Poking Holes in the Prosperity Gospel

Coronavirus pandemic has put millions of Americans in financial turmoil due to loss of income. Many lenders have offered appearance options, but what happens when they were allowed to late payments as those raised. Last forever, and some may have already today host Rob West explores how to care Simon. Incredibly, counselors here Paul's questions of 805 five 7000 line 805 five 7000 times more parents and snacks right here moneywise and again our phone number Simon take your calls today she's with Christian credit counselors.

She always gets a lot of calls and questions. She's a great guest 800-525-7000. Rob Neely is the director of strategic partnerships for Christian credit counselors where they been helping people. Lots of people cope with the devastating financial impact of covert, 19 lower so thankful for our partnership because these folks a Christian. Credit counselors really are doing the Lords work walking alongside faithfully. So many people Neely great to be back on the program.

Thank you so much shout. Really, let's talk about that from all yeah you really are on the front lines of the battle against the financial implications of the pandemic.

Tell us what it's been like in the trenches. There is a lot of out there who are really vulnerable and I'm certain people have a lot on your were told to come back to their job and then once again had to go back home and so there's a lot of financial uncertainty, making it really difficult for people to manage the emotional side that thing is scary for people you don't know what to expect and you don't have that peace in your life that will was no question about the fallout that comes from something like this is you said the uncertainty but then also the reality of the real financial implications of all this. Certainly there's been an uptick. I'm sure you've seen that we've started to see it in terms of the debt related calls into the program, but perhaps not as much as you might expect, and I think in large part that's due to the forbearance programs do you expect that will change and that you'll be helping even more people in the days ahead program have offered temper back on our company had a slowdown think it's difficult now that there's so many unknown, though, we believe that people are gonna be using their credit cards probably more than ever to be able to sustain and make their fixed expenses or unexpected extent that haven't sought out help, but I killed the forbearance programs run out. Probably going to be pretty busy. No question about it. Obviously many people are taking advantage of these but as you said, they were only temporary. Always intended to be temporary. So Neely would tell us about those great spirits coming to an end mortgage parents. Karen's act was where people could temporarily enter monthly payment for their mortgage and that usually left at about 39 cannot fix builder coming to an end chair and then later the credit card companies allowed people anywhere in 1 to 3 months not to make a payment. Keep in mind they were making payments or receiving late fees, but of course the entrance was continued to incur on forbearance programs. Those will end as of September 30 first on those program people were automatically put on the forbearance program, whether at the aspirator not so if you have needs that are beginning to run out and we really need to start looking at what to do next so that we can prepare ourselves and make some good decisions. No question about it really only about 45 seconds before first breaks were seeing in Washington. Lots of conversation about another round of stimulus or perhaps even an extension of some of the extra incentives related to folks who are out of work are you aware of any letters extending forbearance.

It's not time. I think what's important now that I can find out what your options are Have to offer you your fight back and said Neely Simon with us today from Christian credit counselors like to speak to her: money and life run on the same track.

Unfortunately, sometimes it seems like your money is heading in a different direction from your goals and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button at moneywise live out of work when it comes to investing guidance you want advice, grounded in God's word. That's the approach offered by sound mind investing. SMI has helped tens of thousands of Christians acquire investing wisdom and confidence. Regardless of your investing experience or how much you have to invest can learn to be a wise and faithful steward in the area of investing a short video webinar on profit and peace of mind is available now sound mind investing.org freedom and liberty are great words to describe our citizenship here in this amazing country. But when you feel tangled up on the inside. Freedom can seem like an impossible dream. Problems can overwhelm us to the point that we feel like a prisoner with her mind racing and struggling to finally get out of control, we turn to drugs, drinking, or anything else to make the pain go away.

But that brings even more pain and freedom becomes more elusive. There is another way the Bible says in Galatians 51. It was for freedom that Christ set us free. You can have true and lasting freedom through relationship with Jesus Christ on keep you from peace and freedom learn how to have a personal relationship with Jesus Christ make this your Independence Day call 888 him 888 need him or click over to chat about Jesus.com. Do you feel like your hands are tied with dad preventing you from serving God. If you have credit card debt. Christian credit counselors can help through our debt management program we can get you out of credit card debt. About 80% faster while doing your debt info.

