Rob West: It's almost health insurance open enrollment time again. But what if you could skip it? Hi, I'm Rob West. For many, this is the time of year to sort through health plans, premiums, deductibles, and coverage for the year ahead. But there are alternatives to traditional health insurance that don't limit enrollment to a few weeks each year. Lauren Gajdek joins us today to explain one of them, and we have lots of great listener questions ahead, but we won't be taking your live calls today because this program is pre-recorded. This is Faith and Finance on American Family Radio.
Rob West: Lauren Gajdek serves as senior director of external affairs for Christian Healthcare Ministries, the nation's longest-serving health cost-sharing ministry, and a valued underwriter of this program. CHM provides a biblical, voluntary approach to healthcare where members share one another's eligible medical expenses. Lauren, welcome back.
Lauren Gajdek: Thank you, Rob. I appreciate being back on the show with you.
Rob West: Well, we always look forward to it. Lauren, open enrollment can feel overwhelming for families trying to choose the right healthcare. What are you hearing from people as they sort through their options?
Lauren Gajdek: Well, you know, there's a lot of things for people to think about and it's very easy to feel overwhelmed this time of the year. In fact, there was a recent survey done by KFF, which is a healthcare policy organization, and they found that among people who enrolled on the healthcare marketplace, 63% said looking at their options made them feel worried, you know, 52% said angry, and 46% said confused. So, there's a lot of negative emotions surrounding this time of year in terms of healthcare choices. So, you know, Christians though, we have a different alternative. There's an approach to medical cost that reflect our faith and values and cuts through the confusion, and that is Christian Healthcare Ministries.
Rob West: Well, that's exactly right. And with CHM, unlike traditional health insurance, there's no limited open enrollment period. So what does that mean for someone considering membership?
Lauren Gajdek: This is the time of year when people are thinking about maybe changing their health insurance or their healthcare plan. You know, that's very normal, but with CHM, the conversation doesn't have to happen just during open enrollment time. So because we're not an insurance company, we're a health cost-sharing ministry where Christians help each other with their medical expenses, you know, they can join CHM anytime that's right for them instead of having to fit into a predefined window like open enrollment.
Rob West: Yeah, that's really helpful. And I know CHM is in the midst of some pretty remarkable growth right now. What do you think is behind that?
Lauren Gajdek: Well, that's a great question. You know, we have seen just in our second quarter more than 6,600 new applications through our marketing efforts, which is an 8% increase year over year. So, it appears that people are just looking for, you know, obviously affordability because healthcare has become so expensive in recent years, but also peace of mind, and we like to call it assurance instead of insurance with CHM.
Rob West: Yeah, that's great. And I know one of the exciting things is that more than 80% of the people visiting CHM's website are brand new. What does that tell you about the level of interest you're seeing right now?
Lauren Gajdek: I think we're reaching a larger portion of the Christian population because, like I said, people are looking for an alternative to their expensive health plan. So people who've never really thought about health cost sharing before are jumping on board and they want to know what choices that they have. In traditional insurance is not their only option. So CHM has been around for over 40 years and and we've been able to offer help with medical costs that are rooted in community and stewardship and believers helping carry one another's burden.
Rob West: If you want to learn more, go to faithfi.com/chm. Lauren, just about 30 seconds left, give me just one quick summary for somebody who's just hearing about this for the first time: What is CHM?
Lauren Gajdek: It's an alternative to health insurance whereby Christians all over the country contribute each month in order to help share each other's medical costs. And what I like to tell people is it's not health insurance, but the ultimate destination is the same because your medical bills end up being taken care of. It's just the journey to get there is a little bit different, and it's worth looking into.
Rob West: It sure is. We have some of our team members that use CHM, they love it, so many of our listeners have made the switch to CHM, and when it comes to managing healthcare costs, Christians have choices, and with CHM, you don't have to wait for open enrollment to explore another option. Lauren, so thankful for your time today.
Lauren Gajdek: Oh, thank you for having me.
Rob West: That's Lauren Gajdek with Christian Healthcare Ministries. To learn more about how CHM works, explore membership options, and see whether health cost sharing might be right for your family, visit faithfi.com/chm. That's faithfi.com/chm. We'll be right back with your questions. Stick around.
SEGMENT 2
Rob West: So thankful to have you with us today on Faith and Finance here on American Family Radio. Our goal on this program to help you be a wise and faithful steward. That means we have to start with the idea that God owns it all. The earth is the Lord's and everything in it. Therefore, we're his money managers or stewards of his resources and money. Well, money is a tool to accomplish his purposes, so we should really start with our values and priorities as believers and then order our financial lives accordingly, heeding the counsel of scripture, applying principles, and then building a spending plan based on how much is enough, asking God what lifestyle he's called us to and then building a plan that allows us to give every dollar a name, but not letting the world or the culture or a system built on materialism inform our decisions, but really making our decisions in light of what's most important to us. Well, we want to help you do that on this program each day, not being in pointing a finger at you or trying to discourage you in any way. We want to be hopeful and encouraging as we help you apply God's wisdom to your financial life. So what are you thinking about today? What decisions are you trying to make? We'd love to tackle those with you.
In the news today, buy now, pay later loans are increasingly being used for necessities, not just discretionary purchases as households faced higher living costs. Buy now, pay later providers issued an estimated 100 157 billion in consumer credit in 2025. That was up 116 billion from 2024. LendingTree reports that 44% of Americans expect to use buy now, pay later within six months. Some consumers turn to these loans after exhausting their credit cards. Surveys show others are using the loans for groceries, rent, utilities, medical care, car repairs, I'm even seeing them for food delivery. Can you imagine? The convenience can carry serious risks. Nearly half of these buy now, pay later users reported making a late payment in the last year. While many plans charge no interest, many do include interest, financing charges, repeated late payments and fees. Borrowers may find that several small payments quickly become difficult to manage. That creates an ongoing cycle of debt. Be on your guard here. This is becoming normal, unfortunately. And listen, if you're needing to use buy now, pay later to make the purchase, it's a tell-tale sign that you need to slow down, stop, wait, save, and buy with cash. Be careful. This is is becoming all too common.
All right, let's dive into your questions today. Let's go to Alabama, Jean, how can I help?
Jean: I wonder how I could get the name of a debt consolidation company, a good Christian company or a way to reduce a large payment.
Rob West: Mm, yeah. I'd be happy to help with that, Jean, and the one I'm going to give you actually has Christian in the name. It's Christian Credit Counselors. We've been partnered with Christian Credit Counselors for more than a decade now. They've worked with thousands of our listeners. They're wonderful people. In fact, I talked to Neely Simon, who is one of the key on the executive team there at Christian Credit Counselors just earlier today. And they're working, unfortunately, I'll say, with more and more people. Just credit card debt seems to be running rampant now as costs are up and it's just creating a real problem. However, they really feel that they've been called to this moment, and these are wonderful folks that want to come alongside God's people. And the reason that this is my preferred way to pay off debt is it doesn't require a new loan to roll up the debt with a new lender. It stays right where it is, but you enjoy two things. Number one is a level monthly payment, usually slightly lower than what you're paying right now on a minimum payment, but with a reduced interest rate. So whereas the average interest rate sitting today around 23%, the typical between in in credit counseling is between zero and 10. Now, it's ultimately going to depend on which creditors you're with in terms of which interest rate you get, but your first step is to head to Christian, well, the better website is faithfi.com/ccc. That's faithfi.com/ccc. And you can get an appointment virtually to connect over the phone, they'll walk you through all the details. And on average, you'll pay it off 80% faster with this approach. Does that help though, Jean?
Jean: Yes. Do you have a phone number for them?
Rob West: I do. Yes, I'd be happy to help with that because I know it's often a lot easier just to pick up the phone and call. And that number is 800-557-1985. 800-557-1985.
Jean: Okay, that sounds great. Thank you so much.
Rob West: Okay, you're welcome, Jean. Call anytime. Lord bless you. Let's go to Spring Hill, Florida and welcome Rich to the broadcast. Go ahead, sir.
Rich: Hi, Rob. Thanks for taking my call.
Rob West: Yes, absolutely.
