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Spending as a Disciple of Jesus

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
October 5, 2021 12:58 pm

Spending as a Disciple of Jesus

MoneyWise / Rob West and Steve Moore

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October 5, 2021 12:58 pm

As disciples of Christ, we’re to live according to the standard of obedience He set for us, and that includes how we earn, spend and save money. On today's MoneyWise Live, Rob West will talk about spending as a disciple of Christ and how we can apply principles in God’s word to our finances. Then he’ll answer various financial questions from a biblical perspective. 

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This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith in family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day.

Check out United faith mortgage and the direct lender advantage@unitedstatesmortgage.com thanks to you and to United faith mortgage for supporting Rudy radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer for licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah.

This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you.

We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage and their direct lender advantage@unitedfaithmortgage.com thanks to you and to United faith mortgage for supporting Rudy radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer for licensing information, go to an MLS consumer access.org corporate MLS number 1330.

Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah believed Larry for cat often said that every spending decision is a spiritual decision and we need only look at our checkbook register to see how were following Christ around West as disciples of Christ we are to live our lives according to the standard of obedience. He said that includes how we earn and spend and save money. Talk about that first today that it's all your calls at 800-525-7000 800-525-7000 businesses moneywise live financial decisions want to give a shout out that the Christians network for posting a terrific article on this topic spending as a disciple of Christ really challenges us that as we study God's word not to miss the application of the principles we find there, many of which are financial in nature and why wouldn't they be since money is such a huge part of living in this world as we study Scripture, we should always be on the lookout for passages that reveal more about the relationship between money and faith that Matthew 621 is a great example of how money is an indicator of our spiritual condition there. Jesus says where your treasure is, there your heart will be also. Understanding the intersection of money and faith is important no matter where you are in your walk with Christ. Whether you're just beginning to study this in Scripture, or you arty know what the Bible says about money or you need a refresher course or just validation that when it comes to managing money, you're on the right track.

Second Timothy 316 tells us all Scripture is God breathed and is useful for teaching, rebuking, correcting and training in righteousness, you may begin to ask yourself what does my spending reveal about my priorities well since were to be in the world but not of the world. Does your spending and investing show that you're preparing for this world, or the next.

Do you want paradise on earth or in heaven as you study God's word related to money, you may be convicted to reevaluate your beliefs and how you use money, especially if you don't see things lining up when looking at your bank statements. That's okay. Knowing the problem means you can take steps to correct it. So don't be afraid to start looking at your bank statements. If you're using software like the moneywise app.

All of that information is already at your fingertips, it will quickly reveal your spending priorities right down to the last detail as you do that exercise.

You may be shocked by how far you're off the mark for spending. According to God's principles, but don't be discouraged. Proverbs 3 tells us trust in the Lord with all your heart and do not lean on your own understanding. In all your ways acknowledge him and he will make your paths straight. The truth is, all of us have room for improvement. Even if you've been working for years to manage money. God's way, there's always more to learn and you should especially not feel smug about the progress you've made. Because our standard for living is perfection a mark only Christ achieved and Jesus didn't mince words about this in Luke 14 he tells a large crowd.

If anyone comes to me and does not hate his father and mother, wife and children, brothers and sisters, yes, even their own life. Such a person cannot be my disciple and whoever does not carry their cross and follow me cannot be my disciple Jesus isn't talking about hate as an emotion but rather as a choice choosing him above all else. Everything we count is valuable in this world.

You see, he wanted his followers to realize the need to count the cost before committing to him and he goes on to say in the same way those of you who do not give up everything. You cannot be my disciples. This means we are not only to acknowledge Christ as our Savior, but also as our Lord as followers of Christ were committing ourselves to doing things his way. Our lives aren't our own there to be for him. Which brings us back to the question, does our spending reflect this.

That's a question you should always be asking yourself to your spending decisions, show commitment to building God's kingdom or euro, you will earn and spend a great deal of money in this life. How much of it will use for your own cover, enjoyment, and how much of it will use to reveal God's glory and mercy and love to a fallen world. The article asking these questions and by putting things in perspective that Jesus is still saving people today still preaching the gospel to the poor and feeling the broken hearted he's doing all this through his disciples the faithful who counted the cost and committed to giving you everything to serve the challenges actively applying in our lives. What we learned in Scripture about managing money and it's an ongoing process for your calls or next. 800-525-7000.