For more information on how Christian credit counselors can help visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985, 800-557-1985 with us today was your hostess from what we are welcoming back Simon credit counselors. If you're having submission. Well, maybe you're behind on some of your bills you are having some credit card problems.

Maybe you're wondering about your credit score during times like this well with the biblical approach. They handle thousands of clients every year. They do it enough, and a fantastic way and it's called Christian credit counselors and you can call and talk with Neely. Simon today given the specifics so you might be dealing with and she can probably hook you up with someone in the office to take your call today 800-525-7000. We actually have five open lines of this be a great time to get in Neely with us just for the first half of today's program.

800-525-7000 million just before the break you were talking about the forbearance programs coming to an end obviously working to see an uptick as folks who have been laid off had been out of work.

Perhaps I have a small business. Business is down. Maybe there hours been cut back where they don't have an emergency fund to allow them to weather the storm. Unfortunately so many rely on credit cards with the forbearance options ending were to see an uptick in the number of folks needing some help. There's so much we don't know at this point, both financially in terms of the economy as well as just the virus itself. So we have to prepare for the worst.

What should folks do who were listening to our voices right now. If they think their loan or credit card forbearance is ending and they just don't know where to go next important handle on your bike understand what your income and your expenses are your income that you can make them adjust accordingly and be really intentional about your spending. Christian credit counselors, we can help you do that, we offer a free consultation to help people that are struggling with credit card that we offer a comparison outline what the terms are the APR should be per creditor. How much were saving on the payment much, and interest at the time the repayment where fear and we often walk you through budget we really want our program to be a solid solution for people that we want number one. Make sure you can afford it. Here we want to provide some feedback in terms of creating an emergency savings with the disposable income to determine whether our program is a good fit for someone or not. Not want to give you resource that is a take away valuing every call yeah well I so appreciate that. And I'm so grateful to the folks who are helping to walk alongside our listeners and so many around the country are believers. And so they're able to pray with them and encourage them spiritually. At the same time. Obviously one of the keys to this program. Neely is the arrangements you have with lenders and credit card companies to lower interest rates for clients that changed because of the pandemic. Not really creditors offering relief in terms of making the monthly payment, but our program is already a hardship program that lowers the payment and the APR are APR's range from 12.5 down to 2% in a very per creditor. Now we have any additional relief are very good sticks and calls are coming in now. 800-525-7000, Holland, Michigan, WGN B. Mona, thanks for contacting us and how can we help you credit card how are credit card and we have three of and when we started the first credit card within my husband name and then when we got married you were able to have like a joint account on and we had that one for 37 years card had long and though wondering how it would affect the credit report to get rid of a long-term credit card account versus a shorter-term credit card account. Very good.

Really, I know you're pretty well versed in the breakdown of how the scores calculated in terms of the percentage toward your repayment history versus the credit history itself. The other factors that go into your credit score and this is a common question. Once those accounts are paid off. If you have several of them.

Is there a right sequence is their right.

Of time over which you close accounts so that you don't adversely affect your credit score will your thoughts credit card there that Wade wanted history. At about 35% utilization which takes up about 30%.

So if you're concerned about closing an account that has high utilization. Be aware that there will be some impact, but there won't be as much because you have high glycation relative to the credit limit shutting down much available credit goal really MRI to keep one or two accounts opener tree if you need it. Work on getting the balance is paid below 30% of the credit limit and be making on-time payments. That's really the sweet spot. Your credit score. Once you go over 30% began to negatively impact your score and limit the varying degree up utilizing 100% your credit card clothing account.