Rich: My question is, I'm about to turn 69 and I'm trying to hold out till I'm 70 to collect my social security so that I get the maximum social security. If I'm able to, I might continue to work because I'm a little worried about being bored after I retired. So if I, if I continue to work, does that mean that my social security will gradually increase or do I stop paying social security after 70?
Rob West: Yeah, you don't ever stop paying into social security if you're working. You're going to have those FICA taxes regardless of your age, just the way the system works. And there is no reason to continue to delay beyond age 70 because that 8% increase that you're going to get every year beyond full retirement age stops accruing once you reach age 70. So you're just leaving money on the table if you don't start collecting. So you would not want to wait past age 70 to collect. But if you continue to work, and I love what you're saying about, listen, I love working and I'm not sure I would want to stop unless God redirects me to something else that allows me to be productive in a different way, you are still going to pay the FICA taxes.
Rich: Okay. So if I continue to work after, but I do collect my social security at 70, the money that I contribute after I turn 70 and continue to work, does that make my social security increase a little bit more?
Rob West: Maybe. And here's the the way that would happen. If you earn in any given year at any time, including beyond age 70, more earnings in that year than any of your high 35. So remember, you've got to have 40 quarters or 10 years of paying into the system to qualify. And your check is based on your highest 35 years of earnings. And so if by continuing to work, the total wages you had in any given year, if it replaced any of your high 35, then that would result in them recalculating your benefit and it would increase. Um, and then the cost of living adjustments are going to happen regardless of whether you're working or not. So that would be the only way you would get a larger check as a result of working is if you knock off one of the lower years.
Rich: Great. And a real quick second question.
Rob West: Yeah.
Rich: Who do I need to contact or to see to help me create a budget? Because I must be overspending because every couple months, I have to withdraw some money out of my savings to make my checking even.
Rob West: Yeah. Yeah. Very good. Yeah, we have a team of what are called certified Christian financial counselors here, Rich, at FaithFi. And I'd be happy to provide one of those to you to work with you on a couple of sessions. If you decide you want to continue beyond that and you need some ongoing assistance, you would then work out, you know, what those payments would be for each session. It would be fairly nominal. But at least for those first couple of sessions, just to get you pointed in the right direction, help you understand the mechanics of setting up a spending plan, whether it's a paper system or in the FaithFi app, they're trained to do that and we'd be happy to provide that complimentary. Does that sound good?
Rich: That sounds great. Thank you.
Rob West: Okay. Absolutely, Rich. Hang on the line. The team will get your information and we'll get somebody in touch with you. Thanks for calling today. Well, we're going to take a break and we come back more of your questions. We've got some great ones holding. We'll be right back.
SEGMENT 3
Rob West: Great to have you with us today on Faith and Finance on American Family Radio. I'm Rob West. Hey, don't call in today, our team is away from the studio, but we did line up some questions that we will get to, and I'm confident you will enjoy them. You know, we hear from so many of you that tell us that God is at work through this ministry in your life, and we're so grateful. If you want to support our work here at Faith and Finance, the easiest way to do that is for you to become a FaithFi partner. Just head to faithfi.com and click give, and as a way of encouraging you and your stewardship journey, we'll send you all kinds of resources every quarter. Just go to faithfi.com/give. All right, we're going to head back to the phones. Let's head to Illinois. Scott, go ahead.
Scott: Hi. Um, my w- I'm trying I'm going to try and speak fast cuz this is like over 10 years in the making. But we are trying to buy our house that we've been renting and the landlord is willing to sell to us for a pretty good price. Um, my biggest question was, um, I I it was more of a worldly thing, but I had on my heart that, um, I wanted to save 50% of this house to put down, and so we had some medical bills and we're at about 25% now. And, um, the spirit is, oh, sorry, pretty on my heart that we should buy now. Um, and so, since we've been renting, I'm trying to find out um we don't really need a realtor, but we do need something like a lawyer or realtor to do things like the deeds and stuff. And, um, I really needed and hold of um some advisors. I reached a couple from, um, from here.
Rob West: Mm. Yeah. Well, I appreciate that. And, um, you know, I'm, I, uh, congrats on on your new career and that job change. Uh, you know, in, in terms of where you go from here, I would say number one, don't deplete your cash reserves, you know, especially after a career change, it's wise to maintain a healthy emergency fund in case your income is less predictable than expected. I would consider the interest rate here, Scott. You know, if you're getting a competitive mortgage rate, it may make sense to put down less than 50% and keep more cash available. If the rate is high, you know, putting more down could reduce your monthly payment and total interest cost. We're on the higher end of what we've experienced the last 10 or 20 years, but we're probably pretty more typical to what, you know, the industry has looked like for the last 50 years or so. Um, and then you always want to look at your whole financial picture. You know, the right down payment balances, affordable monthly payments with maintaining liquidity. Now, we certainly want to try to pay it off over time, but this idea that you would try to, you know, preserve adequate reserves is a big idea. Uh, in terms of who you'd want to connect with, um, you know, in terms of the the the purchase itself, I think just finding a godly real estate professional would be, you know, really important and then they would work either with an attorney or title company on the closing, but that real estate professional is really the quarterback for helping you um in in terms of finding that um that appropriate home, helping you negotiate and buy, and then um you know, dealing with all of the uh the contracts and so forth. Um, so I would probably ask at your local church. You said you certainly could call a certified kingdom advisor and ask for a referral, but we don't have CKs in the realtor field. So there wouldn't be any direct contact you could make through FaithFi. You would have to ask for a referral. But I think that person that is familiar with your area, preferably shares your values, who's got good experience could be invaluable in this process of, um, you know, just determining what house to buy, what you can afford, where, and then, you know, ultimately how much to put down. Um, I hope that helps. It sounds like you're headed in the right direction here, Scott, and if we can help further, don't hesitate to reach out. Thanks for being on the program, sir.
Let's go to Indianapolis. Matthew, go ahead.
Matthew: Yeah. Thanks, Rob. Uh, my question is, I'm 39 years old. Um, I have about $100,000 in an ESOP account, um, that's going to be paid out next year in 2027. My wife and I have about 60,000 in debt. The question is, do I is it wise to pay off the debt with that ESOP money that's being paid out, or roll that into my uh 401k?
Rob West: Yeah. And, um, what type of debt do you have? The 60,000?
Matthew: Um, it's, um, a couple credit cards and, um, some tax debt.
Rob West: Okay. And do you are you still accumulating the credit card debt?
Matthew: No.
Rob West: Okay. Where did was that like a single event or was that just gradual, you know, lifestyle spending beyond your means? Where did that come from?
Matthew: Yeah. Yeah, it was, uh, prior to our marriage and then, um, just spending on some things that we probably didn't need to prior to marriage and then also some marriage debt too when we had our wedding.
Rob West: Okay. Yeah. Yeah, I mean the priority order there would be I would say is the IRS debt first, especially if you're accruing penalties and interest, then the high interest credit card debt, especially if it's double digit interest, and then maintain an adequate emergency fund so you don't ever go back there. And then if there's money left over, then that would be where, you know, you would look at, uh, perhaps rolling the eligible portion into your 401k or another qualified retirement account. But I would confirm that, in fact, that is eligible for a rollover. I suspect you've already done that given that you mentioned that option. Um, you also do want to know the tax consequences. So, you're, you're just going to want to probably talk to your plan administrator or your CPA before making decisions, um, especially on anything you're pulling out so that doesn't catch you by surprise. But, um, you know, ultimately, you know, getting the IRS paid back and then getting that credit card debt eliminated, now, if you can fund the credit card debt on a relatively, you know, short period of time out of current cash flow, I'd love to hang on to as much of this retirement account as possible for your future, especially because it's in a tax-deferred environment and it's not easy to get money in there. But that IRS debt, you know, seems like something, unless you're on a payment plan and you're making good progress, uh, you know, that would often come first for me. So, that's my pecking order. I think some of the things to consider there, as you're thinking about it, big idea, you know, we want to get out of debt quickly, and as long as you've got a plan to do that, I'd like to preserve as much of this as we can. But anything that's considering uh to accrue high interest, let's wipe it out. Thanks for your call. We'll be right back.
