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Speaker 1: Welcome to How the Money. I'm Joel and I and Matt.

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Speaker 1: Today we're discussing credit card companies cutting limits and postponing

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Speaker 1: mortgage payments. This episode, we're gonna cover mortgages, specifically skipping

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Speaker 1: maybe paying your mortgage payments if you're in need. You know,

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Speaker 1: we're gonna get into the details of that. And not

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Speaker 1: everybody has an actual mortgage, but a lot of people

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Speaker 1: have credit cards, and so we're gonna cover some of

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Speaker 1: these changes that these credit card companies are making to

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Speaker 1: the lines of credit that they have out to folks

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Speaker 1: and how that specifically affects us as consumers. Yeah, man,

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Speaker 1: I think skipping a mortgage payment in a normal month

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Speaker 1: in under normal circumstances not a good idea, right defin

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Speaker 1: put you in a bad place. But for some people,

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Speaker 1: mortgage forbearance is a real issue and and they need

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Speaker 1: to know how to tackle it. They need to know

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Speaker 1: whether they qualify five and then how to go about

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Speaker 1: getting it, and then what they're entitled to. So we'll

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Speaker 1: talk about that later on in the episode. Yeah man,

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Speaker 1: that's right. So all right, Quarantine, this is like week

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Speaker 1: seven essentially, how you guys doing, By the way, Yeah,

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Speaker 1: I feel like we're holding up pretty well. At the beginning,

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Speaker 1: actually was tougher to transition the first two or three weeks,

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Speaker 1: trying to figure out school and routine and what things

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Speaker 1: were gonna look like for our family. But I feel

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Speaker 1: like we've actually settled in kind of nicely, and we're

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Speaker 1: actually starting to appreciate aspects of it a whole lot

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Speaker 1: more than we were right at the beginning. Originally, I

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Speaker 1: think we were not too comfortable with the new situation,

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Speaker 1: and now I think we've We've made some positive changes

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Speaker 1: kind of in our family dynamic, and one of the

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Speaker 1: biggest changes for us has been we've just become more

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Speaker 1: comfortable resting and being together and just enjoying time this

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Speaker 1: the five of us, and I think not that we

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Speaker 1: didn't do that before, but I think the lack of

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Speaker 1: being able to go and do and the lack of

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Speaker 1: things on our calendar has just made us feel way

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Speaker 1: more able to enjoy the downtime that we have and

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Speaker 1: just to do very little like a picnic outside or whatever,

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Speaker 1: just like the small things and enjoy those things. So

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Speaker 1: I think in that way, the seventh week of quarantine

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Speaker 1: has been really good. Like last weekend, we had the

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Speaker 1: best weekend we've had all quarantine. The weather was awesome.

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Speaker 1: We hung out outside, climb trees, all that kind of stuff,

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Speaker 1: and and it was it was great. Yeah. Could you

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Speaker 1: imagine like if this was all going on in the

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Speaker 1: middle of the winter, you know, that is probably the

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Speaker 1: only saving grace is the fact that the weather has

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Speaker 1: been nicer, we've been able to be outside, versus if

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Speaker 1: this was between like Thanksgiving, like around Christmas, you know,

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Speaker 1: beginning of January, when it was cold and raining literally

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Speaker 1: every single day at least down here in the southeast,

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Speaker 1: and the times when you want to see your family

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Speaker 1: and friends the most killing my gosh, Yeah, that's so true.

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Speaker 1: But yeah, I'm with you. We uh, except that with us,

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Speaker 1: like you mentioned how early on it was tough for us,

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Speaker 1: Like early on it was nice because it kind of

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Speaker 1: felt like a special treat, like it felt like a

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Speaker 1: snow day sort of thing, where it's like we had

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Speaker 1: an unprompted week off or two weeks off. But it

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Speaker 1: was after that where it started to feel kind of like, oh,

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Speaker 1: oh no, this is this is our real life now.

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Speaker 1: But the nice man, I'm glad to hear you guys

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Speaker 1: are doing well now. We're gonna dive into those topics

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Speaker 1: that we mentioned, but first, let's share some of that

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Speaker 1: good news. Let's get the good news. I love starting

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Speaker 1: there every week, and so yeah, this is where we

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Speaker 1: kind of share some of the highlights of positive news

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Speaker 1: that that's happening right now that in all likelihood some

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Speaker 1: of it affects you, and if it doesn't, it's just

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Speaker 1: fun to be able to talk about. So one grocery

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Speaker 1: store chain, matt Publix there in the southeast, based out

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Speaker 1: of Florida, they're buying excess food from farmers to give

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Speaker 1: to local food banks. I thought that was really cool, right,

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Speaker 1: This is such great news because there's so much milk

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Speaker 1: and fresh produce going to waste because of inflexible supply chains.

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Speaker 1: Right all that food was meant for restaurants and hotels,

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Speaker 1: many of which are closed right now. They've donated a

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Speaker 1: hundred fifty pounds of produce. Forty three thousand gallons of

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Speaker 1: milk were donated just in the first week alone of

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Speaker 1: this program. So it's really cool to see because I've

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Speaker 1: seen stories of farmers having to dump milk altogether, it

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Speaker 1: just goes to waste. In in the Netherlands, they plowed

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Speaker 1: under like millions of tulips. They just that's so crazy. Yeah,

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Speaker 1: the mark it was just gone, It evaporated for tulips,

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Speaker 1: and I'm like, send them all to my house. I

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Speaker 1: love tulips. But yes, do you imagine what the inside

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Speaker 1: of a tulip farmer's house look like, because if they

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Speaker 1: were just going to plow them under, you know, they're

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Speaker 1: just getting as many as possible, but they're probably just

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Speaker 1: completely sick of them, right, Yeah, I'm sure. But yeah,

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Speaker 1: it's cool to see a company like Public doing something

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Speaker 1: just really really helpful, like buying that food and donating

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Speaker 1: it to people in need. Yeah, that's such good news.

