Student loan balances are climbing, credit card debt is hitting new highs year after year, new forms of borrowing like buy now pay later seem to appear out of thin air (which is a testament to just how creative the financial lending industry can be)! We’re a nation steeped in debt and it’s become so normal that we barely question it anymore. But once you realize the emotional toll it’s taking, digging your way out of a debt hole is a lot harder than it sounds. In fact, studies show the biggest barriers to getting help aren’t just financial, they’re personal: a lack of confidence or know-how, paired with feelings of embarrassment, shame, and even moral failure. That’s why we’re excited to have Johanna Samara joining the show! Johanna has spent two decades on the front lines of the debt world, she’s currently the VP of Debt Resolution at Money Management International which is one of our favorite nonprofit debt solution providers, and today we discuss:
Rising cost of living
Shifting debt from lifestyle to survival
Collecting internally to a collections agency
MMI mission and how they’re different than for-profit management 
Settlement is NOT the only option
Overcoming the stigma of debt
Communicating with a creditor and giving full disclosure
Statute of limitations
And much more!

Can’t get enough How To Money? Here are some additional ways to get ahead with your personal finances:
Cashback credit cards: Check out our favorite credit cards that we use to maximize rewards and optimize our spending.
Other money nerds: Find a thriving community of fellow money nerds by joining the HTM Facebook group!
Newsletter: Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
Money Gears: knowing what to do with your money is crucial to your personal finance journey.
MG7: and maybe you’re well on your way to financial independence but you’re looking for some financial reassurance, that’s when heading over to HowToMoney.com/Advisor and getting matched with a highly vetted financial advisor makes sense.

 

And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

 

Best friends out!

Student loan balances are climbing, credit card debt is hitting new highs year after year, new forms of borrowing like buy now pay later seem to appear out of thin air (which is a testament to just how creative the financial lending industry can be)! We&rsquo;re a nation steeped in debt and it&rsquo;s become so normal that we barely question it anymore. But once you realize the emotional toll it&rsquo;s taking, digging your way out of a debt hole is a lot harder than it sounds. In fact, studies show the biggest barriers to getting help aren&rsquo;t just financial, they&rsquo;re personal: a lack of confidence or know-how, paired with feelings of embarrassment, shame, and even moral failure. That&rsquo;s why we&rsquo;re excited to have Johanna Samara joining the show! Johanna has spent two decades on the front lines of the debt world, she&rsquo;s currently the VP of Debt Resolution at <a href="https://www.moneymanagement.org/">Money Management International</a> which is one of our favorite nonprofit debt solution providers, and today we discuss:
<ul>
<li aria-level="1">Rising cost of living</li>
<li aria-level="1">Shifting debt from lifestyle to survival</li>
<li aria-level="1">Collecting internally to a collections agency</li>
<li aria-level="1">MMI mission and how they&rsquo;re different than for-profit management&nbsp;</li>
<li aria-level="1">Settlement is NOT the only option</li>
<li aria-level="1">Overcoming the stigma of debt</li>
<li aria-level="1">Communicating with a creditor and giving full disclosure</li>
<li aria-level="1">Statute of limitations</li>
<li aria-level="1">And much more!</li>
</ul>
Can&rsquo;t get enough How To Money? Here are some additional ways to get ahead with your personal finances:
<ul>
<li aria-level="1">Cashback credit cards: Check out <a href="https://go.nextcard.com/shau19-htmomny">our favorite credit cards</a> that we use to maximize rewards and optimize our spending.</li>
<li aria-level="1">Other money nerds: Find a thriving community of fellow money nerds by joining the <a href="https://www.facebook.com/groups/1623670287732189">HTM Facebook group!</a></li>
<li aria-level="1">Newsletter: Sign up for the weekly <a href="https://www.howtomoney.com/newsletter/">HTM newsletter</a>. It&rsquo;s fun, free, &amp; practical.</li>
<li aria-level="1">Money Gears: knowing <a href="https://www.howtomoney.com/start-here/">what to do with your money</a> is crucial to your personal finance journey.</li>
<ul>
<li aria-level="2">MG7: and maybe you&rsquo;re well on your way to financial independence but you&rsquo;re looking for some financial reassurance, that&rsquo;s when heading over to <a href="http://www.howtomoney.com/advisor">HowToMoney.com/Advisor</a> and getting matched with a highly vetted financial advisor makes sense.</li>
</ul>
</ul>
&nbsp;
And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you&rsquo;re not already a regular listener, and <a href="https://podcasts.apple.com/us/podcast/how-to-money/id1337718773?mt=2">give us a quick review in Apple Podcasts</a> or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
&nbsp;
Best friends out!

Best friends Joel and Matt are the co-hosts of How to Money which is all about providing the knowledge & tools that normal folks need to thrive in areas like debt payoff, DIY investing, and crucial money tricks that will provide continuous help along your journey. We believe that access to unbiased and jargon-free personal finance guidance is more necessary than ever before. When you handle your money in a purposeful, thoughtful way that works for your lifestyle, you can really start living a rich life.

How to Money

What Most People Get Wrong About Paying Off Debt w/ Johanna Samara #1157

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/4dacbeb8-9b6d-45bd-9c42-b4410156d2bf/transcript