This is moneywise live will be right back, thankful to have you joining us today on moneywise live with your you know we started today by talking about the fact that every spending decision is a spiritual decision. If God owns it all and he doesn't wear his money managers then how we handle God's money is a reflection of what we value, where we placed our trust in ultimately it's a tool to glorify God in the process, you know, I think as we begin to think about that in our own lives. It perhaps will change how we think about handling and managing God's money doesn't mean we can't enjoy it. In fact, we are told one of the purposes of God's provision to us is for our enjoyment. So we should and were to provide, but I think even before that we should think about how much do we want to give what is it look like to live with contentment.

How do we hold what God has loosely and what is he trying to accomplish in our lives what vision has he given us, and how can our resources be used, to support that. Not to build bigger barns, but to be used as a resource to enjoy everything God has for us and that perhaps we need to start on our knees and say Lord, what would you have me to do what lifestyle have you called me to and how should I care for and handle faithfully the resources you've entrusted to me. Well, we want to help you find God's heart for your money today whatever is on your mind whatever questions you have. We'd love to hear from you.

We got some wines open. Here's the number 800-525-7000. That's 800-525-7000 team standing by would be delighted to talk to you where to begin today in Lexington, Michigan, and the mark is standing by Mark. How can I help you. Hi Rob, thanks for taking my call.

I appreciate you have happy to do it think my calling today.

Yeah. So my question is would download frustrated. My son just graduated high school last year. The date came got a really good job and he wants to step in establishing some credit and get a Piper couple credit card and gift getting denied because the letter that the denial letter says he has no credit record at all. So he just wondering how can we start with Telus credit if he gets getting denied. Yeah, that's a great question and the other several things you can do and I can understand me and the lack of credit is one of the prime reasons you would be denied. Which sounds like a difficult proposition. Because if you can establish credit and how do you ever get your first account, so the two most effective ways to do that one would be where he's added as an authorized user on your account which would mean that if you're willing and he's willing to abide by certain rules and guidelines that all of the credit history from your account would be passed over to his and the benefit of that is that you know as your rent on time pay error that will be reported to his account. Now, the opposite is true as well. If you ever had a late payment or you you don't have an account going to default or something more serious that would pass over as well. And although you might have a lot of good history that this one late payment wouldn't be it would impact you, but it would probably bounce back pretty quickly with his limited credit you one late payment would be a big deal so you just need to understand the implications of that. But that would be a great way to start establishing some history. A second approach would be what's called a secured credit card and we talk about these quite often, especially for folks who are in this situation or they're trying to rebuild their credit because they made some mistakes in the past and in a situation like that essentially what you do is, perhaps, go to your bank. There are some online banks as well. That offer secured cards. I just Google secured credit card and nerd wallet and credit cards.com could provide you with the very best that are out there today, but essentially you or he would put an amount on deposit and then they would give you a credit limit up to that amount he would charge against that and then pay it back in full. So, assuming he paid it on time every month. That amount would never be touched, but they have the confidence to know that if for some reason he didn't pay they have the ability to grab that money that is securing that balance in. They are not out anything which means there's really no risk on the part of the credit card company and would be a great option for him as he get started.

So tell me what your thoughts are on those first two options I mentioned yeah that sounds good on the first on your first option. There how much time would you need to be linked to our account before you have enough credit card started on now you know it's probably gonna take six months or so for him to show no repayment history such that he would be able to get credit extended to him what specifically is he looking to do is it getting an unsecured credit card or something else.

Well, so he looking toward the future of well maybe eventually I would buy a house type of thing now that he's not going to college. He just got out of school and got a good job. You kind of trait school type thing so just looking to district a valid credit for future future mortgage think like that and it would it would happen fairly quickly. So I think you know as he's saving for that initial down payment as he can establish the you know income that he will get in in his job.

Benefits of showing on-time payments to a revolving account by him being an authorized user. If he can eventually get in the installment loan you know perhaps if the you know takes on a small loan to buy a car or something like that, I'd make sure he puts down at least half, but that would show various types of credit so credit card being revolving car loan being installment loan. This is all showing his ability to handle credit wisely. Now I don't want him to spend one dime of interest unnecessarily just to build his credit because this will happen over time, but just in the normal course of being wise with money and handling debt responsibly feel it will build itself over time, so I probably start with the authorized user see if he could add perhaps a secured card where he would put in a budgeted recurring expense, even if it's just a subscription for five or $10 a month, something he had already planned to do where it hits the account.

