Sep 2027 min read

The Feds Cut Rates: What does this mean for your house, car, and credit cards?

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway breaks down the financial quicksand that is credit card debt and shares strategies to regain control of your financial future. With interest rates climbing to as high as 23%, getting out of credit card debt seems harder than ever. But with the right approach, such as leveraging personal loans, improving credit scores, and negotiating with creditors, you can begin to make real progress.

Here’s how to approach it:

3 Key Takeaways:

Use a Personal Loan to Escape High-Interest Debt Credit cards can carry overwhelming interest rates, but personal loans often offer much lower rates. Use the loan to pay off your credit cards, then focus on chipping away at the loan itself. This can help avoid paying upwards of 23% in interest fees.
Good Credit is Your Golden Ticket Whether it’s getting a personal loan, refinancing debt, or negotiating better interest rates, good credit is the foundation. Focus on improving your credit score before making any major financial moves, as it significantly impacts your financial opportunities.
Always Negotiate for Better Terms One of the best-kept secrets in personal finance is the power of negotiation. Don’t hesitate to call your credit card company and ask for a lower interest rate. Studies show that this works over 76% of the time—simply asking can save you thousands in interest over time.

3 Powerful Quotes:

"Who wants to pay 23% interest? Nobody." — A.B. Ridgeway This highlights the crippling effect high-interest rates can have on your financial freedom.
"Credit is like telling the world, you have not paid off the people you owe." — A.B. Ridgeway This vivid analogy underscores how crucial your credit score is in the financial world.
"It is very dishonest to take money from someone and refuse to pay them back, whether it's your student loan, credit card, or anything else." — A.B. Ridgeway A reminder that integrity in finance means honoring your commitments and paying off debts.

This episode emphasizes the importance of taking proactive steps to manage debt, protect your credit, and negotiate better financial terms. It’s not just about paying off debt but building a strategy that protects your financial future.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: Today

TRANSCRIPT:

Disclosure: The transcript is auto generated and may contain errors

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Welcome back, brothers and sisters.

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It looks like the Feds have decided to cut rates

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and not by a quarter percent, but by a half a percent.

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So what does this interest rate cut mean

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for people like you, for your housing,

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for your car, and for your consumer debt?

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Well, we're gonna listen in and see what they have to say,

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and I'm gonna come back with my analysis.

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Let's get a closer look at the impact on our wallets.

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We've got NBC's Vicki Nguyen.

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Hi.

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Vicki, let's start with the housing market.

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So how is it gonna affect you?

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Okay, here's the thing.

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We waited for a very long time.

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Good things finally came to those who wait,

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but the rates fall so much slower than they go up.

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So zooming out, let's look at the 30-year fixed rate

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right now, 6.15%.

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So what the Fed does, it's a benchmark rate.

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It doesn't directly set mortgage rates,

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but it does have a major influence.

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But look at what's happened since 2021,

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the same time, September, rates were 3%.

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The next year, they jumped to 6%, doubled.

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So last year, in October, by the way, it was 8%.

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Brothers and sisters, I do want you to keep this in mind.

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When I used to work in the banking system,

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we used to call these lists.

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And basically what it was was a refinance list.

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So when rates start to go down,

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you will call your clients and say,

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Mr. Client, it looks like rates are going down.

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You know, you had a 6% or 7%.

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It looks like it's down to 3% or 4%,

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would you like to refinance?

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A lot of people said, no, I don't wanna refinance.

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I wanna keep it everything the same.

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But why did they do that?

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Because they said, well, I don't wanna sign

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another 30-year mortgage.

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And that's true.

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The majority of people that refinance,

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they usually sign up for an additional 30 years.

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But I'm here to tell you a secret.

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If you have paid 15, 20 years into your mortgage,

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you have 10 years left,

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you sign up for a 10 or 15-year mortgage.

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You don't have to sign up for a 30-year mortgage.

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So you can still get that interest rate.

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You could pay less in interest,

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and you don't have to renew that cycle

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over and over and over again,

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and perpetually never pay off your mortgage.

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And here, do you see how low the rates actually went?

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And guess what?

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They skyrocketed back to 8%.

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Now these people can't refinance.

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They can't do anything with their homes.

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And it's even more difficult to make a home.

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And this is just in three years.

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This is what we call opportunity costs.

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A lot of people missed out on saving

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thousands and thousands of dollars

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because they were just waiting for the rates

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to continue to go down, down, down.

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Listen, don't get greedy.

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If you find an opportunity to save you a few thousand dollars,

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take it.

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If you miss it when it goes down, so be it.

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Maybe wait for the next cycle or whatever it may be.

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But don't just do nothing when you know

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that there's money on the table to be taken.

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Now, obviously you have to add in additional costs,

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like closing costs, things of that nature.

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But once you know your numbers

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and know that you could save money in the long run,

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you may want to take a chance.

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Now at 6%, that's helpful.

