Take it to the Bank

Getting Out Of Debt

Three Angels Broadcasting Network

Program transcript

Participants: Cordell Thomas

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Series Code: TITTB

Program Code: TITTB000002


00:01 On Take It To The Bank,
00:02 you'll find ways to get out of debt.
00:08 Solve your credit card problems.
00:14 How to make and stick with the budget?
00:19 Simple ways to save.
00:24 Buying or selling a home and many more financial matters
00:29 on Take It To The Bank.
00:32 Hi. My name is Cordell Thomas.
00:34 And I welcome you to our program
00:35 on Take It To The Bank.
00:37 Today, we'd like to talk about a variety of things,
00:40 specifically in reference to debt.
00:43 This is considered a serious program
00:45 because this is one of the areas that
00:47 a lot of us are trying to contend with
00:50 and dealing with these issues on debt,
00:52 is very, very important as we proceed
00:55 in becoming debt free and becoming the individuals
00:59 that Christ would have us to be.
01:01 There are a couple of questions
01:03 that I asked in the last program,
01:04 which I'd like to answer those questions
01:06 as we lead into what we'll be talking about today.
01:09 One of the first questions was in reference to risk.
01:13 It said basically who insures your money
01:17 in the stock market?
01:18 And the answer to that is actually no one does.
01:20 When you invest in the stock market,
01:22 you're taking risk
01:24 and investing is a long term process.
01:26 It means you will be dealing with the ups and downs
01:29 of whatever the market has to deal with.
01:32 And we've been seeing in the news
01:34 a lot of how the volatility in the market
01:36 has impacted a lot of people's 401(K)s.
01:38 Risk, maybe a good thing, maybe a bad thing.
01:41 I'm not telling you what to do.
01:43 But it is a risk situation
01:45 and if you don't have the access and funds
01:48 to invest in the market,
01:50 wait until you have got the fundamentals
01:54 in what budgeting and financial literacy
01:56 is all about.
01:57 The second question we asked had to do
01:59 with the law provides a buyer a three day right to cancel.
02:06 The answer to that one is actually false.
02:09 The law does not require dealers to give you
02:11 a buyer the right to, a three day right to cancel.
02:14 The right is totally discretionary
02:16 the dealer's part and it's something that you,
02:18 if you go in to acquire a car need to get things in writing
02:22 if you are planning to walk out with a new car.
02:25 Now, there's couple of issues.
02:27 When you go to a dealer, make sure you remember
02:29 you are the buyer.
02:31 Don't get sold something that
02:32 you don't necessarily need.
02:34 And if you're planning to make a major acquisition,
02:37 one of the best things you can do is,
02:39 taking three days, go home and ask yourself,
02:44 "Do I really need this or is this a want?"
02:46 Think of what a dealer is always trying to do.
02:50 They're trying to get you to feel good in the car,
02:53 guess what they say is, "Wow, you look in the car.
02:55 Take the car in a test drive."
02:57 Wow, the new car smell.
02:59 The context is, is quite interesting
03:01 because I used to work in the automotive industry.
03:03 And we used to study consumers.
03:05 You know, we knew the demographics
03:06 between 18 to 24 year olds, 36 to 40 year olds.
03:10 And we can tell you exactly what you wanted
03:13 specifically under your dynamics.
03:15 So the dealer is using that information,
03:17 that consumer information and talking to you in a way
03:20 that would drive you to buy.
03:24 There are variety of things we're going to talk about
03:26 when it comes to purchasing a vehicle in another program.
03:29 But the issue that we're talking about
03:31 here is about the right to cancel
03:34 and there are the cooling off period.
03:36 A dealer does not have to do that for you
03:39 and it is important that you get
03:41 all of that information in writing.
03:43 I believe that cooling off period
03:45 applied to door to door sales people
03:47 that would come to your door
03:49 and try to sell you different things,
03:50 vacuum cleaners, widgets, books,
03:53 whatever the case may be, but the key is this.
03:56 If they sell you something
03:57 at your front door of $25 or more,
03:59 you should have a 72 hour cooling off period
04:03 where you can say, you know, I really didn't need that.
04:05 I'd like to get my money back
04:06 and here's whatever you tried to sell me back.
04:10 What we'd like to do though is in this case,
04:13 it's a relatively serious lesson
04:17 in reference to financial literacy.
04:19 And I'd like to introduce it on debt
04:23 and how we get out of debt.
