Tips for Getting Out of Debt – Ask Steve

Ask
Steve

Tips for Getting Out of Debt – Ask Steve

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January 20, 2017

Helpful tips on how to get out of debt in light of interest rate hikes and hey, did the Wall Street ratings agency, Moody’s, finally get punished?

Join Attorney Stephen Foondos from the United Law Center this and every Saturday from 3-4:00 p.m. for the Ask Steve radio program on NewsRadio KFBK 1530AM when we discuss the why it’s so important to take steps to get out of debt NOW, before interest rate hikes impact your mortgage, credit card debt and make your financial life more challenging. Also, big news about ongoing investigations into the mortgage crisis from the mid-2000s – ratings giant Moody’s was finally punished! And, don’t miss Stephen’s new legal challenge series that began running on KQCA-MY58 TV at 7:30 a.m. each weekday morning this month. These weekly topics will extend into the radio show where we explore them in more depth. This week’s show will cover:

Get out of debt! Sounds simple, right? No, we know it’s not so easy, but it’s important given the uncertain political climate and major transition happening in our country. Interest rates just were raised and are expected to go up again, up to THREE TIMES in 2017. The sooner you manage your debt, the better off you are to be ready for a rainy day. Check out this list of easy tips to get started. Think Bankruptcy may be something you should consider? We are here to help. Please call us for a free consultation.

If you saw the movie The Big Short, you may remember a scene when Mark Baum (played by Steve Carell) visits a Standard and Poor’s rating representative to ask about their ratings policies for mortgage-backed securities and is informed that if they don’t provide a AAA rating on junk mortgage, their clients will go to Moody’s for a top rating, claiming it’s just “…how the world works”. This week one of the major ratings agencies was finally brought to justice by Acting California Attorney General Kathleen A. Kenealy, along with the U.S. Department of Justice and the attorneys general of 20 other states and the District of Columbia. Last Saturday, they announced an $863.8 million settlement with Moody’s Corporation (Moody’s), a business and financial services company, to resolve federal and state civil claims related to the company’s misconduct in inflating ratings of residential mortgage-backed securities. California will receive $150 million of the total settlement which will recover losses sustained by CalPERS and the CalSTRS on their investments…but still no real relief to homeowners.

Join us each Saturday on 1530AM NewsTalk KFBK for the Ask Steve Show from 3:00-4:00 p.m. Past show podcasts are available here. Next week, we will discuss questions from our audience about Bankruptcy and we will address more concerns about President-Elect Trump’s pick for Treasure Secretary, Steve Mnuchin, as he heads into his confirmation hearings later this month. Read up on him – get educated – and reach out to your Congressional and Senate representatives to share your opinion on ALL of the Cabinet nominees.

 
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