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Everyone was anticipating this rate cut.

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But Fannie Mae and Freddie Mac,

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the two financial institutions are predicting

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that by the end of next year, we'll be down to 5.7%.

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That doesn't sound like amazing,

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but the Fed chair has said he doesn't think

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we're gonna see 3% ever again.

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So if you are in the market for a house,

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here's what you should be doing right now.

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Number one, making sure you do everything

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to improve your credit score.

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That means paying down high interest loans,

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making sure you're not opening any new credit cards,

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getting all your financial paperwork in order.

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Also hiring a really experienced real estate agent

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who knows the market, because guess what?

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The inventory is still low.

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So competition is going to be fierce.

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You wanna make sure when you make an offer,

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you are as competitive as you can be.

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So that's if you're looking to buy a house,

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what about, let's say you got locked in

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at one of those interest rates when it was north of 6%.

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Is this the time to refi

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or the Fed meets again in a few months?

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They're expected perhaps cut rates again, should you wait?

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So the experts say it's so tempting

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to try and refinance right now,

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but you're absolutely right.

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The Fed will meet again in November after the election

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and in December.

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They're projecting another half point cut.

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So if you can wait even into early next year,

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they say go ahead and wait, because here's the thing,

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refinancing isn't free, right?

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So here's what you wanna think about.

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Number one, would you refinance to a new rate

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that's one to 2% lower than what you're paying?

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Okay, maybe think about it.

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Refinancing costs two to 6% of the new loan amount.

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Sure, the lender's gonna say,

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we'll roll it into your monthly payments.

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You don't have to pay it all upfront,

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but you gotta do the math.

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Look at the monthly payment and see,

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now you're extending your loan longer.

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Will the savings outweigh the costs?

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This is some great advice, some great general advice.

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Let me get a little bit more detailed.

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My name is AB Ridgeway.

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I'm a certified private wealth advisor professional

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with over a decade of experience.

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And as far as the housing market is concerned,

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she said something that made my financial advisor ears

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kind of perk up.

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She said, inventory is already low.

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So you're telling me you want these people to wait a year,

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maybe even a year and a half,

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to get a smaller percentage for inventory

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that's already low.

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If somebody wants that house,

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they're going to take that house now on the one to 2%.

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And now you're going to be rubbing your hands,

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hoping that you get your dream home

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and it's going to be sold

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and someone's going to be living in it

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and they're going to do it the right way.

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But she also said exactly what I had said.

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There's other fees that are associated

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with refinancing your home.

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But once you know those numbers, you can pull the trigger.

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Don't wait for an additional one or 2%,

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hoping the feds do something

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because that house may not be on the market.

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And now you're forced to live somewhere.

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You don't really want to be.

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And how miserable it will it be to live in a house

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you don't want to live in for 25 years

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because you want to wait 12 months.

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And also brothers and sisters,

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before I get back to the video

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and she continues what she was saying,

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remember what I told you?

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She gave you the same advice that I warned you again.

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She said, oh, you're extending for another 30 years

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or you're extending your loan.

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You don't have to extend your loan.

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There are other options.

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Just because you keep your same monthly payments the same

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doesn't mean that it's going to be a better deal.

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It may be better for you to maybe even increase

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your monthly bills by $50 or $100

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to make sure you're paying off the loan

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so the interest doesn't go to the bank.

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Every year that you extend your loan,

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more interest is being paid to the bank, not to you.

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It seems like it's giving you more time to pay it off.

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But if you don't need it, you have the assets

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you've been saving, you have your down payment,

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everything is working like clockwork,

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go ahead and shorten the long term.

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All right, let's talk car loans.

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I know a lot of people are in the market for a car.

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So what should we be doing this weekend?

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Should we be looking, shopping for cars or should we wait?

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Yeah, just last week we were talking about

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how car prices are falling.

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That is great news.

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The average price for a new car, $47,000,

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but the median price is much lower,

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depending on what kind of car you're shopping for.

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A used car average price, $27,000.

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So that's fantastic.

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Incentives are back, inventory is back.

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The loan rates won't fall as quickly, you know,

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because it takes a little bit of time

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for all of this to trickle down.

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The average rate for a new car loan right now,

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7% according to Edmunds, 11% for a used car.

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But here's the thing, you don't have to accept

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the loan that's offered to you at the dealership.

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Go to your bank, go to your credit union.

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And if you are a veteran, USAA has new car loans

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starting at 4.49%, the low rate.

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So if you have excellent credit,

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you could get an even better rate.

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This is great, great advice.

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Let me add on to this.

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Yes, you're going to get your rate prior to going

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to the car dealership because they make their money

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on the what?

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The back end by charging extra.

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So what they will do, they say, what's your bank?

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They say, oh, I shop at XYZ Bank.

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Okay, let me see what they're offering you.

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Then they'll go to their little computer

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and XYZ Bank will say, oh, you're approved for 7%.