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Speaker 1: And it's good to see a company grocery store like

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Speaker 1: Public stepping up kind of filling the void, kind of

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Speaker 1: like stepping into that gap because of the problem is

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Speaker 1: our supply chains, right, Like, we live in such a

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Speaker 1: kind of complicated, interconnected world that it's difficult to to

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Speaker 1: change courses because of the size of our economy. Because

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Speaker 1: you know, but basically, once the trains left the station,

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Speaker 1: it's hard to reroute things, and so it does take

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Speaker 1: a little bit more nimbleness and that's not easy to do.

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Speaker 1: But I'm certainly glad to see a company like Public

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Speaker 1: stepping up. Yeah. I saw a story the other day

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Speaker 1: about this toilet paper company in New Mexico, and apparently

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Speaker 1: all their toilet paper os to office buildings and schools,

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Speaker 1: and so basically their toilet paper wasn't going anywhere for

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Speaker 1: for a little while, and while the grocery store shelves

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Speaker 1: were barren, they couldn't get rid of their toilet papers.

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Speaker 1: So what they did was they opened up their toilet

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Speaker 1: paper to people in the surrounding areas, and they basically

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Speaker 1: had people come up and pay for these giant bolt

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Speaker 1: toilet paper rolls. It would have been in heaven. Apparently

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Speaker 1: I could buy a whole Crates right. It's you know,

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Speaker 1: I'm into massive amount of toilet paper at one time,

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Speaker 1: and and people were lined up for miles to buy

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Speaker 1: the toilet paper. So it's kind of it's kind of

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Speaker 1: one of those crazy scenarios. It's it's not that there

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Speaker 1: isn't enough. It said, it's hard to redirect exactly into

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Speaker 1: the right place. Well, speaking of food, if you know

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Speaker 1: you are in a tougher situation, maybe you're looking for

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Speaker 1: free meals in particularly if you're looking for free meals

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Speaker 1: for kids, Like, there's a good chance that a local

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Speaker 1: school near you has resources for you, So check out

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Speaker 1: no kid hungry dot org. They've got this awesome searchable

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Speaker 1: map which has the days of the week as well

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Speaker 1: as the times that they have meals ready to go. Um. Obviously,

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Speaker 1: like you're going to pick those up in a bag.

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Speaker 1: But that's a fantastic resource for folks who may not

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Speaker 1: already be taking advantage of that. Yeah. Man, there's another

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Speaker 1: cool piece of good news I think we should bring up,

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Speaker 1: and there's the site called the Phoenix. It's a resource

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Speaker 1: for local small businesses to find funding that they need

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Speaker 1: right now. And we've talked a good bit about the

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Speaker 1: national p p P program that was set up to

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Speaker 1: basically help small businesses to get through this time. And

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Speaker 1: we've heard anecdotally from a few friends that they've been

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Speaker 1: able to get PPP funding, But everything I'm reading says

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Speaker 1: that a whole lot of small businesses just missed out

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Speaker 1: on the funding, and it looks like they're gonna miss

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Speaker 1: out on some of this second round of funding too,

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Speaker 1: sadly enough. And and so yeah, that program, while it's

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Speaker 1: been at least somewhat of a disaster. It hasn't worked

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Speaker 1: exactly like I think the authorities hoped it would. Well,

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Speaker 1: it's important for people to check and see if their

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Speaker 1: state has any local lending programs available for small businesses.

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Speaker 1: So there's more than just this federal program. So we'll

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Speaker 1: post a link to the Phoenix in our show. Now.

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Speaker 1: Some states have none, some states have a few, like Georgia,

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Speaker 1: and other states have a ton like California. There's thirty

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Speaker 1: six different programs there for small businesses to be able

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Speaker 1: to get funds to continue to run uh inexpensively. So yeah,

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Speaker 1: the Phoenix is is a helpful website for people to

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Speaker 1: to look into right now to get that money to

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Speaker 1: keep their business afloat. Some other good news the Gates Foundation,

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Speaker 1: which is run by Bill and Melinda Gates, part of them, actually,

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Speaker 1: Matt Emily and I just watched a three part documentary

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Speaker 1: about Bill Gates on Netflix. Three part. Then there's so

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Speaker 1: much good information about Bill Gates. Dude, He's done so

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Speaker 1: much to help other people. And the fact that the

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Speaker 1: Gates Foundation, for basically a decade now has done an

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Speaker 1: incredible amount of work and and I feel like, actually

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Speaker 1: they're poised at this point in time to make such

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Speaker 1: a dramatic impact, which is so awesome, like that they've

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Speaker 1: done so well and what they've pretty much focused on

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Speaker 1: up until now. I feel like it just fits in,

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Speaker 1: like dovetails so well with the current health crisis. Yeah. Yeah, Emilian,

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Speaker 1: I were saying, like, if it hadn't have been for

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Speaker 1: the last ten years of what they've been doing, he

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Speaker 1: just wouldn't really have his bearings to be able to

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Speaker 1: make an impact. But because he's focused on the eradication

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Speaker 1: of polio and he's just focused on all these other

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Speaker 1: health endeavors worldwide, he's uniquely poised to make an impact,

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Speaker 1: and in particular with the billions and billions of dollars

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Speaker 1: that he's got at his disposal too. So it's yeah,

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Speaker 1: it's cool to see like Bill Gates here for a

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Speaker 1: time like this to to help everybody. Well, the last

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Speaker 1: documentary I watched was about Scotch. So you're watching what

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Speaker 1: about Bill Gates. I learned a lot about Scotch, in

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Speaker 1: particular this one distiller who made a name for himself. Well, hey,

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Speaker 1: Scotch is worth considering as well. Man, I like Scotch.

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Speaker 1: I'll see too. Well, you know, we're talking about both Gates.

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Speaker 1: He also wrote this awesome opinion piece over in the

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Speaker 1: Financial Times last week, and he said that we've taken

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Speaker 1: an organization that was focused on HIV in malaria and

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Speaker 1: polio eradication and almost entirely shifted it to work on this.

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Speaker 1: This being COVID nineteen, This has the foundation's total attention.

