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What's in Your Digital Wallet?

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
September 29, 2020 8:03 am

What's in Your Digital Wallet?

MoneyWise / Rob West and Steve Moore

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September 29, 2020 8:03 am

The pandemic has forced us to practice six feet of social distancing for almost everything. But what about the times when we need to use our credit cards and cash? On the next MoneyWise Live, hosts Rob West and Steve Moore explain how our efforts to avoid germs have boosted the popularity of digital transactions. We’ll talk about digital wallets on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 


The coronavirus pandemic forced us to practice social distancing, and almost all of our affairs 6 feet of separation became the rule for just about everything except our credit cards and you can add cash to that list of things not practicing social distancing as well know, it's no wonder why so many of us have embraced digital transactions like never before.

Kingdom advises president Rob West talks about that first date we take some calls from all across the country. However, today's edition of the program is not lively are you more what's in your digital wallet and snacks right here on moneywise. Okay Rob using cash or swiping credit cards really did expose the weakness in the idea of social distancing with music. Absolutely I would, because you never know where cash is been, or who's been using a credit card terminal so the chance of picking up germs is ever present and it's really advanced the idea of the digital wallet which is probably a lot thinner than the one carrying around today.

So what exactly is a digital wallet.

Well, it's pretty much what it sounds like a digital form of your credit and debit card accounts and they are held on a secure third-party platform. Digital wallet isn't just safe. As far as avoiding germs. It's also convenient, reducing the time required for online and in-store purchases. These would include Google pay Apple pay Samsung pay Amazon pay and PayPal just to name a few. What a lot of folks don't realize that Steve is that if they have a smartphone made during the last few years. They probably have one of those apps on their phone already. Besides the obvious, not having to handle cash or credit cards. What are the advantages to using a digital wallet and where will I find the one that you claim is on my phone. Well, a lot of people have gotten used to using peer to peer payment apps like Venlo and Cash Out to send money to friends and family, but they may not realize that you can also do that with the digital wallet. Usually you just need an email address or phone number for the transaction.

But then there's also the convenience factor. Not only are the transactions faster, but you don't have to carry her cards around with you. All you need is a form of identification in your phone and depending on which type of device you have. You could just do a quick Google search to find out exactly what your app is called a for instance in the Apple ecosystem is just cold wallet and it makes it very easy to attach your credit cards. So the digital wallet stores all my credit card information. But what about all these other carts, making it hard to sit on my real right, but you can store a lot of other card information in your digital wallet to using your transactions. Things like restaurants and store cards and even frequent flyer reward accounts give us an example of a typical digital wallet transaction, let Sam out. I decide to treat myself to a nice bagel with a smear carryout.

Of course, how do I pay for that with my digital wallet. Well, your favorite bagel chain probably has its own app so you'd use that to preorder. Then you'd use one of the digital wallet apps like Google or Apple pay to make the transaction. So when you get up to the cash register. They just hand you your order and I can do all that while waiting in line at having to touch anything amazing but I think a lot of folks are wondering just how secure this is human to 1/3 party that stores my financial information. What we know about those books well and that's understandable, but these apps don't use your actual card number four transactions. They replace it with an encrypted number for each transaction, which is really a critical security feature for these you know, I've seen people waving their phones around to pay for things hot hot. How does that feature work yell at the heart of it is something called radiofrequency identification, or RFID you set that up first with your digital wallet app entering your card number and security code, which is that three or four digit number on the back of your card, or perhaps even on the front. In some cases you'd also enter your home address and phone number just takes a couple minutes and when you're finished, you only have to put your phone nearer and RFID point-of-sale reader to complete the transaction and what retailers are adding those readers every day that you don't have to touch the reader and you don't even have to wave the phone said just get it. I should point out the digital wallet systems have a lot of additional security features beyond just using a different encrypted card number. Some require you to unlock your phone with a password or fingerprint to complete a transaction. Plus, you can erase your data remotely. If your phone is lost or stolen.

