Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000002
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00:01 On Take It To The Bank,
00:02 you'll find ways to get out of debt. 00:08 Solve your credit card problems. 00:14 How to make and stick with the budget? 00:19 Simple ways to save. 00:24 Buying or selling a home and many more financial matters 00:29 on Take It To The Bank. 00:32 Hi. My name is Cordell Thomas. 00:34 And I welcome you to our program 00:35 on Take It To The Bank. 00:37 Today, we'd like to talk about a variety of things, 00:40 specifically in reference to debt. 00:43 This is considered a serious program 00:45 because this is one of the areas that 00:47 a lot of us are trying to contend with 00:50 and dealing with these issues on debt, 00:52 is very, very important as we proceed 00:55 in becoming debt free and becoming the individuals 00:59 that Christ would have us to be. 01:01 There are a couple of questions 01:03 that I asked in the last program, 01:04 which I'd like to answer those questions 01:06 as we lead into what we'll be talking about today. 01:09 One of the first questions was in reference to risk. 01:13 It said basically who insures your money 01:17 in the stock market? 01:18 And the answer to that is actually no one does. 01:20 When you invest in the stock market, 01:22 you're taking risk 01:24 and investing is a long term process. 01:26 It means you will be dealing with the ups and downs 01:29 of whatever the market has to deal with. 01:32 And we've been seeing in the news 01:34 a lot of how the volatility in the market 01:36 has impacted a lot of people's 401(K)s. 01:38 Risk, maybe a good thing, maybe a bad thing. 01:41 I'm not telling you what to do. 01:43 But it is a risk situation 01:45 and if you don't have the access and funds 01:48 to invest in the market, 01:50 wait until you have got the fundamentals 01:54 in what budgeting and financial literacy 01:56 is all about. 01:57 The second question we asked had to do 01:59 with the law provides a buyer a three day right to cancel. 02:06 The answer to that one is actually false. 02:09 The law does not require dealers to give you 02:11 a buyer the right to, a three day right to cancel. 02:14 The right is totally discretionary 02:16 the dealer's part and it's something that you, 02:18 if you go in to acquire a car need to get things in writing 02:22 if you are planning to walk out with a new car. 02:25 Now, there's couple of issues. 02:27 When you go to a dealer, make sure you remember 02:29 you are the buyer. 02:31 Don't get sold something that 02:32 you don't necessarily need. 02:34 And if you're planning to make a major acquisition, 02:37 one of the best things you can do is, 02:39 taking three days, go home and ask yourself, 02:44 "Do I really need this or is this a want?" 02:46 Think of what a dealer is always trying to do. 02:50 They're trying to get you to feel good in the car, 02:53 guess what they say is, "Wow, you look in the car. 02:55 Take the car in a test drive." 02:57 Wow, the new car smell. 02:59 The context is, is quite interesting 03:01 because I used to work in the automotive industry. 03:03 And we used to study consumers. 03:05 You know, we knew the demographics 03:06 between 18 to 24 year olds, 36 to 40 year olds. 03:10 And we can tell you exactly what you wanted 03:13 specifically under your dynamics. 03:15 So the dealer is using that information, 03:17 that consumer information and talking to you in a way 03:20 that would drive you to buy. 03:24 There are variety of things we're going to talk about 03:26 when it comes to purchasing a vehicle in another program. 03:29 But the issue that we're talking about 03:31 here is about the right to cancel 03:34 and there are the cooling off period. 03:36 A dealer does not have to do that for you 03:39 and it is important that you get 03:41 all of that information in writing. 03:43 I believe that cooling off period 03:45 applied to door to door sales people 03:47 that would come to your door 03:49 and try to sell you different things, 03:50 vacuum cleaners, widgets, books, 03:53 whatever the case may be, but the key is this. 03:56 If they sell you something 03:57 at your front door of $25 or more, 03:59 you should have a 72 hour cooling off period 04:03 where you can say, you know, I really didn't need that. 04:05 I'd like to get my money back 04:06 and here's whatever you tried to sell me back. 04:10 What we'd like to do though is in this case, 04:13 it's a relatively serious lesson 04:17 in reference to financial literacy. 04:19 And I'd like to introduce it on debt 04:23 and how we get out of debt. 04:26 The issues that we're dealing with in this case 04:29 are relatively significant. 