NO SECRET THE CORONAVIRUS HAS TAKEN AN ECONOMIC TOLL ON US AND WITH SO MANY PEOPLE OUT OF
WORK. CREDIT CARD DEBT HAS
SPIKED A NEW SURVEY FROM CREDIT
CARD DOT COM INDICATES
47% OF AMERICAN ADULTS ARE
CARRYING CREDIT CARD DEBT.
THAT’S ABOUT A 120 MILLION
PEOPLE THAT’S UP 43% FROM EARLY
MARCH. AND THE REALITY IS IT’S
BECOME A LOT HARDER TO MAKE
ENDS MEET AND PEOPLE ARE
TURNING TO THEIR CREDIT CARDS
SO WE’RE TURNING TO LEAK AND
RICK A CREDIT EXPERT AND THE
FOUNDER OF CREDIT YOU TURN FOR
SOME HELP ON MANAGING THAT
DEBT. HEY WELCOME TO THE
MORNING SHOW. THANK YOU FOR
HAVING ME ON
LOOK AT VICE USED TO BE DON’T
USE YOUR CREDIT CARDS BUT NOW
IF YOU HAVE TO YOU’VE GOT TO DO
WHAT YOU’VE GOT TO
DO, BUT 2 MONTHS AND PEOPLE ARE
SKIPPING THEIR PAYMENTS TO MAKE
ENDS MEET. SHOULD YOU GO TO THE CREDIT CARD ISSUER FIRST AND ASK FOR A BREAK IF YOU
HAVE TO.
>> ABSOLUTELY AND THAT HOLDS
TRUE FOR MORTGAGE LENDERS AS
WELL AS ON MOST LENDERS DON’T
PROCRASTINATE REACH OUT TO THEM
IMMEDIATELY. NOW YOU DO HAVE
SOME OPTIONS
FORBEARANCE.
>>BRUCE HAMILTON: OR DEFERMENT.
SO WHAT’S THE DIFFERENCE
BETWEEN THE 2 IN WHICH IS MORE
FAVORABLE.
>> FOR THE MOST PART WHEN IT
COMES TO CREDIT
LENDERS FORBEARANCE A REALLY
ISN’T THE SAME AS IS ROLEX
STUDENT
LOAN BORROWERS. HOWEVER DUE TO
THE CARES ACT THAT YOU HAVE
BANS CAUSE WITHIN
LEGISLATION AND WHEN WE REACH
OUT TO YOUR ARE A HARBINGER SHE
NEED TO MAKE SURE THAT YOU
UNDERSTAND WHETHER OR NOT
THEY’RE TALKING ABOUT IT FROM
AN OPTION WILL OPEN
ITS OPTION ARE YOU ENTER INTO A
FORBEARANCE ARE STILL
RESPONSIBLE FOR REPAYING
ACCUMULATING INTEREST O WELL AS
OTHER FEES THAT ARE CHARGING.
>> SO WHAT’S THE DIFFERENCE
BETWEEN THE 2.
>> SO THE DIFFERENCE BETWEEN
THAT AND IF IRMA IS ALWAYS YOUR
BETTER OPTION. JUST BECAUSE YOU’RE NOT HAVING TO PAY ADDITIONAL FEES AS WELL AS
ADDITIONAL ACCUMULATING
INTEREST CHARGES. FOR PARENTS
AS YOU PLAY A VERY SHORT-TERM
OPTION FORBEARANCE CAN OFTEN
ALSO WEED AND 2 OTHER FINANCIAL
PRESIDENT ABOUT WHETHER OR NOT
YOU’RE ACTUALLY CAPABLE OF
REPAYMENT AND COULD POTENTIALLY
CAUSE THEM TO LOWER YOUR
CREDIT LIMITS.
>>BRUCE HAMILTON: DOES ONE HAVE
MORE OF AN IMPACT ON YOUR
CREDIT SCORE THAN ANOTHER.