If you enroll in a program like ours. Keep in mind making a dent in the beginning but then as you pay off the couch your credit or will improve 0B the program with a better score than what you came and went. Now if you just have account that paid off and have zero balances a good idea to keep those open if you're not tempted to use them because it will help your credit very good. Thanks so much for your call today Neely you talked a bit about how the credit counseling program works out that management works for folks who are overwhelmed by debt, you mention the fact that you help them get on a budget that's critical as a first you evaluate all of their options. You look at the lower interest rate you make sure that the monthly payment that will be made every month can fit into the budget and by doing so that they'll be paid off 80% faster give us a bit of a snapshot of some of the results your clients are experiencing the programmer that we have pre-negotiated interest rate, terms and conditions with the credit through our program and eventually lower the lower the interest rate and consolidate all of that into one monthly payment and we snowballed the you're continuing to make payments to creditors each month and then once an account gets paid off. That payment will be applied towards another account to help you get out of that shop there through that process we get you out of that about 80% faster versus if you were making minimum payments on your own account so that you do enroll that you get close to keep that in mind you're not required to enroll all the accounts but the ones you do get close and you start paying off accounts within the plant that credit scores can improve your leave with a better score than what you came and we appreciate the call today Mona wish you the very best were talking today on money was live will not only with Rob West. But with Neely Simon from Christian credit counselors if you like to get in getting your call question. We have some extra lines. We have some extra minutes today so call right now 800-525-7000. Neely, typically a client that calls you in and with whom you decide you can work typically how long does the process take over talking 90 days six months a year and 1/2. Typically, when you where does that go sure can move very quickly and altered all determined on the people that are reaching out and asking for help on some of the first step or basic name. The creditor balance interest-rate minimum payment information were able to generate the comparison after not for someone and then we call him back. We walked through the afternoon we go through the budget and then provide them that free analysis, we share the budget we share. The comparison estimate along with the next step really enables people to share the program that they have a child to think about it pray about it for them to reflect on their budget.

If they choose to move forward the documentation and we can get them enrolled in about five days so can be very quick or can take longer depending on the client. Okay, if someone contacts you, and they decide not to pursue a relationship is the fact that they even contacted you mean the does something to their credit score when people are inquiring with our program.

We want to provide them with good information and educate them on the prompt that did not talk to creditors. Creditors are contacted when someone finds an agreement then we got that proposal their behalf for the new terms and conditions.

So by reaching out and inquiring and educating yourself on a different option would be a good idea that information and again were talking with Neely Simon today like to speak with her yourself a call right now 800-525-7000 800-525-7000 when he was live write back more after this very, do you know if you have enough money of house. Do you know how much is enough. If not, one blue can help with this book.

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They already are today come to maturity know our meeting on me to get something online while their special financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later. Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise live.org great day and we really are happier out there listening today, five, 7000 financial Neely. We covered a lot of ground today for folks that are really struggling having a difficult time wanting though frankly where to turn to get out from under the burden of credit card and other debt they just can't seem to make any progress on you know so often there hearing about that management there also hearing about debt settlement.

I know there's a clear distinction between the two were very clear and moneywise live that we don't like that settlement that's really replacing your debt with a new loan, and often not dealing with the underlying issue is so often to create even further challenges.

Would you just take a moment and draw the distinction between the two and talk about why you would think that management is a better option. Credit counselors you're honoring your debt if all you're continuing to pay the creditors each month with them and then you don't destroy your credit account. Your credit score improved so it much better solution in terms of getting on it that person that settlement with debt settlement. You don't honor your debt in full. They have you stop paying your creditors so you destroy your credit a lot of time Phil settle on one or two of the smaller account, but creditors these days are taking people to court after a year of nonpayment and most times it results in your home, and most state destroys your credit is almost as destructive as bankruptcy and it's not God honoring, so I really caution people to stay away from debt settlement. Thank you very much.

Let's see, Bolingbrook, Illinois to Reese how are you today I'm okay. How can we help you make just very quickly. To summarize, I have been going through a spiritual awakening and then just incredible. What God has been doing with me over the past couple weeks and I have not paid my taxes for a long time and I spout aside and I bite and actually I found the radio station today which I had never been on before I been listening almost all day. This program came on and I felt moved to, because I've been carrying this burden with me in this guilt and shame about not having paid bills which I intentionally chose not to. In which is evil and not God honoring issue is, and I owe the government a lot of money. I haven't filed happens in a lifetime. Been eating at me. I know that it but darkness and that it is something that is I moving into the light and getting on my spiritual toward God is something I need to clear in my life in order to move forward.

So that's what I'm calling I moved. I mean I have car payments coming up very little savings I had cancer, I've been very blessed that Christian organizations helping me with my bills and sent to help me with my bills so my bills and been paid yet little money in the bank thanks to unemployment side. I break you and I want to be able to answer questions and then we can talk a bit more of their first of all let me just say you know the most important thing is that you restore your relationship with the Lord that you accept Jesus Christ as peers as your Savior. If you haven't already and allow him to restore your relationship with God the father as you have a right standing before him. As Jesus paid the penalty for your sin and we all have that free grip gift we can accept and then from that point.