SEGMENT 4
Rob West: We're so glad you're along with us today on Faith and Finance here on American Family Radio. Our goal, our hope and prayer for you is that you would see God as your ultimate treasure as we explore God's word as it relates to money decisions. Let's head to Tennessee, Victor, how can I help?
Victor: Hey, Rob, I appreciate you taking the call. Um, my son and daughter-in-law got a car payment that's just overly inflated and I was just curious if like Christian credit counselors or if there was another way, um, you know, to sort of bring down the interest because they had bad credit before they got the car, but they had to have the car. My son joined the military and he needed a car to drive across the country, so--
Rob West: Yes. Yeah, I know that can be challenging. You know, that's one of the big three budget busters: housing, cars, and food. Food's a little easier to remedy, housing is really difficult, cars can certainly be difficult as well. Is he upside down on this, or are they just struggling to make the payments?
Victor: Well, so now that he's in the military, the the money's okay, uh, they live on base, they have base housing and so on, but the obviously they're still stuck with this car payment because they bought the vehicle, so uh, it's $900 and something dollars a month and I'm pretty sure the interest is like way overly inflated because like I said, they had not great credit when they got it. Uh, but he had to have a vehicle to get him across the country, so, uh, to his duty station. So I I just I didn't know if there was a way to, you know, get the interest down sort of like they do with credit cards. I didn't know if there was something for auto loans like that.
Rob West: Yeah, it's a good question. No, there really isn't. I mean, Christian Credit Counselors helps people with unsecured debt, and the the benefit is that these credit card companies all have a credit counseling department, so it's a it's an official program that's in place, they all have their credit counseling rate, so as long as you go through a non-profit credit counseling agency, they'll slide you into credit counseling, the card gets closed, but you do then enjoy the lower interest rates as long as you pay through the non-profit. That is not available for secured loans in the same way. So, unfortunately, that that option doesn't exist. You know, typically, what you would do is just, you know, call the lender. You certainly, if you're going to miss a payment, you don't want to wait. You want to ask whether they have a hardship assistance program or temporary payment reduction or loan modification. You know, that's not really helping, necessarily, it's just kind of kicking the can down the road. You could look to refinance. You could, of course, sell the vehicle if it's worth enough to pay off the loan and then, you know, just be out from under it, purchase something less expensive. Uh, if you're upside down, you can talk to the lender about your options. Sometimes they'll help you with that. Um, but you always want to start with the budget, you know, so we don't get back into another bad situation. But, unfortunately, there's not kind of a program you can slide into that would address the interest rates in the same way that you have available with credit cards.
Victor: Yeah. I I wasn't sure. Like I said, they're they're okay as far as the money situation. I just hate seeing them pay all this money onto this car that, you know, they're sort of stuck with. I mean, I guess they could, again, try to sell it or whatever, but they sort of need it. And, under the circumstances, I just didn't want them to keep chucking money at this thing if they could get, you know, a better offer or another way, but outside of, uh, you know, I guess, refinancing. They they've they talked to the lender on that, and the only real refinance on that, it's not really so much of a dropping of the interest, it's just changing the the length of the loan, so that it it just changes for a longer, lower your monthly bill, but it you're just still paying the money just over a longer period of time. That's--
Rob West: Yeah, which means you pay more interest in the long run, so, yeah, that's definitely not solving the problem. Yeah, unfortunately, I think you've just got to chalk this up to a a learning experience and and let them just ride this out, pay it off as quick as they can, and and try to move on and and remedy the situation in the future. Hopefully, they can, you know, keep making this payment to themselves once this is paid off, become their own bank, and buy with cash in the future. But uh, there's not uh any kind of quick fix there, for sure. Hey, we appreciate your call. You sound like a great dad, Victor. I wish I had a better solution for you, but uh, I think this is about uh the best you can do. Hey, stay on the line, I'm going to send you a copy of Ron Blue's book Master Your Money to pass along uh to your son and daughter-in-law. It was a game-changer for me coming out of college, and this could be a a key learning opportunity for them to understand God's way of handling money. Again, it's called Master Your Money, and we'll send it as our gift. So, just hang right there. Thanks for being on the program today.
Let's go to Illinois, Tanya, how can I help?
Tanya: How you doing, Mr. West?
Rob West: I'm great, thank you.
Tanya: Yes, sir. Uh, I just have two quick questions. One is, what is the upside downside of having an authorized user on your credit card accounts? I'm speaking of my son. I kind of know the answer some of the answer, but I want to hear your version. And then the second one is this new thing that has come out for me, um, with the American Express logo being attached to like certain uh credit cards, you know, upscale credit cards like the Hilton, Macy's. Do you need to have an American Express card if you have those type of cards with the American Express logo? How does that fit into the equation of just overall, what is the point of it, um, with Macy's having uh the with the American Express card logo now that's something new where you can use Macy's card anywhere, or let's say the Hilton and you can use it anywhere? Um, can you explain that a little bit? And you can disconnect me and answer my questions.
Rob West: Okay, thanks for your call today. Let's tackle that first one with regard to authorized users, um, because, you know, this is a strategy folks will use, especially to help somebody build credit, like maybe a a child who's just coming out of college, just getting started. You can add somebody to your account as an authorized user, even if they don't have access to the card, and they inherit all of your credit history, and assuming it's good, uh, then, you know, it will help them build credit much quicker because they get the benefit of your long-standing history, your on-time payments, all of those things, which can uh kind of short-circuit that, or shortcut that process, is what I meant to say. Uh, what are the downsides? Well, your credit can be affected, um, because if you're an authorized user and the primary cardholder misses a payment or carries a high balance above 30% of the limit, or somehow damages the account, that activity is going to flow through to the authorized user's credit report. So, you know, that good credit history is going to come through along with the bad, and so you'd just, you know, often folks will go into it with the best intentions, then all of a sudden, their balance starts creeping up and now, all of a sudden, you know, it's a uh, maybe it's it's only one card on their account and it's over the the uh the limit, or the threshold of 30%, and it's going to do more damage to that authorized user than someone else who's got multiple cards, and when you factor this into the other available credit they have, it's not that significant. Uh, I would say, you know, trust is essential, because if that authorized user has access to the card, they can run up that debt, so that's key. And, um, you know, those are pretty much the main issues. Uh, I would say, maybe the third is, if you're planning to do this only because you want to get the good credit history and build your credit, make sure your particular creditor does share that data with authorized users, not all do. And so, that may defeat the purpose. So, those would be the main issues, primarily just that that negative information is going to come over along with the positive. All right, we're going to take a break. When we come back, I'll get to part two of your question, uh, related to uh branded retail cards with the Amex logo, and then we'll get to a few more calls here in our final segment. Catherine, Cynthia, Gordon, coming your way. We'll be right back.
SEGMENT 5
Rob West: Thanks for joining us today on Faith and Finance here on American Family Radio. I'm Rob West. All right, let's head back to the phones. Um, actually, Tanya asked a second question that's a good one that I want to tackle quickly. She's staying on the line to listen, and she was wondering about, you know, these branded retail cards that can come out, and a lot of folks are seeing these. And, you know, I think what you need to understand there is that, you know, all kinds of retailers are looking at opportunities to find new revenue, and one of the ways they do that is through these Amex cards. And whether they use Visa or Amex, it's just a way for these cards to, you know, have more purchases taking place. Um, you know, I wouldn't get caught up in, you know, whether it's Amex or Visa. I think the main thing is only use credit cards for budgeted items and pay it off in full. And I would get out of that trap of anytime somebody offers you a card, even if there's 10% attached to it as a discount. The problem is you can just rack up a lot of these cards. It it affects your credit, and it's just tempting to spend money that you wouldn't otherwise spend. So, I would say, Tanya, although, yes, this is more common, I would avoid you taking on more and more of these cards, especially if there's annual fees attached to them. Just stay focused on one card that you're going to use for, again, budgeted items and pay it off in full. Hey, thanks for your call today. We appreciate you being on the program.
Uh, Catherine is also in Illinois. Go ahead.
