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Speaker 1: The problem right now is that they've actually frozen the

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IDR programs, which is the income repayment program directly based

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on your income. Right. So that's a good thing. If

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you were making more money four or five years ago

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and you're to pay it was one hundred dollars, you're

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making less money today, they might knock your payment down

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to fifty dollars.

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Speaker 2: You're listening to Carrie Let's's Financial Survival Network where you

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get valuable information. You just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than ever.

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Speaker 4: And welcome.

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Speaker 3: You are listening to the Financial Survival Network. I'm your host,

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Carrie Lets.

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Speaker 4: Well. Are the walls now tumbling down? That's the question.

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Speaker 3: If there is a theme song my next guest, thing

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that should be it for today? Paul Austerbetter Qualified dot com. Paul,

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so you're the credit expert. Two things fifty basis point

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cut in the Fed funds rate and a new student

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loan rules on forbearance.

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Speaker 4: Does it matter?

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Speaker 3: Is it too late? Does anybody really care. What do

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you think, how do you think it's affecting your clients?

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And you have a lot of them who will be

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affected by it.

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Speaker 1: Yeah, So unfortunately, you know, this first cut is not

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going to you know, even make a dent for the

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average consumer. A lot of people were hoping that they

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would directly impact mortgage interest rates, which is really you know,

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has had the housing market kind of paralyzed for a

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couple of years here, but it's indirectly tied to the

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mortgage industrate. Most banks had already had it baked in

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expecting that fifty point basis cut, so those are unchanged.

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What it does start, that is our credit card interest

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rate will drop a little bit. That's always a good

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thing I tell people all the time. Even though the

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interest rate drops and your payment the minimum ountd may drop,

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you should continue to make the higher payments, even if

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it's only a couple of bucks more.

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Speaker 4: That is how you're going to accelerate getting out of debt.

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Speaker 1: So if you kind of just follow this thing down,

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hopefully they make at least one more rate cut before

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the end of the year, your credit card interest rates

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will drop again, your minimum payments will drop again, but

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if you can afford to keep making those higher payments,

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it's kind of an easy way to just start to

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pay down your principal balances. So certainly a good thing.

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Hopefully the trend continues in a downward motion. The FED

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certainly seems to be pointing in that direction, so that's

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that's always a good thing.

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Speaker 3: Well, it definitely looks like rates are coming down more,

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the dollar is going down, right, all these things that

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are having what's a good rule of thumb for ever,

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Let's just say, if rates come down half a point,

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maybe you should up your payments to match the rate cut.

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Speaker 4: Yeah, that's exactly right.

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Speaker 1: Just look at what your existing payment was, you know,

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the last couple of billing cycles, and just try and

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maintain those payments. Look, if you're struggling to make those

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payments in the first place, you might want to reach

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out to a credit management company, a credit counseling company,

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and try and get into a credit management program where

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these companies leverage the credit card companies, the creditors by

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having pools and lots of people where they say, hey, listen,

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Paul Auster can no longer afford to make these minimum payments.

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We have to maybe lowers interest rate to zero. Obviously,

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the cards are frozen and sometimes canceled during these types

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of programs, But again, the overall goal was.

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Speaker 4: To get out of credit card debt.

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Speaker 1: Even though the rates came down a little bit, the

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average is still close to twenty percent, and people on

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the higher end of the spectrum were paying close to

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thirty percent interest on that debt. It's really really difficult

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to pay off debt at thirty percent interest.

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Speaker 3: Right, I see your point. I see your point, Like

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you can never get out from under that. So what

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is when you've got these carrying all these balances, what

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is the best way to pay them down in the

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systematic fashion that gives you the most benefit.

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Speaker 4: How do you do that?

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Speaker 1: So there's a couple of different options, the two most popular.

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One is called the avalanche, where you're focusing on one

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credit card with the highest interest rate at a time.

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So if you have an extra fifty bucks a month,

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you don't split that between two or three cards and

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pay them all down. It's actually a psychological thing. It

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makes people feel great, I paid you know, I paid

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down three or four cards more than the.

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Speaker 4: Minimum payment that was due.

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Speaker 1: Mathematically speaking, the best way to do this is to

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take that entire fifty dollars apply it towards the card

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with the highest interest rate until that's paid off. So obviously,

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hopefully you're not continuing to add onto the balances while

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you're trying to pay them down. It's kind of counterproductive.

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The other way is called the snowball method, where you're

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going to try and roll up the accounts with the

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lowest balances and get them out of the way. It's

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a great psychological win for people to have a card

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paid off in full. Obviously you need to put that

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card away so you do not use it anymore. Both

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of those will work, okay. The idea is that you're

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making the minimum payments on all the other cards, focus

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on one, whether it's the lowest balance or the highest

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interest rate, and then you move on to the next card.