I don't think it's for everybody no doubt younger folks are gravitating toward. But if you're comfortable with this type of technology can make things easier and more secure. This is moneywise my hostess from West times more back with more.

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Please don't try to run fast with lots of interesting information.

Please begin going to Iowa city, Iowa.

WDL M great folks working hard up there. Diane what's on your mind have a problem I can't find a car loan and back that car loan that would be okay but I would say Elder two year time I probably gave her more than $6000 to help her because she within halfway house and let coming to church and I pick up people from their country church and probably met that when I cosign the loan.

I said you can't default on that I've helped you so much will I will I will well. She moved from Iowa city area and I had her phone her phone now been disconnected and I am now because she didn't.

I didn't know that she didn't pay I got a phone call saying hey you cosign the flow and she hasn't paid itself. Since that time not been paid and that the $3000 loan. If I continue to pay on the phone tonight take the session of that car without missing a couple of things here.

Diane and I can certainly appreciate the challenging situation that you ran especially given that your desire. From the very beginning was to be of help because she's obviously in a difficult spot regardless of the circumstances you wanted to be of help and you obviously have demonstrated that in the giving of of meeting of resources and then also in cosigning. I think one of the challenges here is that when it comes to cosigning up. First of all, if we start with God's word we say that clearly the Bible and discourages us.

I would even go further than say the Bible tells us not to cosign the Proverbs 2226 do not be one who shakes hands in pledgor puts up security for debts if you lack the means to pay your very bad will be snatched from under you will what God's word is saying here has approves out every day when we see that the FTC, the Federal Trade Commission tells us that 50% of those whose cosign end up having to participate in payment and so we we realize that you know God's word obviously brings a very important point to light. If we ever cosign we need to be willing and able to step in and make the payments and almost assume that they won't now. Regardless of how you got here you're in the situation. So what legal recourse do you have wealth. I'm not an attorney and so you could get some legal counsel here, but in general, if you are both cosigners on this loan. Again, you're really your two options are to ask that the assets be turned over to you because you're the one now making the payment and my understanding would be that that other party would have to do that voluntarily you could then sell the asset and use at least the sale proceeds to recoup. Perhaps a portion of what you know has been put up here or what will be owed over the balance of the loan at the second option is you allowed to be repossessed, but you have to recognize the impact to your credit for that decision. Given that you are an equal party to this as a cosigner.

So the third option would be exactly what you're doing right now and that is to continue to make the payments. I think moving forward. What you have to recognize is that you are a steward of what God has entrusted to you.

I love the idea of giving. In fact, we affirm giving just about every episode here because it's it's on the heart of God. We see giving throughout the old and New Testament. We were created in the image of God and he's the ultimate giver and so we should be generous, we should live with an open hand and look how we look out for opportunities to meet the needs of others, especially those in difficult circumstances or situations, but I think that has a limit and it's a part of a plan that you put together saying of what God has entrusted to me how do I want to live according to his principles. Living well within my needs, providing for myself and my family, but also being generous but I think we don't need to do anything out of guilt or compulsion.

We should do it joyfully because we feel like we want to want to participate in God's activity in someone else's life but never because somebody makes us feel like we need to or because we're we feel guilty about it. So I think moving forward. Beyond this situation. I think you just need to prayerfully consider the support you're giving and heed the counsel of Scripture as it relates to principles like the principle of staying out of a cosigning situation. I think in this situation you're just have to pray that the Lord would give you wisdom. If you have the ability to keep the keep paying on this loan.

I would do that to protect your own credit and see if perhaps this car could be turned over to you to be sold to satisfy the rest of the debt, where would whose name is on the title. Where would that come into play.

Any idea run. It is probably titled in both of their names, but regardless, there is a loan that they have both cosigned on their both responsible for and the collateral for that loan is the car and so that loan is going to need to be paid or the lender is going to repossess it and they're going to be implications from credit standpoint and the sounds I am and Diane I think you mentioned that her number is no longer working. So you're probably having difficulty even contacting at this point, is that correct problem had problems trying to contact her module in a situation like this, especially since you're continuing to pay the bills and she's continuing to drive the car and I and bank will not give me were able to connect to a different number that it's a different number and left a message that they of course they said they can't give it to me because of privacy believe the only thing you could do at this point, Diane.