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And then guess what the car dealership does.

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Hey, Mr. Ridgeway, you are qualified for 7.5%.

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Isn't that great?

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You know, the average is 11%.

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You qualify for 7.5 and you're all excited.

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You jump out of your chair, you sign the deal

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and you go on with your car and guess what?

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They get 0.5% of that interest for the length of that loan,

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whether it's four or five, six years or whatever it may be.

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That's how they make their money.

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So how do you avoid that?

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You go to your bank, you get pre-qualified.

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They're going to say, hey, you're eligible for 7%.

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You go perfect.

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You go to the dealership,

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but you don't brag about your rate

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because all they're going to do is either increase the price

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or something trying to take your money away from you.

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So this is what you do.

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You're quiet.

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You let them go through their spill.

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You test drive the car.

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You let them give you a deal.

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He said, is this the final number?

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Yes, okay.

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Do you want us to run your credit

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to figure out what your rate is?

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Yes, go run it.

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They'll come back, says congratulations.

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You're eligible for 7.5 for this vehicle.

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And then you go, no, I'm not.

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It's 7% or it's 6.95 or it's 6 point something.

249

00:08:32,740 --> 00:08:35,220

And you put that on the table and says, that's my rate.

250

00:08:35,220 --> 00:08:36,860

That is how you're going to get ahead

251

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and not get in trouble on the backend.

252

00:08:39,300 --> 00:08:41,220

Okay, that's just a little tip from me.

253

00:08:41,220 --> 00:08:43,220

Make sure that you go to your credit union,

254

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get your number, keep it a secret,

255

00:08:45,120 --> 00:08:48,780

get your final digit or your final number for that car,

256

00:08:48,780 --> 00:08:50,380

and then use the rate.

257

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And that's how you're going to save some money.

258

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If you like tips and information like this,

259

00:08:53,460 --> 00:08:54,860

and I know we have to get back to the video,

260

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but make sure that you subscribe, click that like button,

261

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click that like button, click that like button.

262

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It helps with the algorithm

263

00:09:00,060 --> 00:09:02,060

and pushes this out to more people

264

00:09:02,060 --> 00:09:05,780

so more people can know how to save money just like this.

265

00:09:05,780 --> 00:09:08,060

Do you usually get a better rate at a bank

266

00:09:08,060 --> 00:09:08,900

versus at the dealership?

267

00:09:08,900 --> 00:09:09,740

Is that generally the case?

268

00:09:09,740 --> 00:09:11,580

It's going to depend on the car that you're shopping for

269

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and what kind of incentives that dealer's offering.

270

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And if you have excellent credit,

271

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some dealers are offering rates as low as zero to 2%.

272

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Credit card debt.

273

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I mean, over the last few years,

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Americans have racked up nearly a trillion dollars

275

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in credit card debt.

276

00:09:22,700 --> 00:09:25,020

What does the Fed's decision yesterday mean

277

00:09:25,020 --> 00:09:26,700

for folks trying to pay down their balance?

278

00:09:26,700 --> 00:09:28,460

Eventually, it's going to be great news,

279

00:09:28,460 --> 00:09:30,820

but we have seen credit card interest rates

280

00:09:30,820 --> 00:09:33,380

hit record highs over the last couple of years.

281

00:09:33,380 --> 00:09:35,900

Right now, they're sitting around 23%

282

00:09:35,900 --> 00:09:37,620

for a new credit card.

283

00:09:37,620 --> 00:09:38,860

This is according to Wallet Hub,

284

00:09:38,860 --> 00:09:40,900

21% for an existing credit card.

285

00:09:40,900 --> 00:09:41,740

Think about it.

286

00:09:41,740 --> 00:09:43,260

That means if you spend $100

287

00:09:43,260 --> 00:09:44,780

and you don't pay it off right away,

288

00:09:44,780 --> 00:09:47,380

you owe $123.

289

00:09:47,380 --> 00:09:49,140

That's financial quicksand.

290

00:09:49,140 --> 00:09:50,980

Don't get into credit card debt in the first place,

291

00:09:50,980 --> 00:09:54,100

but if you are, pay off your high interest cards first.

292

00:09:54,100 --> 00:09:55,420

That is number one.

293

00:09:55,420 --> 00:09:56,420

Here's what can help you.

294

00:09:56,420 --> 00:09:58,860

Transferring all of that debt to a new credit card.

295

00:09:58,860 --> 00:10:01,380

For a year, a lot of credit cards will offer you

296

00:10:01,380 --> 00:10:03,060

0% interest.

297

00:10:03,060 --> 00:10:04,900

If you can't get one of those deals,

298

00:10:04,900 --> 00:10:07,300

go to the bank and ask for a personal loan.

299

00:10:07,300 --> 00:10:10,380

A lot of times, those interest rates are much, much lower.

