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Financial Traps That Keep You Broke — How to Recognize and Avoid Them · Stacked Intent: Your Guide to Authentic, Intentional Living

• 0:00
  SPEAKER_00: Hello, my name is Becca Stackhouse Morten, and I am ready for you to tune in each episode to hear ways to become you.
• 0:09
  SPEAKER_00: Looking at ways you can be your authentic and intentional self, you'll finish each episode motivated to live life more authentically.
• 0:18
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• 0:46
  SPEAKER_00: This is the Stacked Intent podcast.
• 0:54
  SPEAKER_00: Welcome to Stacked Intent, where we discuss and drop those tips on how you're going to be able to intentionally stack your life.
• 1:02
  SPEAKER_00: I am Becca and I am the owner of Stacked Intent, and today we're going to be talking about money traps that might keep you broke with our guest, Katie, who is a family and consumer science money extension agent for White County in Arkansas.
• 1:20
  SPEAKER_00: So let's get started.
• 1:22
  SPEAKER_00: So, Katie, let's start with what's your background and why can you talk to us about what might keep us broke?
• 1:30
  SPEAKER_01: Well, I've been working for the University of Arkansas, the Extension Service for 25 years.
• 1:36
  SPEAKER_01: And my degree is in family and consumer science, which is helping people to live well.
• 1:43
  SPEAKER_01: So spending smart, raising kids, um, dealing with stress, feeding your family safely and efficiently.
• 1:54
  SPEAKER_01: Um, all those things.
• 1:56
  SPEAKER_01: And so I I love helping people to make the most of their dollars.
• 2:02
  SPEAKER_00: Which is so important.
• 2:03
  SPEAKER_00: So today we're gonna kind of look at loans, charges, fees, and some scams.
• 2:11
  SPEAKER_00: So money traps that are gonna keep you broke.
• 2:14
  SPEAKER_00: What are loans that are gonna keep me broke?
• 2:17
  SPEAKER_01: Well, you know, sometimes people um have to deal with emergencies.
• 2:22
  SPEAKER_01: You know, life happens, the cars break down, kids get sick, people lose jobs, and you can be tempted by quick and easy loans.
• 2:33
  SPEAKER_01: But you have to be careful with some of those because the fees and interest charges can make it really challenging.
• 2:41
  SPEAKER_01: So some of those loans are like payday loans.
• 2:44
  SPEAKER_01: Now, payday lenders have been banned from Arkansas, but the service is still available online and in some other states.
• 2:53
  SPEAKER_01: So with a payday loan, you borrow money against your next paycheck.
• 2:58
  SPEAKER_01: And the full amount plus interest and fees are due your next pay period.
• 3:06
  SPEAKER_01: And additional fees and interest are added if you don't pay the loan in full.
• 3:13
  SPEAKER_01: And so some of those fees and interest can add up to more than 300%.
• 3:18
  SPEAKER_01: So a payday loan can be a really dangerous type of loan to get.
• 3:23
  SPEAKER_01: And people do that when they're desperate.
• 3:26
  SPEAKER_01: But you know, when you're when you're borrowing against a future paycheck, that means you're gonna have less to spend from that paycheck the next month.
• 3:37
  SPEAKER_01: And that can get you behind in your bills even more, especially if you're paying 300% interest.
• 3:45
  SPEAKER_01: So um, payday loans are definitely something to avoid if at all possible.
• 3:52
  SPEAKER_01: Another type of loan is the pawn shop loans.
• 3:55
  SPEAKER_01: Um, jewelry, guns, camera, other items of value can be loaned for money at pawn shops.
• 4:04
  SPEAKER_01: And the broker decides how much it's worth and the amount of the loan and the amount you have to pay to redeem your item.
• 4:15
  SPEAKER_01: And you have to pay that amount by the end of the time period, you know, maybe 30 days, or your item is offered for sale.
• 4:25
  SPEAKER_01: So it's kind of one of those things that if you don't pay it, then you may lose it.
• 4:30
  SPEAKER_01: And that's one of the reasons I guess pawn shops are kind of popular.