Strange as it may sound, you know, if you hired a private detective. They could probably track her down in that regard, but obviously that would cost you money.

Not to mention stomach acid may be some more sleepless nights, not that you haven't already had some but we will pray that God opens up the way we appreciate your compassionate and generous heart.

Nonetheless, the Bible does discourage a cosigning, so I know you won't ever do this again, but if any of our listeners are pondering it for considering it is typically not a good idea Diane. We appreciate very much your listening to moneywise live with Rob last today's broadcast is recorded so we won't be taking any calls but we have some calls lined up in some great information coming your way that I think you'll find usable at the very, very, this is moneywise live a more many people adopt an attitude toward marriage and finances that it will all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money, and marriage counseling by Howard Dayton will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available and moneywise it's everything to which the years and thrown completely to send for he planned on the kingdom calendar when this will happen when Gentiles completely all went heritage to know Christ. When complete, it's time to get with word place in the online experience. Many people adopt an attitude toward marriage and finances that it will all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by Howard Dayton will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available and moneywise moneywise live and we talked about our telephone number. Often, usually because we live and recorded her mention don't call us. You can find this online moneywise Rob I think you had something you wanted to share with our listeners what you know Steve, we hear from so many listeners each day really so many of them talking about how long they've listened some of them just finding us recently. All just so encouraging about the chance we have together to learn God's way of handling money and so just appreciate so much. Those of you who tune in each day and would like to invite you to participate with us perhaps to partner with us to keep this program on the air. We have a wonderful team here and look forward each day to bring you God's truth as it relates to money and if it's a beyond your time.

You have the ability to give a gift to moneywise media we would be incredibly grateful. Whether that's a monthly gift and you want to partner with us as a moneywise patron or give a one time gift however little or however much you would be able to bless the ministry with we would be grateful. And so I just want to thank you in advance for those of you who are already partnering with us and those maybe for the first time you want to step up and give a gift, I want to say thanks. Thank you very much. Let's continue on up to Ohio Curtis. We appreciate your patience, buddy.

What's on your mind what you have to share with us well on for almost a year now 31-year-old daughter living in the house. We all paid rent want to wife totally against with a four-month-old baby and significant other living there not knowing what the larger was yeah but you certainly need that James 15 if you lack wisdom, let him ask.

And certainly this is an area where you need great wisdom because clearly on one hand you don't want to enable bad behavior and almost reward someone is not following God's plan with regard to their finances and honoring their parents on the other hand, we realize you want to provide for your family and we've got a little one in the equation here as you have not only your daughter but her baby and so I think this is very challenging as you just assess her ability to care for herself and the baby will what is your assessment at this point of her situation was all the baby had a brain bleed and what you will.

She's lucky to be alive miracle live but men really go back to work and not paying rent was previous to having okay well I think the first thing is, again, for you and your wife to make this matter prayer. Second thing is to make sure that you both are on the same page about the plan moving forward.

And that's going to take open-end and intentional communication. So you are of one mind with regard to how you approach the situation. Whether you decide to exercise tough love or whether this is a time to be lavishing your generosity toward your daughter. I think you're one step. I would certainly take us to sit down with her face-to-face and say listen. We love you. We want to support you and in your baby your child our granddaughter and we need to come up with a plan here and so part of our continued assistance in this situation is going to be predicated on several things happening one you learning God's way of handling money to you progressing in your demonstrating you understand how to handle your finances which includes you getting on a spending plan showing that to us beginning to manage your money wisely, including some rent in that plan, and making good on that and to the extent you're not willing to take these steps while we continue to provide assistance.

