were able

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Speaker 1: to do that. And mentally, it can be really hard

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Speaker 1: when you have all these people calling your phone and

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Speaker 1: you're out and You're like who is it? What number

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Speaker 1: is calling me? And then you're like hello, They're like Hi,

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Speaker 1: can I speak to and then you have to disguise

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Speaker 1: your voice to pretend you're not you. You know, nobody

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Speaker 1: wants have to do with those things about Yeah, that

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Speaker 1: was one we spoke yesterday, Barry Um. One other thing

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Speaker 1: about the counseling you'd like, you want to stress to

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Speaker 1: people it's a judgment free zone, right, absolutely, absolutely, we

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Speaker 1: you know, we understand that things happen and people experience

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Speaker 1: situations sometimes that cause them to get behind on their

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Speaker 1: their bills and may damage their credit. You know, we're

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Speaker 1: not We're not there to judge anymore. We're there to help,

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Speaker 1: you know. We we don't care about the path as

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Speaker 1: much as okay, what can we do to help you

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Speaker 1: to move forward? And so all of our counseling sessions

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Speaker 1: are are confidential, they're non judgmental. We're there to help

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Speaker 1: and to be supportive, and you know, we get a

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Speaker 1: lot of pleasure out of helping helping people, and so

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Speaker 1: you know, we always encourage folks reach out to us.

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Speaker 1: Let's see what we can do to help. All right,

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Speaker 1: here's another question from Carly, how do you build credit

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Speaker 1: with no credit history? Yeah, you have to establish credit

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Speaker 1: history over over time, and you know that may be

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Speaker 1: you know, finding a credit issuer that's willing to you know,

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Speaker 1: give you credit. Sometimes, you know, store credit cards are

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Speaker 1: somewhat easy easier to get. Um, there are secured credit

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Speaker 1: cards where you put a deposit down with the bank

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Speaker 1: and they issue you a credit card based on the

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Speaker 1: amount of your deposit and as you make your payments,

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Speaker 1: that's how you build your credit history. So there are

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Speaker 1: ways to do it, and certainly, you know you mentioned

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Speaker 1: the stellified product. The stellified product will look at some

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Speaker 1: of them less additional types of bills and report those

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Speaker 1: to the credit bureaus. So that's another way, Thank you Netflix,

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Speaker 1: right child support gym membership. Yeah, the point of Stellar

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Speaker 1: five was it seemed like a paradox that you had

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Speaker 1: to have credit to build credit and the whole you

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Speaker 1: know there the founder that you know, Angela and I

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Speaker 1: totally adore and you know, set out on this journey

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Speaker 1: with he wanted to find a way that people can

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Speaker 1: get credit by using bills they already have. So everybody

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00:21:31,359 --> 00:21:34,040
Speaker 1: really checked that out at get stellar fi dot com.

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Speaker 1: But we got more questions. Um, I think you have

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Speaker 1: them in your phone. Now I got these we have

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Speaker 1: and oh you know what along with that one establishing credit?

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Speaker 1: What if say I have a credit card and I

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Speaker 1: add somebody to my credit card, Well, they then get

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Speaker 1: my credit history, Yeah, as an as an authorized user.

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Speaker 1: If you add someone to a credit account as an

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Speaker 1: authorized user, they could gain the benefits of your positive

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Speaker 1: credit history. So yeah, that that can help. Okay, watch

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Speaker 1: that with your boyfriends and your girls. Yeah, be cautious

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Speaker 1: about it. Yeah, but that's good for our parents, I

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Speaker 1: think with their kids too, Like if you want to

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Speaker 1: help your your child improve their credit score, and you

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Speaker 1: trust them and you have a plan, and that could

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Speaker 1: be something that really does work. Absolutely, Yeah, don't. I

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Speaker 1: hope my son's not getting any ideas from that not happening,

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Speaker 1: get it, Chris, Okay, we have a message. I'm really

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Speaker 1: messing up. This name is Cela Mundo. What happens if

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Speaker 1: I stop using a credit card? Overall? Does it hurt me? Oh?

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Speaker 1: That necessarily? I mean the only way that it impacts

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Speaker 1: is that there is no there are no charges that

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Speaker 1: are occurrent on the credit cards, so there are no

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Speaker 1: payments that you can benefit from making that positive payment history,

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Speaker 1: but overall it doesn't hurt you. As a matter of fact,

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Speaker 1: if you have a credit card, and let's say that

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Speaker 1: credit card you know has a two thousand dollars limit

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Speaker 1: and your balance is zero, that's actually helping because it's

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Speaker 1: showing that your credit utilization is low, which is one

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Speaker 1: of the other factors that influence a credit score. So

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Speaker 1: if you can keep that credit utilization, they say, I've

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Speaker 1: heard below thirty percent, but I think even even lower

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Speaker 1: than that is better. So don't close, but don't cancel

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Speaker 1: the doll right, Yeah, don't close them, just don't maxim out.

