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Escape the Auto Debt Trap With Howard Dayton

MoneyWise Live | Sep 21, 2022

Show Notes

Evangelical Pastor Judah Smith says “Difficult situations and wrong choices conspire to trap us in hopelessness.” Put another way, often, taking the easy way out can trap us into hopeless debt especially when it involves car loans. Rob talks about the auto debt trap with Howard Dayton.

Our guest Howard Dayton is the founder of Compass — Finances God’s Way, and the former host of this program. Once a month or so he drops by to share some of the wisdom he’s gained as a financial teacher and author. Rob and Howard cover these topics and questions:

  • In your book Free and Clear: God’s Roadmap To Debt-Free Living, you have a great chapter called “The Auto Debt Trap.” Most people have to finance their car purchases, so why is auto debt a trap?
  • Usually, when we find ourselves in a trap, we work to get out of it and learn our lesson. But that doesn’t seem to be the case with auto debt, does it?
  • Why do you think so many people fall into this trap, time and time again?
  • How do we get out of the auto debt trap, or avoid it in the first place?

Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • If your job offers 401(k) for accounts that take out taxes before and after, which should you use?
  • If your husband passed away a few months ago and you contacted Social Security to find out what his benefits will be but you'd like to know more than you initially discovered, is there a way to contact them to increase the benefits?
  • How do you know how to determine if new car options are good or bad investments?
  • How can you transfer an automobile purchase from a personal purchase to under a business and are there financial advantages to doing so?
  • If you struggle with credit cards and are thinking of contacting Christian Credit Counseling for assistance, will closing those cards negatively affect your credit score? ChristianCreditCounselors.org
  • If you've had a car that's turned out to be a lemon, what are your recourses?
  • If you're thinking of buying a house, should you consider pulling money out of your 401(k) to handle the down payment?
  • If you're aged 60, your wife passed away last year and you've received proceeds from a life insurance policy and her 401(k) and you have no retirement plan offered at your own workplace, what is the best thing to do with these proceeds?
  • If you're 37 and have no medical issues, what sort of life insurance policy should you get that might have a savings component?

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