He immediately pays it off that's just a show number one that he's got a very low balance that he's managing it wisely and the fact that he's in on time pay her every month and you'll be surprised at how quickly that score rises okay Mark I think a lot very good. You're welcome.

We appreciate you listening the program. May the Lord bless you and your son. Let's head to Indiana next Arlene how can I assist you looking to buy financially and turned what our options are. We have our home is completely paid for, though he found out there on the other end turned what loan available in the market because right now the market hot. You cannot buy something on selling your own home that creates a whole and we really want to be carrying that little debt can on the new home so what would be. By what we should be looking for and how to go about new thing in a late life. Yes, I certainly understand that well in a couple of options. Number one isn't delighted to hear you own your home free and clear, you're right, we are in the challenging sellers market right now where there's more. Not enough inventory demand is very strong and incredibly low interest rate environment. As a result of the pandemic you got a lot of folks that had previously been working in downtown situations where they may be in small apartments another working remotely looking for a little more space.

The millennial's are having kids and ready to buy single-family homes with a few more bedrooms, things like that all of that together has created the environment that were in right now where supply is your demand is exceeding supply and that's because the housing market to rise.

It's not a bubble but we are already seeing a softening of the real estate market and I think will continue to see that heading into next year where I can see major declines, just not the increases that we have seen previously part of that is can be caused by some of the supply issues being resolved with greater inventories in home sales, but also as interest rate set up that will take one of the other drivers of this housing market, the sellers market away as these incredibly low interest rates perhaps will not be there quite as effectively as they are today.

Now there's no doubt that being in a contingent situation is going to put you at a disadvantage. It doesn't mean, though, that you can't do it. You could go in with a contingency and as long as you have a strong offer.

You know there are folks that will go ahead and intake that the other option though if you want to be in a stronger position on your new purchase would be to go ahead and sell your place and do a short-term rental you could in fact sell your place with the as a part of the deal, renting it back for a period of time so you essentially aren't moving twice but you're gonna rent back your property. If the buyer would be willing to do that and they have some flexibility for three or six months and your sole objective following closing would be to go find that next property so you can have to get creative. If you want to be in that stronger position without contingency and it may involve you either doing something like I described with the rental or making a second mover.

Perhaps you put everything in a pod and moved to something that's furnished her in with family members and you know then you move a second time into your place, but I would be terribly concerned about the purchase in terms of the elevated real estate prices because typically a market like this, you're going to get top dollar on your sale. Even though you perhaps are to be paying a bit of a premium on this new purchase so that should be a wash. It's more challenging if you're coming from a rental into a purchase where you're not in a benefit as much of the sale you like. You are so listen be prayed up as the Lord to give you some wisdom and directed to that right home and I'm confident you'll find what you're looking for Arlene. We appreciate your this is moneywise. I'm thinking more of your questions just around the corner. I'd love to hear from you.

Here's the number 800-525-7000 home right now.

Thanks for joining us today.

I moneywise live close. This is biblical wisdom for your financial decisions have you visited our website recently. If not, I love you to check it out. Great content or moneywise questions, lots and lots of resources you can connect with a coach or certified kingdom advisor. It's all there moneywise live.Oregon the beginning point is to create a free moneywise account that will let you do all of the things I just described. You can do it quickly and safely. When you visit our website moneywise live.or just click sign up while you're there we be grateful if you'd consider supporting this ministry that when you click the donate button and support us either one time or monthly. Between now and the end of the year. We'd love to send you as our gift for a gift of $25 or more.

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800-525-7000 will be in Chicago Illinois in just a moment with Tammy. But first, Las Cruces, New Mexico hi Dave, how can I help you sir thank you Dick McCall appreciate you.

Answer: I am just I just retired this year and we paid off everything we did get a tent a travel trailer know about 30,000, but but everything else is paid off.

The house everything is paid off, except that one long anyway I got a an inheritance about $100,000 and just was wondering how to invest that how to to use that to the best and to the glory of God, yeah. Very good slide appreciate you asking and I know as you are entrusted with much, especially when it's unexpected. It can be overwhelming, or at the very least, you want to be found faithful in managing that money and I can certainly understand that. So you said you have your only debt is the on the travel trailer or your home. What was just the travel trailer.

We okay about 31,000 on that that everything else paid off very good and what's the interest rate on that you know I think it's for quarter okay very good and that fits well within your budget. The debt service on the travel trailer.

Yeah we we have no problems. Okay.