It's about stewardship.

One am I doing with what the Lord is given me and there's nothing that you can't leave at the foot of the cross and say Lord I want to be found faithful. From this point forward.

I want to make decisions that are God honoring and I want to do the right thing and that requires that you get into God's word and you begin to understand all of these principles we talked about on this program. So I think now is the day to really purpose yourself to live for the Lord including in this area of finances. Back taxes can be taken care of. We can get you on a payment plan.

Obviously, the key is to get you working again so you have some income.

At that point we need to develop a budget. We need to engage with your lenders and creditors and begin to discover what's out there and then put a plan in place to get that taken care of for me to suggest that you reach out to our moneywise coaches moneywise live.org these are godly folks that would love to come alongside you. Pray with you and encourage you know cost and no help you develop a plan not only for debt repayment for budgeting. Once you have that income and places go to moneywise live.org and click on connect with the coach. We appreciate your call today. God bless you really think so much for being with us were grateful for you and our partnership with Christian credit counselors and I will look forward to having you again real soon. Like how should we as Christians think about testing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing design investments for performance and better world so you can invest for the future with a sense of wholeness and purpose. We call this investing makes the world rejoice. More information is available@investeventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHL's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHL is an eligible option under the affordable care act and the Better Business Bureau accredited surety interested. Learn more by calling 800-791-6225 or online at CH ministries.more clear communications here within many Bible Institute versus the it's found in Isaiah 5410 for the mountains may depart, call one 800 this month's moneywise legacy were giving your family since closer together closer to true financial practical advice to shrink the financial mutation in your marriage, budget friendly family and a lot more free moneywise. The magazines waiting for what was.org/site users marches northward border line is minimal hurt. He's in Myrtle Beach South Carolina have ordered swimmers out of the water board roof serving strong records. These values still a tropical storm with maximum sustained winds of 70 mph, but is expected to strengthen into a category one hurricane late today storm centered about 180 miles southwest of Myrtle Beach by this afternoon was manufacturing, showing further improvement in July with the key gauge of activity rising further into expansion territory.

The Institute for supply management Association of purchasing manager says that its manufacturing index rose to 54.2 last month on Wall Street. The doll had 236 points to the NASDAQ was up 157. This is SR news your host Rob West 55 7000 was a real pleasure to have Simon with us from credit counselors and if you like to get more information about who they are, what to do if you want to contact them with help regarding your debt. Just contact them online Christian credit counselors one word Christian credit counselors.OR Chattanooga, Tennessee hi Gary, thanks for calling. What's on your mind's or show it is a fantastic blessing a listen to it every chance I get several times apart on your program once you retire you should roll your 401 over into an IRA and looked into that a bit in a unique situation. I had to 401(k) one of them. I was letting them manage the other one I was managing myself and only paying obviously the fees for the mutual funds themselves and after almost 4 years. I'm a little ahead of the one that they were managing paying a management fee.

So when I looked at rolling over to one already. All of them have some amount of management fee even if I do the portfolio management. Myself, do you and I guess the downside of the 401(k) as I'm a very limited group of fonts to choose from and if I go over to what they call it the retail side there's a lot more funds to choose for you think that them managing it will actually make up that extra fee to play if I'll roll over to the retail side by converting to an IRA. Yeah well it's great your great questions.

Gary and this really is something that everybody needs to wrestle with as you transition into that retirement phase of life you my perspective Gary is that you build your life throughout your working years you build wealth and you know you're going to need that to live for to last the rest of your life as you draw income from it, to provide for your needs and you know to take responsibility for that.

If you don't necessarily have the training the expertise to do that. It's really worth hiring a professional. I would say the same thing would be true about drafting a will are selling your house shows just your value and wise counsel and expertise and godly wisdom as well as just the training and know-how that comes with being a financial professional.

Now does that mean you have to go hundred percent that way couldn't keep a portion of it.

