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The Debt Effect of Inflation With Neile Simon

MoneyWise Live | Aug 29, 2022

Show Notes

Inflation robs the spending power of your hard-earned dollars, and we’re now seeing the consequences, Inflation is bad enough for folks living on a budget with some money to spare, but it’s devastating for those relying on credit cards. Rob talks about that and the best solution to the problem today with Neile Simon. This is MoneyWise Live - biblical wisdom for your financial decisions.

Our guest is Neile Simon. She’s a Certified Credit Counselor with Christian Credit Counselors - an underwriter of this program. Neilee and Rob discuss these topics and questions:

  • You always bring good news about how to get out of debt, but you’re starting out with some bad news today. What’s going on?
  • You mentioned a 13% increase in new credit card accounts in the second quarter, just how many is that?
  • There’s a way out of credit card debt that doesn’t involve bankruptcy which destroys your credit rating, or debt consolidation loans which can get you deeper in debt. Tell us how you help folks get out of credit card debt.
  • What is the impart of debt management on your credit score?
  • A lot of folks get into credit card debt because they haven’t been living on a budget. How do you help folks with that so they can manage their money better and make that one payment a month on their debt?
  • What about privacy? A lot of folks might be wary of sharing their personal financial information.
  • This really is a ministry, isn't it?
  • Can you share a story about how you’ve helped someone get out of credit card debt?
  • Finally, how can someone get in touch with Christian Credit Counselors? Christian Credit Counselors.com, Call 800-557-1985

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

  • If you were laid off during COVID and haven't found another job yet, you're living off your credit cards, your pension and government assistance, you're able to make the minimum payments on your credit cards but you're making no headway, what can you do?
  • How does one decide between taking Social Security at the early age opposed to full retirement age?
  • If you filed bankruptcy a few years but you have now reached the discharge date where you can purchase your home, you have money saved for a downpayment, your credit score is 760, but now, with rising interest rates, how can you make sure you're not setting yourself up for more financial failure?
  • If a friend of yours has a son that would like to apply for scholarships but their income level will preclude him from receiving need-based scholarships, should he target smaller scholarships that go overlooked? fastweb.com, scholarships.com, niche.com
  • Does closing a credit accounts affect your credit score?
  • If you borrow money from your TSP, does it affect your investment?
  • If you have a business, do you tithe on each of your transactions?

<<< MoneyWise Market Update with Bob Doll >>>

  • The news last week was all about the Federal Reserve Chairman, what did he say that spooked the markets?
  • How should we interpret the 2nd part of his statement?
  • Have we already started to see any slowing yet on corporate earnings side or with some of the economic data?
  • As you look out across the rest of the world, are we seeing the same sort of thing globally?
  • For a long-term investor who has the right mix of investments for their age and risk tolerance, what would be your advice?
  • There was a reference in Doll's Deliberations about global food shortages, the result of rising natural gas prices, how serious is this?

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