There are going to be consequences and then lay out those consequences whatever those might be. But again, I think you'll have to have that plan going into it a couple of additional thoughts wanted you could involve a third-party if you feel like that would be more helpful and so you could say part of this plan is you getting with a moneywise life coach who is gonna walk with you, and over the next month is going to help you put a plan together that you're going to present back to us and so he gets you out of the details of that, but it does have someone who's godly who can help put a plan in place. Walk alongside her, that would be one option. The second option is you give her a period of time.

You say were going to be willing to help for X number of months and at that point our support is going to stop unless we see the following things and so I realize it's difficult, especially when there's a child involved in.

So this is a time for you all to be prayerful and as husband and wife communicating very clearly as you develop this plan will certainly ask the moneywise live community be praying for you and that you Curtis thank you very much. I like your advice. There were obviously the baby does complicate things.

The other question you have to ask yourself husband-and-wife is is it a situation where they won't pay or that they can't pay and in your right is sitting down and trying to work out a budget having a conversation with them. As parents, sometimes the dynamics make it difficult so involving a third-party. Perhaps a budget coach would be a good thing there. And again you can find out how to contact a budget coach when you visit our website Curtis which is moneywise and there's no charge for that. Perhaps it would help the situation were glad you called and will pray that God works that out. Thanks very much. 800-525-7000, Indianapolis, Indiana hey Terry what's on your mind today. I really hate your program in biblical with you here on a regular than a general contractor for over 30 years. Done work for many wonderful people in my Christian legal deal responsibility to pay their bill yeah and point to one individual. I did work for $5000 for the work they never had the money, yet they were able to buy three new card, take the family on great vacation. There are weekly Baker you know they never had the money to pay the bill totally happy with the work. No complaints. I'm just curious how you feel.

That situation like that should be handled well. I think you got two situations going on. One is where we give to someone in the other is where were in business with someone in the case of giving.

We just have to be prayerful and decide as the steward of the money, whether the Lord is leading us to do the giving and then we gotta leave the rest to him regardless of what they do with it or how they're living their lifestyle in a business situation with the know our customer.

We gotta be prudent were stewards of the business.

In addition to the resources that God has entrusted to us and part of that is making wise decisions. Now we may decide to be gracious and give or not collect in certain situations because we want to bless someone, but in other cases, we have to collect in the right way and Terry without him forever. Good have to say goodbye but were glad that you called today. Thanks so much. Well, that music reminds us, it's time to take a brief break will be also brief, so please don't go anywhere is wise, live find us on the but today we're not live so that phone number. Please don't call to stick around much information. Investing is more than just return it's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian and eventide design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining true to your Christian values and commitments. We call this investing makes the world rejoice more is available, invest invest Thank you from the bottom of my heart I could've had the procedure I needed without CHF's help in sharing the bills that letter from a member displays Christian healthcare ministries purpose to glorify God and serve his people. CHF is the original noninsurance voluntary health cost-sharing ministry, enabling its members to share the cost of each other's medical bills, call 800-791-6225 or visit CH ministries not more space in the communications major and many families that week is founding 667. These commandments today are to be on your heart. Children walking along the road, when you lay down that Deuteronomy 667 mighty radiant first of that week during a pandemic spiritual or midlife crisis. You may be asking what now under deck host Moody publishers reading for change podcast's new book, what now, Moody Bible Institute president Mark Jobe will help your next season. Learn how to break free of sting.

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Let's thoughts broadly lower on Wall Street today that I was off 131. The NASDAQ brought 32 and the S&P 500 was down 16 points. This is SRN use the money wisely. Find us on the but not lives don't call but to stick around.

Lots of good information ahead. This indeed is moneywise the with Rob last time Steve Moore and we go to Rapid City, South Dakota hey Alan, we appreciate your stick to it. Of this, and your patients. How can we help you all. We have a Québec magnet for looked at buying a home there and want to transition their eventually I was wondering about the money out of my 401(k) kind of pain a greater proportion of the old out of that house that second home so that we could interest. I wanted what you think about yeah you looking at taking a loan from the 401(k) or just a distribution prolific distribution without a the tax on that right you would and what is your age 61. Okay yeah so you would not have a penalty but you would have to pay the tax on it.