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Speaker 1: Even our non health related work like higher education and

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Speaker 1: Kate through twelve is completely switched around to look at

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Speaker 1: how you facilitates online learning. So, I mean, I just

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Speaker 1: gotta say that I'm majorly thankful for his brain and

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Speaker 1: his philanthropic efforts right now. Yeah, for sure, and yeah

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Speaker 1: willing to a post that he wrote on his blog

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Speaker 1: to Matt called the first modern pandemic and his inside,

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Speaker 1: his research, his foundation, the way they've been able to

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Speaker 1: provide support right now, that's definitely good news. So they

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Speaker 1: think there's one bit of bad news that we have

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Speaker 1: to share them Matt on the show today. I don't

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Speaker 1: know if we've really been sharing any bad news, but

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Speaker 1: I saw this. I mean, all news related to COVID

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Speaker 1: nineteen is essentially bad, actually, yeah, which is why we

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Speaker 1: highlight the good news. Everything else is by default kind

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Speaker 1: of not good. But this is something that's not necessarily

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Speaker 1: health related. It's it's not part of the failure of

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Speaker 1: the federal government to put money in the hands of

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Speaker 1: people's pockets. Um. But this I saw this headline and

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Speaker 1: I definitely shed a little bit of a tear. It's

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Speaker 1: a millions of kegs of beer are going stale right now.

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Speaker 1: And I didn't realize too that when a keg of

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Speaker 1: beer goes stale, it's a major pain to get rid

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Speaker 1: of that beer. You can't just dump it down the train.

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Speaker 1: It's just so hard for brewers. I know that that.

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Speaker 1: You know, we love beer, Matt and and so the

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Speaker 1: brewers around the nation, especially the small brewers, are just

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Speaker 1: having such a tough time right now. So yeah, I

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Speaker 1: know we've done our best to support our local breweris,

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Speaker 1: but it just makes me sad that that some of

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Speaker 1: our favorite brewers their sales are down at the same

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Speaker 1: time they're getting these kigs of beer sent back to them,

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Speaker 1: and it's just a pain. It's it's really tough. So

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Speaker 1: it's a hard slog right now for for a whole

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Speaker 1: lot of people in the craft beer industry. Yeah, man,

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Speaker 1: it's a big deal here in the U. S, and

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Speaker 1: it's an even bigger deal in the UK, whereabout half

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Speaker 1: of all beer is enjoyed in public like in pubs,

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Speaker 1: bars places like that, compared to only about of beer

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Speaker 1: is consumed in bars in the US. But there's good

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Speaker 1: news though. Within that Wall Street Journal article, they featured

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Speaker 1: a pub owner who had made a website and he

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Speaker 1: offers delivery of his cask ales that he normally serves

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Speaker 1: there in his pub. Uh And so with that pivot,

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Speaker 1: essentially he is up to of his normal revenues pre

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Speaker 1: COVID nineteen, which I thought was super awesome, Like, what

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Speaker 1: what a great way it's to take like this old

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Speaker 1: you know, you picture an old English pub and it's

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Speaker 1: like there's no way that they're going to be able

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Speaker 1: to be flexible and pivot and find a way to

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Speaker 1: to meet the demand. But this guy is driving around

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Speaker 1: delivering these perishable ailes to his customers. Then I saw too,

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Speaker 1: there's a picture of him sitting on a stool, and

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Speaker 1: he brings along a stool that way he can sit

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Speaker 1: there and talk with him with some of these older

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Speaker 1: customers who want to chat. So he's essentially bringing the

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Speaker 1: pub to the people, which I loved. I feel like

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Speaker 1: that was such an amazing spirit that he is bringing

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Speaker 1: to you know, his business and keeping things alive during

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Speaker 1: these tough times. He mean completely, This guy sounds resilient,

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Speaker 1: and I think that the craft peer industry is is

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Speaker 1: going to be resilient, you know, and most of these crappers,

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Speaker 1: I hope, are going to make a good comeback, you know,

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Speaker 1: as we start to resume kind of a new normalcy

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Speaker 1: in our lives, as the economy begins to reopen, at

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Speaker 1: least to a certain degree. All Right, man, let's talk

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Speaker 1: about credit card issuers cutting limits for consumers, because I

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Speaker 1: think that's a really important thing that's going to affect

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Speaker 1: a lot of our listeners in the coming days, if

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Speaker 1: it hasn't already. So with a lot of people out

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Speaker 1: of work and a lot of Americans having almost no

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Speaker 1: money in savings, getting a credit line cut, that can

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Speaker 1: be like a huge punch to the gut. And what

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Speaker 1: I mean when I'm talking about getting a credit line cut,

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Speaker 1: Let's say you have a ten thousand dollar limit on

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Speaker 1: your credit card and you typically spend a thousand or

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Speaker 1: two thousand every month, and you pay it off every

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Speaker 1: month hopefully, well, your credit card company might send you

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Speaker 1: an email and say that your limit just got cut

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Speaker 1: to three thousand dollars. And in the case where you

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Speaker 1: needed to be able to use your credit card to

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Speaker 1: get pied, to buy groceries, whatever it is. Credit cards

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Speaker 1: are often a place where consumers turned as a place

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Speaker 1: usually of last resort, in order to be able to

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Speaker 1: keep paying the bills and keep food on the table.

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Speaker 1: But a lot of people are gonna find that harder

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Speaker 1: to do because of these credit limit cuts, So we

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Speaker 1: wanted people to be aware of that. The banks are

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Speaker 1: already getting poised for credit card debt ride offs, and

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Speaker 1: they're trying to prevent more financial difficulty on their end.

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Speaker 1: I understand that, but the credit line cuts are are

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Speaker 1: moves that happen without much warning, and they can really

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Speaker 1: adversely affect everybody who who's happening to and from the

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Speaker 1: banks and the credit card issuers perspective, like this all

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Speaker 1: makes sense, you know, like they know that more of

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Speaker 1: us are feeling the crunch due to income drying up

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Speaker 1: or maybe just being without work altogether. And you know,

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Speaker 1: when you don't have enough money, it's a last until

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Speaker 1: the end of the month, Like paying a credit card

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Speaker 1: is pretty much gonna be like last on your to

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Speaker 1: do list, you know, like like they get the they

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Speaker 1: get the whatever's left over, right, and it's unsecure debt.