Catherine: Hi, Rob, thank you for taking my call. I have been working as an elementary teacher, and I'm trying to supplement my salary. So, someone introduced me to selling insurance. Uh, and so I went ahead and uh started and got a license in life and uh health. And I'm asking you whether I could go with the company that my friend invited me, which is WSG, or what would be the best way to use this um license on a part-time basis?
Rob West: Yeah. Yeah, it's a great question, Catherine. And, you know, I think being licensed to sell life and health insurance can be rewarding. If you like uh helping people, if you're inclined to just the way God has wired you to networking and and talking to a lot of people, and then really serving them well and trying to help them in a really important area, and that is to protect their families and offset a significant risk that exists. Uh, I would carefully evaluate the company uh you're going with, also how you're compensated, and whether the business model aligns with your values and and personality type as well. Uh, I mean, the benefits to just selling life and health insurance is, you know, you've you've got flexible work hours and and supplemental or full-time income, you can help people with important protection. You know, it can be a pathway into the broader financial services industry. And I think if you can build a a strong client and referral base, you can see compensation that grows. But it's commission-based, which means it's unpredictable, and, you know, especially early on, and it can take time and persistence. And then I think you need to look carefully at the company you're working with because a lot of times, and and I'm not surprised that you were invited into this by a friend, because that's really the business model of the company you've mentioned, and and many others like them. They're not doing anything wrong, but it's more of a multi-level marketing structure, which just means you not only earn from selling products, but also from recruiting and developing other agents. And, you know, it's important to understand that the, you know, where is the emphasis for the company? Is it Is the emphasis on recruiting more representatives, or is the emphasis on serving clients well, both in terms of the quality of the product and the pricing? And I think if you want to go into selling insurance, that's great. Again, it can be rewarding and flexible, and you can make some money if you stick at it for a while, but I would make sure that you're partnering with that company that really wants to serve people well with a competitive product. And perhaps you ought to look at an independent insurance agency that doesn't have a model built on you recruiting more representatives, and perhaps is more of what's called a captive insurance agent um that uh that you feel aligned with in terms of of your values. So, that would be my advice. Again, nothing wrong with this industry, but I might look around in terms of, you know, making sure you find the right fit before you commit to one particular company. Thanks for calling, Catherine. I hope that helps. Let's go to West Palm Beach.
Cynthia, how can I help?
Cynthia: Hi, good afternoon. I have a quick question, and I don't want to take up too much of the time. Um, about 4 months ago, I received an invitation from a what we call or what I thought was a trusted online banking institution, uh an invitation to open a new savings account with them and earn a cash bonus if I left the funds there for 90 days, okay? Fast forward, uh 4 months now, I left it in there for more than 90 days just to make certain that I qualified. Um, I'm being told now that um I didn't do something. I I was supposed to enroll in the promotion. Well, the invitation only said make the deposit by a given date and leave it there for 90 days. There were no other instructions in my invitation. So, I don't understand why they're refusing. Can I call the name of the institution, or you don't want me to do that?
Rob West: Uh, yeah, you know, it doesn't matter. I mean, I think the the key idea is that, you know, they made a a promise that you thought you complied with and then they're not making good on it. So, regardless of who it is, first of all, let me just say I know this can be frustrating, and and so I'm sorry you're going through this, Cynthia. Uh, I'm glad you called, though. You know, this isn't rocket science in terms of what I'm about to tell you, but I do think the next step is for you to call and ask for a supervisor, or somebody on the escalation team where perhaps they have a little bit more ability uh to resolve the problem if you can show that you met the promotional requirements. So, you're going to want to review those terms and conditions carefully. Uh, you know, many bank bonuses do require entering a specific promo code, or you have to enroll with a designated link, or certainly you have to maintain a minimum balance or, you know, keep it open for a certain period of time. You just need them to explain to you if you didn't meet that, why? What was it that you missed? And if you believe, you know, that was not communicated clearly, then you can make that case to the supervisor or the escalations department because, you know, if they didn't honor their advertised offer, you certainly can file a a written complaint with the bank so there's a record of the dispute, and then if they don't resolve it, your next step would be to go to the CFPB, the Consumer Financial Protection Bureau, and they take those complaints seriously and are required to respond, actually. So, if you just go to your search engine and type in Consumer Financial Protection Bureau, that really is the purpose of that government entity is to protect consumers, specifically in the area of financial uh accounts and financial products. Um, so I I would say that's probably your next process. Uh, you know, I wouldn't close the account until you've exhausted the appeal process because keeping it open is is, you know, perhaps one of the promotion's requirements. Does that make sense?
Cynthia: It all makes sense, and I want you to know that I did everything that you just mentioned. I called them, I got it escalated and escalated and escalated, and it seems as though they're all coming back with the same excuse that I needed to, and and, you know, they they apologize that uh they they can't do anything about it. Well, what I'm thinking is, why can't you do anything about it? You still have my money sitting on deposit there, and it's been there for the required amount of time, and you just I mean could I even if let's say I did miss a step, I I followed your instructions uh according to your invitation to me to open this account, and I did that. I moved my money from where it was making money, and brought it here to lose my money. So, I think the Consumer What is it? Consumer Financial Protection Bureau? That's going to be my next step.
Rob West: Yes, ma'am. I think it is, and they do they do take those seriously, and they are required to respond, and and perhaps that would get their attention. In the future, I would save screenshots of the offer uh and the confirmation page because those records can make all the difference if there's ever a dispute over whether you qualified. So, um let's make this a learning opportunity that we can all benefit from, Cynthia, but I appreciate you checking with us. Hopefully, this will be resolved successfully. Thanks for being on the program today.
Let's go to Indiana. David, how can I help?
David: Hey, how you doing?
Rob West: Good. Thanks for calling.
David: Yeah, thanks for uh taking my call. Yeah, I just got a real quick question. Um, so my wife and I, I mean we make decent money, but um seems like we're paying taxes every year, and what I did was uh basically uh increase my 401(k) to hopefully uh kind of uh, you know, put that money towards the uh savings as opposed to paying more income taxes, if is that possible? Or should I figure something else out as far as taking more money and uh putting it aside at the end of the year, or, you know, income taxes also offer option to uh just take out additional funds? What what what's your best advice?
Rob West: Yeah, yeah, it's a great question. Uh, you know, in terms of the strategies here, I mean, the 401(k), increasing your 401(k) contributions is one of the best ways to reduce your current taxable income, you know, if you're already contributing to a traditional 401(k). Um, and, you know, I think, secondly, you know, the goal is to be withholding enough throughout the year so you don't get hit with any penalties. Uh, in terms of how much to have withheld, do you have everything coming from W-2 income, or are you self-employed?
David: Yeah, W-2.
Rob West: Okay. Yeah, so ideally, you want enough withheld so you don't have any balance, but you don't receive unnecessarily a large refund, either. So, the ideal state is to satisfy, you know, the IRS what's called safe harbor rule so you don't uh hit get hit with underpayment penalties. And then if you have bonuses or rental income or investments or anything like that, you know, then you'd do additional withholding or you'd or the quarterly estimated payments. Um, you know, again, the the 401(k), yeah, those contributions reduce your taxable income, which then, as you know, lowers that federal and and then potentially state income tax as well. Um, other ways would be, you know, if you could contribute to a health savings account, that probably doesn't apply if it doesn't already, you could open a traditional IRA alongside your traditional 401(k). Um, so those would be the the most common that you would have. Um, but I think the key is just to make sure that you have enough being withheld, and if if you're consistently getting hit at the end of the year with additional taxes being owed, then, you know, you probably need to include uh increase your withholding.
David: Got it. All right, thanks a lot.
Rob West: Yeah, absolutely. Thanks for your call today, we appreciate it. Thanks to my team today. Thank you for being here, and we'll see you next time. Bye-bye.
Rob West: It's almost health insurance open enrollment time again. But what if you could skip it? Hi, I'm Rob West. For many, this is the time of year to sort through health plans, premiums, deductibles, and coverage for the year ahead. But there are alternatives to traditional health insurance that don't limit enrollment to a few weeks each year. Lauren Gajdek joins us today to explain one of them, and we have lots of great listener questions ahead, but we won't be taking your live calls today because this program is pre-recorded. This is Faith and Finance on American Family Radio.
