How People Get Into Debt and Why Budgeting Matters

In this episode, you’ll hear the stories of people who finally got their budget under control, but are still staring at tens of thousands in old debt they can’t shake.

Debt advisor David Siegel explains the tough options left on the table: lowering interest through programs, negotiating settlements, or, when nothing else works, starting fresh with bankruptcy.

Contact David at DJS.Siegel@gmail.com

✬ SPONSORS OF EPISODE 99 ✬

► TWILLORY – Premium men's wear that works hard and looks even better.

Use promo code CHAI20 at

https://Twillory.com/KosherMoney for 20% off your first order

.► BITBEAN – Got big ideas but clunky systems holding you back?

BitBean is the go-to team for custom software that actually works for your business. Whether you're in healthcare, finance, or retail, they’ve built powerful platforms that scale smart.

Dive into real case studies and connect with their expert team here:

https://bitbean.link/4edg53

► ZStander – Beautiful Judaica and home pieces for everyday life and special occasions.

From wine fountains to candlesticks, honey dishes to bentchers, ZStander makes gorgeous items that are built to last and can even be personalized.

Use promo code KOSHER at https://zstander.com/discount/KOSHER for 10% off.

► COLEL CHABAD – Our brothers and sisters in Israel need us more than ever.

Every dollar makes a difference at https://colelchabad.org/koshermoney/

CHAPTERS:00:00 Intro01:21 Has America Lost Its Mind on Debt?04:28 Are Credit Card Companies Setting You Up?06:35 Who David Actually Advises08:09 The Shame People Feel Around Debt09:57 Making Sense of Debt in Simple Terms11:57 Why Budgeting Is the Key to Freedom14:01 How Money Problems Hurt Marriages16:31 Twillory Clothing Is Being Spotted Worldwide17:33 Bitbean + AI Innovation18:48 3 Practical Solutions for Debt19:35 How to Lower Your Interest Rate25:45 The Real Problems With DMPs29:00 Should You Consolidate Your Credit Cards?30:08 Going to a Gemach for Help32:12 More Ways to Cut Down Your Interest Rate33:27 Using a Home Equity Line of Credit (HELOC)36:35 Pros and Cons of a HELOC Explained39:10 Don’t Let Bills Control Your Life40:42 The Risks of Borrowing From Family42:42 Unique & Beautiful Judaica Items from ZStander44:45 Colel Chabad: Feeding Thousands of Families45:53 The Dangers of Debt Settlements51:40 Why You Should Start With a DMP52:43 What Bankruptcy Really Means54:21 Who Actually Qualifies for Bankruptcy56:50 Why You Shouldn’t Rush Into Bankruptcy57:22 Legal Steps When Filing for Bankruptcy58:36 Reasons Not to File for Bankruptcy1:01:35 Bankruptcy Issues in Orthodox Communities1:05:01 The Stigma: Bankruptcy vs. Settlement1:05:17 Why Using Credit Responsibly Matters1:06:41 How Shmittah Connects to Bankruptcy1:07:29 Don’t Run Away From Financial Problems1:08:01 The Living Smarter Jewish Resource1:08:54 How to Handle Medical Debt1:09:37 What’s Changing With Student Loans1:11:02 Fun Facts About David1:11:33 Where You Can Find David1:12:08 Outro: Final Thoughts + Prizes

• GET LIFE INSURANCE!

⟶ Project 120's site: https://www.theproject120.com/

• GET A WILL!

⟶ https://youtu.be/bHdpPuvKGVM

✬ Support the show! Help us create more episodes like this: https://www.livinglchaim.com/donate

💬 Need financial clarity? Visit LivingSmarterJewish.org for free resources.📲

Follow Kosher Money for bonus clips & behind the scenes:

TikTok: https://www.tiktok.com/@koshermoneypodInstagram: https://www.instagram.com/koshermoneypod

📞 Call-In-To-Listen Hotline:

USA: 605-477-2100

UK: 0333-366-0154

Israel: 079-579-5088

📤 WhatsApp feedback: 1-914-222-5513

⚠️ Reminder: This episode or description is not financial advice. Always do your own research.

#KM