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Speaker 1: So it's not like you're gonna lose your home if

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Speaker 1: you don't pay your credit card bill, which is which

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Speaker 1: is a good thing. But that's why people pay their

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Speaker 1: credit card bills last, and that's why the banks are worried. Right.

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Speaker 1: And so then with more of us maybe relying on

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Speaker 1: those credit cards to kind of pay for other expenses

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Speaker 1: and then not being able to pay those bills, you know,

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Speaker 1: a couple of months later, Like the banks, the credit

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Speaker 1: card issuers, they are the ones who are gonna be

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Speaker 1: stuck without bill. You know, these are gonna be charge

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Speaker 1: offs that they're gonna have to realize and incur, which

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Speaker 1: means them losing money. Yeah, for sure, man, And so man,

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Speaker 1: I think if anybody does get the notice that their

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Speaker 1: credit limit is being reduced, it's really important to do

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Speaker 1: this one particular thing. You should file an appeal with

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Speaker 1: your credit card issuer. And it doesn't mean that they'll

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Speaker 1: back off, that they'll raise your limit back up to

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Speaker 1: what it was, but you might at least get it

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Speaker 1: raised some and you might get it raised back up

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Speaker 1: to what it was, But filing an appeal is a

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Speaker 1: crucial step because if you petition the credit card company,

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Speaker 1: they just might listen. Right, and that credit limit, Man,

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Speaker 1: we've talked about this before, it's so important when it

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Speaker 1: comes to your credit score too, So this really could

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Speaker 1: adversely affect people's credit scores as well, which which has

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Speaker 1: many other impacts in your financial life. So yeah, trying

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Speaker 1: to find back on that and petition the credit card

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Speaker 1: company to reinstate your former credit card limit. I would

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Speaker 1: recommend doing that, and then also to just using your

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Speaker 1: credit card less if your limits lowered, just trying to

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Speaker 1: keep that utilization load. That's going to help keep your

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Speaker 1: score in a good spot as well. And if you

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Speaker 1: still currently have a good credit score, it might make

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Speaker 1: sense to go ahead and open up another credit card

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Speaker 1: for emergencies now if you're able to. Of course, you

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Speaker 1: can go to how the Money dot Com forward slash

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Speaker 1: credit cards and you can see some of our credit

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Speaker 1: card recommendations based on how you spend typically. And then

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Speaker 1: just make sure that you are using all the credit

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Speaker 1: cards you have now currently to keep them active and

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Speaker 1: to prevent your issuer from closing that accounts altogether. Some

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Speaker 1: of the different credit card companies say that they're reassessing,

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Speaker 1: you know, your credit worthiness and how some folks might

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Speaker 1: actually have increased limits, But we know that's really not

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Speaker 1: the case that the majority of folks are going to

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Speaker 1: see those limits decrease because in some cases they're going

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Speaker 1: to require additional proof of employments. They're gonna want to

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Speaker 1: see that you have income, and with so many of

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Speaker 1: us having our income cut drastically, that's only gonna lead

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Speaker 1: to lower limits. So we we we can read between

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Speaker 1: the lines their credit card companies. You can say one thing,

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Speaker 1: but we know what's really gonna happen. So we want

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Speaker 1: all of our listeners out there just to be aware

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Speaker 1: of that and to kind of take some of those

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Speaker 1: steps ahead of time proactively in order to be in

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Speaker 1: a strong position. Yeah for sure, Matt. All Right after

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Speaker 1: the break, we're going to talk about mortgage poor bearance,

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Speaker 1: and we're also going to talk about ordering non essential

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Speaker 1: goods right now? Is that something that we should be

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Speaker 1: doing or or not. We'll get to that stuff right

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Speaker 1: after the break. All right, man, we're back from the break,

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Speaker 1: and before we talk about skipping out on paying your

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Speaker 1: mortgage payment not always recommended. It's something that some people

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Speaker 1: might need to consider right now. Yeah, I mean, obviously

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Speaker 1: we're saying that jokingly, but we'll get to the details

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Speaker 1: on that. But you kind of mentioned this sort of

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Speaker 1: ethical question, so let's kind of slowed down the car

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Speaker 1: and uh and kind of hang out here for a

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Speaker 1: little bit. The question has been raised, like should we

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Speaker 1: be buying these not essential consumer goods online right now?

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Speaker 1: An argument is being made that it might be unethical

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Speaker 1: for employees to be forced to work in unsafe conditions,

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Speaker 1: you know, where they're fulfilling orders, whether it be in

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Speaker 1: warehouses or fulfillment centers, things like that. But yeah, man,

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Speaker 1: what are your thoughts on that. I think it's a

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Speaker 1: good question, and I do occasionally like wandering into the

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Speaker 1: that territory, the moral ethical quantis realm on this show,

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Speaker 1: but even though it's not something that we do frequently.

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Speaker 1: But yeah, I think right when COVID hit and none

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Speaker 1: of us really knew what to think, I did really

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Speaker 1: cut down on non essential purchases, and I think part

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Speaker 1: of that was just a reaction of who knows what's

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Speaker 1: going to happen in the economy, and I wanted to

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Speaker 1: keep my money in my bank account and not be

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Speaker 1: buying things that I didn't need. But at the same time,

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Speaker 1: I was also a little cognizant of people being putting

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Speaker 1: an unnecessarily unsafe position to make deliveries for things that

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Speaker 1: weren't necessary. So yeah, I completely understand that argument, but

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Speaker 1: I'm starting to kind of change my mindset on this one.

