In spite of the COVID-19 pandemic, many consumers still seem to be living large and purchasing property wherever possible. Unfortunately, that prosperity might be short-lived because most of it has been funded by credit.

Credit card debt has become an epidemic, with more and more consumers building up debt and not paying it back. The trouble is, by living beyond their means now, they're only setting themselves up for financial destruction later on.

As loan officers, it's our duty to warn our clients about the risks of taking out loans they can't afford to pay back, but how can we approach those difficult conversations? Is it possible to get them on the right financial path if they've already built up a ton of debt?

In this episode, author of Digging Out, Jodee Brydges shares what we should be telling our clients to keep them debt-free.

Stop your clients from overextending themselves with loans they shouldn't have got in the first place. -Dan Trinidad

Three Things You'll Learn In This Episode

• How to advise consumers hoping to buy vacation rental properties:
  
  In the midst of COVID-19 shutdowns, vacation rentals and Airbnbs couldn't operate. If our clients are hoping to pay off their loans by renting out their properties, we have to remind them of this and let them assess if it's worth the risk in the event of another lockdown.
  

• Why we need to have uncomfortable conversations with our clients:
  
  Discussions about what a client can't afford are never pleasant, but they're necessary. By being open about the risks of overextending themselves, we can help our clients see where they need to pivot.
  

• The importance of sharing industry knowledge with buyers:
  
  As mortgage professionals, we know that at some point there will be a correction in the market and rates will increase. It's up to us to make sure our clients don't panic buy their way to financial destruction.

Guest Bio: With over sixteen years of experience in the lending industry, a bachelor's degree in business finance, and over 19 years in the financial industry, Jodee is truly passionate about making a difference in her client's financial portfolios.

Jodee's vision is to help each client build their financial future by educating them about the best loan available to meet their financial needs as well as the best way to build their financial futures by paying off debt, growing their savings for retirement and developing a plan for paying off their mortgage. By educating clients on the loan process, helping clients understand the products available and how to manage their debt portfolio, and honoring her commitments to her referral partners, Jodee has built her business 100% by referral. Additionally, Jodee continually offers financial education seminars that help her clients, referral partners, and the local community understand the ever changing financial markets and the importance of managing debt.

Being a seasoned specialist with understanding the volatility of the interest rate market, continually educating herself about the financial markets, and using the industry's best mortgage tools, Jodee is truly viewed by her clients as a trusted consultant and is regularly consulted on matters relating to housing and financial strategies.

Additionally, Jodee is the creator of "PointPro" (a turnkey seminar package available to loan originators), a national industry speaker, and has appeared on Robin Fahr's television program "Conversations" and "The Carey Brothers Show' a nationally broadcasted radio program.