• 4:35
  SPEAKER_01: So that's another type of loan that you got to be careful about.
• 4:41
  SPEAKER_01: Now, it's not the right season right now, but tax season is when you see another type of loan come to be very popular, and that's a tax refund anticipation loan.
• 4:57
  SPEAKER_01: So if you qualify for tax refund, the tax preparer or somebody may give you a refund anticipation loan.
• 5:09
  SPEAKER_01: And the fees and charges will come out of your tax return or your tax refund.
• 5:16
  SPEAKER_01: So, and the fees can be like 50 to 500 percent of the loan amount.
• 5:23
  SPEAKER_01: So there's really no point in doing that because if you file electronically, you're gonna get your refund in as little as 10 days.
• 5:33
  SPEAKER_01: So don't really need that to do that, and you can get free assistance through several different qualified programs.
• 5:42
  SPEAKER_01: So don't don't fall for that one.
• 5:46
  SPEAKER_01: It's it's tempting during tax season, but don't do it.
• 5:51
  SPEAKER_01: Just get your stuff in as soon as you can, and you'll have your money.
• 5:55
  SPEAKER_01: Um, another type is the car title loans.
• 5:58
  SPEAKER_01: And this one, honestly, Becca, kind of scares me.
• 6:02
  SPEAKER_01: And now, car title lending is is no longer allowed in Arkansas, which is good, but it is available online and in some nearby states.
• 6:12
  SPEAKER_01: And so the amount of loan is usually much less than the value of the car, and interest rates and fees are high.
• 6:18
  SPEAKER_01: And if the money is not repaid on time, the title company will sell your car, they can just come get it.
• 6:26
  SPEAKER_01: And if you if you don't pay on time, you could you don't have a car.
• 6:33
  SPEAKER_01: So uh that one is it's really dangerous to think about you know that you might not have your transportation.
• 6:40
  SPEAKER_01: And in around here, transportation is pretty important because there's and if you don't have a car, there's not very many other ways to to get around unless you have two feet.
• 6:52
  SPEAKER_01: Yeah, yes, you have two feet, but if you have to go five miles, it's kind of hard to do that.
• 6:59
  SPEAKER_01: So um, but yeah, yeah.
• 7:04
  SPEAKER_01: So those are some loans, the payday loans, pawn shop loans, tax refund anticipation loans, and car title loans, um, that they can they can be very dangerous because if you don't pay them back on time, then you you you may have you may lose things, and the fees are such that it's really expensive to use those things.
• 7:31
  SPEAKER_01: So these are four different ways that you can get loans that can keep you trapped in a cycle, is really happening so that's that cycle can be really dangerous, and so when people are desperate, you they these look attractive because they're quick and easy, but they cost you more, way more money in the long run.
• 7:57
  SPEAKER_01: And it keep kind of keeps you trapped in that cycle.
• 8:02
  SPEAKER_00: So if you do get trapped in one of these cycles of loans, what can you do about it?
• 8:11
  SPEAKER_01: Well, the best thing to do is get it paid off, which is a struggle if you're having to pay all those fees and extra charges.
• 8:21
  SPEAKER_01: So the best thing is not to get in with those in the first place.
• 8:26
  SPEAKER_01: But if you get into those, try to try to pay it off as soon as possible.
• 8:32
  SPEAKER_01: So this may require getting a second job or asking for help from somebody else, maybe to pay the other bills so that you can, you know, get that paid off.
• 8:44
  SPEAKER_01: But the sooner you can get those paid off, the better off you'll be financially.
• 8:50
  SPEAKER_00: And if you're in a relationship married, or is this something you should go do and then not tell your spouse about?
• 9:01
  SPEAKER_01: No, you need to communicate with your family.
• 9:04
  SPEAKER_01: Um, because especially if you do the car tile loan, um, what happens if they like wake up one morning and say, Where's the car?
• 9:12
  SPEAKER_01: We gotta get the kids to school.
• 9:14
  SPEAKER_01: I gotta go to work.
