The Great Escape From America's Credit Card Crisis
Living Lchaim
Economic distress from overwhelming credit card debt is a concern and affects many, including those living within their means. In this episode of Kosher Money, debt advisor David Siegel discusses solutions for alleviating credit card burdens, such as debt management plans (DMPs), settlements, and even bankruptcy as a last resort. The episode highlights how debt impacts marriages and personal lives and stresses the importance of budgeting as a path to financial health. Specific strategies for lowering interest rates and understanding debt settlement processes are discussed. The episode ties Jewish ethical perspectives and teachings to financial behaviors, reflecting on concepts like Shmittah, and aims to dissipate the stigma around financial insolvency within Orthodox communities.