Retirement Ready with David Kopyc-Credit Card Debt and How To Deal With It

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Episode Transcript

(00:00):
Well, I have to tell youI always love Friday morning because it's the
opportunity for me to talk with myfriend David Kopek, who is president of
the Retirement Planning Group. Now youknow, Dave has his own show on
our sister station eight ten and oneoh three one w g Y. It
happens every Saturday morning from seven tonine. Good morning, David, how
are you, Jamie? Good morningon this beautiful Friday and upstate New York.

(00:21):
It looks like we're going to havea beautiful holiday weekend. So happy
Labor date to you, your familyand all your listeners. Thank you,
and the same to you. Brother. Yeah, we're very blessed. We're
gonna have a beautiful weekend, whichis really really nice. Don't tell them,
buddy, the gods up and giveus more rain. I know,

(00:43):
don't even say that word. Don'tsay that word. I got stuck in
my yard again, Jamie, yesterday? Are you kidding? Reely? Oh,
it's so wet, so wet,no gosh. Well, hopefully this
week I'll dry it out. Itlooks like it should. Anyway, finger
Well, I might have to doan SOS and have you come up and
help me push the mower around theyard. I'll drive the mower, but

(01:08):
you can put show it. Hey, hey, hey, hey, come
on, listen. What can Isay? You know, listen, let's
let's for a minute, as wego into the Labor Day weekend, talk
about something that a lot of peoplehave trouble with, and that is credit
card debt. I mean, it'sa fact of life. A lot of

(01:29):
people are dealing with it, especiallywith inflation being the way it is,
and I hear it's the worst it'sever been. What has caused all of
this credit card debt? Man?Well, the bottom line is that people
get in a groove and they getyou know, living a life that is
warm and fuzzy, and then youhit some headwinds. And basically the headwinds

(01:53):
right now, Jamie, I don'thave to tell you what they are because
you see it every day. Inflation, higher interest rates, in generally it's
just a hell of a lot moreexpensive to live your life in the year
two thousand and twenty three. That'sthe bottom line. Yeah, No,
it's true, It's absolutely true.So what do we do about it?

(02:13):
I mean, what can people do? Well, you know, you and
I have talked about this before.But the thing is is that the average
credit card balance right now is abouttwenty one twenty one. That's the average.
That means that there's ones that arehigher, there's ones lowers. I
mean some of these credit cards areas high as twenty nine percent. And
yeah, I mean it's insanity.You're basically you're committing financial suicide by getting

(02:38):
involved in these credit cards. Andto me, it's a cancer, it's
it's something that needs to be takencare of immediately. You have to be
serious about it. I know thatyou and I have talked about this in
the past. We've all had ourexperiences with credit cards when we were younger.
You know, I'll get to it, I'll get the money, I'll
do this, I'll do that.But the thing is is that you know,

(03:00):
people are now tapping into their fouroh one k, the retirement savings
accounts because of this financial distress.And the bottom line gets down to is
that you know, once you starttaking money out of your four oh one
K, that's lost opportunity costs.That means that those dollars are not going
to be working for you for yourfuture. So the thing is is that

(03:23):
you really, you know, I'ma big believer. I've said this before.
Dave Ramsey has a thing that hecalls greens and beans, and what
that means is that sometimes you justhave to do things that you don't like
to do. Like, instead ofgetting mistake, you get a Hamburger.
Instead of you know, getting themajor brand, you buy the Price Trapper

(03:43):
brand. Right, So you justhave to buckle up your belt and do
things that you don't necessarily want todo. But getting out of debt with
these credit cards, you know,is I think mission number one because it
will make your quality of life muchbetter and you can breathe, breathe.
Yeah, and that's what it's allabout. And like you said, we've

(04:06):
you know, I've certainly been therewhen I was younger, and thank god,
thank god I got out of itwhen I was younger, because I
wouldn't even want to imagine it now. So I'm guessing you're going to go
more in depth on this tomorrow morningon the Retirement Planning Show. Yeah,
we're going to talk about the onetrillion dollar problem that we have in our
society today. I mean, lastquarter, we were up forty five billion

(04:29):
dollars in one quarter in credit carddebt in debt. Yeah, so's it
really is. It's something that we'regoing to talk about in detail, and
we're going to give the listeners someideas, some suggestions, and what they
should do to eliminate this scourge onour financial checkbooks. All right, listen,
it's so important to listen to Davidtomorrow morning seven to nine on our

(04:50):
sister station eight ten and one ohthree one WGY. We all could use
this advice, so make sure you'retuning in tomorrow morning, and you can
always contact David five one eight fiveeight zero one nine one nine, or
just go to his website rpg retiredot com, rpg retire dot com.

(05:12):
David, thank you so so much, and have a wonderful Labor Day weekend.
Brother you two Jamie God bless byebye