If this is something you have done and obviously you have an you've done well and you'd enjoy doing with a portion of it, I would say you certainly could. I probably wouldn't take though the full amount and take the weight of that responsibility. Just because I think I find it's going to be a real burden on you potentially some you're always thinking about the back your mind my doing the right thing in second-guessing, not to mention some of the emotional decisions we can make him were managing our money versus a professional making hard decisions in them in the midst of a market downturn or something like that.

You're right though on the retail side of what let's say Charles Schwab or TD Ameritrade. You can basically be fee free. In some cases, you will have a transaction cost but even then there's what they call no transaction cost mutual fund so you can go into a no-load mutual fund that doesn't have a transaction cost and if you have a high enough balance on the retail side there's not even an account management fee. So essentially you could get around all of the expenses so to speak, by managing that yourself, but to your question on the managed side of any one of these bill outfits or going directly with a registered investment advisor or somebody like that is not going to offset field that the cost that they're going to charge you to manage that money and I would say from my perspective the peace of mind.

You will have the expertise, the ability to have a portfolio that's tailored to your unique needs in terms of capital preservation and income of the cost that you will pay will far outweigh the benefit that you will receive by doing so so for my perspective.

Gary I would roll that to an IRA. I would interview several investment advisors if you don't have some I would go to was like.org. Click on find a CK in there and Chattanooga. There's a number of them I'd interview at least three, and with the bulk of your money, I would be most comfortable with you and that the position, but again, if you wanted to open a separate IRA and take a smaller amount of money that you wanted to manage yourself because it's something you enjoy. You feel like you have the time to dedicate to it.

I'd certainly have no problem with that. It would be just an interesting and perhaps fun exercise doesn't make sense. I thank you very much Rob. I appreciate your time and your insight yes or thank you for calling. Thanks Gary plus 800-525-7000.

Let's go. Yes, let's go to Nineveh, Indiana and Santa Ana can make any comments or jokes, just to see Sandy's calling from the oh no you there.

Sandy's not that she must've taken a stroll along the beach or something. Maybe will try to get Sandy and Indiana yeah right right I will stand in the end Indiana West Lafayette hi Christie, what you question for Rob West question. I had insurance and I think that I could probably help in group.

I currently have health insurance where I can like to have a plan in mind what happened to my job, wondering what my options are not by Medicare or anything like that yes okay very good. Well, couple of things. Number one is most often these retirement systems will have benefits for surviving spouses. So if it's a retiree of the University you would often have that option. Secondly, you could go out in the open market and find an individual health care plan and you just want to find health insurance agent somebody there and in Indiana, preferably locally, that could help you understand what those options are recognize that with the rising cost of healthcare. They can be quite pricey and so you want to understand what health insurance plan that you would be comfortable with wood would cost so you could factor that into your planning for the future, but 1/3 option Christie that I would really look into and you certainly could use it as a primary option or as a backup and if for some reason you needed down the road would be medical cost-sharing. There's a number of wonderful Christian ministries that do this, we have a relationship and had for many years with Christian healthcare ministries.

They work with thousands and thousands of Christians all over the country have paid out literally billions of dollars, as Christians share one another's medical bills using their program and basically you would come into a healthcare provider, Dr. surgeon as a self-pay and after $500 per incident you would cover out-of-pocket though cover hundred percent of it but the benefit is the cost. The monthly share amount is so much lower than what you would have a traditional insurance that you can build up essentially an emergency reserve for your medical costs that I think you could really cover that first $500 after a period of months, and then you could replenish it as needed and then you could be saving quite a bit month-to-month so I would begin reading about that and you'll find more information@chministries.org but then beyond that again you could look for individual coverage. Or you could look for survivors benefits through the retirement system.

Christie, we appreciate your phone call today. Thank you very much.

When we come back will be speaking with Dorothy in Akron. She has some credit card questions also wants to know where to invest money just to get the maximum return and also some safe will be right back more money. Many people are experiencing financial challenges such as credit card downsizing that in jobs saving more than half of all divorces are the result of financial pressures at home in your money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship, your money counts is available when you click the start button moneywise live.org hi I'm very wired. I'm here to help you understand the urgency and how much fun it is to share your faith in the eyes of a layman. It's time to get over it and start helping others to get out of their fear.

Second Timothy 17 reminders for God is not given you a spirit of fear but of power and of love and a sound mind, spirit of fear has nothing to do with God or being a Christian.