>> FOR PARENTS. I CERTAINLY CAN
JUST BECAUSE FORBEARANCE
WHENEVER YOU’RE
ACCUMULATING THOSE ADDITIONAL
FEES AND INTEREST THAT CAN
ACTUALLY AFFECT YOUR YOUR
STATION RATIOS BECAUSE THOSE
BALANCES ARE INCREASING.
HERE’S THE
OTHER PROBLEM.
>>BRUCE HAMILTON: CREDIT CARD
COMPANIES ARE SLASHING CREDIT
CARD LIMITS AND YOU DON’T GET A
WARNING.
>> YES SEND A YOU KNOW AGAIN YOU NEED TO BE PROACTIVE WHEN IT COMES TO
THAT SO.
>> ONE OF THE FIRST THINGS I
ALWAYS RECOMMEND IS IS LOOK AT
WHAT ALL OF YOUR AVAILABLE
OPTIONS ARE YOUR OWN RESOURCES
IF YOU DO HAVE SOME
ADDITIONAL RESOURCES WHETHER
YOU’RE TAPPING INTO A MONEY
THAT YOU WOULD NORMALLY
RESERVED OR
INVESTMENT STRATEGIES. WEATHERS
4 A’S IRAS OR YOU’VE GOT MONEY
IN STOCKS BONDS OR
WE A MEMBER OR YOU’VE GOT A
RELATIONSHIP WITH A WONDER THAT
CAN
HELP YOU. PAY DOWN THE BALANCE
IS BECAUSE WHAT YOU PAY DOWN
THOSE
BALANCES YOUR ELIMINATING YOUR
A RISK TO THOSE CREDIT CARD
BENDER BENDERS ARE
LESS LIKELY TO LOWER YOUR
CREDIT LIMITS. WHENEVER YOU ARE
ABLE TO PAY THOSE BALANCES DOWN
NEAR DEMONSTRATING THAT
OUR CURRENT PENDING THAT IS NOT
AFFECTING HIM. >>BRUCE HAMILTON: SO AT ONE POINT YOU MAY HAVE TO DO
SOMETHING TO REPAIR YOUR CREDIT
SCORE. SO WANT TO
SAVE WEIGHT TO TO DO THAT I
THINK THAT’S WHERE CREDIT YOU
TURN
COMES IN.
>> SO YOU HAVE RIGHTS
UNDERNEATH OF AIR CREDIT
REPORTING ACT AS WELL AS SOME
OTHER WAS LIKE THAT FOR DEBT
COLLECTION
PRACTICES ACT. FAIR BILLING ACT
AND A GOLD
CARD ACT AND YOU NEED TO BE
ABLE TO EXERCISE THOSE
RIGHTS ARE OVER A TECHNICAL
CONSUMER IS A REALLY EQUIPPED
TO HANDLE THAT YOU’RE
ALREADY HAVE THE EXPERTISE AND
OTHER AREAS OF
YOUR LIFE AND OFTENTIMES SPARKS
RELY ON SOMEBODY WHO DOES THAT
EXPERTISE WHETHER YOU’RE A
MEETING LEGAL ADVICE YOU’RE
GETTING MEDICAL ADVICE. SAME
THING HOLDS TRUE IN HER COMES
TO
YOUR CREDIT. SO WE PROVIDE A
UNLIKE SOME OTHER CREDIT REPAIR
COMPANIES OUT THERE. THE
INSTEAD OF CHARGING EXPENSIVE
CREDIT REPAIR FEES. YOU CAN
AUTOMATE
THE PROCESS BY JUSTIN STRIVING
FOR CREDIT MONITORING AND
ASSIST YOU WITH YOUR
DISPUTES AND.
>> AND HELP YOU FIGHT FOR YOUR
RIGHTS AND PEOPLE GET IN TOUCH
WITH YOU BOB, WHAT WAS IT THAT
WAY.
>> THEY JUST GO TO CREDIT USE
OR NOT COM OR YOU CAN GO TO
YOUR APP STORE EITHER ON APPLE
THE GOOGLE
PLAY STORE AND DOWN WITH THE U
TURN AND ITS ROSE TO PROCESS A
5TH GRADER CAN USE IT.