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Do not open any new cards, do not pose any

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of those cards. Believe it or not, posing a credit

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card can have a serious negative impact on forty five

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percent of your overall credit score. It's the combination of

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your utilization ratio, which is the difference between your balances

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and credit limits, and your credit history. So unfortunately, the

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moment that you close a credit card, You've now lost

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all of the credit history associated with that card, so

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you're gonna it'll it could skew all of the averages

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for the other cards, and you will now have lost

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whatever available credit you had on that card. So the

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idea for the utilization ratio is to keep that number

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thirty percent or below. So if you have a balance

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of if you have a credit limit of one thousand dollars,

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you would never want the balance on that card to

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be above thirty percent. The other option, and this is

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still a really good option, but it comes with a

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tremendous amount of trepidation and hesitation because if you use

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a zero percent balance transfer option, it will work.

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Speaker 4: Right. We were talking before.

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Speaker 1: It how difficult it is to pay off debt at

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thirty percent. So they're giving you the option to put

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it to transfer a balance to a new card and

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pay it off at zero percent. The problem is, if

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you haven't figured this thing out mathematically, if you do

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not pay it off in eighteen twenty four months, you

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will now have cost yourself that much more money because

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you paid a transfer fee somewhere between two and five

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percent and it hit with all of the deferred interest

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so it's really like you know, credit card sabotage. You

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do not want to sell babetize yourself. So if you're

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going to do a zero percent trader, just make sure

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mathematically and somewhat confidently that you're going to be able

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to pay off the balance in that timeframe.

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Speaker 3: Yeah, okay, so you've got to have a planned most importantly, right,

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you got to have a yep.

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Speaker 4: Yeah.

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Speaker 1: And then for these you know, for the younger people

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and sometimes older people. You know, September thirtieth, it will

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be a really tough day for thirty million.

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Speaker 4: Student loan borrowers. Thirty million.

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Speaker 1: And the problem is that we have been somewhat foddled

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for the past four years. They've used defferments, they've used

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for bearances, they've used this ramp up period, and that

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was all a good thing during the pandemic. But we

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need to get back to business here. We need to

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get back to people being held accountable for the monies

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that they borrowed. And you have to come up with

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a payment plan. So unfortunately, if you've waited it and

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you haven't gone to studentaid dot gov. By the way,

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there's only one website, and one website only that barers

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should or have to go to studenta dot gov. Don't

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answer solicitations via text message, social media, phone calls, commercials.

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Speaker 4: Go to studenta dot gov and.

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Speaker 1: You will be able to figure out a plan that

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can help you pay off your student will. The problem

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right now is that they've actually frozen the IDR programs,

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which is the income repayment program directly based on your income.

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Speaker 4: Right So that's a good thing.

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Speaker 1: If you were making more money four or five years

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ago and you're to paint it was one hundred dollars,

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you're making less money today, they might knock your payment

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down to fifty dollars twenty five dollars. But again, right now,

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those programs have actually been frozen until they figure out.

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There's all sorts of Unfortunately, this has become a political

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hot potato football. It's getting kicked back and forth. The

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bar ers are left holding the bag, so to speak.

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So no one understands rially what's going on. But there

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have been some actual Supreme Court injunctions, and this is

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you know, this is a matter of the courts at

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this point in time, so we have to wait to

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see how those are going to play out. But in

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the interim, it is imperative if you have a student

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loan and you anticipate struggling making these payments coming September thirtieth,

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you have to take some prow active steps right now.

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Don't wait, because if everybody tries to do it at once,

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it's just not going to be as beneficial for the

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people that get involved earlier, sooner than later. So be proactive.

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Go to studentate dot gov. Figure out what you're going

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to be able to, you know, be qualified for and

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approve for as of September thirtieth, and this might be

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the biggest piece of what's going to happen. If you

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miss a payment now fourth September thirtieth, most of the

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time they were not reporting it to the credit buros.

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Really okay, after September thirtieth, if you go thirty days late,

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which means you have a payment due today twenty six,

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if you paid a couple of days, they're now reinstating

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late fees, by the way, but that's not a thirty

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day late payment. That won't get reported to the credit buros.

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If I sailed to make the payment before October twenty six,

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that's a thirty day lay payment. Then that can easily

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drop your scores fifty to one hundred points, which then

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in turn costs you more money for every other financial transaction.

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Speaker 3: Wow, that's amazing. Yeah, well, I'm glad that we had

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you on here to clarify that because that could be

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a real bad mistake. And then try to get it

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off your report once it's reported by the federal government.

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That's probably like the hardest one to get off.

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Speaker 4: Huh Yeah.