• 9:16
  SPEAKER_01: And that that's just a recipe for disaster.
• 9:20
  SPEAKER_00: Yeah, so not getting here is a good place, but if you do get there, it's finding a safe place to communicate and talk about it is what's important.
• 9:31
  SPEAKER_00: Yes, because there are good loans, there are places you can get good loans because these are quick and easy and fast sometimes, and that's what makes them that cycle of keeping you broke, yes, but they cost so much money.
• 9:51
  SPEAKER_00: So if they cost so much money, what are some of these charges and fees that come along with them?
• 9:58
  SPEAKER_01: Well, there's lots of fees that they can just kind of add on a lot of its interest because they're taking a risk with you.
• 10:07
  SPEAKER_01: Um, and so high interest rates are just a part of that.
• 10:13
  SPEAKER_01: Um, but speaking of fees and other charges, um you you can you can lose a lot of money, even when you use a bank through fees and charges.
• 10:26
  SPEAKER_01: Um, one of the biggest ways to do that is the overdraft and late payments.
• 10:31
  SPEAKER_01: So if you're not paying your bills on time and if you have trouble kind of getting it organized, then you could spend a lot of money on overdraft and late payments because they will charge you.
• 10:46
  SPEAKER_01: And so just like you paying on time is important for your credit score, um paying on time and making sure that you have money in the bank is important when you're paying your bills, too.
• 10:58
  SPEAKER_01: Because if you have an overdraft fee, the bank will charge you, and the company that you're trying to pay will also charge you.
• 11:07
  SPEAKER_01: So it's like doubling up on fees.
• 11:10
  SPEAKER_01: So that can really add up.
• 11:14
  SPEAKER_01: Um, so keep an eye on those due dates and know what your account balance is.
• 11:20
  SPEAKER_01: Um, if you can keep a little extra cushion in there, that's a great idea.
• 11:26
  SPEAKER_01: Um, but some people don't use banks.
• 11:30
  SPEAKER_01: Um, and so they're probably also gonna pay a lot more in fees um just because they don't use a bank.
• 11:38
  SPEAKER_01: So if you don't have a checking account, the cost of cashing paychecks and doing money orders can add up.
• 11:47
  SPEAKER_01: You know, if you pay$3 to cash a weekly paycheck, you're gonna pay$100 over$150 for the year just in getting your access to your money.
• 11:57
  SPEAKER_01: And if you do you know money orders, you know, that if they're$4 a piece and you have to do um, you know, four, then that's almost$200 in fees for the year.
• 12:11
  SPEAKER_01: And it doesn't sound like a whole lot, but you can save that by having a checking account.
• 12:18
  SPEAKER_01: So those are some fees um that can really kind of eat into your bottom dollar.
• 12:27
  SPEAKER_00: That's those one in two dollars that can make a difference over the course of a year, yeah.
• 12:33
  SPEAKER_00: So you're because you're when you talk about overdraft fees per incident you get charged, and that average per incident, it could cost you$35 to overdraft, even overdrafting$2.
• 12:48
  SPEAKER_00: So that's one of those definite ones that's a big deal.
• 12:52
  SPEAKER_00: And then the the money orders and cashing checks, some of that depends because there are still some companies out there that do give you a handwritten check or they don't do direct deposit, but that doesn't mean you can't take it straight to your bank for a direct deposit, and that that just helps with a lot of these fees and balances.
• 13:16
  SPEAKER_00: Are there any other fees or charges you can think of?
• 13:20
  SPEAKER_01: Um, those are the main ones now.
• 13:24
  SPEAKER_01: When you get into other things, um that there are other ways that they will cost you money.
• 13:32
  SPEAKER_01: Um, kind of some scams or even just rent to own.
• 13:37
  SPEAKER_01: Um, rent to own is is I don't know that it's really a scam, but you're paying a lot more.
• 13:46
  SPEAKER_01: And the the risk in that is, I mean, it can sound really good, um, but they cost three to four times as much as paying cash and twice as much as using like a credit.