And what are your sources at this point. Right now my retirement in my life is still working so okay we have those two okay and are you collecting a pension. Were you pulling money from the 401(k) collecting a pension okay and how long does she plan to continue to work two more years for next hearing and shall retire okay and at that point, not counting this hundred thousand have you done your retirement budget and you feel like you have enough income sources to cover your lifestyle without touching this hundred thousand. Yes that and without even touching our program be three and I sat in an Ira okay excellent. Well, you know, I think you're in a great spot here Dave to really answer the question, how much is enough, both in terms of lifestyle and net worth, because when we get to a place where incomes covered and we've got enough to sustain us. You know, beyond even know what you have coming in on a monthly basis and you think about this season of life and perhaps where God may be leading you when you're both fully retired. You have the opportunity and the flexibility to say Lord but where would you have us go, what would you have us do, and can we accelerate our giving you.

Frankly, I would be looking to say or do you have any giving goals that you'd like to lean into with this portion though of the hundred thousand that you want to save for the future, perhaps for an inheritance or just to manage wisely.

I'd be looking to add this to whoever is managing the rest of your retirement assets and don't have someone sounds like you have enough were having an investment advisor make a lot of sense of, I'd probably visit with certified kingdom advisor for both the plan to answer the question, how much is enough and to have somebody looking at managing these funds for you so this is a great season for you Dave. I'm excited this is moneywise live. Thanks for joining us today on moneywise live were taking your calls and questions on anything financial. Applying God's Word principles to what's going on in your financial life. Would love to hear from you what's on your mind today give us a call 800-525-7000 800-525-7000 was go right back to the phones.

Mark is in North Platte, Nebraska hello Mark here on moneywise live. Thank you all absolutely. We had a situation in which the wife and I worked diligently working on for a little over an 8+ years and we succeeded. Or so we thought. On our last letter we did a we work with a debt consolidation company enters and dance together and finish paying it off and my wife said here two months ago and this is our very last payment and we will be debt free. Well, upon hearing that good news.

I was elated and so was Mrs. and we thought things were in the clear. Well, little did we know that company had sold their assets to another company of some sort. And here we got a letter in the mail that says that art debt that we still owed. Basically the full amount and they have no record of our payment. They have no record of our due diligence and they're expecting full payment and we just looked at each other. Dumbfounded because the total amount that we would pay would even be more than items that were purchased which were computers for our pastors and so forth in the path, and so we didn't know what to do know where to turn to turn to. We've given him proof of our payment. And every time you call me. Well take a seven-day server to look at it and will get back to you while they been doing this now for a month or so and were just not getting anywhere so we don't know what you tell me about a personal I'm so sorry to hear this.

I know this must be incredibly frustrating. Tell me about the way you went about repaying you did you use a third-party or did you pay directly to the creditor third-party, and that I want to use the name of the company. But they saw sound to another company and and that party doesn't recognize the party that we worked with and cleaning up some other debts over the years answer for defendant dumbfounded. We thought everything was kosher and straight up normal and far as we are concerned it is but now they want to collect. You know the total amount plus interest way back when. And it's like no that's not the agreement we got into was this a company that helps people pay off their debts know or was it actually a collection agency you were paying to the company that helps people okay and how did they do that was a debt management program was there did involve a new loan or was it credit counseling.

How did they describe. Basically they describe it and talk to the company and see if they could settle for less amount and so we did and then everybody was in agreement that that was the amount basically they were retro lacking the interest charges interest that had incurred and you know it's ridiculous amount like 1821% you did they get settlement offers a did you see those in writing previous company that that those offers and everybody was on the same page. Okay I and in so you had those in writing and then did you get in any kind of statement or proof that you made ends payments okay. I know it all, and information company and they fail to recognize you okay very good. Well, couple of things me. Number one is. I'm glad you have the proof under the fair debt collection practices act.

Anyone who contacts you claiming you owe a debt is required by law to tell you the name of the creditor, the amount owed that you can dispute the debt and seek verification of it and then you're able to provide the information proving that it was in fact paid and then they have to provide you that information within five days of first contacting you. And so I would require that they provide this information in writing. I would then turn around and send out the originals but copies of the information showing that the debt was settled and I would send that through certified mail so you have proof that it was sent.

You can also find out more information about, how to proceed on the governments website.

The consumer financial protection Bureau. There's actually an article that I'm looking at right now about double what to do in a debt collector contact you about a debt you've already paid and they give you the steps to work through their if you're having trouble with that you can file a complaint with the CFPB, which is again the consumer financial protection Bureau.