04:26 The issues that we're dealing with in this case
04:29 are relatively significant.
04:32 And as I thought about of talking about this issue,
04:35 I tried to consider a variety of different approaches.
04:40 But the first thing I'd like to do is
04:42 provide you a couple of resources that are out there.
04:45 There's a lot of information on money guides,
04:47 on budgetary basics,
04:49 their websites that we can send you to.
04:51 One of the things that I found that's a very enlightening are,
04:53 are some software programs that one of my children
04:57 is actually excited about playing
04:58 because it teaches them about setting a goal.
05:02 That's what budgeting is all about
05:04 and getting to that goal.
05:06 So he wants to go to a specific fun park
05:09 or if he wants to go to a zoo or whatever the case is,
05:12 he now knows he can save that money
05:15 and apply the savings to the acquisition
05:19 or the purchase of that specific product.
05:22 Right now, my son has on his agenda,
05:24 buying a new bike.
05:25 And it's kind of exciting to watch the enthusiasm
05:28 as he goes out on rakes leaves, helps with the yard projects
05:31 and assists in doing certain things.
05:35 I think it's essential though,
05:37 as we talk about those elements.
05:39 There are resources that we can provide
05:40 and give you those specific concerns.
05:44 What I'd like to talk about now is the verses in the Bible
05:48 and that we discussed at another program.
05:53 It's key to understand what wealth really is
05:55 and we've talked before in Matthew.
05:57 Matthew is the first book of the New Testament.
05:59 Matthew 25 and we have verse 14.
06:04 And it talks about the parable of the talents
06:08 and you remember the gentleman that received the one talent
06:12 and he did nothing with it.
06:13 He buried it in the sand or buried it in the backyard
06:16 or wherever, he didn't do anything with the money.
06:18 And the master comes back and says, "You wicked servant,
06:22 you could have at least placed this money in the bank
06:26 where it could have gotten simple interest
06:28 and given me at least something back on my investment."
06:31 And he took that money away from that servant.
06:34 And he gave that talent or that skill to someone else.
06:40 In reference to the talent,
06:41 he gave a talent of money in this case.
06:44 The other issue we've talked about in another program
06:47 was talk about wealth is not just about money.
06:50 And we looked at James.
06:52 James 2:5-9, it tells us there are other wealth factors.
06:57 James is also in the New Testament
07:00 and if you look at how to find James,
07:02 from that end of the Book Revelation,
07:04 just go back five books and you'll find James.
07:07 You go through Revelation, Jude, the three Peters,
07:09 the two Johns and you'll find James.
07:11 James 2:5-9.
07:14 And as you look at that,
07:15 it talks about the issue of one,
07:18 not playing favorites
07:20 and realizing that we all have skills.
07:22 We have a wealth of a specific type of skill
07:25 that Christ has given to each one of us
07:27 and He's going to hold us responsible for.
07:29 But in James, it's very specific
07:31 and it says that please don't try to play favorites.
07:36 If someone walks in and is dressed wealthy
07:38 and has a ring on his finger,
07:39 don't treat him any different than the poor person
07:41 or the apparently poor individual monetarily
07:44 that comes to your same church facility.
07:46 And if you have problems finding certain Bible verses
07:50 and you'd like to learn more about that,
07:52 I'd ask you to find your local Seventh-day Adventist Church
07:55 and ask them and they will be
07:56 more than happy to give you Bible studies
07:59 and show you how to find the books of the Bible.
08:04 We are on a journey.
08:05 We're on a journey together
08:07 and I will tell you a short story.
08:11 Have you ever run a marathon?
08:15 I have.
08:16 It's one of the most interesting things
08:19 I've ever done.
08:21 But of one of the most educational things
08:23 I've ever done.
08:24 I remember, it was approximately
08:26 June, July of 1999.
08:29 Okay, I've dated myself, whatever.
08:31 It doesn't matter. The case is this.
08:33 I started training in earnest to run my first marathon.
08:37 I had targeted October 1999 for this Marine Corps Marathon.
08:45 And it was intense.
08:46 The training was great, three or four days
08:49 of weight training during the week
08:51 and then the other three days,
08:52 they started on the Sunday and ran about 12 to 15 miles.
08:56 On Tuesday, we brought it down to about eight miles
08:58 and on Thursday we just did about three or four miles.
09:01 And then took a break for the weekend.
09:04 I had a problem
09:06 where my Achilles tendon started winding up
09:09 and tightening and I didn't know why.