• 13:58
  SPEAKER_01: So, and if you miss a payment, the store can come and take your items and you don't have anything to show for it, even if it's the very last payment, they can come and take it away, and then you've just spent all that money and you don't have anything to show for it.
• 14:18
  SPEAKER_00: Right.
• 14:19
  SPEAKER_00: And so that's hard.
• 14:21
  SPEAKER_00: Late payments are one of those other things that can back up charges.
• 14:26
  SPEAKER_00: I mean, if you talk, we talked about loans, but if you talk about credit cards, the if you have a late pay, if you haven't paid the balance off, you pay late, you're gonna pay late payment charges, plus you're gonna pay uh interest on what your charges are.
• 14:46
  SPEAKER_00: So your five-dollar coffee might have just turned into a$15 coffee.
• 14:52
  SPEAKER_01: Yes.
• 14:53
  SPEAKER_01: And those late payments, they're gonna charge you for those, you're gonna pay interest, and it's also gonna affect your credit.
• 15:02
  SPEAKER_01: So, you if you're trying to you know look at a loan in the future, then having some late payments can affect your credit score.
• 15:12
  SPEAKER_01: So it's really important to pay things on time.
• 15:17
  SPEAKER_00: Very important.
• 15:19
  SPEAKER_00: So, what are some scams people should watch out for that might keep them broke?
• 15:25
  SPEAKER_01: Well, um, you people are always coming up with new scams.
• 15:30
  SPEAKER_01: Um, you've probably heard the email scams, and you know, um they're trying to get you to part with your money.
• 15:40
  SPEAKER_01: And so carn art carn artists will place ads um on the newspaper online.
• 15:46
  SPEAKER_01: Um, they may call on the phone and they may promise a loan, but you have to pay a service fee in advance, and in the end, you don't receive the loan and you're out the cost of the service fee, and so don't get loans that way.
• 16:03
  SPEAKER_01: Now, that also sometimes you won a free vacation, yay, and you just have to pay the service fee, and so you pay the service fee, never hear from them again, and so you you think you've won a free vacation.
• 16:26
  SPEAKER_01: So, yeah, if they ask for money up front, you really need to be very cautious and not fall for that because it's usually some kind of scam.
• 16:38
  SPEAKER_01: Now they will try to convince you it's not, but you you really have to be cautious about those kinds of things.
• 16:46
  SPEAKER_01: Um, if people call you offering you a free vacation or a loan, um, yeah, I would be really cautious.
• 16:55
  SPEAKER_01: Or if they tell you somebody in your family is in jail, um, and you just need to get some gift cards to get them out, yeah, that's a scam.
• 17:09
  SPEAKER_01: Um, and that happened to our family.
• 17:12
  SPEAKER_01: Um, they they called my mother-in-law and tell her that uh my husband was in jail, and so when my father-in-law called me, a it was kind of unusual that he would call me, and he was convinced because she was convinced, and so he wanted me to go to the jail and see.
• 17:33
  SPEAKER_01: And I'm like, I I don't this this is not, it didn't sound quite right.
• 17:40
  SPEAKER_01: It sounded just you know, there are enough details that made you wonder, but he he insisted that I go to the jail, and they said, No, that's a scam.
• 17:50
  SPEAKER_01: I said, Well, that's what I thought.
• 17:52
  SPEAKER_01: Um, but they couldn't get a hold of my husband at the time either.
• 17:56
  SPEAKER_01: So I went by to check on him, and he's like, What is going on?
• 18:02
  SPEAKER_01: He's like, I'm not in jail, like, I know, but they were they convinced them over the phone with just little things, and um luckily they did not give them any money because again, they they asked for gift cards.
• 18:19
  SPEAKER_01: Uh that's a dead giveaway.
• 18:21
  SPEAKER_01: If people ask for gift cards, that's that's not a real thing.
• 18:29
  SPEAKER_00: Well, and unfortunately, as sad as it is, family member, friend, imposters that makes up a good percentage of scams that happen.
• 18:39
  SPEAKER_00: Yes, yeah, fake chance fake tech scams that happen, investment opportunities, scholarships and grants.