300

00:10:10,380 --> 00:10:11,920

You use that personal loan,

301

00:10:11,920 --> 00:10:13,900

you pay off all your credit card debt,

302

00:10:13,900 --> 00:10:15,980

and then you chip away at that personal loan.

303

00:10:15,980 --> 00:10:17,140

But it's so important.

304

00:10:17,140 --> 00:10:18,860

Who wants to be 23% interest?

305

00:10:18,860 --> 00:10:19,700

Nobody.

306

00:10:19,700 --> 00:10:22,340

A lot of financial strategies going here.

307

00:10:22,340 --> 00:10:25,580

I'm trying to break this down as simple as possible,

308

00:10:25,580 --> 00:10:27,500

and I want to take it from the top.

309

00:10:27,500 --> 00:10:30,740

One, no offense to any political party,

310

00:10:30,740 --> 00:10:35,420

but when President Biden told credit card departments

311

00:10:35,420 --> 00:10:38,060

that, hey, we're gonna have a max for overdraft fees

312

00:10:38,060 --> 00:10:39,220

and things of that nature,

313

00:10:39,220 --> 00:10:40,940

credit card department says, oh, okay,

314

00:10:40,940 --> 00:10:42,340

we're just going to raise the rates.

315

00:10:42,340 --> 00:10:43,860

And that's exactly what they did.

316

00:10:43,860 --> 00:10:45,680

They are not losing money.

317

00:10:45,680 --> 00:10:47,900

You could say you capped overdraft fees

318

00:10:47,900 --> 00:10:49,240

and things of that nature,

319

00:10:49,240 --> 00:10:52,620

but to get a little quick win with the people,

320

00:10:52,620 --> 00:10:55,420

but these credit cards are going to win.

321

00:10:55,420 --> 00:10:56,420

And that's what we see here.

322

00:10:56,420 --> 00:10:59,580

23%, something like that for a credit card.

323

00:10:59,580 --> 00:11:00,420

But she is right.

324

00:11:00,420 --> 00:11:01,980

It is financial quicksand.

325

00:11:01,980 --> 00:11:04,060

She says something very important as well.

326

00:11:04,060 --> 00:11:05,420

You can take a personal loan.

327

00:11:05,420 --> 00:11:07,140

You could pay off your credit card debt.

328

00:11:07,140 --> 00:11:10,140

But before you rush to your bank to get a personal loan,

329

00:11:10,140 --> 00:11:12,780

there's one key element she keeps talking about

330

00:11:12,780 --> 00:11:14,140

that she is blowing over,

331

00:11:14,140 --> 00:11:15,580

and I think it goes over your head,

332

00:11:15,580 --> 00:11:17,960

but as a financial advisor,

333

00:11:17,960 --> 00:11:20,380

I hear it with bleeding ears.

334

00:11:20,380 --> 00:11:23,160

You have to have good credit, good credit.

335

00:11:23,160 --> 00:11:24,920

She said, if you have good credit,

336

00:11:24,920 --> 00:11:26,500

the dealership may give you a good deal.

337

00:11:26,500 --> 00:11:29,280

If you have good credit, you can transfer your assets.

338

00:11:29,280 --> 00:11:31,940

If you have good credit and available credit,

339

00:11:31,940 --> 00:11:34,900

you can transfer to a different credit card.

340

00:11:34,900 --> 00:11:36,060

Credit is very important.

341

00:11:36,060 --> 00:11:38,520

Everybody wants to talk about how credit doesn't matter.

342

00:11:38,520 --> 00:11:41,140

When you're in debt, credit really does matter,

343

00:11:41,140 --> 00:11:43,820

but it really matters that you protect yourself

344

00:11:43,820 --> 00:11:47,260

before you get in these dangerous situations.

345

00:11:47,260 --> 00:11:50,420

Because credit is like telling the world,

346

00:11:50,420 --> 00:11:52,980

you have not paid off the people you owe.

347

00:11:52,980 --> 00:11:54,540

You know, wouldn't it be great

348

00:11:54,540 --> 00:11:55,860

if you met someone and says,

349

00:11:55,860 --> 00:11:57,100

hey, can I borrow $20?

350

00:11:57,100 --> 00:11:59,180

And they had a number on their forehead saying,

351

00:11:59,180 --> 00:12:04,060

100, you're like, wait, you owe other people money.

352

00:12:04,060 --> 00:12:07,700

The probability of you paying me back is very low.

353

00:12:07,700 --> 00:12:08,540

Look at your number.

354

00:12:08,540 --> 00:12:12,060

But if you see somebody with 833, you go,

355

00:12:12,060 --> 00:12:14,100

oh, you pay back the people that you owe?

356

00:12:14,100 --> 00:12:15,740

Here, I'll give you $20.

357

00:12:15,740 --> 00:12:18,740

It's a greater probability you're going to pay me back.

358

00:12:18,740 --> 00:12:19,580

Right?