So tell me about that. How much were you looking to pull out what were looking for an all-out about 100. I have about hundred thousand cash that I could put down. Okay see you put down 50% loan to value 100 of it would come from the 401(k) hundred and other savings. Is that right that correct okay and what is the total value of the 401(k) and probably 100 and I have a second account that has about 200 and okay it is not the extent of your retirement savings. About 400,000 that is okay and as you look at retirement down the road. Have you done some planning and some projections just to say based on what we know today what we feel God has called us to our lifestyle and expenses were, how long we want to work and how were going to serve him and be near family, which I realize is part of the reason for the second home to tell me how you feel like you're doing just in terms of the overall savings goal.

You have a what you been able to put away.

To this point what you intend to put away in the future you feel like you're on track ahead or behind. I think that I'm not a mission for two months last year out of my job in Africa work and I happy about the fact that our income actually limit $50 more this past year than we did the prior year. What sounds like you prioritize serving the Lord and certainly it's not all about the amounts in our accounts and wasn't saying that it all and I'm grateful to hear the work you've done. I think the key though is that we recognize that the saving is affirmed in the Bible, and although we shouldn't adopt the cultural view of retirement in the sense that we accumulate as much as we can during our working years to retire to a life of leisure doesn't nothing wrong with leisure but we realize it or calling us throughout our entire lives which you know full well, as evidenced by your service to the Lord and so we say we say, primarily because we want to be able to focus our energy during that season on whatever God has for us, and there may come a day will likely come a day for all of us where we can't work and so we want to have the ability to provide for families, ourselves and the spouse and the other dependents during that season so I think the key here is if you can afford the debt service on the second property. If you feel like.

Clearly the Lord's leading you to take on the second property, then I'd rather you keep the money they are invested for the long term and not pay the tax now and not give up the growth the tax-deferred growth that you can have over time. That's assuming that you can cover the debt service on the second property and continue to do the things you need to do with additional retirement savings and giving in and things like that. If you can't, I think you got a decision to make on. Do we really feel like this is where we need to go with the second property, and if so, we just realize that by taking this money out. Not only can have a big tax liability.

Perhaps you could spread it over to tax years that may make some sense, but also working to have less that's growing for us in working for the future and working to have all these additional expenses from this second property property taxes and maintenance and upkeep in those kinds of things.

So I think those are the decisions you need to make my first choice would be if you feel like this is the direction you want to go. Let's try to leave the money there and let it work for you and see if you can fund this additional home out of current cash flow bear market that are tied to the barn sure well hopefully you been rewarded over the last decade in your 401(k) and you know I think that the stock market has been of the last hundred years. The very best place for us to be with greater than 9% average annual return going back that long. So time is on your side, you're still young. For all intensive purposes, even though you should be getting more conservative now, but I think the key is really printer and think it through that decision only hope that helps you. Thank you very much for calling it today. Keep us posted below the know how God works that out for you. Thanks Robert. You say we try to do a couple of emails here are that sounds good. I must begin with a one from Skip pieces dear Rob and Steve, I have hundred and $25,000 in cash.

How can I invest it in the CD a bank or Vanguard is probably been listening to the program. Skip, you can invest this in the CD very easily.

In fact, over 25,000 going into CD you can get the very best rates I would start by going to bank bank and put in the amount of the CD. The duration you're looking for you looking for 18 months two years three years five years and then see which banks with FDIC insurance are offering the most attractive Rachel find a number of them and I shouldn't be any problem linking that new bank probably an online bank to your checking account.

You'll be able to just ACH transfer the money in initiate the CD set up your online account and you are off to the races.

He has an interesting follow-up.