• 18:50
  SPEAKER_01: Yeah.
• 18:51
  SPEAKER_01: So um, one of those like like what happened to my in-laws is um if something you know like that happened where somebody was in jail or they were in another country, um have a password.
• 19:06
  SPEAKER_01: And if the person doesn't know the password, it's a scam.
• 19:11
  SPEAKER_01: Um, or just have some way to kind of verify um you know that that it's correct.
• 19:19
  SPEAKER_01: Now, another thing is especially to telling um older people is to not give them information.
• 19:27
  SPEAKER_01: So I think if they say, Oh, this is your son, and you say, Oh, Bob, well, you've just given them a name of your son.
• 19:37
  SPEAKER_01: Now, you can also turn that around and you say, Oh, um, you know, Adam, and Adam is not the name of your son, then you can kind of check to see if that's true or not.
• 19:50
  SPEAKER_01: But you you just have to be very, very cautious of anybody that calls you.
• 19:57
  SPEAKER_01: Now, if you call the bank, that's a different story.
• 20:01
  SPEAKER_01: But if the the bank calls you wanting your PIN number, yeah, that's not gonna happen.
• 20:08
  SPEAKER_01: Don't give them your PIN number because they're gonna steal some money from you.
• 20:14
  SPEAKER_00: Right.
• 20:15
  SPEAKER_00: And then on social media, that's another place that some of our big scams can happen is giveaways or things like that.
• 20:23
  SPEAKER_00: And con artists have kind of found their way to find you and scam you out of those as well.
• 20:30
  SPEAKER_00: So it can be phone calls, it they can kind of get you wherever.
• 20:35
  SPEAKER_01: They can.
• 20:36
  SPEAKER_01: They are and they're always changing um because things change very quickly, and so it's important just to be very cautious with your money, you know, all the time.
• 20:49
  SPEAKER_01: But especially when other people want money from you, then it's important to ask questions and be very cautious before you do anything.
• 21:02
  SPEAKER_00: That's all very important.
• 21:04
  SPEAKER_00: So, are there any other scams or ways that we should watch for being trapped of being broke in these money traps that do exist?
• 21:15
  SPEAKER_01: Yeah, um credit cards, depending on what type you can get.
• 21:21
  SPEAKER_01: There's there are some that have a lot very high interest fees or high interest rates, and you know, those can those can really multiply very fast.
• 21:35
  SPEAKER_01: So um, if you have a balance of a thousand dollars on a credit card and you have the annual percentage rate of 20%, which is actually kind of low, I think, these days, um, you know, it's gonna take you years to pay that off if you only pay the minimum amount due.
• 21:54
  SPEAKER_01: And you're gonna pay a lot in interest because that interest will accrue very quickly.
• 22:00
  SPEAKER_01: Quickly.
• 22:01
  SPEAKER_01: So you know, look for some lower interest credit cards.
• 22:05
  SPEAKER_01: Um, and pay pay them off, pay more than the minimum due.
• 22:11
  SPEAKER_01: Credit cards want to make money off of you.
• 22:14
  SPEAKER_01: So if you don't, if you only pay the minimum, you're always going to be paying them something and lots of interest.
• 22:24
  SPEAKER_01: So use your credit cards wisely and watch those interest rates because they can go up pretty quickly.
• 22:33
  SPEAKER_01: So if you get one for the you know low interest rate for six months, just keep in mind that in six months it's probably gonna go up and it's gonna go up significantly.
• 22:45
  SPEAKER_00: A low interest or no interest.
• 22:48
  SPEAKER_00: So looking, but even if you do have a high interest, if you're paying that bill statement off every month, you're not really gonna be paying that interest.
• 23:00
  SPEAKER_00: Correct.
• 23:01
  SPEAKER_00: So it's not sticking to that minimum payment of what you should just pay.
• 23:06
  SPEAKER_00: That's not like your bills.
• 23:08
  SPEAKER_00: So, like your power bill, you have to pay what it says, but paying your credit card bill by what it says really means you're just paying into that cycle of not paying on it.