04:32 And as I thought about of talking about this issue, 04:35 I tried to consider a variety of different approaches. 04:40 But the first thing I'd like to do is 04:42 provide you a couple of resources that are out there. 04:45 There's a lot of information on money guides, 04:47 on budgetary basics, 04:49 their websites that we can send you to. 04:51 One of the things that I found that's a very enlightening are, 04:53 are some software programs that one of my children 04:57 is actually excited about playing 04:58 because it teaches them about setting a goal. 05:02 That's what budgeting is all about 05:04 and getting to that goal. 05:06 So he wants to go to a specific fun park 05:09 or if he wants to go to a zoo or whatever the case is, 05:12 he now knows he can save that money 05:15 and apply the savings to the acquisition 05:19 or the purchase of that specific product. 05:22 Right now, my son has on his agenda, 05:24 buying a new bike. 05:25 And it's kind of exciting to watch the enthusiasm 05:28 as he goes out on rakes leaves, helps with the yard projects 05:31 and assists in doing certain things. 05:35 I think it's essential though, 05:37 as we talk about those elements. 05:39 There are resources that we can provide 05:40 and give you those specific concerns. 05:44 What I'd like to talk about now is the verses in the Bible 05:48 and that we discussed at another program. 05:53 It's key to understand what wealth really is 05:55 and we've talked before in Matthew. 05:57 Matthew is the first book of the New Testament. 05:59 Matthew 25 and we have verse 14. 06:04 And it talks about the parable of the talents 06:08 and you remember the gentleman that received the one talent 06:12 and he did nothing with it. 06:13 He buried it in the sand or buried it in the backyard 06:16 or wherever, he didn't do anything with the money. 06:18 And the master comes back and says, "You wicked servant, 06:22 you could have at least placed this money in the bank 06:26 where it could have gotten simple interest 06:28 and given me at least something back on my investment." 06:31 And he took that money away from that servant. 06:34 And he gave that talent or that skill to someone else. 06:40 In reference to the talent, 06:41 he gave a talent of money in this case. 06:44 The other issue we've talked about in another program 06:47 was talk about wealth is not just about money. 06:50 And we looked at James. 06:52 James 2:5-9, it tells us there are other wealth factors. 06:57 James is also in the New Testament 07:00 and if you look at how to find James, 07:02 from that end of the Book Revelation, 07:04 just go back five books and you'll find James. 07:07 You go through Revelation, Jude, the three Peters, 07:09 the two Johns and you'll find James. 07:11 James 2:5-9. 07:14 And as you look at that, 07:15 it talks about the issue of one, 07:18 not playing favorites 07:20 and realizing that we all have skills. 07:22 We have a wealth of a specific type of skill 07:25 that Christ has given to each one of us 07:27 and He's going to hold us responsible for. 07:29 But in James, it's very specific 07:31 and it says that please don't try to play favorites. 07:36 If someone walks in and is dressed wealthy 07:38 and has a ring on his finger, 07:39 don't treat him any different than the poor person 07:41 or the apparently poor individual monetarily 07:44 that comes to your same church facility. 07:46 And if you have problems finding certain Bible verses 07:50 and you'd like to learn more about that, 07:52 I'd ask you to find your local Seventh-day Adventist Church 07:55 and ask them and they will be 07:56 more than happy to give you Bible studies 07:59 and show you how to find the books of the Bible. 08:04 We are on a journey. 08:05 We're on a journey together 08:07 and I will tell you a short story. 08:11 Have you ever run a marathon? 08:15 I have. 08:16 It's one of the most interesting things 08:19 I've ever done. 08:21 But of one of the most educational things 08:23 I've ever done. 08:24 I remember, it was approximately 08:26 June, July of 1999. 08:29 Okay, I've dated myself, whatever. 08:31 It doesn't matter. The case is this. 08:33 I started training in earnest to run my first marathon. 08:37 I had targeted October 1999 for this Marine Corps Marathon. 08:45 And it was intense. 08:46 The training was great, three or four days 08:49 of weight training during the week 08:51 and then the other three days, 08:52 they started on the Sunday and ran about 12 to 15 miles. 08:56 On Tuesday, we brought it down to about eight miles 08:58 and on Thursday we just did about three or four miles. 09:01 And then took a break for the weekend. 