In fact, it's quite the opposite God spirit is the power to overcome fear, and in so doing, God set you apart as an example and attraction to God that passes all understanding. This is your opportunity to let your light shine of the darkest gripping America the contractor to your peace of the world's terror should be ever to everyone prompting them to what what you have. It's never been easier to share your faith everywhere. Every day there's nothing more exciting than knowing God is using you to move people closer to join us in night. America.com felt like your prayers answered God bless and even listening hears all prayers and me telling you something that you're simply not hearing in your life that he wants to address saying no to request because he something better is it possible that you are praying for your will to be done instead. All essential reasons place to start is your relationship with Jesus. All sin is in need of forgiveness should be our first prayer seeking forgiveness of our sins and an eternal relationship with Jesus Christ as Lord and Savior relationship with God change truly accepted that annotation and prayed for Jesus to be first in your life that means and how to invite Jesus into your heart, Jesus.com. Many people adopt an attitude toward marriage and finances that it will all work out somehow.

But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by our date will help you discover God's approach when your finances and strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way and moneywise live.org direction money in your life.

We're all together with your phone calls at 805 five 7000 Canton, Ohio hello Beth, how can we help you work on older you will always find me agreeing with Larry Burkett's counsel, that's for sure. But before I weigh in on this, but Steve, you obviously were sitting right by Larry as he answered these questions is Beth remembering correctly does it sound familiar. Beth is remembering totally correctly and Larry said that all the time and actually remember him saying or mentioning the employee disc as well. You driving an older car that's for sure. And that would this is the worst thing in the world to think about maybe letting that one going getting something a little newer now you know I don't want to interfere with with Rob here, but you know I still believe that there's nothing wrong with the two or three-year-old car that's in good condition with low miles. But if you have the money to buy a new car and you feel led in that direction.

That's not the unpardonable sin either. So, Rob, I completely agree.

You know, for most people.

Beth, I would say buying a late model as and as Steve said 2 to 3-year-old dependable used car where you have a trustworthy mechanic is able to look it over before you do, perhaps even a little bit of warranty left where you could extend that if you wanted to makes a lot of sense because the bulk of the depreciation happens in those first couple years and so you can save yourself some money and hopefully finances little as possible, if at all, and perhaps you're planning to buy for cash, which would be great.

So that's my just general recommendation now is Steve says publicly funded by new carpet fits within your budget. I would say you would always want to keep it for several years to get past that significant depreciation. We did that with our last minivan we bought it new. We drove it for 230,000 miles and raised all the kids in that car.

It was great and then went out and bought a new one and I would add your employee discounts discount makes that new car purchase. Certainly a bit more attractive so I could go either way. My preference would be used late-model, dependable, but without the discount if you want to go new. Certainly nothing wrong with that.

I would just always start with that budget Beth were glad you called.

Nice to know you been listening for so long and then Larry had an impact in your life. Thank you very much when you try to squeeze into more here Akron Dorothy what your situation, give us the high points place hi all you threefold question.

The first one is I was just tuning in when your gal talking about credit card and my question is I have a MasterCard that has no money on it.

We use that we pay it off. You every month and I have a department store card that has nothing on it.

I'd like to close it and I have a furniture store card and I'd like to close it. Haven't used it at all, opened it, but never used it.

If I close them. How does that affect our credit probably can have a minimal effect.

Dorothy number one it's not going to affect your credit utilization in the sense that as long as you are carrying balances on any of these cards by removing that credit that portion of your overall credit limit from the equation by that no longer being available to you. It's not going to raise the overall debt to credit limit ratio because you're not carrying balances so that really really should be an issue.

The only other factor is just if in fact the credit scoring formula that would be applied does not take into account history of closed accounts and in some cases they do.

But in the event it doesn't. And there's a number of them out there that don't, that could hurt you little bit just because you perhaps have an account that you had for a while. It's now not in the equation, but I think that's not a reason to keep an account open that you're not using, simply because even when it's open.

If you're not active on it, it can still be compromised and you see that you're going to have to keep up with it to make sure nobody uses it fraudulently and so I'd rather you going close it and be done with it.

I would just say let's try to space and outs of you're going to close three.