This is a US government agency that makes banks, lenders and other financial companies treat you fairly and so they exist to serve the public like you in situations like this, there's a phone number there and you can also submit a claim online. So I go to consumer finance.gov and read up on this, but essentially you want to request that this information is provided to you in writing. You want to then disputed with the information that you have showing that it was in fact paid and do that in a way that's traceable and so that way, that as you're talking to the CFPB you can say those steps of Artie been taken and then just let this play out and perhaps they may need to get involved at some point, but I think if you have settled this and you've you've got proof that that was done, you know you should be in good shape. The other thing that I would do here. Mark is a part of this is monitor your credit report just to make sure that you have the information is not reported as being delinquent or past-due or charged-off because you may also want to dispute this with the credit bureau if they show any negative information, and you could do it the same way if you see something on there that's not true meaning. They show that you still owe it, you can dispute that provide proof they'll go out and try to verify it.

But as you take these steps. Let's just hope and pray that this gets resolved okay and I know it's for us to start trying to be totally debt-free or trying to live that way and give our shared little Lord, and so forth is just so aggravating. Sometimes, so I really appreciate your ministry in an everything that you didn't listen you for years. Well thank you Mark Miller bless you and keep us posted on how this turns out.

Let's head next to Naples, Florida, Tinley, how can I help you hello good afternoon. I am trying to arrange my credit score and one of the things I know is that my debt credit ratio hello I actually need to have email access to my credit that I don't when opening my credit card because that kind of trouble, but I did hear and read about company comp Stephanie credit where credit has an anti-credit and they have a crack at Stephanie hash LP bank account and debit card that I was thinking about you that but I just wondered you are yeah I'd be happy to weigh in on that credit system, either free services are fine will help you manage your debt free credit. I'm good with that I would use them for banking. I go to nerve wallet.com to look for a better option. Don't pay a subscription, but there fine just to help you improve your credit score you although I will talk to you for joining us today and moneywise live on your host Rob last along with us today. We'd love for you to connect to their moneywise coaches. These are volunteers, men and women who been trained as a part of their ministry just come alongside God's help them understand to set up a spending plan to get out of debt. Think about the giving and to teach many of the principles we talk about on this program you can connect with our coaches by visiting our website moneywise live.org and click community where you after you create a free account can post questions that are coaches will respond to.

You can even connect with the coach one-on-one for help setting up your spending plan or whatever it is that's going on these moneywise coaches and their available today@moneywiselive.org. We got a few lines open today for our final segment 800-525-7000. Let's head to Chicago Illinois next W MBI hi Tammy I can help you all sure I would want to streamline low moving from a 4.5% fixed rate to 2.9 everything yes okay but it is a streamline on an FHA insured mortgage okay yeah I mean that says basically refers to a type of refi where the amount of the documentation and the underwriting that the lender performs is limited, meaning it's not like a traditional conventional mortgage refi. There are some costs but it should be less expensive and you as long as you are improving your situation, which it sounds like you are the key, though, I think, is with that lower interest rate, I'd prefer you not to extend the term meaning looking at the number of months you have left to pay her years versus how much, how many years you have on this new streamline mortgage. Do you know that 30 year okay and how many years do you have left right now that okay. I bought the hall okay. All right. Very good now so I think as you look at this. You just need to evaluate dad and have you looked at the payment versus what your current payment is right now my new current three okay all right what is your credit score credit. About 40 okay all right well you know this can be a smart way to lower your interest rate. I think the key is I don't want you to extend that term. And so the only way around that. If you're going to a new 30 year mortgage and you can't reduce the term would be to send more. So perhaps you stay with the same mortgage payment, not the lower one to essentially pay it back in the same period of time. It's probably better if you can do it to refinance to a conventional loan because one of the other things you're going to do is get rid of the mortgage insurance that you're paying right now, which is always good to be around with the FHA loan. Tell me again what is the credit score today 646 okay so you're kinda right there on the bubble on whether or not you to be able to refinance in and get a pretty attractive rate. So I would at the very least go to bank rate.com and look for a couple of conventional mortgage refi options and see if you may not be able to improve your situation a little better when I'd rather you get Tammy would be a new 20 year mortgage that kinda matches and is even a little better than the 22 years you have left on this existing mortgage with a similar interest rate, but where you no longer have that mortgage insurance that extra cost that you're sending every month on the FHA loan that doesn't do you any good. I'd compare that to the streamline mortgage but if you go with the streamline and you reset it 30 years I'm gonna really strongly encourage you to stay with the same monthly payment or more so that you can in fact pay this off in 22 years and take advantage of that lower interest rate. Okay, thank you so much.