359

00:12:19,580 --> 00:12:21,580

That's the same thing with a lot of these strategies.

360

00:12:21,580 --> 00:12:23,620

So as you think about paying off this debt,

361

00:12:23,620 --> 00:12:25,940

I want you to think about increasing

362

00:12:25,940 --> 00:12:27,180

your credit score as well.

363

00:12:27,180 --> 00:12:29,340

That means paying back the people that you owe

364

00:12:29,340 --> 00:12:32,060

is very dishonest to take money from someone

365

00:12:32,060 --> 00:12:33,300

and refuse to pay them back,

366

00:12:33,300 --> 00:12:34,700

whether it's your student loan,

367

00:12:34,700 --> 00:12:35,620

whether it's your credit card,

368

00:12:35,620 --> 00:12:38,340

because you got the education, you got the food,

369

00:12:38,340 --> 00:12:40,320

you got the car, whatever that you got,

370

00:12:40,320 --> 00:12:41,900

now you don't want to pay the person back.

371

00:12:41,900 --> 00:12:42,940

That's unethical.

372

00:12:42,940 --> 00:12:44,860

It's not moral and it's not right.

373

00:12:44,860 --> 00:12:47,160

So focus on paying those people back

374

00:12:47,160 --> 00:12:49,200

as soon as you possibly can, getting your money,

375

00:12:49,200 --> 00:12:50,560

putting that towards your debt

376

00:12:50,560 --> 00:12:52,940

so you can start putting money into compound growth

377

00:12:52,940 --> 00:12:57,020

and investing so you can make 23% and 21%

378

00:12:57,020 --> 00:12:59,380

instead of having to pay it to someone else.

379

00:13:00,780 --> 00:13:03,660

And then my favorite tip, always negotiate.

380

00:13:03,660 --> 00:13:04,500

Here's the thing, you don't think-

381

00:13:04,500 --> 00:13:05,660

You love the haggle. You do.

382

00:13:05,660 --> 00:13:06,500

Vicki loves the haggle.

383

00:13:06,500 --> 00:13:07,340

I love haggling.

384

00:13:07,340 --> 00:13:09,380

I bet the car dealers hate to see you walk in.

385

00:13:09,380 --> 00:13:11,420

I bought all the cars for my family and it's fantastic.

386

00:13:11,420 --> 00:13:12,820

I do all over the internet.

387

00:13:12,820 --> 00:13:14,700

That's a whole nother segment.

388

00:13:14,700 --> 00:13:16,860

But here's the thing, you call up your credit card number,

389

00:13:16,860 --> 00:13:18,540

that 800 number on the back and you say,

390

00:13:18,540 --> 00:13:21,660

hey, listen, can you please give me a lower interest rate?

391

00:13:21,660 --> 00:13:25,060

And you know what? It works 76% of the time.

392

00:13:25,060 --> 00:13:26,780

Lending Tree did a study.

393

00:13:26,780 --> 00:13:29,180

They said, when you ask, you shall receive.

394

00:13:29,180 --> 00:13:31,580

By the way, if you hold a phone like this,

395

00:13:32,540 --> 00:13:34,540

we know how old we are.

396

00:13:36,260 --> 00:13:38,820

In the video, she's holding it like the old school phone

397

00:13:38,820 --> 00:13:40,820

that goes to your ear, to your mouth.

398

00:13:40,820 --> 00:13:42,080

They're saying the new people,

399

00:13:42,080 --> 00:13:45,860

they kind of hold their hand flat as a flat phone,

400

00:13:45,860 --> 00:13:49,800

but she has the old school horn,

401

00:13:49,800 --> 00:13:53,220

kind of like the hang loose sign that hangs up to your ear.

402

00:13:53,220 --> 00:13:54,260

So if you're not on YouTube,

403

00:13:54,260 --> 00:13:55,100

make sure you go to YouTube

404

00:13:55,100 --> 00:13:56,760

because there's a video version of this.

405

00:13:56,760 --> 00:13:59,540

But you can actually see the person who's presenting.

406

00:13:59,540 --> 00:14:00,460

But I think that's pretty funny

407

00:14:00,460 --> 00:14:01,900

because sometimes I still do that.

408

00:14:01,900 --> 00:14:03,940

But I'm growing, I'm growing.

409

00:14:03,940 --> 00:14:05,060

I was born in the 80s.

410

00:14:05,060 --> 00:14:08,600

So time flies or whatever it may be.

411

00:14:08,600 --> 00:14:10,300

But also she says she loves to negotiate.

412

00:14:10,300 --> 00:14:11,780

And she says she does everything on the internet.

413

00:14:11,780 --> 00:14:13,900

Once again, my ears started to perk up.

414

00:14:13,900 --> 00:14:15,860

She says she buys all her cars on the internet.

415

00:14:15,860 --> 00:14:18,620

Why? Because it's easier to leverage prices

416

00:14:18,620 --> 00:14:20,220

when you shop at different dealerships.