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Speaker 1: I think it's a really a balancing act, and we're

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Speaker 1: all having to start to make decisions that aren't necessarily easy,

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Speaker 1: like we're not sure whether we should be going back

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Speaker 1: to our jobs, like are we are we safe if

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Speaker 1: we go back to our jobs, or some people have

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Speaker 1: been continuing to work in an unsafe environment for this

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Speaker 1: whole time, if you work in a grocery store or

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Speaker 1: if you work in a hospital. Right, it's still important

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Speaker 1: for us to do the best we can to watch

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Speaker 1: out for our own personal health, the well being of

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Speaker 1: our family and the people around us. But as state

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Speaker 1: economies are starting to open up at different times, right,

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Speaker 1: at different paces, these decisions of how and when we

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Speaker 1: work and how and what we will buy become more

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Speaker 1: and more personal choices, Like that's the really left to

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Speaker 1: us to decide, And I think to the question of

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Speaker 1: what's essential is nuanced, like what items are essential and

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Speaker 1: what aren't. I mean, I think you kind of know

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Speaker 1: that you probably don't need that pair of shoes, and

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Speaker 1: I don't really need to be buying some new T

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Speaker 1: shirts or anything like that right now. Yeah, you still

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Speaker 1: have on same stinky T shirt the last time we recorded,

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Speaker 1: exactly exactly. Actually, you really do have the same shirt

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Speaker 1: on the last time we recorded. No, no, no, I've

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Speaker 1: got a new undershirt on. If the outer shirt that's

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Speaker 1: still good for another few wears, if you're Yeah, if

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Speaker 1: you wear an undershirts, which I haven't done it for

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Speaker 1: a while now, we don't need to be talking about that.

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Speaker 1: This is kind of weird, But however you have to

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Speaker 1: talk about right like, if you have an outer shirt,

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Speaker 1: I feel like you're good for several wears before it

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Speaker 1: starts getting kind of smelly, all right. I didn't mean

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Speaker 1: to throw you on the bus under the bus on

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Speaker 1: that one, but yeah, I think for for all of us,

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Speaker 1: it's kind of trying to figure it out. And I

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Speaker 1: think for all of us, we're all kind of having

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Speaker 1: to try to figure this out what our stances on

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Speaker 1: a lot of things that we've not had to consider before.

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Speaker 1: I think too, it's important to note a lot of

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Speaker 1: these businesses need the orders and and people need to

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Speaker 1: get back to work, even though it feels like a

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Speaker 1: hard thing to do, and and so yeah, I don't

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Speaker 1: really feel nearly as guilty about buying non essentials as

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Speaker 1: I did like four or five weeks ago. Yeah, man,

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Speaker 1: getting the economy kind of like back to where it

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Speaker 1: was before, right, Like, that's a big question that I

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Speaker 1: ask is, like another way to look at this is, Okay,

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Speaker 1: we're talking about warehouse workers, but what about like restaurant workers, right, Like,

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Speaker 1: we've been doing takeout since the beginning essentially in my opinion,

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Speaker 1: and like takeout is non essential. We can all go

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Speaker 1: to the grocery store and cook our own food. But

430
00:19:12,000 --> 00:19:13,919
Speaker 1: I think a lot of us saw as take out

431
00:19:13,960 --> 00:19:15,960
Speaker 1: as a way to stimulate the economy. Like we saw

432
00:19:15,960 --> 00:19:17,639
Speaker 1: that as a way to support some of these local

433
00:19:17,640 --> 00:19:21,639
Speaker 1: restaurants and businesses. Even though those people were in public,

434
00:19:21,800 --> 00:19:24,480
Speaker 1: surrounded by other co workers, basically they had a higher

435
00:19:24,520 --> 00:19:26,960
Speaker 1: risk of getting sick from you know, being out there,

436
00:19:27,320 --> 00:19:29,439
Speaker 1: and so like, in that regard, I completely agree with

437
00:19:29,440 --> 00:19:31,199
Speaker 1: what you're saying, though, Which is it comes down to

438
00:19:31,280 --> 00:19:34,080
Speaker 1: us as individuals, and I think it also comes down

439
00:19:34,160 --> 00:19:37,040
Speaker 1: to the businesses specifically to take care of their employees.

440
00:19:37,119 --> 00:19:39,560
Speaker 1: Like when I go to a restaurant in order take out,

441
00:19:39,600 --> 00:19:42,600
Speaker 1: like I trust that that employee is is being cared for.

442
00:19:42,920 --> 00:19:45,359
Speaker 1: Well if they weren't, you know, I think we're we

443
00:19:45,440 --> 00:19:48,040
Speaker 1: live in a time to where that employee could kind of,

444
00:19:48,200 --> 00:19:49,879
Speaker 1: you know, raise a red flag, and then at that

445
00:19:49,920 --> 00:19:52,280
Speaker 1: point it's up to us to kind of, you know,

446
00:19:52,480 --> 00:19:54,200
Speaker 1: vote with our money essentially as to whether or not

447
00:19:54,240 --> 00:19:56,760
Speaker 1: we're going to continue supporting that business or not. But

448
00:19:56,800 --> 00:19:58,720
Speaker 1: I mean so personally, like, I don't see anything wrong

449
00:19:58,760 --> 00:20:01,359
Speaker 1: with making non essential purchase is right now with around

450
00:20:02,200 --> 00:20:05,480
Speaker 1: our economy dependent on consumer spending, like the sooner we're

451
00:20:05,520 --> 00:20:07,680
Speaker 1: able to get back to some form of you know,

452
00:20:07,720 --> 00:20:10,119
Speaker 1: quote unquote normalcy, like the sooner we'll be able to

453
00:20:10,160 --> 00:20:13,360
Speaker 1: begin moving forward. And obviously, like there are a lot

454
00:20:13,400 --> 00:20:15,840
Speaker 1: of folks who don't have the ability to make their

455
00:20:15,880 --> 00:20:18,600
Speaker 1: normal consumer purchases, but of those who do, I don't

456
00:20:18,600 --> 00:20:20,879
Speaker 1: think there are any ethical questions when it comes to

457
00:20:20,960 --> 00:20:23,920
Speaker 1: purchasing non essentials. And of course, if you do feel

458
00:20:23,960 --> 00:20:25,800
Speaker 1: that it's not the right thing to do, you know,

459
00:20:25,840 --> 00:20:28,800
Speaker 1: then by all means abstain from from making those purchases

460
00:20:29,000 --> 00:20:31,119
Speaker 1: Like that is where it comes down to the individual

461
00:20:31,320 --> 00:20:32,960
Speaker 1: to make up their own mind and to you know,