All right. We appreciate your call today. Miller bless you. Let's head to Lakeland, Florida hi Joan, how can I assist you call your family will tell my home killed by what were looking for their proper and I don't have get credit to Finkel at the bank well that patient lives with the broker broker. The investor that he would hold paper for certain period of time when it can no what is your take on yeah so what's tell me about your credit. You said you have poor credit. What happened in the past, work from one field and I've only been in there like having my doubts. Can we chat so there's not enough buildup to show that I'm able to con alone, according to the bank. See okay and you're going to buy a fixer-upper talk to me about what you're selling right now. The value of this home and what you looking to spend on this next property value of the home and hundred and about hundred and 70 Iola hundred and 9000 and proper. The investor is looking for 45,000 and he said looking at it. It would take another 15 or 20 killed during a kill. A livable and a little action.

Well, you have more than that in the proceeds of this home sale. So essentially you could buy it for cash, but you're looking for the funds to be able to renovated. Is that right. You cannot help but to eligible yeah yeah well I guess the first question is, is that something you want to get yourself into minute sounds like this property is in a real state of disrepair and so you know, do you have the time and the resources and the ability to manage a project like this. Especially, you know because you can have to go and buy this prior to selling.

In order to move in with family or rent something and then you know that's just a major project based on what I'm hearing and obvious. I don't know a whole lot but just based on the purchase price and how you're describing it. I guess you know my my first question be. Is that something you want to get yourself into, or would you be better just to kinda stay put.

I continue to make these payments to get this mortgage down rebuild your credit. Over time, and you know have a little bit more history of documented income so that you can make your next purchase. There's just so many variables when were talking about a home like this of both what's known and disclosed to you and even what's unknown that you might find yourself in, and without a real kinda financial foundation underneath you. Given some of the uncertainties of buying a property like this that just gives Mia a lot of pause to take on something like this in less you have the real deal expertise in doing it and maybe you do, but also to go along with that, the financial stability to deal with the unexpected.

So I would probably encourage you Joan to kinda push the pause button in and build up your finances a bit more certainly get into a situation where you could get a conventional loan, perhaps a little bit more history on your small business and then just think, really long and hard about whether this is a project you want to take on. I'd love for you to keep us updated along the way you know if you have no other option.

You certainly could do know the owner financing. But it's not my first choice often that the terms are not the most attractive soap.

We appreciate you checking in with us today our final call today is to be Israel. In Chicago, Illinois.

How can I help you sir people think you might call with you. I have a credit card only $10,000 and I have vehicle long night all $9000 and I was wondering I had a property that that I have a quite a bit of equity property by what wondering me, but that is why that line of credit will aid almost know that I have, yeah, I'm not a big fan of this approach is real. I realize on paper, it can "make some sense just because of the this year dollars that you're talking about ill in the interest rates primarily being so low on the home versus what you're paying on the credit card and even the vehicle. The challenge is really a couple of things. Number one is the credit card is unsecured debt. Now the sun you're securing it to your house so something comes up and you're unable to repay in your home is at risk. Same is true with the vehicle. That loan was only collateralized by the vehicle. Now it's all good to be transferred to your home. I don't like that I number two. Often times were taking the pressure off without solving the underlying condition that in the case of the credit card that led to that debt in the first place, which is generally and I don't know your situation.

Maybe it was you know other circumstances but generally it's living beyond your means and running up dead and without solving that by retooling your budget and getting into a place where you're living well within your means controlling the flow of money in and out taking the pressure off by paying off the credit card that it means that in more cases than not, you can call me back a year from now the credit card debts can be back, except now you have the home equity loan on your house. Thirdly, home equity loans are variable rates.

I wouldn't want you to take a variable rate. And lastly, by extending the term meaning stretching out the repayment quite a bit.

You can end up a more interesting expect. So I talked to Christian credit counselors.org about that credit card debt. See if that management is what you're looking for really dial into that budget.

But I wouldn't take out a new loan payoff appreciate your call moneywise. I was a partnership between radio moneywise media that's good to do it for us today want to say thank you to Dan Anderson Rios Sutherland and the other team members that support us can't do without them.

He also can do without you come back and join us tomorrow you you


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