417

00:14:20,220 --> 00:14:22,540

If you walk into one dealership in your city

418

00:14:22,540 --> 00:14:23,540

and you want to negotiate,

419

00:14:23,540 --> 00:14:25,160

you may sit there for 30, 40 minutes,

420

00:14:25,160 --> 00:14:28,060

even if you have all the confirmations

421

00:14:28,060 --> 00:14:30,620

or all the receipts and screenshots, all that you want.

422

00:14:30,620 --> 00:14:31,940

But when you're on the internet,

423

00:14:31,940 --> 00:14:34,700

these people are online trying to sell cars.

424

00:14:34,700 --> 00:14:38,620

So if you say, I have this deal at www.rentocar

425

00:14:38,620 --> 00:14:41,140

and it's the same car, same model, same mileage,

426

00:14:41,140 --> 00:14:43,280

same whatever, I want to buy it from you,

427

00:14:43,280 --> 00:14:45,400

but they have it $100 cheaper.

428

00:14:45,400 --> 00:14:46,240

What can you do?

429

00:14:46,240 --> 00:14:47,220

It gives you more leverage.

430

00:14:47,220 --> 00:14:49,820

And we have three or four people saying it too,

431

00:14:49,820 --> 00:14:51,540

then either you go with a person

432

00:14:51,540 --> 00:14:53,020

or you can go somewhere else,

433

00:14:53,020 --> 00:14:54,900

but you're going to get the best deal.

434

00:14:54,900 --> 00:14:56,320

No one's going to be able to rip you off

435

00:14:56,320 --> 00:14:58,380

because you've already done the pre-work,

436

00:14:58,380 --> 00:14:59,540

you've done the shopping.

437

00:14:59,540 --> 00:15:00,940

And that's what we talk about planning.

438

00:15:00,940 --> 00:15:02,740

That's why financial plans are so important.

439

00:15:02,740 --> 00:15:04,060

Because if you know your budget,

440

00:15:04,060 --> 00:15:05,660

if you know what kind of car you want,

441

00:15:05,660 --> 00:15:08,940

if you know how much it costs, people can't rip you off.

442

00:15:08,940 --> 00:15:10,860

Either you're just going to have to walk away

443

00:15:10,860 --> 00:15:12,120

or you're going to have to understand

444

00:15:12,120 --> 00:15:13,140

you're going to lose the money.

445

00:15:13,140 --> 00:15:16,460

But hopefully you just walk away, you find a better deal,

446

00:15:16,460 --> 00:15:18,100

and you find a different alternative,

447

00:15:18,100 --> 00:15:20,340

and you keep more money in your pocket.

448

00:15:20,340 --> 00:15:22,500

Yeah, or is there anything we should keep in mind?

449

00:15:22,500 --> 00:15:24,220

Okay, we talk about the credit card debt

450

00:15:24,220 --> 00:15:27,380

and what a financial sand trap that really is.

451

00:15:27,380 --> 00:15:29,180

But I also think we're going into the holidays.

452

00:15:29,180 --> 00:15:31,540

And as many great deals as you're going to see,

453

00:15:31,540 --> 00:15:33,060

don't overspend for the holidays.

454

00:15:33,060 --> 00:15:34,620

Don't put it all on your credit card.

455

00:15:34,620 --> 00:15:37,000

There is nothing like being debt-free.

456

00:15:37,000 --> 00:15:39,000

That is the best gift of all.

457

00:15:39,000 --> 00:15:40,540

Save more than you spend.

458

00:15:40,540 --> 00:15:41,900

That makes you just more competitive

459

00:15:41,900 --> 00:15:43,060

in all of the other things,

460

00:15:43,060 --> 00:15:44,340

the big good debt that you want,

461

00:15:44,340 --> 00:15:46,180

like housing debt or car debt, right?

462

00:15:46,180 --> 00:15:47,020

Student loans.

463

00:15:47,020 --> 00:15:48,940

Brothers and sisters, this is a really good video.

464

00:15:48,940 --> 00:15:51,500

It probably had maybe one or two years

465

00:15:51,500 --> 00:15:53,460

of financial education,

466

00:15:53,460 --> 00:15:56,020

all crammed up in this little five-minute segment.

467

00:15:56,020 --> 00:15:57,020

There's a lot more details

468

00:15:57,020 --> 00:15:58,760

that go into a lot of these different strategies,

469

00:15:58,760 --> 00:16:00,780

but there are actually great strategies

470

00:16:00,780 --> 00:16:01,760

to know and to love.

471

00:16:01,760 --> 00:16:03,320

If you replay this episode,

472

00:16:03,320 --> 00:16:05,960

if you go back and review some of the things that she said,

473

00:16:05,960 --> 00:16:07,020

they are very important.

474

00:16:07,020 --> 00:16:09,340

So if you are buying a car, go to the car buying segment.