09:12 So my doctor told me, "Hey, you've got to stop running
09:14 are you going to snap your Achilles.
09:16 And it will cause you a lot more pain.
09:19 And you will never run the marathon.
09:20 So take a break and go see a doctor."
09:23 So I did. He said, "You can't run.
09:25 What I need to do is get you an orthotic device
09:28 so you can be better able to run the marathon."
09:31 So we got the orthotic.
09:32 I had to take three or four weeks off in my training
09:35 and before I could get back into it,
09:37 it was already towards the end of August of that year.
09:40 Remember, the marathon was in October.
09:43 So now, I had taken a break from that intense training
09:46 and had to get back into it,
09:48 not realizing that there's going to be a whole shift
09:52 to how the training was gonna work.
09:54 I got orthotics in my shoes
09:55 and I'm starting to get back into training
09:57 but as I trained and ramped up to the marathon,
10:00 I really never did
10:01 another track of over 14 or 15 miles.
10:05 And then I flew out to Washington D.C.
10:08 and got prepped for this marathon,
10:09 where about 25,000 people were getting ready to run.
10:13 I still remember it of this day and I can tell you
10:16 mile by mile by mile what I had to deal with.
10:19 The first few miles were kind of interesting
10:21 because I had everyone around me
10:23 and the first point is in a crowd everything is easy.
10:26 In a crowd everything is easy.
10:29 Debt is easy because everyone is doing it.
10:32 Think differently.
10:34 Okay, so I jumped into the marathon.
10:36 It took me a full eight minutes to get to the starting line
10:38 because there were so many people ahead of me.
10:40 I finally get there and I start this track.
10:42 And it's an exciting process.
10:44 I'm hearing the hurrahs from all the Marines
10:47 and I'm seeing all the sights and sounds of Washington D.C.
10:49 and I didn't even feel
10:51 the first six or seven miles of the marathon.
10:53 Of course, and then you see a break in the crowds
10:56 and then you begin to just feel the loneliness.
10:59 Mile 10, mile 11,
11:01 I came through the smallest little area of the marathon.
11:05 And you know.
11:06 I could see the people ahead of me.
11:07 I could hear people behind me.
11:09 And it's at that point in time,
11:10 and at that point in the marathon
11:13 that you start seeing emergency vehicles
11:15 and emergency personnel helping people
11:17 who really weren't prepared for this race.
11:21 We get to mile 15
11:22 and then it actually was mile 13
11:24 where I started feeling a pain in my knee.
11:27 And I couldn't figure out what it was about.
11:28 But all I could begin to understand
11:30 was this orthotic device, I wasn't used to,
11:34 and I had never used it to run over 15 miles.
11:37 So I get to mile 13, 14
11:39 and I feel this pain in my knee.
11:42 And began to understand that there's problems ahead.
11:45 There gonna be challenges.
11:46 Any time you're trying to change a behavior,
11:50 there are going to be hurdles to get over.
11:53 Second point.
11:54 So mile 15, I get to mile 15 and I can't go any further.
11:57 I'm in pain. This thing is hurting me.
11:59 I can't do it.
12:00 And I remember, there's this long corridor
12:02 that's on street that you had to go down
12:05 and there's a curb on the side.
12:07 So I had to hobble over to the curb and sit down.
12:11 And I'm sitting with my chin in my hands
12:13 and I'm thinking this can't happen.
12:15 I paid all this money. I flew to Washington.
12:17 I'm running this marathon.
12:19 I have to complete this marathon.
12:21 But I can't do it. I can't do it.
12:24 There comes points in time in your life
12:27 that you feel you just can't overcome.
12:30 But you can always believe because God will send
12:35 someone or something in your life
12:37 to help you through that challenge.
12:40 Okay, what was my angel in disguise,
12:44 I was sitting on the side
12:46 and out of the blue came this biker dude.
12:48 He had black long hair and it was tied in the back.
12:51 It was grey on one side, it was black on the other.
12:55 And I began to understand full servitude,
13:00 full humility and love.
13:02 This biker dude walked up to me as an individual
13:05 and said, "Dude, you look like you're in pain."
13:09 "Well, yeah. I'm hurting, my knee hurts."
13:11 He says, "You know what works, this stuff, Tiger Balm."
13:14 And he rubbed this stuff out and he rubbed it into my knee.
13:19 Full service. And he helped me.
13:21 I could feel the heat.
13:23 And he helped me put a brace around my knee.
13:25 And he said. "Hey, come on, let's go.