09:04 I had a problem 09:06 where my Achilles tendon started winding up 09:09 and tightening and I didn't know why. 09:12 So my doctor told me, "Hey, you've got to stop running 09:14 are you going to snap your Achilles. 09:16 And it will cause you a lot more pain. 09:19 And you will never run the marathon. 09:20 So take a break and go see a doctor." 09:23 So I did. He said, "You can't run. 09:25 What I need to do is get you an orthotic device 09:28 so you can be better able to run the marathon." 09:31 So we got the orthotic. 09:32 I had to take three or four weeks off in my training 09:35 and before I could get back into it, 09:37 it was already towards the end of August of that year. 09:40 Remember, the marathon was in October. 09:43 So now, I had taken a break from that intense training 09:46 and had to get back into it, 09:48 not realizing that there's going to be a whole shift 09:52 to how the training was gonna work. 09:54 I got orthotics in my shoes 09:55 and I'm starting to get back into training 09:57 but as I trained and ramped up to the marathon, 10:00 I really never did 10:01 another track of over 14 or 15 miles. 10:05 And then I flew out to Washington D.C. 10:08 and got prepped for this marathon, 10:09 where about 25,000 people were getting ready to run. 10:13 I still remember it of this day and I can tell you 10:16 mile by mile by mile what I had to deal with. 10:19 The first few miles were kind of interesting 10:21 because I had everyone around me 10:23 and the first point is in a crowd everything is easy. 10:26 In a crowd everything is easy. 10:29 Debt is easy because everyone is doing it. 10:32 Think differently. 10:34 Okay, so I jumped into the marathon. 10:36 It took me a full eight minutes to get to the starting line 10:38 because there were so many people ahead of me. 10:40 I finally get there and I start this track. 10:42 And it's an exciting process. 10:44 I'm hearing the hurrahs from all the Marines 10:47 and I'm seeing all the sights and sounds of Washington D.C. 10:49 and I didn't even feel 10:51 the first six or seven miles of the marathon. 10:53 Of course, and then you see a break in the crowds 10:56 and then you begin to just feel the loneliness. 10:59 Mile 10, mile 11, 11:01 I came through the smallest little area of the marathon. 11:05 And you know. 11:06 I could see the people ahead of me. 11:07 I could hear people behind me. 11:09 And it's at that point in time, 11:10 and at that point in the marathon 11:13 that you start seeing emergency vehicles 11:15 and emergency personnel helping people 11:17 who really weren't prepared for this race. 11:21 We get to mile 15 11:22 and then it actually was mile 13 11:24 where I started feeling a pain in my knee. 11:27 And I couldn't figure out what it was about. 11:28 But all I could begin to understand 11:30 was this orthotic device, I wasn't used to, 11:34 and I had never used it to run over 15 miles. 11:37 So I get to mile 13, 14 11:39 and I feel this pain in my knee. 11:42 And began to understand that there's problems ahead. 11:45 There gonna be challenges. 11:46 Any time you're trying to change a behavior, 11:50 there are going to be hurdles to get over. 11:53 Second point. 11:54 So mile 15, I get to mile 15 and I can't go any further. 11:57 I'm in pain. This thing is hurting me. 11:59 I can't do it. 12:00 And I remember, there's this long corridor 12:02 that's on street that you had to go down 12:05 and there's a curb on the side. 12:07 So I had to hobble over to the curb and sit down. 12:11 And I'm sitting with my chin in my hands 12:13 and I'm thinking this can't happen. 12:15 I paid all this money. I flew to Washington. 12:17 I'm running this marathon. 12:19 I have to complete this marathon. 12:21 But I can't do it. I can't do it. 12:24 There comes points in time in your life 12:27 that you feel you just can't overcome. 12:30 But you can always believe because God will send 12:35 someone or something in your life 12:37 to help you through that challenge. 12:40 Okay, what was my angel in disguise, 12:44 I was sitting on the side 12:46 and out of the blue came this biker dude. 12:48 He had black long hair and it was tied in the back. 12:51 It was grey on one side, it was black on the other. 12:55 And I began to understand full servitude, 13:00 full humility and love. 13:02 This biker dude walked up to me as an individual 13:05 and said, "Dude, you look like you're in pain." 13:09 "Well, yeah. I'm hurting, my knee hurts." 13:11 He says, "You know what works, this stuff, Tiger Balm." 13:14 And he rubbed this stuff out and he rubbed it into my knee. 13:19 Full service. And he helped me. 13:21 I could feel the heat. 13:23 And he helped me put a brace around my knee. 13:25 And he said. "Hey, come on, let's go. 13:29 We can do it. 13:30 And I got up and I started walking and hobbling 13:34 and with this gentleman beside me 13:36 helping me along the route between miles 15 and mile 22. 