475

00:16:09,340 --> 00:16:10,460

If you're looking for a house,

476

00:16:10,460 --> 00:16:12,100

go to the house lending section.

477

00:16:12,100 --> 00:16:13,180

If you have credit card debt,

478

00:16:13,180 --> 00:16:14,700

make sure you go to that section,

479

00:16:14,700 --> 00:16:17,600

because those are pretty much the primary ways

480

00:16:17,600 --> 00:16:20,280

that we manage money and we kind of plan for the future.

481

00:16:20,280 --> 00:16:21,900

So this was an excellent video.

482

00:16:21,900 --> 00:16:23,700

I really don't say that very often.

483

00:16:23,700 --> 00:16:25,500

There are some nuances that I did explain

484

00:16:25,500 --> 00:16:28,860

during the course of the podcast and during this video,

485

00:16:28,860 --> 00:16:31,100

but you need to speak to somebody

486

00:16:31,100 --> 00:16:32,860

if you didn't really get what she was saying,

487

00:16:32,860 --> 00:16:34,940

because once again, there are some nuances.

488

00:16:34,940 --> 00:16:37,120

There's some little details that you need to know

489

00:16:37,120 --> 00:16:39,460

that you can actually execute these strategies.

490

00:16:39,460 --> 00:16:41,020

And if you're even qualified

491

00:16:41,020 --> 00:16:43,000

to execute some of these strategies,

492

00:16:43,000 --> 00:16:45,060

I'll tell you one about the credit cards.

493

00:16:45,060 --> 00:16:46,820

If you don't have good credit,

494

00:16:46,820 --> 00:16:48,900

or if your balance is too high,

495

00:16:48,900 --> 00:16:51,400

you wouldn't be able to transfer all of your debt

496

00:16:51,400 --> 00:16:53,900

to another credit card and get that special offer

497

00:16:53,900 --> 00:16:57,500

of 15, 12 months free, interest free.

498

00:16:57,500 --> 00:16:59,820

You won't be able to call your credit card department

499

00:16:59,820 --> 00:17:01,260

and say, can you lower my fee?

500

00:17:01,260 --> 00:17:02,960

Because guess what?

501

00:17:02,960 --> 00:17:04,180

You've already maxed out.

502

00:17:04,180 --> 00:17:06,600

They said we can't do anything, right?

503

00:17:06,600 --> 00:17:08,740

But what you can do is maybe a hardship.

504

00:17:08,740 --> 00:17:10,060

There's something very special here.

505

00:17:10,060 --> 00:17:12,580

A hardship is where you call your credit card department

506

00:17:12,580 --> 00:17:14,580

and you say, listen, I'm going through a tough time.

507

00:17:14,580 --> 00:17:16,300

I'm not gonna be able to pay this thing.

508

00:17:16,300 --> 00:17:17,340

Is there something that I can do?

509

00:17:17,340 --> 00:17:19,240

And sometimes what they'll do

510

00:17:19,240 --> 00:17:20,620

is they'll suspend your credit card.

511

00:17:20,620 --> 00:17:21,580

And this is not advertised.

512

00:17:21,580 --> 00:17:22,820

You can't see it on the internet.

513

00:17:22,820 --> 00:17:25,420

I mean, if you do, you have to Google hardship

514

00:17:25,420 --> 00:17:26,820

for your credit card department

515

00:17:26,820 --> 00:17:28,580

because they're not gonna put it on the front page.

516

00:17:28,580 --> 00:17:30,060

But what you're gonna do, you say,

517

00:17:30,060 --> 00:17:31,420

hey, I'm having a tough time.

518

00:17:31,420 --> 00:17:32,260

Can you lower it?

519

00:17:32,260 --> 00:17:34,620

What they'll do is try to freeze your credit card

520

00:17:34,620 --> 00:17:37,420

so you can't use it, but they'll give you three,

521

00:17:37,420 --> 00:17:39,580

sometimes even six or nine months

522

00:17:39,580 --> 00:17:41,120

of paying down your credit card.

523

00:17:41,120 --> 00:17:44,700

And then it's going to resume back up again, okay?

524

00:17:44,700 --> 00:17:45,620

So be very careful.

525

00:17:45,620 --> 00:17:48,540

Then another warning, this is a warning.

526

00:17:48,540 --> 00:17:52,020

When you transfer your balance to another credit card,

527

00:17:52,020 --> 00:17:55,480

make sure even though it says 0% interest

528

00:17:55,480 --> 00:17:57,980

for the first 12 months or 15 months,

529

00:17:57,980 --> 00:18:00,140

you think, oh, I have a year, I have a year and three months.

530

00:18:00,140 --> 00:18:01,780

I should be able to pay it down.

531

00:18:01,780 --> 00:18:03,460

After that term is over,

532

00:18:03,460 --> 00:18:05,460

see what the interest rates are afterwards.