462
00:20:33,040 --> 00:20:36,120
Speaker 1: act accordingly. Yeah, so, Matt, we actually just recently bought

463
00:20:36,160 --> 00:20:38,640
Speaker 1: a couple art prints from an artist that we really

464
00:20:38,640 --> 00:20:41,040
Speaker 1: like and that are particular artist is trying to be

465
00:20:41,160 --> 00:20:44,720
Speaker 1: cognizant of the delivery issues and the health concerns of

466
00:20:44,760 --> 00:20:47,840
Speaker 1: delivery workers, and so they said we're going to delay

467
00:20:47,880 --> 00:20:51,280
Speaker 1: actually shipping the prints until mid May. I'm totally fine

468
00:20:51,280 --> 00:20:53,400
Speaker 1: with that. I think that business is making a good

469
00:20:53,400 --> 00:20:56,679
Speaker 1: decision for themselves and for the people, you know, in

470
00:20:56,720 --> 00:20:58,840
Speaker 1: their community, and so I think that's like a really

471
00:20:58,920 --> 00:21:01,719
Speaker 1: good place for it to happen. And business is still happening,

472
00:21:01,720 --> 00:21:04,480
Speaker 1: the transaction is happening. You're still supporting that business, but

473
00:21:04,640 --> 00:21:07,359
Speaker 1: let's eliminate some of the unnecessary risks. Yeah, exactly. I

474
00:21:07,359 --> 00:21:09,000
Speaker 1: like that. That's real thoughtful And I don't mind waiting

475
00:21:09,040 --> 00:21:10,800
Speaker 1: to get my cool folk car prince and filled in

476
00:21:10,800 --> 00:21:14,440
Speaker 1: mid May. All right, Let's move on, Matt, to mortgage forbearance,

477
00:21:14,440 --> 00:21:16,480
Speaker 1: because that's another question that's on a lot of people's mind,

478
00:21:16,800 --> 00:21:19,680
Speaker 1: and the amount of people in our country. Requesting mortgage

479
00:21:19,680 --> 00:21:22,639
Speaker 1: forbearance has gone up in in the last few weeks.

480
00:21:22,840 --> 00:21:24,480
Speaker 1: It's something that more and more people are having to

481
00:21:24,480 --> 00:21:27,080
Speaker 1: consider sadly, And so you might be listening right now

482
00:21:27,080 --> 00:21:29,199
Speaker 1: and you've had to make that difficult decision to not

483
00:21:29,240 --> 00:21:31,840
Speaker 1: send a mortgage payment today because today is the first

484
00:21:31,840 --> 00:21:33,800
Speaker 1: of the month. So if you are in the position

485
00:21:33,840 --> 00:21:36,880
Speaker 1: of not being able to pay your mortgage provider, let's

486
00:21:36,920 --> 00:21:39,000
Speaker 1: talk about forbearance, how you go about getting it, and

487
00:21:39,000 --> 00:21:41,480
Speaker 1: how it's going to affect you, because these are the

488
00:21:41,520 --> 00:21:43,520
Speaker 1: kind of questions Matt that are on people's minds right now,

489
00:21:43,880 --> 00:21:45,800
Speaker 1: and especially right now at the beginning of the month,

490
00:21:45,960 --> 00:21:47,879
Speaker 1: because this is where it all gets real. Yeah, man,

491
00:21:47,960 --> 00:21:50,040
Speaker 1: first of the month, that's what the mortgage payment typically

492
00:21:50,080 --> 00:21:52,920
Speaker 1: is due. Well, do the f h f A, which

493
00:21:52,920 --> 00:21:56,439
Speaker 1: is the Federal Housing Finance Agency, They clarify some rules

494
00:21:56,480 --> 00:21:59,919
Speaker 1: just this week, actually earlier this week about forbearance. Some lenders,

495
00:22:00,040 --> 00:22:03,640
Speaker 1: some mortgage services, they were allowing borrowers to forego payments

496
00:22:03,680 --> 00:22:05,520
Speaker 1: for a certain period of time, maybe like three or

497
00:22:05,560 --> 00:22:07,919
Speaker 1: six months, but then they were forcing a balloon payment

498
00:22:08,280 --> 00:22:10,640
Speaker 1: for all of the misspayments at the end of that term.

499
00:22:10,920 --> 00:22:13,560
Speaker 1: That's a crumpy bill to get. Yeah, seriously, it's like, Okay,

500
00:22:13,680 --> 00:22:15,640
Speaker 1: we knew you couldn't afford it then, and so we're

501
00:22:15,640 --> 00:22:17,439
Speaker 1: gonna just kind of pinch off that hose and not

502
00:22:17,560 --> 00:22:19,200
Speaker 1: the end you're going to be forced to to pay

503
00:22:19,200 --> 00:22:21,920
Speaker 1: all of that back. Oh, by the way, wild economy

504
00:22:22,000 --> 00:22:24,720
Speaker 1: is struggling and you're probably not getting paid nearly as much, right,

505
00:22:24,760 --> 00:22:26,760
Speaker 1: how does that help anybody? Not helpful at all of me.

506
00:22:27,240 --> 00:22:29,119
Speaker 1: So again the f h f A, they clarify this,

507
00:22:29,160 --> 00:22:32,000
Speaker 1: and they stated that borrowers who are in forbearance with

508
00:22:32,080 --> 00:22:35,000
Speaker 1: a Fannie May or a Freddie Mac backed mortgage, they

509
00:22:35,000 --> 00:22:37,560
Speaker 1: are not going to be required to repay that miss

510
00:22:37,560 --> 00:22:40,320
Speaker 1: payment in that massive lump sum. Yeah. So if you've

511
00:22:40,320 --> 00:22:43,120
Speaker 1: been told that by your mortgage service from old news, yeah,

512
00:22:43,200 --> 00:22:46,600
Speaker 1: call him back and be like, what's up. I can't

513
00:22:46,600 --> 00:22:48,280
Speaker 1: pay a lumps on at the end of this three

514
00:22:48,359 --> 00:22:50,760
Speaker 1: or six months or however long that forbearance term is.

