Tis the season...for taxes! And it is important to understand the difference between a tax return and a tax refund. Plus, what does it actually mean if you get a refund? Find out the answers on this episode. And always remember, do what works best for you and your financial journey!

Debt Therapy

Debt Therapy, S2, Ep. 5: Taxes

Join us for part 2 of the interview with Mike Cardoza! We review the B-word (bankruptcy) and why the stigma is unnecessary. In many situations, bankruptcy can better your credit and give you a fresh start. We also review things to watch out for on your credit report, why your credit report doesn't define you, and more myths surrounding your credit!

Debt Therapy, S2, Ep. 4: Interview with credit lawyer Mike Cardoza, Part 2

This episode on Debt Therapy, we welcome Mike Cardoza with The Cardoza Law Corporation in San Francisco. He is an amazing credit report and rights attorney that has worked both sides of the coin. He specializes in those that have suffered from identity theft, incorrect credit reporting and debt collecting harassments. Listen to this episode to learn about disputing your credit accounts and what your rights are when debt collectors reach out! You won't want to miss this education--after all, we all have debt, but just never talk about it!

Debt Therapy, S2, Ep. 4: Interview with credit lawyer Mike Cardoza

Everyone thinks it is a cut and dry decision, but it isn’t that simple. Each situation is different. Part of being financially savvy means understanding what works for you and your family.In this episode, we dive into factors that you should consider when trying to decide to rent or buy. Because let&apos;s face it, owning isn&apos;t for everyone and neither is renting! Things to consider:Do you know the location and are sure you want to stay for an extended period of time?Do you anticipate living in the same area for at least five years?Does your budget allow for covering rent and maintenance (you own it, you fix it)?Are you buying for the right reasons?Have you spent time renting to build credit, save for the down payment, and have extra funds to fix whatever may need to be fixed?Listen to the whole episode for why you should consider these things before committing or passing on a home purchase!

Debt Therapy, S2, Ep. 3: To Rent or To Buy?

We welcome special guest Leslie Tayne, attorney and debt settlement expert to the Debt Therapy podcast for this episode. In this episode, we cover so many details involved with debt settlement so make sure you listen to it all—there are important pieces of information all the way to the end of this episode. First, how do you know a reputable company from a scam?To answer that, you must first understand the difference between debt consolidation and debt settlement. If you are looking for a debt consolidation, that may include a loan with a lower interest rate, but the amount you are paying off remains the same. Debt settlement is different in the fact that they renegotiate the terms of your repayment with the creditors and agree to a structured repayment process with less debt.Now that we understand the difference, let’s talk about protecting yourself. First, don’t be lured in or intimidated if someone has your information such as your total debt, the last four of your social, or your contact information! That doesn’t mean that the company is legitimate. It just means that at some point in time they purchased your information from another company. Now is the time to do the research. Where do they work out of? Do they outsource once you are interested? Are they making promises that seem too good to be true? Promises are a big red flag in this industry. The rules and agreements can change on a dime so no debt settlement company can guarantee anything.Another big red flag is the company asking for money upfront. They may label it under certain fees, but you really shouldn’t have to put any money upfront. And, heads up, this is not a quick process. There are negotiations back and forth and it just takes time. So, if they promise to get you out of debt fast, note that is another red flag. Make sure to check out reviews too! If there are a lot of negative reviews, it may not be a great place to work with! You can also check the Better Business Bureau to see if any formal complaints have been filed against the company.How do you charge?For Leslie’s company, they are paid a percentage of the money they save you. It isn’t paid out until everything is finalized. And, it is worked into the settlement terms so you have one payment, no interest and no extra fees.Will the debt settlement firm represent you if you are sued?Sometimes. It really depends on the company. Leslie’s company will, but some settlement companies outsource and you are left with an additional bill. Make sure to ask!Listen to the rest of this episode to find out more about what happens during debt settlement and the pros and cons to this path!  _____About Leslie H. Tayne Esq.Founder / Head AttorneyLeslie H. Tayne, Esq. is a New York debt settlement attorney with nearly 20 years’ experience in the practice area of consumer and business financial debt-related services. She is highly accomplished in negotiation and settlements, and has gone up against large national banks, credit unions, collection agencies and multiple creditor legal representatives.Her mission is to reshape the debt relief industry by giving clients a supportive and reliable environment built on experience, trust and results that will not only relieve clients of the stress from debts but also the burden of the never-ending debt cycle. A highly respected consumer and business debt-related expert, Leslie is often called upon by the media to comment on a variety of financial topics. She has written content for and been interviewed on a variety of national and local news outlets including Inc Magazine, Forbes, The Huffington Post, Fox News, CNBC, Newsday, The New York Daily News, as well as many, many more.Taynelaw.comInstagram @TayneLawGroup Twitter @lesliehtayneesq

Debt Therapy, S2, Ep. 2: Debt Settlement with special guest Leslie Tayne

When we first took on this venture, we wanted to fill in the gaps that all of us seem to miss along the way. Schools don’t teach us about finances the way they used to. Because of that, we end up figuring things out through trial and error—which is sometimes detrimental to our futures. This podcast keeps between 15-20 minutes per episode and helps explain certain concepts in personal finance. Nothing is too basic! We cover topics that are simplistic and complex—all of which are important to know in adulthood. Our Debt Therapy podcast is here to help you overcome some of your spending habits and troubles. Plus, the more we talk about it and normalize it, the better! It means we will all get better with our money management. Let’s take away the embarrassment! You don’t know what you were never taught.So don’t miss these episodes this season! We are going to have a lot of guests from insurance to mortgage brokers and more. These guests will help guide you along your financial education.Connect with us on our Facebook page @mydebttherapy. We’d love to hear from you and encourage you to submit ideas for topics as well!

