Today we are excited to welcome back a past guest who is a wizard when talking about student loans and now credit.
Jordan Goodman is also known as America’s Money Answers Man-
[2:43] Should people have more than 1 credit card?
· Yes- you want to build credit
· 3-4 cards is the ideal amount
· Cards that have benefits for your life
[3:39] A listener wrote in: My boyfriend thinks that you should have a revolving balance on your credit card. Can you explain to him why this is a bad idea?
· Because you’re paying interest
· Does not help your credit score
· Debt management plan cambridgecredit.org
[7:40] Fraud is a scary thought to almost all Americans. Is there a way to get errors off your credit report?
· Yes- there’s a whole procedure
· Fair and Accurate Credit Transactions Act
· Tourdecredit.com- helps improve credit reports
[9:27] Listener scenario: A 21-year-old girl gets in a car accident and is seriously injured. She has no health insurance and is now half a million dollars in debt. What should she do?
· Go to Healthcareadvocates.com
[12:15] How do I know if a debt resolution company is legit or a scam?
· Legit ones cooperate with the creditors
· Scams are called debt settlement companies
[13:30] If a loved one dies, parent or spouse, are you automatically left their debt or is there a way around that?
· Typically, debt is against the estate not the benefactors
[16:8] Chain of Wealth– If you want to refinance your student loans head over to chainofwealth.com/credible for $200 off your first payment.
Refinancing your student loans can save you thousands!
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Value Link Round
[16:38] What is your favorite quote?
· “Every day, think as you wake up. Today I am fortunate to be alive, I have a precious human life, I am not going to waste it.”
[17:34] Best advice someone gave you?
· Set up habits
[17:34] Last advice?
· Savers dilemma: Secured real estate fund