Rob West: Lauren Gajdek serves as senior director of external affairs for Christian Healthcare Ministries, the nation's longest-serving health cost-sharing ministry, and a valued underwriter of this program. CHM provides a biblical, voluntary approach to healthcare where members share one another's eligible medical expenses. Lauren, welcome back.
Lauren Gajdek: Thank you, Rob. I appreciate being back on the show with you.
Rob West: Well, we always look forward to it. Lauren, open enrollment can feel overwhelming for families trying to choose the right healthcare. What are you hearing from people as they sort through their options?
Lauren Gajdek: Well, you know, there's a lot of things for people to think about and it's very easy to feel overwhelmed this time of the year. In fact, there was a recent survey done by KFF, which is a healthcare policy organization, and they found that among people who enrolled on the healthcare marketplace, 63% said looking at their options made them feel worried, you know, 52% said angry, and 46% said confused. So, there's a lot of negative emotions surrounding this time of year in terms of healthcare choices. So, you know, Christians though, we have a different alternative. There's an approach to medical cost that reflect our faith and values and cuts through the confusion, and that is Christian Healthcare Ministries.
Rob West: Well, that's exactly right. And with CHM, unlike traditional health insurance, there's no limited open enrollment period. So what does that mean for someone considering membership?
Lauren Gajdek: This is the time of year when people are thinking about maybe changing their health insurance or their healthcare plan. You know, that's very normal, but with CHM, the conversation doesn't have to happen just during open enrollment time. So because we're not an insurance company, we're a health cost-sharing ministry where Christians help each other with their medical expenses, you know, they can join CHM anytime that's right for them instead of having to fit into a predefined window like open enrollment.
Rob West: Yeah, that's really helpful. And I know CHM is in the midst of some pretty remarkable growth right now. What do you think is behind that?
Lauren Gajdek: Well, that's a great question. You know, we have seen just in our second quarter more than 6,600 new applications through our marketing efforts, which is an 8% increase year over year. So, it appears that people are just looking for, you know, obviously affordability because healthcare has become so expensive in recent years, but also peace of mind, and we like to call it assurance instead of insurance with CHM.
Rob West: Yeah, that's great. And I know one of the exciting things is that more than 80% of the people visiting CHM's website are brand new. What does that tell you about the level of interest you're seeing right now?
Lauren Gajdek: I think we're reaching a larger portion of the Christian population because, like I said, people are looking for an alternative to their expensive health plan. So people who've never really thought about health cost sharing before are jumping on board and they want to know what choices that they have. In traditional insurance is not their only option. So CHM has been around for over 40 years and and we've been able to offer help with medical costs that are rooted in community and stewardship and believers helping carry one another's burden.
Rob West: If you want to learn more, go to faithfi.com/chm. Lauren, just about 30 seconds left, give me just one quick summary for somebody who's just hearing about this for the first time: What is CHM?
Lauren Gajdek: It's an alternative to health insurance whereby Christians all over the country contribute each month in order to help share each other's medical costs. And what I like to tell people is it's not health insurance, but the ultimate destination is the same because your medical bills end up being taken care of. It's just the journey to get there is a little bit different, and it's worth looking into.
Rob West: It sure is. We have some of our team members that use CHM, they love it, so many of our listeners have made the switch to CHM, and when it comes to managing healthcare costs, Christians have choices, and with CHM, you don't have to wait for open enrollment to explore another option. Lauren, so thankful for your time today.
Lauren Gajdek: Oh, thank you for having me.
Rob West: That's Lauren Gajdek with Christian Healthcare Ministries. To learn more about how CHM works, explore membership options, and see whether health cost sharing might be right for your family, visit faithfi.com/chm. That's faithfi.com/chm. We'll be right back with your questions. Stick around.
SEGMENT 2
Rob West: So thankful to have you with us today on Faith and Finance here on American Family Radio. Our goal on this program to help you be a wise and faithful steward. That means we have to start with the idea that God owns it all. The earth is the Lord's and everything in it. Therefore, we're his money managers or stewards of his resources and money. Well, money is a tool to accomplish his purposes, so we should really start with our values and priorities as believers and then order our financial lives accordingly, heeding the counsel of scripture, applying principles, and then building a spending plan based on how much is enough, asking God what lifestyle he's called us to and then building a plan that allows us to give every dollar a name, but not letting the world or the culture or a system built on materialism inform our decisions, but really making our decisions in light of what's most important to us. Well, we want to help you do that on this program each day, not being in pointing a finger at you or trying to discourage you in any way. We want to be hopeful and encouraging as we help you apply God's wisdom to your financial life. So what are you thinking about today? What decisions are you trying to make? We'd love to tackle those with you.
In the news today, buy now, pay later loans are increasingly being used for necessities, not just discretionary purchases as households faced higher living costs. Buy now, pay later providers issued an estimated 100 157 billion in consumer credit in 2025. That was up 116 billion from 2024. LendingTree reports that 44% of Americans expect to use buy now, pay later within six months. Some consumers turn to these loans after exhausting their credit cards. Surveys show others are using the loans for groceries, rent, utilities, medical care, car repairs, I'm even seeing them for food delivery. Can you imagine? The convenience can carry serious risks. Nearly half of these buy now, pay later users reported making a late payment in the last year. While many plans charge no interest, many do include interest, financing charges, repeated late payments and fees. Borrowers may find that several small payments quickly become difficult to manage. That creates an ongoing cycle of debt. Be on your guard here. This is becoming normal, unfortunately. And listen, if you're needing to use buy now, pay later to make the purchase, it's a tell-tale sign that you need to slow down, stop, wait, save, and buy with cash. Be careful. This is is becoming all too common.
All right, let's dive into your questions today. Let's go to Alabama, Jean, how can I help?
Jean: I wonder how I could get the name of a debt consolidation company, a good Christian company or a way to reduce a large payment.
Rob West: Mm, yeah. I'd be happy to help with that, Jean, and the one I'm going to give you actually has Christian in the name. It's Christian Credit Counselors. We've been partnered with Christian Credit Counselors for more than a decade now. They've worked with thousands of our listeners. They're wonderful people. In fact, I talked to Neely Simon, who is one of the key on the executive team there at Christian Credit Counselors just earlier today. And they're working, unfortunately, I'll say, with more and more people. Just credit card debt seems to be running rampant now as costs are up and it's just creating a real problem. However, they really feel that they've been called to this moment, and these are wonderful folks that want to come alongside God's people. And the reason that this is my preferred way to pay off debt is it doesn't require a new loan to roll up the debt with a new lender. It stays right where it is, but you enjoy two things. Number one is a level monthly payment, usually slightly lower than what you're paying right now on a minimum payment, but with a reduced interest rate. So whereas the average interest rate sitting today around 23%, the typical between in in credit counseling is between zero and 10. Now, it's ultimately going to depend on which creditors you're with in terms of which interest rate you get, but your first step is to head to Christian, well, the better website is faithfi.com/ccc. That's faithfi.com/ccc. And you can get an appointment virtually to connect over the phone, they'll walk you through all the details. And on average, you'll pay it off 80% faster with this approach. Does that help though, Jean?
Jean: Yes. Do you have a phone number for them?
Rob West: I do. Yes, I'd be happy to help with that because I know it's often a lot easier just to pick up the phone and call. And that number is 800-557-1985. 800-557-1985.
Jean: Okay, that sounds great. Thank you so much.
Rob West: Okay, you're welcome, Jean. Call anytime. Lord bless you. Let's go to Spring Hill, Florida and welcome Rich to the broadcast. Go ahead, sir.
Rich: Hi, Rob. Thanks for taking my call.
Rob West: Yes, absolutely.
Rich: My question is, I'm about to turn 69 and I'm trying to hold out till I'm 70 to collect my social security so that I get the maximum social security. If I'm able to, I might continue to work because I'm a little worried about being bored after I retired. So if I, if I continue to work, does that mean that my social security will gradually increase or do I stop paying social security after 70?