• 23:22
  SPEAKER_01: Yes.
• 23:23
  SPEAKER_01: And so if you if you get into that cycle, it's hard to get out of the cycle.
• 23:29
  SPEAKER_01: So paying off as much as you possibly can every month is the best way because you're not going to accrue as much interest that way.
• 23:39
  SPEAKER_01: So, you know, if you're if you're thinking about how can I stay out of some of these traps that keep me broke and that keep out of that cycle, well, you know, we've talked about planning and you know, thinking.
• 23:56
  SPEAKER_01: So thinking before you spend is super important.
• 24:01
  SPEAKER_01: Um, do I have enough money to pay my regular bills if I buy this?
• 24:08
  SPEAKER_01: You really considering what you're spending and planning ahead.
• 24:14
  SPEAKER_01: I know that that comes up a lot, but planning ahead can really help to prevent some of these things from happening in the first place.
• 24:24
  SPEAKER_01: You know, hide some money for emergencies.
• 24:26
  SPEAKER_01: If if you um live with somebody, family member or whoever that will spend all the money, make sure that you you can have a stash hidden away um for emergencies.
• 24:40
  SPEAKER_01: Um, just be careful about where you hide it because people that break into your house may also know where those places are.
• 24:47
  SPEAKER_01: Um, I had a break-in at my house and he he moved the mattress.
• 24:52
  SPEAKER_01: Um, I didn't have any money there.
• 24:54
  SPEAKER_01: He went through all the drawers, I didn't have any money there.
• 24:57
  SPEAKER_01: He even went through the refrigerator and freezer.
• 25:01
  SPEAKER_01: I didn't have any money in there.
• 25:03
  SPEAKER_01: He did not make it to the place.
• 25:05
  SPEAKER_01: I had actually hidden some money at one point.
• 25:07
  SPEAKER_01: I don't think I had any that day, but um, so don't you have to be careful if you're hiding money.
• 25:14
  SPEAKER_01: Um somebody says freeze some money in an ice cube tray.
• 25:19
  SPEAKER_01: Well, if if they're breaking in, they may not go that much trouble, but they may have some really dirty money in your freezer.
• 25:27
  SPEAKER_01: Yeah, I I probably wouldn't do that myself.
• 25:31
  SPEAKER_01: Um, but so so think, plan, and then cut expenses.
• 25:36
  SPEAKER_01: You know, have a no spending time, you know, use up what you've got before you buy anything new, you know, just find ways to really cut the budget and save some money, and that will hopefully help you from having to do some of these money traps that can just keep you in that cycle.
• 25:59
  SPEAKER_00: You were talking about somebody breaking in.
• 26:01
  SPEAKER_00: My little sister had somebody break into her um trailer when she was going to school and he stole a purse.
• 26:11
  SPEAKER_00: Well, that was one of the many things, but they stole a purse.
• 26:15
  SPEAKER_00: The funniest thing about it was she doesn't really use a purse, it was dirty clothes from her workout that day the day before.
• 26:23
  SPEAKER_00: So they were real disappointed when they uh got away with it thinking they had money and they had actually just stolen sweaty clothes, yeah.
• 26:35
  SPEAKER_00: So the the it's it is being smart and it is the planning and thinking about it, and that kind of goes across the board with stuff.
• 26:43
  SPEAKER_00: You have to think, plan, and how are you going to use it?
• 26:47
  SPEAKER_00: And when you introduce other people into it, you kind of have to you have to sit down and have a conversation about it.
• 26:55
  SPEAKER_00: It's it's one of the leading causes of having divorces and problems, and so it's it has to be something that you normalize within your house to be able to have the conversation and not leave it as a taboo topic.
• 27:09
  SPEAKER_01: Yes.
• 27:09
  SPEAKER_01: I can remember my parents sitting at the kitchen table with this orange notebook going through the budget, and we always tried to make ourselves scarce because sometimes they would get a little stressed.
• 27:21
  SPEAKER_01: I mean, they weren't fighting or anything, it was just, you know, we could tell it was not the most comfortable thing, but they always tried to work out that that plan so that everybody was on the same page.