13:29 We can do it.
13:30 And I got up and I started walking and hobbling
13:34 and with this gentleman beside me
13:36 helping me along the route between miles 15 and mile 22.
13:43 I got to this place in the marathon of no return.
13:48 Now when I got to mile 22, this gentleman disappeared.
13:55 Point number three is this.
13:58 When you get to a point where you feel you can't go on,
14:01 ask God to help you.
14:02 He will.
14:04 And He will send the right person and angel
14:06 or the right resource to get you through this thing
14:11 that we'll be talking about in reference to debt.
14:15 Debt is the thing that's hurting
14:16 a lot of people in this country.
14:19 And it would take a start.
14:21 It's gonna be a marathon for some.
14:23 It might be a sprint for others and for some,
14:25 you're already budgeting and taking care
14:26 of your resource in the right way.
14:28 But this I believe is an essential,
14:31 essential segment.
14:33 A program to tell you that debt is a real thing.
14:36 And you need to overcome in this race of life.
14:40 Mile 22, I got to this bridge in Washington D.C.
14:44 that if you didn't get to it
14:46 within four and a half to five hours,
14:48 they were gonna close the bridge
14:50 or open the bridge back to traffic
14:51 and you couldn't get across it.
14:53 So you had a certain time limit to cross a bridge
14:55 in order finish the race.
14:57 And he got me to the bridge with about 15 minutes to spare
15:00 before they opened it up to traffic.
15:01 And we crossed the bridge and for some unknown reason,
15:05 I never got this gentleman's name.
15:08 I can still recognize the gentleman.
15:11 But I can never, I don't know if I can ever reach him again.
15:15 If he was real, I don't know if he was an angel in disguise
15:18 because he disappeared.
15:20 I turned around and looked after I crossed that hurdle.
15:25 And the remaining portion of the race was four miles.
15:27 Four miles of a jog or run that I couldn't believe
15:31 that I was actually gonna accomplish this.
15:34 Here is a point when I got to the finish line,
15:37 did I feel any pain.
15:40 No. I didn't feel any pain.
15:41 Well, 15 minutes after, yeah. I was in a lot of pain.
15:45 But when I crossed the threshold
15:47 and got to that that specific destination,
15:51 crossing the line was a release, a relief.
15:54 I had accomplished the goal of this marathon
15:58 that I'd always wanted to do.
16:00 And took a picture, felt good about myself
16:03 and walked away.
16:04 My brother picked me up, took me to his apartment.
16:06 And I sat down in a cold tub of ice
16:09 as I felt the pain of contracting muscles
16:12 and doing certain, of doing something
16:14 that I'd never done before.
16:16 But I've accomplished the objective.
16:19 And our objective today is to talk to you about
16:22 the critical nature of debt in the United States.
16:25 Did you know that the average person
16:27 has 3.5 credit cards.
16:29 Do you know the average family debt
16:31 in credit is $14,750?
16:35 We are a country that rides on credit
16:36 and we talked about the car and going into a dealership.
16:40 And having a car sold to you.
16:43 Always remember that you is a consumer
16:48 should be in control.
16:50 And no one can
16:52 or should ever be able to sell you anything
16:55 that you do not necessarily need.
16:58 I give you a hint.
16:59 If you go to make an acquisition,
17:01 take time to shop around,
17:03 and when you think about
17:05 the fact that you're ready to make the purchase,
17:08 take a step back
17:11 and take three days to cool off.
17:13 And consider whether or not this is a need,
17:15 this is a want or whether or not that car
17:18 that you currently have can be maintained
17:20 and can carry you a few more years.
17:23 That's my story. We are on a journey together.
17:27 This marathon is going to be worth it when we're done
17:31 because we are going to take care
17:33 of this issue on debt together.
17:37 Now what I'd like you all to do is follow me,
17:41 when I'm gonna talk to a little bit about
17:45 the context of how you assess your,
17:50 the fact that you're getting into trouble.
17:58 We did a little bit of research and we went out on the street
18:01 and talked to a variety of people
18:04 about what they did and the question was,
18:06 "Regarding your credit,
18:08 are you likely to carry a balance on your credit card
18:10 or do you pay them off each month.
18:13 We took some select interviews
18:14 and I'd like to watch that right now.
18:20 I try to pay them off each month.
18:23 I try, currently at this moment I don't have a credit cards
18:26 because I've had a problem in the past.
18:29 So I, doing just debit cards and cash only to help myself
18:34 mature financially a little bit.