515
00:22:51,000 --> 00:22:52,879
Speaker 1: Those payments should be tacked on to the end of

516
00:22:52,920 --> 00:22:54,720
Speaker 1: the loan. So, yeah, you can go to the Fannie

517
00:22:54,720 --> 00:22:56,840
Speaker 1: Main Freddy Mac websites entering your in phot to see

518
00:22:56,840 --> 00:22:59,360
Speaker 1: if you have a mortgage that is federally backed by

519
00:22:59,400 --> 00:23:01,920
Speaker 1: one of those age sees, and we'll lead directly to

520
00:23:02,000 --> 00:23:04,680
Speaker 1: those sites in the show notes. You could also directly

521
00:23:04,680 --> 00:23:07,520
Speaker 1: contact your mortgage servicer to find out as well. So

522
00:23:07,640 --> 00:23:10,280
Speaker 1: if your mortgage is not backed by Fannie or Freddie,

523
00:23:10,480 --> 00:23:12,959
Speaker 1: you should still ask your mortgage servicer to abide by

524
00:23:13,000 --> 00:23:15,920
Speaker 1: these rules. They don't have to, but you should ask.

525
00:23:16,160 --> 00:23:18,280
Speaker 1: And another important thing I think for for folks to

526
00:23:18,320 --> 00:23:20,720
Speaker 1: know is that they should file a complaint with the

527
00:23:20,760 --> 00:23:23,960
Speaker 1: Consumer Financial Protection Bureau at Consumer Finance dot gov. If

528
00:23:23,960 --> 00:23:27,159
Speaker 1: your mortgage servicer is treating you poorly, that's the perfect

529
00:23:27,160 --> 00:23:30,719
Speaker 1: place to file a complaint. Oftentimes the Consumer Financial Protection

530
00:23:30,760 --> 00:23:33,600
Speaker 1: Bureau gets into action really quickly. Bell holler at your

531
00:23:33,640 --> 00:23:36,520
Speaker 1: mortgage servicer and raise a racket on your behalf. And

532
00:23:36,560 --> 00:23:38,240
Speaker 1: many times they start getting in line and treating you

533
00:23:38,280 --> 00:23:40,560
Speaker 1: better right after something like that happens. And yeah, and

534
00:23:40,640 --> 00:23:42,960
Speaker 1: if you're having a hard time, maybe you know, being

535
00:23:43,000 --> 00:23:46,280
Speaker 1: comfortable with the fact of asking for a discount. Listen

536
00:23:46,280 --> 00:23:48,679
Speaker 1: back to episode eighteen. This is an oldie, but we

537
00:23:48,680 --> 00:23:50,920
Speaker 1: had an episode called the Art of Asking for a Discount,

538
00:23:50,920 --> 00:23:52,679
Speaker 1: And in that episode we talked folks through, you know,

539
00:23:52,720 --> 00:23:55,760
Speaker 1: a way that we thought was polites but also effective

540
00:23:55,880 --> 00:23:57,879
Speaker 1: as well. So yeah, listen back to that one. I

541
00:23:57,880 --> 00:24:00,240
Speaker 1: still love asking for a discount my fa of things

542
00:24:00,240 --> 00:24:02,439
Speaker 1: to do in life when of your past time. And

543
00:24:02,600 --> 00:24:04,439
Speaker 1: what we think this will end up looking like for

544
00:24:04,480 --> 00:24:06,440
Speaker 1: a lot of folks is that those miss payments will

545
00:24:06,520 --> 00:24:09,520
Speaker 1: be tacked onto the end of the loan. So for example,

546
00:24:09,600 --> 00:24:12,200
Speaker 1: if you had a thirty year mortgage that originally would

547
00:24:12,200 --> 00:24:15,800
Speaker 1: have been over, say in March of then let's say

548
00:24:15,840 --> 00:24:18,480
Speaker 1: you missed four months of mortgage payments this year due

549
00:24:18,480 --> 00:24:21,160
Speaker 1: to you know, hardship and forbearance. Well, then in that case,

550
00:24:21,200 --> 00:24:25,439
Speaker 1: your mortgage will actually extend to July. They're just going

551
00:24:25,520 --> 00:24:27,600
Speaker 1: to attack those four months onto the end. And so

552
00:24:27,680 --> 00:24:31,040
Speaker 1: different mortgage services they're going to have different approaches and programs.

553
00:24:31,240 --> 00:24:33,360
Speaker 1: But the reason that we're talking about this now is

554
00:24:33,359 --> 00:24:35,400
Speaker 1: is for you to be aware that those programs even

555
00:24:35,440 --> 00:24:37,640
Speaker 1: exist because for a lot of people, this is gonna

556
00:24:37,720 --> 00:24:41,240
Speaker 1: be a serious lifeline while we're having such a difficult

557
00:24:41,240 --> 00:24:43,560
Speaker 1: time when it comes to our our money these days. Yeah, man,

558
00:24:43,600 --> 00:24:46,159
Speaker 1: it's important to note to that we're not sure how

559
00:24:46,440 --> 00:24:49,399
Speaker 1: these mortgage service providers are going to approach your credit

560
00:24:49,440 --> 00:24:51,600
Speaker 1: when you ask for forbearance, and there hasn't been any

561
00:24:51,640 --> 00:24:54,840
Speaker 1: clarification there. So some people might have a credit ding

562
00:24:55,000 --> 00:24:57,679
Speaker 1: by getting forbearance, but it's still the right move to

563
00:24:57,720 --> 00:24:59,520
Speaker 1: make if that is what keeps you afloat, if not

564
00:24:59,560 --> 00:25:02,080
Speaker 1: having to make a mortgage payment for the next six

565
00:25:02,119 --> 00:25:05,560
Speaker 1: months is what's gonna help you get through, and so yeah,

566
00:25:05,560 --> 00:25:07,199
Speaker 1: but I hate that we don't know that, and I

567
00:25:07,240 --> 00:25:10,000
Speaker 1: wish that we could have some clarification there too, that

568
00:25:10,080 --> 00:25:12,600
Speaker 1: the mortgage holders would not be able to adversely affect

569
00:25:12,600 --> 00:25:14,680
Speaker 1: your credit score just because you ask for forbearance. That's