Rob West: Yeah, you don't ever stop paying into social security if you're working. You're going to have those FICA taxes regardless of your age, just the way the system works. And there is no reason to continue to delay beyond age 70 because that 8% increase that you're going to get every year beyond full retirement age stops accruing once you reach age 70. So you're just leaving money on the table if you don't start collecting. So you would not want to wait past age 70 to collect. But if you continue to work, and I love what you're saying about, listen, I love working and I'm not sure I would want to stop unless God redirects me to something else that allows me to be productive in a different way, you are still going to pay the FICA taxes.
Rich: Okay. So if I continue to work after, but I do collect my social security at 70, the money that I contribute after I turn 70 and continue to work, does that make my social security increase a little bit more?
Rob West: Maybe. And here's the the way that would happen. If you earn in any given year at any time, including beyond age 70, more earnings in that year than any of your high 35. So remember, you've got to have 40 quarters or 10 years of paying into the system to qualify. And your check is based on your highest 35 years of earnings. And so if by continuing to work, the total wages you had in any given year, if it replaced any of your high 35, then that would result in them recalculating your benefit and it would increase. Um, and then the cost of living adjustments are going to happen regardless of whether you're working or not. So that would be the only way you would get a larger check as a result of working is if you knock off one of the lower years.
Rich: Great. And a real quick second question.
Rob West: Yeah.
Rich: Who do I need to contact or to see to help me create a budget? Because I must be overspending because every couple months, I have to withdraw some money out of my savings to make my checking even.
Rob West: Yeah. Yeah. Very good. Yeah, we have a team of what are called certified Christian financial counselors here, Rich, at FaithFi. And I'd be happy to provide one of those to you to work with you on a couple of sessions. If you decide you want to continue beyond that and you need some ongoing assistance, you would then work out, you know, what those payments would be for each session. It would be fairly nominal. But at least for those first couple of sessions, just to get you pointed in the right direction, help you understand the mechanics of setting up a spending plan, whether it's a paper system or in the FaithFi app, they're trained to do that and we'd be happy to provide that complimentary. Does that sound good?
Rich: That sounds great. Thank you.
Rob West: Okay. Absolutely, Rich. Hang on the line. The team will get your information and we'll get somebody in touch with you. Thanks for calling today. Well, we're going to take a break and we come back more of your questions. We've got some great ones holding. We'll be right back.
SEGMENT 3
Rob West: Great to have you with us today on Faith and Finance on American Family Radio. I'm Rob West. Hey, don't call in today, our team is away from the studio, but we did line up some questions that we will get to, and I'm confident you will enjoy them. You know, we hear from so many of you that tell us that God is at work through this ministry in your life, and we're so grateful. If you want to support our work here at Faith and Finance, the easiest way to do that is for you to become a FaithFi partner. Just head to faithfi.com and click give, and as a way of encouraging you and your stewardship journey, we'll send you all kinds of resources every quarter. Just go to faithfi.com/give. All right, we're going to head back to the phones. Let's head to Illinois. Scott, go ahead.
Scott: Hi. Um, my w- I'm trying I'm going to try and speak fast cuz this is like over 10 years in the making. But we are trying to buy our house that we've been renting and the landlord is willing to sell to us for a pretty good price. Um, my biggest question was, um, I I it was more of a worldly thing, but I had on my heart that, um, I wanted to save 50% of this house to put down, and so we had some medical bills and we're at about 25% now. And, um, the spirit is, oh, sorry, pretty on my heart that we should buy now. Um, and so, since we've been renting, I'm trying to find out um we don't really need a realtor, but we do need something like a lawyer or realtor to do things like the deeds and stuff. And, um, I really needed and hold of um some advisors. I reached a couple from, um, from here.
Rob West: Mm. Yeah. Well, I appreciate that. And, um, you know, I'm, I, uh, congrats on on your new career and that job change. Uh, you know, in, in terms of where you go from here, I would say number one, don't deplete your cash reserves, you know, especially after a career change, it's wise to maintain a healthy emergency fund in case your income is less predictable than expected. I would consider the interest rate here, Scott. You know, if you're getting a competitive mortgage rate, it may make sense to put down less than 50% and keep more cash available. If the rate is high, you know, putting more down could reduce your monthly payment and total interest cost. We're on the higher end of what we've experienced the last 10 or 20 years, but we're probably pretty more typical to what, you know, the industry has looked like for the last 50 years or so. Um, and then you always want to look at your whole financial picture. You know, the right down payment balances, affordable monthly payments with maintaining liquidity. Now, we certainly want to try to pay it off over time, but this idea that you would try to, you know, preserve adequate reserves is a big idea. Uh, in terms of who you'd want to connect with, um, you know, in terms of the the the purchase itself, I think just finding a godly real estate professional would be, you know, really important and then they would work either with an attorney or title company on the closing, but that real estate professional is really the quarterback for helping you um in in terms of finding that um that appropriate home, helping you negotiate and buy, and then um you know, dealing with all of the uh the contracts and so forth. Um, so I would probably ask at your local church. You said you certainly could call a certified kingdom advisor and ask for a referral, but we don't have CKs in the realtor field. So there wouldn't be any direct contact you could make through FaithFi. You would have to ask for a referral. But I think that person that is familiar with your area, preferably shares your values, who's got good experience could be invaluable in this process of, um, you know, just determining what house to buy, what you can afford, where, and then, you know, ultimately how much to put down. Um, I hope that helps. It sounds like you're headed in the right direction here, Scott, and if we can help further, don't hesitate to reach out. Thanks for being on the program, sir.
Let's go to Indianapolis. Matthew, go ahead.
Matthew: Yeah. Thanks, Rob. Uh, my question is, I'm 39 years old. Um, I have about $100,000 in an ESOP account, um, that's going to be paid out next year in 2027. My wife and I have about 60,000 in debt. The question is, do I is it wise to pay off the debt with that ESOP money that's being paid out, or roll that into my uh 401k?
Rob West: Yeah. And, um, what type of debt do you have? The 60,000?
Matthew: Um, it's, um, a couple credit cards and, um, some tax debt.
Rob West: Okay. And do you are you still accumulating the credit card debt?
Matthew: No.
Rob West: Okay. Where did was that like a single event or was that just gradual, you know, lifestyle spending beyond your means? Where did that come from?
Matthew: Yeah. Yeah, it was, uh, prior to our marriage and then, um, just spending on some things that we probably didn't need to prior to marriage and then also some marriage debt too when we had our wedding.
Rob West: Okay. Yeah. Yeah, I mean the priority order there would be I would say is the IRS debt first, especially if you're accruing penalties and interest, then the high interest credit card debt, especially if it's double digit interest, and then maintain an adequate emergency fund so you don't ever go back there. And then if there's money left over, then that would be where, you know, you would look at, uh, perhaps rolling the eligible portion into your 401k or another qualified retirement account. But I would confirm that, in fact, that is eligible for a rollover. I suspect you've already done that given that you mentioned that option. Um, you also do want to know the tax consequences. So, you're, you're just going to want to probably talk to your plan administrator or your CPA before making decisions, um, especially on anything you're pulling out so that doesn't catch you by surprise. But, um, you know, ultimately, you know, getting the IRS paid back and then getting that credit card debt eliminated, now, if you can fund the credit card debt on a relatively, you know, short period of time out of current cash flow, I'd love to hang on to as much of this retirement account as possible for your future, especially because it's in a tax-deferred environment and it's not easy to get money in there. But that IRS debt, you know, seems like something, unless you're on a payment plan and you're making good progress, uh, you know, that would often come first for me. So, that's my pecking order. I think some of the things to consider there, as you're thinking about it, big idea, you know, we want to get out of debt quickly, and as long as you've got a plan to do that, I'd like to preserve as much of this as we can. But anything that's considering uh to accrue high interest, let's wipe it out. Thanks for your call. We'll be right back.
SEGMENT 4
Rob West: We're so glad you're along with us today on Faith and Finance here on American Family Radio. Our goal, our hope and prayer for you is that you would see God as your ultimate treasure as we explore God's word as it relates to money decisions. Let's head to Tennessee, Victor, how can I help?