13:43 I got to this place in the marathon of no return. 13:48 Now when I got to mile 22, this gentleman disappeared. 13:55 Point number three is this. 13:58 When you get to a point where you feel you can't go on, 14:01 ask God to help you. 14:02 He will. 14:04 And He will send the right person and angel 14:06 or the right resource to get you through this thing 14:11 that we'll be talking about in reference to debt. 14:15 Debt is the thing that's hurting 14:16 a lot of people in this country. 14:19 And it would take a start. 14:21 It's gonna be a marathon for some. 14:23 It might be a sprint for others and for some, 14:25 you're already budgeting and taking care 14:26 of your resource in the right way. 14:28 But this I believe is an essential, 14:31 essential segment. 14:33 A program to tell you that debt is a real thing. 14:36 And you need to overcome in this race of life. 14:40 Mile 22, I got to this bridge in Washington D.C. 14:44 that if you didn't get to it 14:46 within four and a half to five hours, 14:48 they were gonna close the bridge 14:50 or open the bridge back to traffic 14:51 and you couldn't get across it. 14:53 So you had a certain time limit to cross a bridge 14:55 in order finish the race. 14:57 And he got me to the bridge with about 15 minutes to spare 15:00 before they opened it up to traffic. 15:01 And we crossed the bridge and for some unknown reason, 15:05 I never got this gentleman's name. 15:08 I can still recognize the gentleman. 15:11 But I can never, I don't know if I can ever reach him again. 15:15 If he was real, I don't know if he was an angel in disguise 15:18 because he disappeared. 15:20 I turned around and looked after I crossed that hurdle. 15:25 And the remaining portion of the race was four miles. 15:27 Four miles of a jog or run that I couldn't believe 15:31 that I was actually gonna accomplish this. 15:34 Here is a point when I got to the finish line, 15:37 did I feel any pain. 15:40 No. I didn't feel any pain. 15:41 Well, 15 minutes after, yeah. I was in a lot of pain. 15:45 But when I crossed the threshold 15:47 and got to that that specific destination, 15:51 crossing the line was a release, a relief. 15:54 I had accomplished the goal of this marathon 15:58 that I'd always wanted to do. 16:00 And took a picture, felt good about myself 16:03 and walked away. 16:04 My brother picked me up, took me to his apartment. 16:06 And I sat down in a cold tub of ice 16:09 as I felt the pain of contracting muscles 16:12 and doing certain, of doing something 16:14 that I'd never done before. 16:16 But I've accomplished the objective. 16:19 And our objective today is to talk to you about 16:22 the critical nature of debt in the United States. 16:25 Did you know that the average person 16:27 has 3.5 credit cards. 16:29 Do you know the average family debt 16:31 in credit is $14,750? 16:35 We are a country that rides on credit 16:36 and we talked about the car and going into a dealership. 16:40 And having a car sold to you. 16:43 Always remember that you is a consumer 16:48 should be in control. 16:50 And no one can 16:52 or should ever be able to sell you anything 16:55 that you do not necessarily need. 16:58 I give you a hint. 16:59 If you go to make an acquisition, 17:01 take time to shop around, 17:03 and when you think about 17:05 the fact that you're ready to make the purchase, 17:08 take a step back 17:11 and take three days to cool off. 17:13 And consider whether or not this is a need, 17:15 this is a want or whether or not that car 17:18 that you currently have can be maintained 17:20 and can carry you a few more years. 17:23 That's my story. We are on a journey together. 17:27 This marathon is going to be worth it when we're done 17:31 because we are going to take care 17:33 of this issue on debt together. 17:37 Now what I'd like you all to do is follow me, 17:41 when I'm gonna talk to a little bit about 17:45 the context of how you assess your, 17:50 the fact that you're getting into trouble. 17:58 We did a little bit of research and we went out on the street 18:01 and talked to a variety of people 18:04 about what they did and the question was, 18:06 "Regarding your credit, 18:08 are you likely to carry a balance on your credit card 18:10 or do you pay them off each month. 18:13 We took some select interviews 18:14 and I'd like to watch that right now. 18:20 I try to pay them off each month. 18:23 I try, currently at this moment I don't have a credit cards 18:26 because I've had a problem in the past. 18:29 So I, doing just debit cards and cash only to help myself 18:34 mature financially a little bit. 18:36 But when I did have credit cards 18:37 and I tried to make sure that 18:39 they were paid off on monthly, on monthly basis. 