He says won't depositing $125,000 and in cash. Create homeland security? Well, there are some new rules that came out several years ago accident number of years ago now not related to know your client where when you're making certain deposits if to ask questions, but it's not. These questions are going to be a voluminous that it won't create any problems, you'll just have normal questions that any is the financial institution would ask when you're opening an account okay. I next emails from Kim. She says we just sold her house and paid off all our debts when we tied the profit from the sale does it all go to our church or can we quote spread it around yeah Kim, great question. The key is here. The profit from the sale were talking about house.

Make sure you're looking at the true profit after the expenses of course up, subtract out the initial purchase price, and any improvements but then I would see this is your increase so I treated just like any other income you get and tied 10% to your local church. Okay, sounds good to me always sounds good to me because Rob West really knows his stuff is the president of kingdom advisors and joins you each day.

At this time. Taking your questions and 800-525-7000 something I always forget thanking those behind us, Judy, and particularly rich for his assistance. Today will be running. Do you know if you have enough enough money of house. Do you know how much is enough.

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Boy we are having fun today. It's like a barrel of monkeys here.

I'm Steve Moore he's Rob West, chief monkey and let's sorry about unfired Arnie the good of Muncie, Indiana hey Bill, thank you so much for holding in your patients what you question for Rob West. So, I'm the executor of my mom eight yes and she's 80 years old is not died, and she wants to go over the different things that need to be done and I'm not exactly sure to say okay where's that's where live, you know, so I mean she's more than willing to talk all through all that she's been thrown away tax forms from 1955 electric bills from five years ago, so she's clear a lot of the stuff out yes but I don't know if you're like a checklist or some I okay need to wear this that where is this, that and then sure in what order you know when she passes. Yes I do all this stuff so that well I certainly understand that Bill and I appreciate you thinking about this ahead of time and it's it's nice that you're in a situation where your mom is willing to engage in this discussion. And so now's the time to certainly do that to make sure that you can serve her well as you probably know executor, which is basically a personal representative it's it's the person named in the will to carry out the terms of the well so you'll oversee the settling of the state paying any estate, not the state. Settling of the estate, paying any debts or taxes on behalf of the estate, making sure the people named in the well that are beneficiaries you and perhaps anyone else receive their inheritances and your duties don't officially start until her passing. However, there are things you can do to be prepared. And I think that's the Genesis of your question. First thing I want to know is where is the will located us even want to make sure you know that.

And if it was created with the help of an attorney. What is the attorney's name. What's the law firm.

What's the contact information you're gonna want to know any professional advisors that you should work with to settle the estate not only attorneys but accountants, financial planners, investment professionals and then does the person that named you as executor. In this case your mom have any general wishes for her state that are laid out in the will and then you'd certainly want to ask any questions you have about your responsibilities ahead of time. You could even talk to the attorney. If there was one and yet I think those are kind of the big rocks if you will admit. Of course you could, in addition to talking to her attorney go online and do a Google search for questions to ask. As an executor. Things like that you'll find just a number of resources out there.

Hopefully she has a listing, but perhaps one of things you could do now is go ahead and make sure all the important papers and information are in one place so that you can access them quickly. I mentioned the will.

Earlier but things like bank account information, credit card accounts any mortgage info any other debts and then as I mentioned wishes that are in the will. Things like what would she like for funeral planning and and how should she want the funeral to be carried out things like that so those are probably the young, the lion share of them and then I think beyond what we talked about today calling her attorney seeing if there's a checklist or something you can read up on and then just doing some general online searching. If you do all of that, I think you you will be prepared to handle this. Assuming things are overly complex. I was at some Bill. My big problem came to, she got a credit card that she thought she should but she charges up and want to start getting back to get you campaign it still something crazy and paid off like one time she cashed out alike insurance policy and pay off her credit card ending in three years later it's back at the point where driving her crazy. She took a loan against your remaining life insurance policy so not learn her health isn't work that much money. Now the only income she has is so scary, so sometimes when you know something major break and just use a credit card need to fix it stuck a problem with that matter might want my meter quote into if she ends up a balance on the credit card and there's not enough money in her estate to barrier me and my sisters and brothers are had to pick up money to pay that burial fee.