18:36 But when I did have credit cards
18:37 and I tried to make sure that
18:39 they were paid off on monthly, on monthly basis.
18:42 I carry a balance because that's the only way
18:45 you can increase your credit.
18:47 But the problem is we normally fall back like have.
18:51 But it's only because of the economy.
18:54 With my credit cards I actually carry a small balance.
19:01 You can see the different perspectives about credit.
19:04 Some carry balances, some don't,
19:06 some have credit cards some don't.
19:08 The context really is how you manage the credit.
19:14 Now I use that to introduce the issue of understanding
19:20 some warning signs that are relevant.
19:24 How do you know when you're getting in trouble
19:27 and what are some of the--
19:29 Some of the relevant points to watch.
19:33 Trouble comes when you are overspending.
19:35 Overspending tells us that you may not have a budget.
19:38 It tells us that you are winging it.
19:40 And that's one of the first concerns
19:43 that many people don't realize
19:45 that problems begin to happen when you are not tracking
19:49 what's going on in your personal life.
19:52 I always go back to
19:53 and I'm going to be hammering this
19:54 over the next few programs as budgets are necessary
19:59 to have a starting point.
20:01 So assess whether or not you're overspending.
20:04 And it you will know that
20:06 because pretty much there's not enough money
20:08 in the bank to carry your expenses.
20:13 I used the term in another program of revenue.
20:17 I want to make it simple.
20:19 Revenue is basically your paycheck,
20:21 a paycheck that you get on a weekly
20:23 by weekly or monthly basis,
20:24 the money that goes into your account as income.
20:29 The expenses are basically
20:30 those funds that go out of your account
20:32 to take care of your monthly bills,
20:36 whether or not it is variable bills
20:40 or whether variable expenses
20:41 such as gas can go up and down each month
20:44 or it could be the phone bill up and down each month,
20:46 it could be other variable type of expenses.
20:50 And you have the fixed expenses.
20:51 It's always the same amount each month,
20:53 so your car expense, your rent,
20:55 those type of things or your mortgage.
20:58 As we take a look at the spending issue,
21:01 it's key that we address those specific concerns.
21:05 Secondarily, rising interest rates.
21:08 If your credit card interest rate is going up,
21:10 it tells you that you have missed the payment.
21:13 Credit cards can raise the interest rate
21:15 if you miss a payment.
21:17 Second Warning sign.
21:18 Number three, I mismanaged budget.
21:20 You set a budget and then the two of you,
21:22 maybe if you're married,
21:23 one is a spender, one is a saver,
21:25 one likes to go out
21:27 and spontaneously purchase things
21:29 or another wants to save.
21:30 So you have a budget, someone sets of the budget
21:32 and one of them over spends and goes out
21:34 and does them on a spontaneous basis.
21:37 You mismanage a budget.
21:39 It's one of the sure signs that
21:41 there's going to be problems in the future.
21:42 Three, increased cost of living.
21:44 Cost of living happens.
21:45 If you're basically maintaining,
21:48 you're spending exactly what you make, there's a problem
21:50 because gas prices have gone up.
21:53 And so when you have a fuel
21:56 that goes up 50 cents per gallon,
21:58 it means it's gonna cost more to fill your tank,
22:02 something else has to give.
22:04 Unemployment, physical emergencies,
22:09 water tank, for example, a water heater
22:11 that you might need and then of course,
22:13 the thing that wipes out a lot of people
22:15 in reference to their ability
22:16 to keep wealth is disabilities and illness.
22:20 So what can you do short term if you can't keep up.
22:24 There's a couple things I'd like you to look at.
22:27 First assess the warning signs.
22:28 Are you looking at any one of those overspending,
22:31 are you looking at credit card interest rates going up,
22:33 are you looking at a variety of different issues?
22:35 Take that into context and assess where you are at.
22:41 Secondarily, if you have a credit card issue,
22:44 I ask you to do a couple of things.
22:48 Call your creditors immediately.
22:50 If you can't make the payment,
22:52 if in fact, you've lost your job,
22:56 those are major concerns
22:58 that you need to address immediately.
23:01 Call them up and tell them you're having some problems.
23:03 Most times they will work with you
23:05 and they will tell you
23:08 what they can do on your behalf.
23:10 Try to keep paying a little bit back
23:12 on those accounts as you possibly can.
23:15 Cut your living expenses.
23:16 It goes back to now, if I have a budget,
23:19 I can understand what areas
23:21 I need to look at that I can possibly cut.