18:42 I carry a balance because that's the only way 18:45 you can increase your credit. 18:47 But the problem is we normally fall back like have. 18:51 But it's only because of the economy. 18:54 With my credit cards I actually carry a small balance. 19:01 You can see the different perspectives about credit. 19:04 Some carry balances, some don't, 19:06 some have credit cards some don't. 19:08 The context really is how you manage the credit. 19:14 Now I use that to introduce the issue of understanding 19:20 some warning signs that are relevant. 19:24 How do you know when you're getting in trouble 19:27 and what are some of the-- 19:29 Some of the relevant points to watch. 19:33 Trouble comes when you are overspending. 19:35 Overspending tells us that you may not have a budget. 19:38 It tells us that you are winging it. 19:40 And that's one of the first concerns 19:43 that many people don't realize 19:45 that problems begin to happen when you are not tracking 19:49 what's going on in your personal life. 19:52 I always go back to 19:53 and I'm going to be hammering this 19:54 over the next few programs as budgets are necessary 19:59 to have a starting point. 20:01 So assess whether or not you're overspending. 20:04 And it you will know that 20:06 because pretty much there's not enough money 20:08 in the bank to carry your expenses. 20:13 I used the term in another program of revenue. 20:17 I want to make it simple. 20:19 Revenue is basically your paycheck, 20:21 a paycheck that you get on a weekly 20:23 by weekly or monthly basis, 20:24 the money that goes into your account as income. 20:29 The expenses are basically 20:30 those funds that go out of your account 20:32 to take care of your monthly bills, 20:36 whether or not it is variable bills 20:40 or whether variable expenses 20:41 such as gas can go up and down each month 20:44 or it could be the phone bill up and down each month, 20:46 it could be other variable type of expenses. 20:50 And you have the fixed expenses. 20:51 It's always the same amount each month, 20:53 so your car expense, your rent, 20:55 those type of things or your mortgage. 20:58 As we take a look at the spending issue, 21:01 it's key that we address those specific concerns. 21:05 Secondarily, rising interest rates. 21:08 If your credit card interest rate is going up, 21:10 it tells you that you have missed the payment. 21:13 Credit cards can raise the interest rate 21:15 if you miss a payment. 21:17 Second Warning sign. 21:18 Number three, I mismanaged budget. 21:20 You set a budget and then the two of you, 21:22 maybe if you're married, 21:23 one is a spender, one is a saver, 21:25 one likes to go out 21:27 and spontaneously purchase things 21:29 or another wants to save. 21:30 So you have a budget, someone sets of the budget 21:32 and one of them over spends and goes out 21:34 and does them on a spontaneous basis. 21:37 You mismanage a budget. 21:39 It's one of the sure signs that 21:41 there's going to be problems in the future. 21:42 Three, increased cost of living. 21:44 Cost of living happens. 21:45 If you're basically maintaining, 21:48 you're spending exactly what you make, there's a problem 21:50 because gas prices have gone up. 21:53 And so when you have a fuel 21:56 that goes up 50 cents per gallon, 21:58 it means it's gonna cost more to fill your tank, 22:02 something else has to give. 22:04 Unemployment, physical emergencies, 22:09 water tank, for example, a water heater 22:11 that you might need and then of course, 22:13 the thing that wipes out a lot of people 22:15 in reference to their ability 22:16 to keep wealth is disabilities and illness. 22:20 So what can you do short term if you can't keep up. 22:24 There's a couple things I'd like you to look at. 22:27 First assess the warning signs. 22:28 Are you looking at any one of those overspending, 22:31 are you looking at credit card interest rates going up, 22:33 are you looking at a variety of different issues? 22:35 Take that into context and assess where you are at. 22:41 Secondarily, if you have a credit card issue, 22:44 I ask you to do a couple of things. 22:48 Call your creditors immediately. 22:50 If you can't make the payment, 22:52 if in fact, you've lost your job, 22:56 those are major concerns 22:58 that you need to address immediately. 23:01 Call them up and tell them you're having some problems. 23:03 Most times they will work with you 23:05 and they will tell you 23:08 what they can do on your behalf. 23:10 Try to keep paying a little bit back 23:12 on those accounts as you possibly can. 23:15 Cut your living expenses. 