• 27:34
  SPEAKER_01: It's when you start going behind other people's back and you know, trying to finagle things that you usually have problems.
• 27:42
  SPEAKER_01: If you can just talk about it up front and like you said, normalize having those discussions, then you're gonna be better off financially and in your relationship.
• 27:55
  SPEAKER_00: Very true.
• 27:56
  SPEAKER_00: And it's just making sure you, if you do get in one of these traps, finding your way out.
• 28:02
  SPEAKER_00: Even if it's hard, it's challenging, finding a support to help keep you in check with it can help too.
• 28:10
  SPEAKER_00: Um, so the challenge that we would have for you from today is look and see, are you being charged fees and charges that maybe you you don't have to have?
• 28:25
  SPEAKER_00: Did you land in a loan that you should find another way to pay it off and be done and maybe pay it somewhere else so that you're not stuck in that cycle?
• 28:37
  SPEAKER_00: And then paying credit cards off.
• 28:40
  SPEAKER_00: A credit card can be a great tool, but if they're not a tool you can use in a beneficial way, it may be that you don't need to use a credit card.
• 28:50
  SPEAKER_00: Though there are some things that I will always believe are better to use a credit card for than a debit card, like using car rentals, using a debit card, you can freeze all of your money in your account if you use a debit card or hotels or plane tickets, and then purchasing online.
• 29:10
  SPEAKER_00: I fully believe credit cards are much better resource for that.
• 29:15
  SPEAKER_00: It does get scammed, you don't scam yourself out of all your money and you have time to catch it.
• 29:22
  SPEAKER_01: Yes.
• 29:22
  SPEAKER_01: So that's a really good point.
• 29:26
  SPEAKER_00: It's just I've had my credit card number stolen, and I much prefer it be my credit card than debit card.
• 29:31
  SPEAKER_00: So I fully boycott using credit card or debit cards.
• 29:35
  SPEAKER_00: Really, I'm to the point of not using them much of anywhere.
• 29:39
  SPEAKER_00: But it's turning around and immediately paying off your statements so you don't pay.
• 29:44
  SPEAKER_00: Because I believe my interest rate on my credit card is upwards of like 33%.
• 29:49
  SPEAKER_00: Wow.
• 29:50
  SPEAKER_00: So it but if you're not if you're paying it off, it really doesn't matter what that interest rate is.
• 29:58
  SPEAKER_00: So it's knowing that and encouraging that.
• 30:02
  SPEAKER_00: So what are the resources and where can people connect with you, Katie?
• 30:06
  SPEAKER_01: Well, um I work for the University of Arkansas, and we have a website with lots of great information about this topic.
• 30:13
  SPEAKER_01: Um, our website is uax.ua da dot edu.
• 30:20
  SPEAKER_01: And you can look under life skills and wellness or just search.
• 30:24
  SPEAKER_01: That's how most people find things on our website.
• 30:27
  SPEAKER_01: Um, and I'm on Facebook, UAEX White County, or on Pinterest and Instagram at Katiecullum UAE X F C S.
• 30:42
  SPEAKER_01: So um just reach out.
• 30:46
  SPEAKER_00: Well, thank you so much for talking to us about something that's not necessarily everybody wants to talk about.
• 30:53
  SPEAKER_00: Money, traps that keep us broke.
• 30:56
  SPEAKER_00: That can really be a sticky topic.
• 30:58
  SPEAKER_00: So we thank you for joining us today.
• 31:06
  SPEAKER_00: That brings us to the end of this episode of Stacked Intent.
• 31:10
  SPEAKER_00: If you love this episode as much as I did, head on over and rate and subscribe so you will never miss an episode.
• 31:18
  SPEAKER_00: New episodes are gonna be dropped on Thursdays.
• 31:21
  SPEAKER_00: Until then, this is Becca, and don't forget, enrich your life by being intentional.
• 31:29
  SPEAKER_00: This podcast was created, produced, and recorded, and edited by Stacked Intent.