23:24 Do I need the cable? Do I need the cable television?
23:27 Do I need some of these other niceties
23:32 that I can cut right now?
23:34 Can I take a look at insurance
23:35 and getting a different type of insurance quote?
23:38 Take a look at cutting those expenses
23:40 that you don't necessarily really need.
23:43 And then, begin to understand
23:46 how much credit you currently have,
23:48 how much credit you can really afford.
23:51 I talked to you earlier about the 20-10 rule.
23:53 20-10 rule basically says
23:55 don't absorb more than 20 percent
23:56 of your annual income as credit
24:00 and don't pay out on a monthly basis
24:02 as a percentage of your net monthly income
24:06 10 percent more than 10 percent on a monthly basis.
24:09 Those are key.
24:10 Now as we go towards closing,
24:12 I want to give you a mnemonic device
24:16 in reference to getting out of debt.
24:17 One, the acronym is A- C- C- S- A.
24:22 A- C- C- S- A.
24:24 One is, assess, excuse me, assess the level of your debt.
24:30 How much do you owe, find out what it is,
24:32 how much is it in credit card debt,
24:34 how much is it in, how much he owe in your car.
24:38 What you owe on your mortgage.
24:39 Assess the complete amount of indebtedness.
24:42 And then of course, what you need to do
24:44 after that is, C means to create.
24:46 A, assess. C, create a budget.
24:50 It might be beneficial if you turn it those two around
24:52 and say create the budget first
24:53 and then assess the debt.
24:55 But the context is creating the budget is key
25:00 to help you better look at
25:02 where those expenses are being paid.
25:04 And then take a look at where that debt actually is.
25:09 Number three, cut your spending.
25:12 Work with your creditors.
25:14 Take things out that you don't need.
25:16 Pay off what,
25:18 I guess you can't really pat it off at that point in time
25:20 but cutting the expenses
25:21 will free up a little bit more money
25:23 and help you within the context of creating that margin.
25:27 Margin, there's a difference between
25:29 the income and the expenses
25:32 that can go towards helping you pay off that current debt.
25:37 Then of course,
25:38 once you have that margin in place,
25:40 and you have the budget,
25:41 you now know how much you can save.
25:43 Start putting money into savings.
25:45 Save.
25:47 It's essential to help from that standpoint.
25:50 And then, number five is, attack the debt.
25:54 Attack the debt.
25:56 Go after it and try to get rid of it
25:58 as quickly as possible.
25:59 And right now, I want to pray
26:01 for some of you out there that are dealing
26:03 with this crisis in America of indebtedness.
26:06 We can go on this marathon, this journey, this sprint,
26:10 whatever this race is together.
26:12 We can accomplish a lot together
26:13 and we're gonna do it together
26:15 in this program of financial literacy.
26:18 But it takes that first step. We're in training together.
26:21 I want you to do the first mile tomorrow.
26:23 That first mile is figure out your expenses.
26:26 Figure out your income.
26:28 And let's figure out where we can cut the expenses
26:30 and where we can figure out
26:31 how we can put more away in savings
26:33 and how we can take that money
26:36 and attack that debt that we have.
26:38 If you will, let's pray together.
26:40 Father in heaven, we thank You
26:42 for this opportunity to talk to You
26:45 and to understand the context of wealth
26:47 and as a steward being faithful.
26:50 Help us now to get out of debt so we can support you more
26:54 in giving back to your ministry
26:56 and to use the talents that we will be held
26:58 accountable for when you come.
27:00 In your name we pray. Amen.
27:04 Okay, we're on a journey together.
27:06 I want you to take a look seriously
27:09 at any type of warning signs that there is a problem.
27:13 We can take a look at five.
27:15 One is, you don't know how much you owe.
27:18 We need to figure that out.
27:19 Number two, you're late paying your bills.
27:22 You're constantly looking for cash to pay something.
27:24 And you're constantly late and it's getting behind.
27:27 Three, you're taking out a new loan
27:29 to cover old loans.
27:32 Four, you're paying only the minimum amount
27:35 on your credit card bill each month.
27:38 And five, you're spending
27:39 more than 20 percent of your net income
27:42 after rent and mortgage on credit use.
27:45 Those are five warning signs that there is a problem.
27:50 What I ask you to do is make a change.
27:53 Let's start together. Take It To The Bank and save.
27:57 See you next time. God bless.


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Revised 2016-02-04