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!
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- 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.
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