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Speaker 1: Keep them open. Yeah, because does it? Does it affect

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Speaker 1: your credit negatively? If you cancel a card, it can

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Speaker 1: because what happens then it affects the overall credit utilization

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Speaker 1: because that that credit limit is no longer counted in

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Speaker 1: your credit utilization. And also if it's closed, then it

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Speaker 1: could impact your your length of credit because that credit

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Speaker 1: account that may have been open for years, it's no

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Speaker 1: longer calculated in that credit score, So your length of

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Speaker 1: credit shortens, which which has a slight impact, not a

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Speaker 1: huge one. Okay, this is another question. Another question. Okay,

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Speaker 1: what's better a double payment before the due date or

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Speaker 1: one big payment on the due date? It does it? Really,

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Speaker 1: it really doesn't matter. And here's why UM credit bureaus

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Speaker 1: only they report I'm sorry. The issuers report to credit

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Speaker 1: burewers typically on a monthly, monthly basis, and so you know,

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Speaker 1: if you're making multiple payments, you know it doesn't matter

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Speaker 1: as opposed to making one one large payment. I would say, though,

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Speaker 1: the benefit to making a larger payment is that you're

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Speaker 1: making the payment before there's an opportunity for that additional

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Speaker 1: interest to a crew on that on that account. But

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Speaker 1: as far as it how it impacts the credit score,

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Speaker 1: there's there's there's minimal impact. I've seen people talk about

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Speaker 1: that when it comes to the mortgage, and I think

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Speaker 1: the only reason is they do that instead of a

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Speaker 1: monthly payment. I think they do like every two weeks

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Speaker 1: because that just makes it an extra payment or something

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Speaker 1: like that. But yeah, it's say you paid a loan

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Speaker 1: off quicker because you don't have a higher balance that

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Speaker 1: the interest is accruing on, okay, and you do wind

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Speaker 1: up making an extra payment every year. This question something

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Speaker 1: we haven't touched on, but it's um of course, as

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Speaker 1: my phone went off, people don't realize you also offer

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Speaker 1: services and counseling for businesses. And this person had a

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Speaker 1: question about what can they do to shore up what

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Speaker 1: is the best investment to make with your business credit? Okay,

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Speaker 1: so the NFCC does have a small business owner Counseling program,

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Speaker 1: and I'll tell you a little bit about that and

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00:25:51,480 --> 00:25:54,440
Speaker 1: then and then we'll delve into that question. So this

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Speaker 1: program is designed to assist UM small business owners who

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Speaker 1: have used per personal credit to fund their businesses. And

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Speaker 1: you know, we know that happens, happens quite a bit,

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00:26:06,640 --> 00:26:15,439
Speaker 1: but what's it really is? It really is um. But

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00:26:15,680 --> 00:26:19,640
Speaker 1: oftentimes what happens is because that that business owner has

433
00:26:19,680 --> 00:26:23,840
Speaker 1: done that, they quickly find themselves struggling to handle that debt.

434
00:26:23,920 --> 00:26:26,520
Speaker 1: And so we sit down with them and help them

435
00:26:26,560 --> 00:26:30,040
Speaker 1: to try to untangle you know that the personal versus

436
00:26:30,160 --> 00:26:35,280
Speaker 1: business um income expenses, UH and debt, and and the

437
00:26:35,320 --> 00:26:39,760
Speaker 1: whole idea around that is is because it sets the

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00:26:39,800 --> 00:26:45,520
Speaker 1: person up to be perhaps a more appealing risk to

439
00:26:45,840 --> 00:26:50,639
Speaker 1: issuers of business credit over time, because they can show

440
00:26:51,200 --> 00:26:54,359
Speaker 1: their profit and loss you know, a lot easier, and

441
00:26:54,400 --> 00:26:59,000
Speaker 1: they don't have that negative personal debt stigma, you know,

442
00:26:59,160 --> 00:27:02,400
Speaker 1: or on their credit report. So in order to prepare

443
00:27:02,440 --> 00:27:07,080
Speaker 1: themselves for business credit, you've got to start by making

444
00:27:07,080 --> 00:27:12,480
Speaker 1: sure your personal credit and your personal debt is handled responsibility.

445
00:27:12,560 --> 00:27:16,119
Speaker 1: So I think that's probably one of the single most

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00:27:16,240 --> 00:27:22,080
Speaker 1: important factors. Or someone that has personal debt but not

447
00:27:22,160 --> 00:27:25,480
Speaker 1: yet business debt, making sure you handle your your personal debt,

448
00:27:25,760 --> 00:27:29,280
Speaker 1: you get on the right track. You're keeping your records

449
00:27:29,800 --> 00:27:36,119
Speaker 1: separate and setting yourself up so that you can perhaps

450
00:27:36,200 --> 00:27:39,040
Speaker 1: apply for and obtain business credit at some point in

451
00:27:39,080 --> 00:27:42,000
Speaker 1: the future. And you help people do all of that.

452
00:27:42,320 --> 00:27:44,720
Speaker 1: We help, we help with that, Yes we do. Where

453
00:27:44,720 --> 00:27:47,200
Speaker 1: can people go, by the way, and I know with stellify,

454
00:27:47,480 --> 00:27:50,840
Speaker 1: we have our program, we have our partnership with you.

