Debt Dr 911

Avoid the Pitfalls of the Pandemic - Plan for Financial Success

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It is no secret that the last 18 months have been a large financial stressor for most Americans. With the pandemic causing high rates of unemployment, the government stepped in to temporarily ease financial burdens by allowing a period of forbearance programs for mortgages and student loans. But the truth is, prior to the pandemic, the vast majority of Americans were already in a financial crisis. Today, your hosts, Dr. Chris Heeb, and financial expert Richard Schaffer discuss how to avoid the pitfalls of the pandemic by planning ahead for financial success. 

With forbearance programs coming to an end, many Americans are scrambling to dig themselves out of the financial hole they fell into. There is no doubt that the pandemic is affecting financial insecurity and there are real reasons to be scared! From buying a house, or a car, or living a life free from financial strain, Richard explains that the debt to income ratio affects just about every decision a person makes. This is why it is important to take advantage of the opportunity to automate your finances and get out of debt in record time. And believe it or not, there are viable solutions to your financial dilemmas.

Don’t wait until it’s too late, get ahead on your finances NOW! Tune into this week’s episode of Debt Dr 911 to find out how you can alleviate fiscal pressure and avoid the future financial pandemic that's to come. 

Quotes:

  • “He who has the gold makes the rules, and possession is nine-tenths. That is the reason that banks and financial institutions are the biggest buildings in any city, in any state, in any country of the world.” (08:23-08:35)
  • “The bottom line is, though, prior to all of this craziness in the world,  the American households were still not able to handle unexpected bills. We were still not saving enough money and we were still putting ourselves in a position for failure.” (10:08-10:27)
  • “For people in their 30s and 40s, the biggest financial insecurities tend to be centered around debt, including student loans, childcare costs, and home mortgages. They found that as a result, the debt to income ratio is around 136% for that age group.” (19:19-19:38)
  • “Automating your finances can not only be a smart money move but can also alleviate some of the stress surrounding payment deadlines.” (33:06-33:16)
  • “The number one reason most people are not adequately insured and aren’t saving or investing aggressively enough for college, retirement. etc., is because they do not have enough money. And the number one reason they don't have enough money is because they're typically drowning in debt service.” (36:35-36:48)

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    Debt Dr 911By Chris Heeb