What happens when MasterCard come to call yeah well you know that unfortunately the creditors are going to be out of luck. In that situation. So when somebody dies, the estate pays the credit card balances another debts. But when they die with more debts than assets to pay them. Generally speaking, the creditors just don't get paid unless there's somebody else attached to those accounts. I think one of the things though that you can do to help her finish well and manage the resources God has given her's come alongside her to help her do some planning. Now I getting her on a budget helping her understand how to control the flow of money and making sure she doesn't go on these can a wild up and down charging up paying down and making poor decisions. So if you can lean into that she's willing to do that with you that will go a long way and answer the question.

You may be thinking or wondering about.

Not that Rob didn't but a bill you and your sister would not be obligated to pay off her debts, MasterCard or whatever. After she passes.

If indeed there just hurt debts sound like a good son. So hang in there, do the best you can. We understand that this all isn't always easy when it comes to parents. Thanks so much Beth is calling from Grayslake, Illinois, and we appreciate your holding on Beth.

How can we help happy to very good credit or I'm always on my credit card get the better nightmare for me.

2019. I got a credit card but unfortunately I'm currently between November credit card now on I'm trying really thing a penny in my savings account because I just want to get and every time I start to take it away. My current interest rate credit card and getting lining over 20% think that the home equity loan. I do have it all on income around their equity credit card and probably yeah that's well, listen, I realize the frustration and the weights of all of this on you.

And clearly you're trying to do everything you can to honor the Lord be a good steward of what he's entrusted to you and I can certainly appreciate your desire to be completely debt-free. I gotta say though, I don't like the idea of converting this unsecured debt, which is what credit card is credit card debt is to secure dad and at that secured by your home. I realize the cost of funds may be less but that's not my primary concern. My primary concern is kind of solving the underlying issue which I realize is not easy, but it's going to come down to what can we do in the budget to try to get the bills paid great enough margin so we can pay at the very least, the minimum get a little bit going to emergency savings every month on a systematic basis and it might be a small amount that you know if we can free up 50 or hundred dollars that be great trying to get to $1000 as an emergency fund. So when the unexpected comes and it will that the first place. We don't have to go to is the credit cards we got that thousand dollars and we can really focus on keeping the credit cards declining. I also don't like the balance transfer game for the reasons you mentioned. It does take the pressure off but ended no, inevitably, the unexpected comes and then the time runs out and they were back up to these high interest rates and over time that's gonna cost you, not only because you'll pay the higher rates, but every time you do it. As you probably know, there's typically about a 3% fee that they impose just to make the balance transfer so my preferred approach. Your bath would be to look at a debt management program using a nonprofit Christian credit counseling agency and we use Christian credit counselors. Their wonderful godly people. What would happen there and I realize you may be concerned about your credit the fact the urine credit counseling doesn't go through the credit scoring formula, but you do have to close any of the accounts that go into the program and it will be noted. So you know if you were seeking additional credit, which I hope you're not anytime soon. They could use that information that they see they are not in the score but just on the report. However they want. So you just have to recognize the implications of that plus the fact that it's now closed credit card but the benefit is these folks will help you take another look at your budget help you get on a plan help you establish a monthly payment to the creditors with a drastically reduced interest rate.

It's gonna be the same payment every month through the life of the payback it's knocking to decline with the balance in the combination of that with a lower interest rate.

This can help you pay this off 80% faster and were not can attach it to your home where if something happened and you could make the bill now, so your homes at risk. So that's gonna be my preferred approach on where you go from here. I visit with them on the web to get started. Let them know that money why sent you their way. Christian credit Christian credit and that's good to be my preferred option for how you proceed from here and I will certainly ask her money was live community be praying for you as well.

We will indeed. God bless you Beth, thanks very much. Just God will bless you as you forge ahead and move ahead and get this debt paid off once and for all this money was live. Thanks so much for being there. Thanks for telling others about us moneywise that I was a partnership between Moody radio and moneywise media and arrive less times more for you and yours have a wonderful remainder of the day, then join us again next

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