How Much Debt Do You Really Have?

TL;DR

This podcast episode discusses the importance of knowing your debt and offers resources and apps to help manage your finances.

Transcript

(upbeat music) - Hey, everybody. Welcome back to the Consumer Warrior Podcast. This is a podcast that's dedicated to helping you with your big debt problems. If you're just dabbling in debt, this isn't the podcast for you. We deal with the big debt problems. Repossession, debt collection, lawsuits, foreclosure, bankruptcy, and all the other horribl... Read More

Key Insights

• 🥺 Many people become overwhelmed by their debt, leading them to avoid paying attention to it, which only exacerbates the problem.
• 💳 The United States recently set a new record for credit card debt, underscoring the need for individuals to take control of their credit card usage.
• 🥶 Starting with obtaining a free credit report and conducting public record searches can provide a clear picture of your debt and any potential legal issues.
• 😀 Utilizing budgeting apps such as EveryDollar, saving and investing apps like Acorns, and credit monitoring apps like Credit Karma can empower individuals in better managing their finances.

Questions & Answers

Q: Why is it important to know exactly what you owe?

Knowing your debt details is crucial in developing a plan to tackle your financial problems. It helps in communicating with creditors, whether through debt settlement or bankruptcy. Additionally, this information is necessary for the bankruptcy filing process.

Q: How can you obtain a free credit report?

As per federal law, you can get a free copy of your credit report every year from annualcreditreport.com.

Q: What are some ways to search for judgments and liens?

Conduct a Google search for the courts in your area and access their online search tools, where you can find active or old cases. Additionally, check county recorders' websites for any public records, such as tax liens or judgments.

Q: How can budgeting apps help with managing finances?

Budgeting apps like EveryDollar can assist in creating and tracking budgets, importing bank account information, and staying on top of expenses. These apps provide visibility into your spending habits and aid in financial planning.

Summary & Key Takeaways

• The episode emphasizes the significance of understanding your debt and how overwhelming it can become for many individuals, leading them to stop paying attention.

• It suggests starting by obtaining a free copy of your credit report from annualcreditreport.com to identify the accounts, debt owners, and amounts owed.

• It also advises conducting public record searches and gathering current statements to create a comprehensive record of your debt.