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Speaker 1: I mean, especially if they're federal student loans, they're excluded

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from banks. There's no way out from under paying back

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those student loves. If they're private, you have a little

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bit more wiggle room, but they're gonna you know, they're

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coming after the barers and saying listen, you've had plenty

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of time to figure this out.

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Speaker 4: You know.

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Speaker 1: Yeah, Well, the pause started back in March of twenty twenty,

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believe it or not. It's just amazing here, you know,

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here we are four years later, so people and I

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sympathize with them. I empathize with them. I feel bad

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for them. But you borrow the money, and now you've

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had four years to try and figure out how you're

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going to start making those monthly payments. So it started

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back it's been going on for almost a year now.

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They reinstated it back in September October of twenty three,

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but there was a ramp up period. There were still

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some built in flexibilities where they weren't keenalizing the bar

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wars that all goes away on the thirtieth. I hate

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to be the doom sayer. I hate to be the

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bear of bad news, but it's really imperative that you know,

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your listeners and viewers understand what's going to happen on

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the thirties.

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Speaker 4: Yep, yep, yep.

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Speaker 3: And like you said, they had four years to figure

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this thing out. It should have been enough time. The

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interest that they haven't paid that continued to build up

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on these loans. They owe this right, so the balance

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just gotten higher.

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Speaker 1: Absolutely, absolutely, And there's lots of other things that are

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going to change.

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Speaker 4: But you know, we could talk about it for days.

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Speaker 1: That's why I always direct people to go to studentaid

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dot gov. Start plugging your information in there. You know

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a lot of students don't even realize what kind of

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loan they have. There are different binds of products loans,

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and but most barbers don't even understand what kind of

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financing and loans that they took out. So figure that

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out first and foremost, be very proactive with the servicer,

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which might not be the bank who owned you the money.

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There are big, big, big servicers out there. If you

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think of Sallymay dot com they're one of the biggest.

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For sure, you have to reach out to them. They

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can help you figure this out also, but you're much

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better off going to studentaid dot gov.

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Speaker 4: Got it, studentad dot gov.

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Speaker 3: That's the go to place you want to be and

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better Qualified if you've got questions or need information or

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need some assistance managing your managing your credit and your

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credit score. Right, it's one and the same and right

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better qualified dot com. Is there a phone number that

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can call you at?

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Speaker 4: Yeah, well, Carrie, because there is, and I'll give the

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phone number out.

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Speaker 1: But more importantly, because most people don't want to call anybody,

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so we have a texting platform and now is a

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really good time to contact us. Because we launched our

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artificial intelligence, our AI driven credit reporting service about a

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year and a half ago. This thing is it's a

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work of art. You know, I've been doing this for

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twenty years. This is by far the greatest thing we've

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done for our clients because well, kind of what you

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were saying before, it's all tied together. And the reason

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that people are in the position or in if they

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have lower credit scores, if they have credit card debt,

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is because they didn't kind of have a plan. They

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have no idea how much gas is left in the tank.

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They have no idea. They basically limit a crisis mode

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every thirty days. So you have to be able to

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plug all this stuff in and you can do that

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with our We call it BI Better Intelligence, but it's

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an AI driven credit report that can tell you check

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this out. We have paydown dates. It will tell you

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in the in the billing cycle, the exact amount, the

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exact day on what credit card you should pay to

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get the highness jumps in your credit scores. That's really

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really important when you're talking about financing a new card,

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buying for any type of financing. There's not another credit

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report in the world that does it, by the way,

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so that paydown date is really really important for us

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and our and our clients. And the other thing is

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that all of the creditors are plugged into this now

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and we can communicate with your creditors directly. And electronically,

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so we're getting results within days as opposed to waiting,

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uh you know, weeks and months for the for the

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credit bureaus, which are terrible right by the way, so

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we don't have to wait for them anymore. We're going

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directly to the creditors through this electronic dispute portal, and

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it really has changed the way time and the turnaround time.

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It's it's in days. So if you're gonna you're gonna

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send a text message to the number for zero six

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nine one, send a text message to the number for

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zero six nine one, and your message is BI like AI,

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but ours is better intelligence. So your message is BI

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and text at the four zero six nine one. The

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consultation and analysis is absolutely free. I can't stress that

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it up. Okay, sounds great. Hey, got a question for

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Paul or myself, Just shoot me an email KL at

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Carrie Lets dot com. And the link to all site is.

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Speaker 3: In the show notes to this interview on Financial Survival

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Network dot com. Just click it take your right to

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a site you could get started. And while you're there,

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please sign up for free newsletter aall oh is a

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pleasure and we will talk to you again real soon

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Thanks having back on Kerry, Thanks.

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Speaker 2: For listening to Carrie Lets's Financial Survival Network, your solution

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to today's trying times. For the latest, go to Financial

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Survivalnetwork dot com. Financial Survival Network now more than ever,