Victor: Hey, Rob, I appreciate you taking the call. Um, my son and daughter-in-law got a car payment that's just overly inflated and I was just curious if like Christian credit counselors or if there was another way, um, you know, to sort of bring down the interest because they had bad credit before they got the car, but they had to have the car. My son joined the military and he needed a car to drive across the country, so--
Rob West: Yes. Yeah, I know that can be challenging. You know, that's one of the big three budget busters: housing, cars, and food. Food's a little easier to remedy, housing is really difficult, cars can certainly be difficult as well. Is he upside down on this, or are they just struggling to make the payments?
Victor: Well, so now that he's in the military, the the money's okay, uh, they live on base, they have base housing and so on, but the obviously they're still stuck with this car payment because they bought the vehicle, so uh, it's $900 and something dollars a month and I'm pretty sure the interest is like way overly inflated because like I said, they had not great credit when they got it. Uh, but he had to have a vehicle to get him across the country, so, uh, to his duty station. So I I just I didn't know if there was a way to, you know, get the interest down sort of like they do with credit cards. I didn't know if there was something for auto loans like that.
Rob West: Yeah, it's a good question. No, there really isn't. I mean, Christian Credit Counselors helps people with unsecured debt, and the the benefit is that these credit card companies all have a credit counseling department, so it's a it's an official program that's in place, they all have their credit counseling rate, so as long as you go through a non-profit credit counseling agency, they'll slide you into credit counseling, the card gets closed, but you do then enjoy the lower interest rates as long as you pay through the non-profit. That is not available for secured loans in the same way. So, unfortunately, that that option doesn't exist. You know, typically, what you would do is just, you know, call the lender. You certainly, if you're going to miss a payment, you don't want to wait. You want to ask whether they have a hardship assistance program or temporary payment reduction or loan modification. You know, that's not really helping, necessarily, it's just kind of kicking the can down the road. You could look to refinance. You could, of course, sell the vehicle if it's worth enough to pay off the loan and then, you know, just be out from under it, purchase something less expensive. Uh, if you're upside down, you can talk to the lender about your options. Sometimes they'll help you with that. Um, but you always want to start with the budget, you know, so we don't get back into another bad situation. But, unfortunately, there's not kind of a program you can slide into that would address the interest rates in the same way that you have available with credit cards.
Victor: Yeah. I I wasn't sure. Like I said, they're they're okay as far as the money situation. I just hate seeing them pay all this money onto this car that, you know, they're sort of stuck with. I mean, I guess they could, again, try to sell it or whatever, but they sort of need it. And, under the circumstances, I just didn't want them to keep chucking money at this thing if they could get, you know, a better offer or another way, but outside of, uh, you know, I guess, refinancing. They they've they talked to the lender on that, and the only real refinance on that, it's not really so much of a dropping of the interest, it's just changing the the length of the loan, so that it it just changes for a longer, lower your monthly bill, but it you're just still paying the money just over a longer period of time. That's--
Rob West: Yeah, which means you pay more interest in the long run, so, yeah, that's definitely not solving the problem. Yeah, unfortunately, I think you've just got to chalk this up to a a learning experience and and let them just ride this out, pay it off as quick as they can, and and try to move on and and remedy the situation in the future. Hopefully, they can, you know, keep making this payment to themselves once this is paid off, become their own bank, and buy with cash in the future. But uh, there's not uh any kind of quick fix there, for sure. Hey, we appreciate your call. You sound like a great dad, Victor. I wish I had a better solution for you, but uh, I think this is about uh the best you can do. Hey, stay on the line, I'm going to send you a copy of Ron Blue's book Master Your Money to pass along uh to your son and daughter-in-law. It was a game-changer for me coming out of college, and this could be a a key learning opportunity for them to understand God's way of handling money. Again, it's called Master Your Money, and we'll send it as our gift. So, just hang right there. Thanks for being on the program today.
Let's go to Illinois, Tanya, how can I help?
Tanya: How you doing, Mr. West?
Rob West: I'm great, thank you.
Tanya: Yes, sir. Uh, I just have two quick questions. One is, what is the upside downside of having an authorized user on your credit card accounts? I'm speaking of my son. I kind of know the answer some of the answer, but I want to hear your version. And then the second one is this new thing that has come out for me, um, with the American Express logo being attached to like certain uh credit cards, you know, upscale credit cards like the Hilton, Macy's. Do you need to have an American Express card if you have those type of cards with the American Express logo? How does that fit into the equation of just overall, what is the point of it, um, with Macy's having uh the with the American Express card logo now that's something new where you can use Macy's card anywhere, or let's say the Hilton and you can use it anywhere? Um, can you explain that a little bit? And you can disconnect me and answer my questions.
Rob West: Okay, thanks for your call today. Let's tackle that first one with regard to authorized users, um, because, you know, this is a strategy folks will use, especially to help somebody build credit, like maybe a a child who's just coming out of college, just getting started. You can add somebody to your account as an authorized user, even if they don't have access to the card, and they inherit all of your credit history, and assuming it's good, uh, then, you know, it will help them build credit much quicker because they get the benefit of your long-standing history, your on-time payments, all of those things, which can uh kind of short-circuit that, or shortcut that process, is what I meant to say. Uh, what are the downsides? Well, your credit can be affected, um, because if you're an authorized user and the primary cardholder misses a payment or carries a high balance above 30% of the limit, or somehow damages the account, that activity is going to flow through to the authorized user's credit report. So, you know, that good credit history is going to come through along with the bad, and so you'd just, you know, often folks will go into it with the best intentions, then all of a sudden, their balance starts creeping up and now, all of a sudden, you know, it's a uh, maybe it's it's only one card on their account and it's over the the uh the limit, or the threshold of 30%, and it's going to do more damage to that authorized user than someone else who's got multiple cards, and when you factor this into the other available credit they have, it's not that significant. Uh, I would say, you know, trust is essential, because if that authorized user has access to the card, they can run up that debt, so that's key. And, um, you know, those are pretty much the main issues. Uh, I would say, maybe the third is, if you're planning to do this only because you want to get the good credit history and build your credit, make sure your particular creditor does share that data with authorized users, not all do. And so, that may defeat the purpose. So, those would be the main issues, primarily just that that negative information is going to come over along with the positive. All right, we're going to take a break. When we come back, I'll get to part two of your question, uh, related to uh branded retail cards with the Amex logo, and then we'll get to a few more calls here in our final segment. Catherine, Cynthia, Gordon, coming your way. We'll be right back.
SEGMENT 5
Rob West: Thanks for joining us today on Faith and Finance here on American Family Radio. I'm Rob West. All right, let's head back to the phones. Um, actually, Tanya asked a second question that's a good one that I want to tackle quickly. She's staying on the line to listen, and she was wondering about, you know, these branded retail cards that can come out, and a lot of folks are seeing these. And, you know, I think what you need to understand there is that, you know, all kinds of retailers are looking at opportunities to find new revenue, and one of the ways they do that is through these Amex cards. And whether they use Visa or Amex, it's just a way for these cards to, you know, have more purchases taking place. Um, you know, I wouldn't get caught up in, you know, whether it's Amex or Visa. I think the main thing is only use credit cards for budgeted items and pay it off in full. And I would get out of that trap of anytime somebody offers you a card, even if there's 10% attached to it as a discount. The problem is you can just rack up a lot of these cards. It it affects your credit, and it's just tempting to spend money that you wouldn't otherwise spend. So, I would say, Tanya, although, yes, this is more common, I would avoid you taking on more and more of these cards, especially if there's annual fees attached to them. Just stay focused on one card that you're going to use for, again, budgeted items and pay it off in full. Hey, thanks for your call today. We appreciate you being on the program.
Uh, Catherine is also in Illinois. Go ahead.
Catherine: Hi, Rob, thank you for taking my call. I have been working as an elementary teacher, and I'm trying to supplement my salary. So, someone introduced me to selling insurance. Uh, and so I went ahead and uh started and got a license in life and uh health. And I'm asking you whether I could go with the company that my friend invited me, which is WSG, or what would be the best way to use this um license on a part-time basis?
