Total Financial 2-26-2013
Host: Arif Halaby
Co-Host: Jeff Girard
Hour #1- How to deal with delinquent debts
Hour #2- Life insurance through life’s stages
What happens when you’re delinquent on debt? You shouldn’t be taken down the road of surprises. Your first real hurdle is that first 30 days past due. There aren’t any signals or alarms to really remind you of your debt, it’s not a big deal until later. The banks will assess your debt and you will hurt by it. Your credit score is at danger and you might go under a late pay. Your credit reporting history will be affected by this and you should take care of it as soon as possible. The banks might ask for more so that they still have the good faith in you towards your payments and future debts. Usually you get one chance with creditors and you’ll be okay, but they can only give you so many chances. Come through with your word, because they will document every word you say and anything you say or do wrong, will be used against you. They will sometimes pretend to have a lot in common with you, just to be on friendly terms with you, so you can pay that cash and they can gain their bonus.
When you get married, you have to earn dollars, pay taxes on those dollars, and with what’s left, you get to pay off your student loans. Never get a student loan; it’s incredibly difficult to pay off. A married couple received money from their parents so that they could help pay for their wedding. They needed to pay off their credit debt and student loans, so the wife to be took $5,000 given to her by her dad, and used that money to pay off their interest. The credit card company took the money from the account that they put the money in and the creditors took that honeymoon money to pay off credit card debt. The couple had no money to spend towards their honeymoon. To creditors, everything is business and numbers, they don’t care about your life that way, this is their job. You have to think about credit card companies in a business sense, never a relationship sense.
The next couple of decades, starting from 30, are going to be the greatest changes in life, whether it be living, relationships, or finances. Your life changes and so does your choices. You a part of a system when it comes to banks and creditors, they can live on without you and no matter what kind of sob story you may have, 1+1 still equals 2. Life insurance changes as you get older and be careful where you get your advice. Rarely do people say that they’re going to sell life insurance like no ones business. If you have people who count on your income, then it is your moral obligation to have life insurance. People were trying to put all of their money into their 401K, but they invest nothing into life insurance, thinking they’ll gain more money for that. That’s not exactly the best choice in this instance. You should be financially stable so that if you have people that rely on your finances in some sort of way, they won’t leave your life. You need to be able to rely on yourself financially, before you can be reliable for anyone else, they need money or something that they can always lean on. You have choices, so give your family choices and safety when you’re gone.
Total Financial Solutions Safer Money Hour , with host Arif Halaby , President & CEO of Total Financial Solutions airs every Tuesday from Noon to 2pm  on Santa Clarita’s Hometown Station, KHTS AM-1220. 
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