Jim Triggs
speaker
62 appearances
3 recordings
1 series
first heard Dec 2022
last heard Dec 2022
Jim Triggs’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · How a Credit Counselor Can Help Get Your Debt Under Control · 28 Dec 2022
podcast
But you can't borrow your way out of debt.
So if someone's promising you to get you out of debt by...
Wiping out 50% of your debt or giving you a loan to take care of your debt, be wary of that.
A debt management plan is basically a plan where the consumer pays off their debt through the nonprofit credit counseling agency.
The counseling agency disperses that money to your creditors.
And by doing that, it frees the client up from making nine different payments to creditors.
I believe we have an average of nine credit cards on our programs, as well as if the consumer is also paying their mortgage or their car on their own.
And what the consumer gets for that is the creditors will reduce interest on a debt management plan, some all the way to 0%.
Yeah, absolutely.
Well, we do provide a lot of education during the counseling session.
That's one of the reasons why it lasts so long.
If things come up when reviewing the credit report with the consumer on how they use credit or what type of credit they're using, especially high interest, you know, bad loans and such, the counselors will definitely coach the consumers on those issues and try and avoid them in the future.
In addition, we go over a very rigorous budget with the consumer and we really get a good understanding of where they're spending their money.
And our counselors, first off, we have Bureau of Labor Statistics data pushed up against our system so that we see if John Smith lives in Nebraska and he has a family of six, we know that the food budget should be around this, the electricity budget should be around that.
And when they're out of line, our counselors are made aware of it.
and they can counsel the consumer on why it's out of line, how we can help.
We could potentially provide them with resources in their area to assist, or it's out of line because it needs to be because they have special circumstances.
But we do a lot of education during that budgeting process and really just try to help the consumer learn how to live within their means and do a budget every month and try to live by the budget.
WSJ Your Money Briefing · Getting Out of Debt: First Steps You Can Take Yourself · 27 Dec 2022
podcast
A debt management plan is basically a plan where the consumer pays off their debt through the nonprofit credit counseling agency.
The counseling agency disperses that money to your creditors, and by doing that, it frees the client up from making nine different payments to creditors.
Showing 41–60 of 62 · page 3 of 4
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