533

00:18:05,460 --> 00:18:08,680

Sometimes you're getting yourself into an even deeper trap.

534

00:18:08,680 --> 00:18:12,980

So if you're at 23%, that rollover credit card may be 25.

535

00:18:12,980 --> 00:18:14,420

So if you don't pay it off

536

00:18:14,420 --> 00:18:16,380

or if you don't pay a majority of it off,

537

00:18:16,380 --> 00:18:18,420

now you're paying more than you did in the beginning

538

00:18:18,420 --> 00:18:21,200

and you're right back into that sand trap, okay?

539

00:18:21,200 --> 00:18:23,380

These are the downsides that they don't wanna tell you.

540

00:18:23,380 --> 00:18:25,500

They tell you the upsides about getting out of debt

541

00:18:25,500 --> 00:18:28,700

and it sounds all great, but there are some things we need,

542

00:18:28,700 --> 00:18:32,300

there are some boxes we need to check before we go that far.

543

00:18:32,300 --> 00:18:33,920

But I don't wanna keep this video too long

544

00:18:33,920 --> 00:18:34,820

because it was really good.

545

00:18:34,820 --> 00:18:36,180

I don't wanna tear it down too much

546

00:18:36,180 --> 00:18:38,580

and you not listen to it, but go listen to it again.

547

00:18:38,580 --> 00:18:40,060

If you don't know anything about investing

548

00:18:40,060 --> 00:18:42,300

or all this kind of sounds like, I don't know,

549

00:18:42,300 --> 00:18:43,300

a foreign language to you,

550

00:18:43,300 --> 00:18:44,140

make sure you check out

551

00:18:44,140 --> 00:18:45,740

our four pillars to Christian investing.

552

00:18:45,740 --> 00:18:47,700

It's a beginner's guide to retirement savings.

553

00:18:47,700 --> 00:18:50,940

It's only 19 pages, but it goes over 401Ks.

554

00:18:50,940 --> 00:18:53,420

It goes over brokerage accounts and savings accounts.

555

00:18:53,420 --> 00:18:55,780

So you know exactly what you're dealing with.

556

00:18:55,780 --> 00:18:59,220

It goes over debt management, savings, investing

557

00:18:59,220 --> 00:19:02,980

and well, transfers all from a biblical perspective.

558

00:19:02,980 --> 00:19:03,800

You're gonna love it.

559

00:19:03,800 --> 00:19:04,660

It's written by me,

560

00:19:04,660 --> 00:19:06,700

a certified private wealth advisor professional

561

00:19:06,700 --> 00:19:08,380

with over a decade of experience

562

00:19:08,380 --> 00:19:09,900

and I'm here to help you out.

563

00:19:09,900 --> 00:19:11,340

If you love videos like this,

564

00:19:11,340 --> 00:19:13,740

make sure that you subscribe and you share

565

00:19:13,740 --> 00:19:14,980

and like and hit that like button,

566

00:19:14,980 --> 00:19:16,420

hit that like button, comment down below.

567

00:19:16,420 --> 00:19:19,100

I love to talk to you, learn more about you

568

00:19:19,100 --> 00:19:21,360

and how we can help you live a life

569

00:19:21,360 --> 00:19:23,180

that's rich and righteous.

570

00:19:23,180 --> 00:19:24,180

Well, that's it for me.

571

00:19:24,180 --> 00:19:25,220

My name is AB Ridgeway

572

00:19:25,220 --> 00:19:28,020

and I'll see you on the other side of your blessing.

573

00:19:31,820 --> 00:19:33,260

Make sure you check out some of our other videos.

574

00:19:33,260 --> 00:19:35,980

We're gonna put it somewhere up here on YouTube somewhere

575

00:19:35,980 --> 00:19:38,940

maybe like a link or something at the end of the video

576

00:19:38,940 --> 00:19:39,980

but that is it for me.

577

00:19:39,980 --> 00:19:40,980

My name is A.B. Ridgeway

578

00:19:40,980 --> 00:20:07,980

and I'll see you on the other side of your blessing.

retired couple reviewing their investments

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About Financial Advisors Say The Darndest Things Podcast:

As Christians, we were taught to be good stewards over our tithing and giving to the less fortunate. But when it came to our personal finances and investing we were left clueless on what the Bible says. What does the Bible say about managing debt, leaving a legacy, investing, and planning for your retirement? Mr. Christian Finance answers these and many other questions because we want to teach you how to become rich and righteous!

Meet A.B. Ridgeway:

A.B. Ridgeway, MBA, CPWA®️ (info@abrwealthmanagement.com) is the owner and Christian Financial Advisor with A.B. Ridgeway Wealth Management. With a decade in the finance industry, his goal is to give believers clarity around the most confusing topic in the Bible, money, and tithing. A.B. Ridgeway helps tithing Christians become cheerful givers but unlocking their money-making potential, so they can prosper and be the great stewards of the wealth God has entrusted them with.

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