Rob West: Yeah. Yeah, it's a great question, Catherine. And, you know, I think being licensed to sell life and health insurance can be rewarding. If you like uh helping people, if you're inclined to just the way God has wired you to networking and and talking to a lot of people, and then really serving them well and trying to help them in a really important area, and that is to protect their families and offset a significant risk that exists. Uh, I would carefully evaluate the company uh you're going with, also how you're compensated, and whether the business model aligns with your values and and personality type as well. Uh, I mean, the benefits to just selling life and health insurance is, you know, you've you've got flexible work hours and and supplemental or full-time income, you can help people with important protection. You know, it can be a pathway into the broader financial services industry. And I think if you can build a a strong client and referral base, you can see compensation that grows. But it's commission-based, which means it's unpredictable, and, you know, especially early on, and it can take time and persistence. And then I think you need to look carefully at the company you're working with because a lot of times, and and I'm not surprised that you were invited into this by a friend, because that's really the business model of the company you've mentioned, and and many others like them. They're not doing anything wrong, but it's more of a multi-level marketing structure, which just means you not only earn from selling products, but also from recruiting and developing other agents. And, you know, it's important to understand that the, you know, where is the emphasis for the company? Is it Is the emphasis on recruiting more representatives, or is the emphasis on serving clients well, both in terms of the quality of the product and the pricing? And I think if you want to go into selling insurance, that's great. Again, it can be rewarding and flexible, and you can make some money if you stick at it for a while, but I would make sure that you're partnering with that company that really wants to serve people well with a competitive product. And perhaps you ought to look at an independent insurance agency that doesn't have a model built on you recruiting more representatives, and perhaps is more of what's called a captive insurance agent um that uh that you feel aligned with in terms of of your values. So, that would be my advice. Again, nothing wrong with this industry, but I might look around in terms of, you know, making sure you find the right fit before you commit to one particular company. Thanks for calling, Catherine. I hope that helps. Let's go to West Palm Beach.
Cynthia, how can I help?
Cynthia: Hi, good afternoon. I have a quick question, and I don't want to take up too much of the time. Um, about 4 months ago, I received an invitation from a what we call or what I thought was a trusted online banking institution, uh an invitation to open a new savings account with them and earn a cash bonus if I left the funds there for 90 days, okay? Fast forward, uh 4 months now, I left it in there for more than 90 days just to make certain that I qualified. Um, I'm being told now that um I didn't do something. I I was supposed to enroll in the promotion. Well, the invitation only said make the deposit by a given date and leave it there for 90 days. There were no other instructions in my invitation. So, I don't understand why they're refusing. Can I call the name of the institution, or you don't want me to do that?
Rob West: Uh, yeah, you know, it doesn't matter. I mean, I think the the key idea is that, you know, they made a a promise that you thought you complied with and then they're not making good on it. So, regardless of who it is, first of all, let me just say I know this can be frustrating, and and so I'm sorry you're going through this, Cynthia. Uh, I'm glad you called, though. You know, this isn't rocket science in terms of what I'm about to tell you, but I do think the next step is for you to call and ask for a supervisor, or somebody on the escalation team where perhaps they have a little bit more ability uh to resolve the problem if you can show that you met the promotional requirements. So, you're going to want to review those terms and conditions carefully. Uh, you know, many bank bonuses do require entering a specific promo code, or you have to enroll with a designated link, or certainly you have to maintain a minimum balance or, you know, keep it open for a certain period of time. You just need them to explain to you if you didn't meet that, why? What was it that you missed? And if you believe, you know, that was not communicated clearly, then you can make that case to the supervisor or the escalations department because, you know, if they didn't honor their advertised offer, you certainly can file a a written complaint with the bank so there's a record of the dispute, and then if they don't resolve it, your next step would be to go to the CFPB, the Consumer Financial Protection Bureau, and they take those complaints seriously and are required to respond, actually. So, if you just go to your search engine and type in Consumer Financial Protection Bureau, that really is the purpose of that government entity is to protect consumers, specifically in the area of financial uh accounts and financial products. Um, so I I would say that's probably your next process. Uh, you know, I wouldn't close the account until you've exhausted the appeal process because keeping it open is is, you know, perhaps one of the promotion's requirements. Does that make sense?
Cynthia: It all makes sense, and I want you to know that I did everything that you just mentioned. I called them, I got it escalated and escalated and escalated, and it seems as though they're all coming back with the same excuse that I needed to, and and, you know, they they apologize that uh they they can't do anything about it. Well, what I'm thinking is, why can't you do anything about it? You still have my money sitting on deposit there, and it's been there for the required amount of time, and you just I mean could I even if let's say I did miss a step, I I followed your instructions uh according to your invitation to me to open this account, and I did that. I moved my money from where it was making money, and brought it here to lose my money. So, I think the Consumer What is it? Consumer Financial Protection Bureau? That's going to be my next step.
Rob West: Yes, ma'am. I think it is, and they do they do take those seriously, and they are required to respond, and and perhaps that would get their attention. In the future, I would save screenshots of the offer uh and the confirmation page because those records can make all the difference if there's ever a dispute over whether you qualified. So, um let's make this a learning opportunity that we can all benefit from, Cynthia, but I appreciate you checking with us. Hopefully, this will be resolved successfully. Thanks for being on the program today.
Let's go to Indiana. David, how can I help?
David: Hey, how you doing?
Rob West: Good. Thanks for calling.
David: Yeah, thanks for uh taking my call. Yeah, I just got a real quick question. Um, so my wife and I, I mean we make decent money, but um seems like we're paying taxes every year, and what I did was uh basically uh increase my 401(k) to hopefully uh kind of uh, you know, put that money towards the uh savings as opposed to paying more income taxes, if is that possible? Or should I figure something else out as far as taking more money and uh putting it aside at the end of the year, or, you know, income taxes also offer option to uh just take out additional funds? What what what's your best advice?
Rob West: Yeah, yeah, it's a great question. Uh, you know, in terms of the strategies here, I mean, the 401(k), increasing your 401(k) contributions is one of the best ways to reduce your current taxable income, you know, if you're already contributing to a traditional 401(k). Um, and, you know, I think, secondly, you know, the goal is to be withholding enough throughout the year so you don't get hit with any penalties. Uh, in terms of how much to have withheld, do you have everything coming from W-2 income, or are you self-employed?
David: Yeah, W-2.
Rob West: Okay. Yeah, so ideally, you want enough withheld so you don't have any balance, but you don't receive unnecessarily a large refund, either. So, the ideal state is to satisfy, you know, the IRS what's called safe harbor rule so you don't uh hit get hit with underpayment penalties. And then if you have bonuses or rental income or investments or anything like that, you know, then you'd do additional withholding or you'd or the quarterly estimated payments. Um, you know, again, the the 401(k), yeah, those contributions reduce your taxable income, which then, as you know, lowers that federal and and then potentially state income tax as well. Um, other ways would be, you know, if you could contribute to a health savings account, that probably doesn't apply if it doesn't already, you could open a traditional IRA alongside your traditional 401(k). Um, so those would be the the most common that you would have. Um, but I think the key is just to make sure that you have enough being withheld, and if if you're consistently getting hit at the end of the year with additional taxes being owed, then, you know, you probably need to include uh increase your withholding.
David: Got it. All right, thanks a lot.
Rob West: Yeah, absolutely. Thanks for your call today, we appreciate it. Thanks to my team today. Thank you for being here, and we'll see you next time. Bye-bye.
It’s almost health insurance open enrollment time again—but what if you could skip it? For many, this is the time of year to sort through health plans, premiums, deductibles, and coverage for the year ahead. But there are alternatives to traditional health insurance that don’t limit enrollment to a few weeks each year. On this Faith & Finance on AFR, Rob West is joined by Lauren Gajdek to explain one of them. Then, it’s on to calls.
Live
Did you know American Family Radio is listener-supported? Your monthly financial support will allow us to continue upholding Godly values through our numerous channels, like American Family Radio, One Million Moms, The Stand magazine, and many more.
Become a Great Commission Partner TODAY to help AFR transform culture by rebuilding the family. When you donate today, you’ll get access to:
