Todd Pietzsch from BECU joins us live in studio. 05-17-17

Wednesday, May 17th

Caller Mark refinanced his mortgage and bought a new truck, wants to know where to invest his extra cash. A texter is in debt and leasing a car, wants to know if they should declare bankruptcy. Caller Jim has a bunch of debts and wants to know if he should roll it into one payment.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

You presented KI DSW financial advisor appeared. And Todd. I invented numbers so I know how they still afford speech. He got questions. Todd may have answers. All the. Does Todd is a fine member. Owner of BE CU and that's cool thing about that credit union men if you live work or attend school here in Washington State you can be a BEC member is well. Todd a 25 years of experience the financial services Anderson so he yeah I mean he's got access to just a lot of information also if he doesn't know it. He's against Troy towards a website that does or to tell you the PC you might have the answers for it either way. Todd is here to answer your questions at 206421. Rock rocket 7625. You can also tell estimated 77999. Mark in Seattle you around the rock right on and PGA show and big you guys rock thanks but it. I Iraq I am very important question is charged. A game art our our ear to deal IA refinance. My mortgage. Market chaos. My son's college loan. I have some money left over bought a new truck last year. I am wondering if I wanted to go ahead and add extra money we're talking about 25 K here so they are bad. Get down on it trot chew. Worrying mare a loan down to almost all year off. Or do I wanna put step back aren't marred. Moon. They're young toddlers and answer yeah well here's what here's the thing mark we don't wanna use our our house says the 18 am we did that. And you know ten years ago people got in trouble went out and went down. That being said I mean if you're disciplined year interest rate would interest rate on your loan. Which one I you're hot air house. My mortgage is 2.2. Five. But is it is a variable. No. OK that's it as a really yeah I don't. Aaron yeah I doubt it. Well I mean I guess if it was me I would go ahead and pay up the car because that. Are you able to item are you able to give enough interest you're able to itemize on their taxes when you taxes. Yes okay so if it was me I would not use the house at the him however if you're disciplined. I would go hadn't paid that I would I would personally paid on loan down and I think. An and I would take those savings and I would say that mean in look at kingdom and mortgage receiving retirement look at all the rightly what your goals are. Basic basically paid a truck costs and then Jake yeah payment but I would have import data on the mortgages and extra payment to lower my. Principal EO or that would injury time are you are you contributing to a 401K or other gas out of work British Seattle VA. Okay and and I got that problem programs are and then. Okay yeah I mean that's a good strategy. I would just be cautious of not always using the houses refinancing an easing as the eight and divide. Cars and trucks in Italy's that's right. I wasn't planning on it like my my son student always important to me in it he told me he wanted to. Assuming the last year of college. On him so it made. If you can't make something that him and I thought that was really good show or. I let him go it didn't take their responsibility RNY actually and at chaos Hasselbeck. By accident and I am yeah I actually. How did you accidentally take termer right now honest to god that is the I would love to know how that accident happened as an alleyway. A little over 50000. Dollars extra so I figure that's going to be there. Graduation he just graduated Saturday. That congratulations. And it's appreciate the call markets tight you know it is tough because I'm mark was in his fifties and that's kind of like the age where you start to see maybe you might be getting close to paying off your house if you've been doing it for that the thirty year mortgage. Yet but damn when you take out delegates everything got another loan. Is that like a love thirty years and then you hear you yet he refinance student in rolled over thirty years and painted that's tough. That's very very tough but I mean mark we really went you know have that plan was gonna look like 101520 years from now we plan. Yeah MS text message about Todd are really at 779 and license until Todd thank you for directed me towards a place to help get my credit cards paid off uncle. Awesome you are they say something mean I thought I thank Todd for I think there are no broken arm homeless as they announced today stocks ball is yes I said evil Todd. Yeah that. The basis of the tenth and yet. Don't think about it scenario that I I mean Graham is a lot of people we don't get to talk to the might be speaking kind of bad to happen if we go to Texas and I'm contemplating chapter seven bankruptcy because there about the start paying. My student loans and are you drowning in credit card debt although I never missed payments and barely make it paycheck to paycheck my credit scores on China to qualify for debt consolidation loan. So I feel like is my only option my question is I'm currently leasing my car the lease is a very serious at least another vehicle so have. And equity for them to Caesar show due to practical thing to purchase the vehicle so I'm without payment in a few years. But without a lot of things going down now while. On many layers to this layers well no evil Todd makes an. The first though we don't know I bankruptcies the solution yet right we haven't. We haven't. Dug a deep deep enough to know if where if that is chapter seven or chapter thirteen hour. Or we can do work out somehow so I would go to and FCC dot org. It's a national foundation for credit counselors. On they have pre bankruptcy counseling needn't get some advice. Look really see what your debts are what your income rising what the best solution is. These student loan I think they mentioned at student loan debt that will not be discharged in bankruptcy. And he mentioned that counselors along on tax fees that he's aware of that pleases trying to. I guess you don't get some of his loans and some of whatever finances out of the way that's an important thing that we we we don't want a gloss over that that's why you gotta be careful when you do student loans. Because I as an amazing that there's one kind of long that will never get to be discharged bankruptcies and discharge everything. Not student loans. Now. There with you forever in the end the inning and garnish your wages and acres of security in retirement as well as she should just went that long but again I would reach out get some help let's come up with a plan in and make for making the right decision. His name may be racist and mean. Yeah that's why college man I'm telling ya. Boy oh boy yeah yea you really got to be Smart about make in the college decision he got to sit down with a whole family who can pay this stuff off because that's a lot of money. And some colleges man on its ridiculous. Yet PW sometimes emotions get into it to mom dad when us and you know. And I added to the best school when India in a Ford and in the end it gating and Dan and child it's and detonate you know at a college and don't get a job that pays enough and it's it is vicious circle that CIA it's it's it's pretty horrific because ameliorated she's I mean a lot of people don't realize you're lucky to get a make fifty grand a year when you graduate college and how much have you paid in order even get their fifty granted there what what I like and I and I really and encourage people to do they can't afford the four year at a key. But you know the first two years at a community college and then transfer to a four year that it did degree from net for university that you're gonna save that money you have into action. And as tigers aren't nearly as awesome. That's true in in this town yet here is that. Through got a question from Jim over here Jim of Seattle you're on the type feature VCU go ahead Jim. More valid argument that's a bad body which got. Well I got a bunch of different that's several other group BC new second mortgage main mortgage. One credit card a couple of car payments. Just cleared it would be worthwhile to go ahead. And take all the debt and roll it into one big payment on an equity payment but I house. I can just tap the one payment would be better off are credited better to go I hadn't maintain multiple accounts and just beta moss Florida. Are you are you current on your gets him. Yeah so you're able to hear your current on everything. And yes and now how about having your house. Yeah. Or did it affect you would you write you own a full lane. I don't know and I do order another piece of property flat out. And then I've got the other house that I was built a lot. At a Baghdad anyway I'm just curious what it did do it regretted it I got edit. It is to bail out six or seven different things for the bush and combine them all the water and maintain our one credit card and then the one big. Equity payment or how payment yeah that it ball rolled into. Well if you're current on year on all year credit that's 35% that's over a third of your credit score. So here if you're looking to improve your credit score that there is just being current. Is 35% of it then the other 30% is U utilization so that's how much debt you have relatives be available credit. If you're running all these cards up then on the other might be something wee wee little one a look at. As there strategies to you know to pay those down but I don't know if you an email me Jim unhappy did you know take a look at some of the details. I don't have all the information in front of me back you know we can. Play with some numbers in some different strategies that might make make the most sense and also reduce how much interest you you'll ultimately. Yeah and Jimmy Key give me an email I anybody can as a matter fact of getting gets on the phone lines today just I go to KI SW dot com. And look for motive white banner on the right side seats not smiling face. And now that's you can email Todd Helton is Bessie candidate take all your emails and answer in the besieged him and it's Fo free. All of this part of a cool thing to be ECU does and you know credit unions do rock because the fact that you can do everything you can do to bank. Yet they're not trying to make a profit so they're not gonna do stupid stuff that shall read about in the news that'll be really just making him very depressed beat American. Just started credit union that though we have this. Ya and there's a good one called BC you know take him out and be ECU dot org tied as usual time as far as flying. Thanks BJ. The next morning and that's when nine KI guess helps you.