Get Out of Debt Guy | Smart Debt Solutions for Your Financial Freedom

The issue today is that there seem to be so many conflicting stories and so much misinformation about student loans, people have become frustrated.

Student loans are a major problem for most of our listeners and the nation. Not only are they unaffordable but they are also dragging down all consumers with higher prices, and they have created a large number of borrowers who have no choice but to stay in limbo, not knowing whether to pay their loans or how to do so when penalties and other roadblocks are built into the system.

People just want to know how they can know what their options are without being scammed or sold something.

Let's dive right in.

Today Damon Day and I talk about three quick topics. The first is a reader comment from our last podcast on debt validation. Danny sure is irritated by the podcast. Next, we talk about the termination of financing agreements for student loan assistance services. Finally, we discuss how the FTC is sending refund checks to people that were suckered into a business opportunity.

Today Damon Day and I get stupidly silly laughing and complaining about the ridiculousness of the Public Service Loan Forgiveness program that was intended to forgive student loans for firefighters, police officers, teachers, low-income lawyers, military service members, and more.

The PSLF program has turned into a disgrace with more than 98% of people apply for forgiveness being rejected.

But wait, there's more.

To read the show transcript, click here.

In this podcast, Damon Day and I talk about why debt validation isn't really the magic solution some companies try to sell to consumers. There is much more to know about debt validation before you just leap at the incredible sales pitch.

If you think debt validation is the way you'd like to take care of your debt, that's great. But before you leap at the sales pitch, at least understand the pros and cons of debt validation so you can make the best and most informed decision to feel confident debt validation is right for you and or your family.

If you want to read the full show transcript, click here.

If you want to see someone instantly disagree with you, tell them that people that file bankruptcy do better financially than people who don't and struggle.

When people face unexpected money troubles, it is just math wrapped in emotion. The underlying facts are not judgmental. And the math doesn't make assumptions or believe common myths. 

Let's talk about it.

On the show today Damon Day and I focused on reduced mortgage payments for people behind on their federally backed mortgage loans after Covid forbearance ends, why it is so easy to make bad emotional decisions, and adios to FedLoan Servicing.

Steve Rhode

Get Out of Debt Guy

GetOutOfDebt.org

In this episode, I answer a couple of reader questions with some interesting issues. The first involves what looks like a duplicate 1099-C tax form for forgiven debt. The second is about an old bad debt that is still on the credit report. 

If you'd like to ask me a question, just visit https://GetOutOfDebt.org and click the ask a question link at the top.

You might have heard about a new presidential executive order that was signed recently that is supposed to put a halt to having payroll taxes taken out of your paycheck. But there is some important information to know before you get all excited about this and fall for it.

Bob wrote to me with his second round of medical debt and wanted to know if a loan or some debt resolution program would be a good idea. My answer is probably going to surprise Bob.

We are potentially on the backside of consumer protections from the pandemic. One of these protections was to put evictions on hold while people were struggling to make rent payments. Unless Congress or individual states extend the protections, waves of evictions are possible. ProPublica had a very informative article out on this subject that I wanted to share with you.

Your Get Out of Debt Guy.

Steve Rhode