MoneyWise Live | January 28, 2019

Paying Off Christmas Debt with Neile Simon

Show Notes

This time of year a lot of folks develop a strong aversion to their mailbox. They avoid it— refusing to open it for days until the mail threatens to burst forth. Their fears are well-founded … lurking inside are the dreaded bills of Christmas past.  If you spent money you didn’t have on the holidays and now must face reality— you’ll want to take notes today. We’re really blessed to have Neile Simon with us today because this is probably a very busy time for credit counselors.  Financial planner and teacher Rob West talks about paying off Christmas debt with Neile Simon of Christian Credit Counselors. 

Rob poses these questions to Neile:

  • Some folks are now facing a pile of Christmas debt and wondering how they’ll pay it off. What advice do you have for them?
  • What if there’s not much left over?
    • When it’s time to cut back, food is always a great place to start.
    • Pack lunches
    • Do meal planning so that you are not buying things last minute. 
    • Buy in bulk.
    • Cutting out cable. Netflix is a great alternative and much less expensive.
    • Get on budget plans with the utility companies.
  • Great advice, Neile, but sometimes folks need more help. How do you know when it’s time to contact an organization like Christian Credit Counselors?
  • What exactly will Christian Credit Counselors do to help someone in that situation?
  • We get calls from folks who’ve been contacted by companies offering debt consolidation and other services. Some of their practices are just plain unbiblical. What won’t Christian Credit Counselors do?

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

  • If you contact Christian Credit Counselors, do you have to reveal all of the accounts you have debt with?
  • If you have a rather high income but think you might need the help from Christian Credit Counselors, are they an option?
  • If you've been out of the job-seeking market for a long time and are a Federal employee who has been deemed "non-essential" federal employee who will not receive "back pay" from the January 1st shut down, what are some ways to job hunt these days?
  • If you have $108,000 of student debt, and the monthly fee is now going up to $860 per month, what are some ways to deal with this?
  • If you have AT&T stock from 1956 that you plan to give to your children but has started losing value lately 63 years, should you sell it for index funds?
  • Can you not deduct charitable gifts any more?

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