Debt Therapy, S2, Ep. 1: Welcome to Season 2

I have a six-year-old daughter with autism, and she has been saving in her home bank account. Well, the piggy bank is full and now she wants to know what to do with it. So, we decided to go to the bank, sit down with banker, and open you a savings account.Instead of allowing online access, we made it so that she must track her deposits in her passbook. So she can learn to track it and know all the time what is in her account.Why do we wait so long typically to introduce kids to finances? Go ahead and get them started earlier than 15-18 years old. There are so many people that don’t get their first account until they are leaving for college.Many of my clients do not balance their checkbooks anymore. This is crucial despite having online access. So many times, we forget what we have paid, or which checks we have written and then end up overdrawn.Also, good tip is to bank somewhere where you have a local contact. This avoids 1-800 numbers, misinformation, excessive fees, etc. Instead, you have someone to touch base with immediately if there is an issue. Make this change before there is a problem.

Bank Accounts

Thanks for joining us today for Debt Therapy. I'm your host, Jen Lee, and am ready to discuss refinancing with you today. The most common loan you hear about refinancing is a mortgage. Back in the 80s, mortgage rates were normally around 15%. But today, the rates are hovering around 3%-4%. It makes it very desirable to refinance.Length of time is something that many people do not factor in when looking to refinance their mortgage. If you have a mortgage that you have been paying on for 8 years, it is not recommended to refinance to another 30 year loan. You are essentially starting over and will pay more in interest. I would recommend at that point to look at a 15-year or 20-year mortgage. Depending on the rates, your overall payment may not change much, but the amount of interest you pay for the life of the loan will. It is smart to exam your options side by side so you can see the difference in interest, loan length, total interest paying, and total principal being refinanced. This will allow you to compare for a monthly budget perspective as well as a lifetime perspective.Also, pay attention to closing costs. There will be closing costs 99% of the time. But it is important to shop around. Some places add in several processing fees and others waive those. Make sure you know what you money is going to.Another thing that people refinance is a car loan. Many times when purchasing a car, the salesman may convince you to take the current rate because you can refinance later. The problem with that is cars tend to depreciate quickly. If you go to refinance that loan, you may be upside down on the loan and unable to do that. The other thing about refinancing is if you are having to take our a 7 year loan to purchase, and then refinance a few years in to another 7 year loan to keep it affordable, then you probably need to purchase a less expensive car. Refinancing should save you money when it comes to interest. If you extend the loan, you may be paying more money in interest in the long-run.The next type of loan that is frequently refinanced is a student loan. Depending on when you borrowed, the rate could be very high for student loans. If you have federal student loans, and refinance to private, you lose all forgiveness and repayment options. Be careful and know that you are ready for it. The only time I recommend switching from federal to private would be if you know for a fact you have a secure job with earning potential to handle it without any forgiveness programs or payment options. If you already have a private loan, securing a lower rate could be a great option.Another refinancing is with unsecured debt. Switching unsecured to other unsecured isn't a terrible idea especially if you get a special intro rate. You just need to make sure you can pay it off prior to the special rate disappearing.You should always ask yourself these things:1) Can you afford the new terms?2) Does it save you money?3) Can you pay it?4) Does it make sense for your income potential?5) Is there a payoff point/break even point that makes sense?6) Does it fit into your monthly budget?Thanks for joining us today!

Refinancing

COVID-19 has brought to light that most people don&apos;t have an emergency fund. What we discuss in this episode is first off, exactly what an emergency fund is, how to get started, and when to get started.Planning for emergencies is hard. Do you wait until debt is paid off? Do you put a little aside each month despite debts? What constitutes an emergency?All of these questions are important and are different for everyone. The important part is figuring it out for you!

Emergency Funds

In this episode, we sit down with Kim Damiani of Summit Financial Group to discuss the ins and outs of a financial advisor. She explains in details the differences between a financial advisor and planner, how to protect yourself and view records, and what things to look out for as you search for this kind of help.The most important thing to remember--a financial advisor and planner are useful at all stages of financial life! You do not have to well off to use their services. Listen to hear more about how these services can better your financial life!

Answering Your Questions on Financial Advisors and Planners

Times like this make us react in irrational ways when it comes to our finances--hence why all of the toilet paper has disappeared from the shelves! In this episode, we discuss why we do that and what are some ways to alleviate financial stress during this time.

Emergency Preparedness COVID-19

If you are having financial struggles, you are not alone! In this episode, we discuss famous people throughout history that also struggled with their finances and utilized bankruptcy to overcome the obstacle. 

They Went Broke

A few episodes back we discussed Chapter 7 bankruptcy. So now, we are going to move onto Chapter 13. Learn exactly what it is and how it works--who knows, you may be a good candidate for it!

Benefits of Chapter 13 Bankruptcy

At some point in your life, a family member or friend may approach you about co-signing on a loan. We all want to help, but I advise you to use caution.Learn what co-signing is, what it means on your credit, and things to consider before entering into a binding agreement. 

Co-signing Loans

The dreaded "B" word--bankruptcy! So many of us believe it is the worst possible option and yet, it is sometimes the best solution that will have the least impact on your credit and financial future.

What is Chapter 7 Bankruptcy?

We're talking about all things financial, including the things you wish you would have been taught in school before you made mistakes!

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Debt Therapy

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