23:16 It goes back to now, if I have a budget, 23:19 I can understand what areas 23:21 I need to look at that I can possibly cut. 23:24 Do I need the cable? Do I need the cable television? 23:27 Do I need some of these other niceties 23:32 that I can cut right now? 23:34 Can I take a look at insurance 23:35 and getting a different type of insurance quote? 23:38 Take a look at cutting those expenses 23:40 that you don't necessarily really need. 23:43 And then, begin to understand 23:46 how much credit you currently have, 23:48 how much credit you can really afford. 23:51 I talked to you earlier about the 20-10 rule. 23:53 20-10 rule basically says 23:55 don't absorb more than 20 percent 23:56 of your annual income as credit 24:00 and don't pay out on a monthly basis 24:02 as a percentage of your net monthly income 24:06 10 percent more than 10 percent on a monthly basis. 24:09 Those are key. 24:10 Now as we go towards closing, 24:12 I want to give you a mnemonic device 24:16 in reference to getting out of debt. 24:17 One, the acronym is A- C- C- S- A. 24:22 A- C- C- S- A. 24:24 One is, assess, excuse me, assess the level of your debt. 24:30 How much do you owe, find out what it is, 24:32 how much is it in credit card debt, 24:34 how much is it in, how much he owe in your car. 24:38 What you owe on your mortgage. 24:39 Assess the complete amount of indebtedness. 24:42 And then of course, what you need to do 24:44 after that is, C means to create. 24:46 A, assess. C, create a budget. 24:50 It might be beneficial if you turn it those two around 24:52 and say create the budget first 24:53 and then assess the debt. 24:55 But the context is creating the budget is key 25:00 to help you better look at 25:02 where those expenses are being paid. 25:04 And then take a look at where that debt actually is. 25:09 Number three, cut your spending. 25:12 Work with your creditors. 25:14 Take things out that you don't need. 25:16 Pay off what, 25:18 I guess you can't really pat it off at that point in time 25:20 but cutting the expenses 25:21 will free up a little bit more money 25:23 and help you within the context of creating that margin. 25:27 Margin, there's a difference between 25:29 the income and the expenses 25:32 that can go towards helping you pay off that current debt. 25:37 Then of course, 25:38 once you have that margin in place, 25:40 and you have the budget, 25:41 you now know how much you can save. 25:43 Start putting money into savings. 25:45 Save. 25:47 It's essential to help from that standpoint. 25:50 And then, number five is, attack the debt. 25:54 Attack the debt. 25:56 Go after it and try to get rid of it 25:58 as quickly as possible. 25:59 And right now, I want to pray 26:01 for some of you out there that are dealing 26:03 with this crisis in America of indebtedness. 26:06 We can go on this marathon, this journey, this sprint, 26:10 whatever this race is together. 26:12 We can accomplish a lot together 26:13 and we're gonna do it together 26:15 in this program of financial literacy. 26:18 But it takes that first step. We're in training together. 26:21 I want you to do the first mile tomorrow. 26:23 That first mile is figure out your expenses. 26:26 Figure out your income. 26:28 And let's figure out where we can cut the expenses 26:30 and where we can figure out 26:31 how we can put more away in savings 26:33 and how we can take that money 26:36 and attack that debt that we have. 26:38 If you will, let's pray together. 26:40 Father in heaven, we thank You 26:42 for this opportunity to talk to You 26:45 and to understand the context of wealth 26:47 and as a steward being faithful. 26:50 Help us now to get out of debt so we can support you more 26:54 in giving back to your ministry 26:56 and to use the talents that we will be held 26:58 accountable for when you come. 27:00 In your name we pray. Amen. 27:04 Okay, we're on a journey together. 27:06 I want you to take a look seriously 27:09 at any type of warning signs that there is a problem. 27:13 We can take a look at five. 27:15 One is, you don't know how much you owe. 27:18 We need to figure that out. 27:19 Number two, you're late paying your bills. 27:22 You're constantly looking for cash to pay something. 27:24 And you're constantly late and it's getting behind. 27:27 Three, you're taking out a new loan 27:29 to cover old loans. 27:32 Four, you're paying only the minimum amount 27:35 on your credit card bill each month. 27:38 And five, you're spending 27:39 more than 20 percent of your net income 27:42 after rent and mortgage on credit use. 27:45 Those are five warning signs that there is a problem. 27:50 What I ask you to do is make a change. 27:53 Let's start together. Take It To The Bank and save. 27:57 See you next time. God bless. |
Revised 2016-02-04