Perhaps you do that over the next six months as opposed all at once, but any impact on your credit score will bounce right back within a month or two department store said that it would lower my credit or and I've always paid it off. When we viewed now. We don't use it. The other one.

I'd like to close them and keep my MasterCard if we need it.

Thank you for that part the second part is I have a six-year-old granddaughter that I'm looking to save money for what the best way to do that, Dorothy, is there is this money can be earmarked for any specific purpose, such as college or do you want more generally available. Well, not sure yet. Probably all six years old so you know I wanted to go to some good use. Not just to have just really sure well yeah I like the 529 college savings plan. I would go to saving for college.com to evaluate the state plan there in Ohio versus other plans you have access to just to see which would provide the best performance depending upon whether or not you get estate tax deduction for contributions to a 529. You're still, I can't recall what you do in Ohio are not now. That money would need to be used for qualified educational expenses.

It could be used K to 12. It could be used for college. It could even be used to pay off the student loan if she ends up with some of those and it can be withdrawn on a pro rata basis. If with the she get scholarship awards but it won't be able to be used without a penalty and some tax.

If she uses it for non-college expenses. So if you want to have money saved. More generally, I would just put it in an account in your name and then either invested or put it into a high-yield savings account as opposed to opening like a custodial account what's often called a you TMA UGMA reason is if you do that type of account. It's good to become her money at the age of majority in your state, and she can use it for any purpose she wants, including buying a sports car, so if you want a little more control over it. I just again either invested if were talking five years out or more in an account in your name but separate so you can keep track of it or put it into a savings account or if you're willing to go and say it's earmarked for college. I'd open that 529 plan. Get the tax-free growth and then have that money there for qualified educational expenses down the road and if your granddaughter decides to buy that sports car.

I have her call us back in 20 years and will try to talk her out of it and you called Dorothy, thanks I will more quickly in Miami, Florida hey George, what's on your mind 19 years and he has a double one thing for actual school were books and everything in the morning to his bank account directly by University.

While the question is what do we do this money is already in 19 likely been three almost 3 years in university throughout, and we know you want to save for his master closet. But meanwhile, what we do with his money yeah yeah was is a really good problem to have, like this, and by the way congratulations to your son is obvious the work very hard and I suspect earn these by putting a lot of the hard work you know you could put this money in the form of contributions into a 529 savings plan like we just talked about and then that money would be there for a graduate school and so you during these next four years or however many longshot he has left that money could be growing and then available at that point.

Or you could just if it's gonna be quicker than that you perhaps in the next 24 months or so I would say just put it into a high-yield savings account where it's safe earning a little bit interest but the key is that you're not taking the risk with it so that that money is available to be used for more immediate things like that graduate schooling or an apartment, and other expenses he might have down the road so I would say either a savings account or if you want to get it invested in your market for school. Specifically, that's were 529 could be a great option for house at some George Glass yesterday when you put money in a 529 where does that money reside. Where does it sit now. So each state has a custodian that they partnered with some states might be Charles Schwab and other state my PT I-AA carafe another state might be Vanguard so whichever custodian your state uses for their 529 college savings plan. There's an institution there that is the one where you actually open the account and the money would be deposited there and then you be able to go online and check the balances you get monthly statements all those types of things and is that it is the money relatively safe. Totally safe. How was it invested. Yeah, it would be the SIPC would be the securities investor protection Corporation would be the oversight for that. It's a nonprofit created by an act of Congress to protect brokerage accounts and if the brokerage firm fails, the SIPC steps in and so it's a little different than the FDIC Federal Deposit Insurance Corporation, but acts in a similar way to protect sick against the loss of cash and securities doesn't protect against the downturn of the stock market, but it protects against the loss of cash and securities in the event the brokerage firm collapses okay good to know about. Thanks very much.

Will come back and do it again tomorrow. All right, all right. Steve very good. And if you're wondering who was that guessed earlier in the program with great information that was Neely Simon of Christian credit counselors and again if you'd like to contact her in this great organization to help you with some issues credit card issues you might be facing.

Visit them online Christian credit counselors.O RG my thanks to our technical crew today. Amy, Judy, Jim and Courtney, thank you for tuning in and listing you have a great remainder of your day and join us again tomorrow will be back with a brand-new edition