455
00:27:51,240 --> 00:27:53,440
Speaker 1: But just the people want to learn more about the NFCC,

456
00:27:53,600 --> 00:27:56,600
Speaker 1: where do they go? Absolutely so they go to NFCC

457
00:27:56,680 --> 00:28:00,600
Speaker 1: dot org and they can connect to one of our

458
00:28:00,680 --> 00:28:05,080
Speaker 1: member agencies through NFCC dot org. Um, you know, based

459
00:28:05,119 --> 00:28:08,560
Speaker 1: on the type of you know, counseling service they're looking for,

460
00:28:08,840 --> 00:28:12,360
Speaker 1: is a credit card debt, is a small business owner

461
00:28:12,560 --> 00:28:16,920
Speaker 1: and homeownership, homeownership if they're interested in that, if they're

462
00:28:16,920 --> 00:28:20,120
Speaker 1: having problems, you know, paying for their home, if they're

463
00:28:20,160 --> 00:28:26,520
Speaker 1: having trouble with rent, insecurity, student loan debt, we help

464
00:28:26,560 --> 00:28:29,600
Speaker 1: with all of that and just and what's that in mind?

465
00:28:29,800 --> 00:28:33,600
Speaker 1: Just a final point to talk on understanding where you're

466
00:28:33,640 --> 00:28:37,399
Speaker 1: starting from and understanding your financial situation is where it

467
00:28:37,440 --> 00:28:41,040
Speaker 1: all begins correctly. It's so important because if you if

468
00:28:41,040 --> 00:28:44,160
Speaker 1: you don't know where you currently are, it's it's hard

469
00:28:44,160 --> 00:28:47,560
Speaker 1: to determine when you will get to where you're trying

470
00:28:47,600 --> 00:28:52,600
Speaker 1: to go. And so understanding where you are allows a

471
00:28:52,720 --> 00:28:57,160
Speaker 1: counselor to help you determine what options are appropriate to

472
00:28:57,320 --> 00:29:00,560
Speaker 1: help you reach your financial goals. And may you guys

473
00:29:00,560 --> 00:29:03,200
Speaker 1: go to get stellar Fy. That's where you can go

474
00:29:03,360 --> 00:29:07,360
Speaker 1: and sign up for Stellify. Get stellifi dot com and

475
00:29:07,640 --> 00:29:10,840
Speaker 1: the code, the promo code is way up right and

476
00:29:10,920 --> 00:29:13,560
Speaker 1: that's Friday till midnight and you get a get five

477
00:29:13,640 --> 00:29:16,240
Speaker 1: dollars credit for the first bill that you link. But

478
00:29:16,400 --> 00:29:19,240
Speaker 1: just by going to get stellar fi dot Com, you

479
00:29:19,400 --> 00:29:22,680
Speaker 1: get your credit report and you get a free one

480
00:29:22,720 --> 00:29:26,959
Speaker 1: on one counseling session with NFCC with the real life person,

481
00:29:27,000 --> 00:29:29,560
Speaker 1: and we felt that was very important to help get

482
00:29:29,640 --> 00:29:34,600
Speaker 1: rid of some of the stigma around this. All right, Well,

483
00:29:34,640 --> 00:29:36,240
Speaker 1: thank you so much for clearing that up. I know

484
00:29:36,400 --> 00:29:39,040
Speaker 1: right now with the news and everything that's been happening

485
00:29:39,040 --> 00:29:42,600
Speaker 1: with the banking industry and interest rates and even still

486
00:29:42,720 --> 00:29:45,080
Speaker 1: things that are happening from the pandemic, we're still seeing

487
00:29:45,120 --> 00:29:48,000
Speaker 1: those repercussions. There's a lot of misinformation out there, but

488
00:29:48,000 --> 00:29:51,880
Speaker 1: it's great to hear it from you firsthand. Mister Barry Coleman, Well,

489
00:29:51,920 --> 00:29:54,520
Speaker 1: you're certainly welcome. I'm glad to him. Thank you so

490
00:29:54,600 --> 00:29:56,600
Speaker 1: much for joining us and everybody. You can also go

491
00:29:56,640 --> 00:30:00,240
Speaker 1: to Teamwealth wednesdays dot com. That's the pledge and you

492
00:30:00,280 --> 00:30:03,840
Speaker 1: get a free weekly wealth builder newsletter that'll have all

493
00:30:03,840 --> 00:30:06,480
Speaker 1: this information on it. You just go to Teamwealth wednesdays

494
00:30:06,520 --> 00:30:09,400
Speaker 1: dot com and take the pledge. And another free resource

495
00:30:09,440 --> 00:30:13,200
Speaker 1: that we offer is Wealth Wednesdays for Entrepreneurs Facebook group,

496
00:30:13,560 --> 00:30:17,200
Speaker 1: and we will have information about Barry NFCC and get

497
00:30:17,240 --> 00:30:19,360
Speaker 1: Stellar FI and all of those things. At well. We

498
00:30:19,400 --> 00:30:23,040
Speaker 1: are really trying to help and make a difference. All right,

499
00:30:23,040 --> 00:30:28,320
Speaker 1: Thank you so much, thank you, thank you. Where