570
00:25:14,680 --> 00:25:16,200
Speaker 1: not cool. And on the note of asking, I think

571
00:25:16,200 --> 00:25:18,840
Speaker 1: it's another thing that you can ask your your mortgage

572
00:25:18,840 --> 00:25:21,960
Speaker 1: service is to not report to your credit bureau about

573
00:25:21,960 --> 00:25:24,280
Speaker 1: this forbearance because obviously it comes on the heels of

574
00:25:24,359 --> 00:25:27,600
Speaker 1: a pandemic, something utterly unpredictable. But even with that being said,

575
00:25:27,760 --> 00:25:29,960
Speaker 1: even if they say yes, we are going to report it,

576
00:25:30,119 --> 00:25:33,080
Speaker 1: remember what your credit score is for. Like, it's to use, right,

577
00:25:33,119 --> 00:25:35,119
Speaker 1: It's a tool. It's not a tool for you to

578
00:25:35,160 --> 00:25:38,040
Speaker 1: keep shining and perfect and pristine to mount on your wall,

579
00:25:38,280 --> 00:25:39,960
Speaker 1: like it's a tool to like take outside and digging

580
00:25:40,000 --> 00:25:41,800
Speaker 1: the dirt, you know, Like this is a tool that

581
00:25:41,800 --> 00:25:43,800
Speaker 1: you want to use It's just important to note that

582
00:25:43,800 --> 00:25:46,639
Speaker 1: we don't want to over prioritize having a pristine and

583
00:25:46,720 --> 00:25:49,120
Speaker 1: perfect credit score. You know that we that we never

584
00:25:49,200 --> 00:25:51,720
Speaker 1: touch or doing or take out of the driveway because

585
00:25:51,760 --> 00:25:53,840
Speaker 1: we don't want, you know, the neighborhood kids to kind

586
00:25:53,840 --> 00:25:55,400
Speaker 1: of bump into it with their car like that kind

587
00:25:55,400 --> 00:25:57,119
Speaker 1: of thing, those pesky kids. Yeah, you don't want that

588
00:25:57,119 --> 00:25:59,840
Speaker 1: to happen, right, well, I think Matt two, it's important

589
00:25:59,840 --> 00:26:02,240
Speaker 1: to about tenants real quick based on on the heels

590
00:26:02,280 --> 00:26:04,960
Speaker 1: of mortgage forebearance, and sadly, there's not much we can

591
00:26:05,000 --> 00:26:08,240
Speaker 1: say in the area of relief for for tenants who

592
00:26:08,240 --> 00:26:10,440
Speaker 1: are having a tough time paying their rent. It comes

593
00:26:10,440 --> 00:26:13,560
Speaker 1: down so much to your individual situation talking to your

594
00:26:13,640 --> 00:26:16,760
Speaker 1: landlord and trying to work through this. But knowing about

595
00:26:16,840 --> 00:26:19,680
Speaker 1: mortgage forbearance could help you talk to your landlord about

596
00:26:19,760 --> 00:26:21,800
Speaker 1: having extra time to pay your rent, because if they

597
00:26:21,840 --> 00:26:24,200
Speaker 1: have extra time to pay their mortgage, hopefully they can

598
00:26:24,200 --> 00:26:26,160
Speaker 1: be lenient with you at the same time and offer

599
00:26:26,200 --> 00:26:28,240
Speaker 1: you extra time to pay. So, yeah, this is definitely

600
00:26:28,280 --> 00:26:31,040
Speaker 1: something worth bringing up, worth adding into the conversation if

601
00:26:31,280 --> 00:26:33,640
Speaker 1: you're having trouble or you're struggling to pay the rent

602
00:26:33,840 --> 00:26:36,280
Speaker 1: then bringing this up and asking your landlord point blank,

603
00:26:36,400 --> 00:26:38,399
Speaker 1: like do you have access to mortgage forbearance? Would that

604
00:26:38,440 --> 00:26:41,200
Speaker 1: allow you to help me give me a break during

605
00:26:41,200 --> 00:26:44,120
Speaker 1: this time while I'm getting back on my feet, And eventually,

606
00:26:44,160 --> 00:26:45,560
Speaker 1: of course I will pay you, but but it's just

607
00:26:45,600 --> 00:26:48,360
Speaker 1: gonna take extra time. And hopefully this mortgage forebearance gives

608
00:26:48,400 --> 00:26:50,680
Speaker 1: you the ability to then in turn give me a

609
00:26:50,680 --> 00:26:53,119
Speaker 1: little more flexibility with with the rent payments. Yeah, you

610
00:26:53,200 --> 00:26:55,399
Speaker 1: as a renter, like you can be a resource to

611
00:26:55,600 --> 00:26:58,359
Speaker 1: your landlord, which is super cool. So j we mentioned

612
00:26:58,359 --> 00:27:00,480
Speaker 1: those websites to Fannie May and Freddie Mac will actually

613
00:27:00,520 --> 00:27:03,600
Speaker 1: link directly to the pages on their websites where you

614
00:27:03,600 --> 00:27:06,440
Speaker 1: can literally look up your your property and to see

615
00:27:06,440 --> 00:27:09,040
Speaker 1: if it's federally backed. And we'll also have the links

616
00:27:09,080 --> 00:27:10,560
Speaker 1: in there as well if you're looking at going ahead

617
00:27:10,600 --> 00:27:13,000
Speaker 1: and securing a new credit card to have on hand

618
00:27:13,119 --> 00:27:15,160
Speaker 1: just in case, and you can find those at how

619
00:27:15,160 --> 00:27:17,280
Speaker 1: to money dot com. Yeah, buddy, all right, I always

620
00:27:17,280 --> 00:27:19,320
Speaker 1: love these Friday episodes. A lot of information to get

621
00:27:19,320 --> 00:27:21,040
Speaker 1: out there, a lot of good information to at the beginning.

622
00:27:21,440 --> 00:27:23,440
Speaker 1: So all right, well, we'll keep punkering down and Matt

623
00:27:23,520 --> 00:27:26,240
Speaker 1: until next time. Best friends out, best friends out,