KAN11 — 2 - 1.
20261012 012800 UTC
610 transcript segments
Google Cloud Speech-to-Text API (Chirp) + Gemini 2.5 Flash Non-Thinking
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Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record.

[00:00:00] or adults, from the center or from the periphery,
[00:00:02] all of us have a thing with money. So we gathered all
[00:00:06] these Israelis into one room. Together they will be
[00:00:09] our finance committee. Together with them we will understand where our
[00:00:13] money is and how to take responsibility for it, so we don't have to freeze
[00:00:16] it under the floorboards.
[00:00:28] Life in Israel is expensive.
[00:00:30] Pandemics, wars, politics, wow, what
[00:00:33] fun. What wonder that Israelis want to live
[00:00:37] a little and buy,
[00:00:40] online, in malls, everywhere.
[00:00:42] VIP, which is essentially a credit
[00:00:47] card that currently gives up to two
[00:00:50] jeans, and it's a credit card, you say I can pay with it
[00:00:53] at the supermarket, at the grocery store, yes, yes, you don't have
[00:00:57] enough money, no problem.
[00:01:01] Everywhere you go they'll offer you a credit card, before taking a loan check with
[00:01:04] IsraCard and credit companies will be happy to help even with a
[00:01:08] loan, a loan
[00:01:11] you have two cards you have really good discounts a good card it's
[00:01:14] worth it yes only for people who keep
[00:01:16] a little you
[00:01:20] 100 shekels okay
[00:01:24] and it costs me not in the first year it doesn't cost
[00:01:27] money.
[00:01:48] The cost of living in Israel is sky-high, expensive to raise children, expensive to buy
[00:01:52] a house, expensive to breathe, once if there wasn't enough, they simply didn't
[00:01:56] spend. What do they do today? They spread it over payments. They take out
[00:02:00] another card and use another
[00:02:02] credit line. In Israel of 2026 there are
[00:02:06] 12 million credit cards. That's two cards
[00:02:10] on average per adult Israeli. More cards
[00:02:13] than people. All these credit lines allow one
[00:02:17] thing, to live and drink, as if we will
[00:02:20] die tomorrow. This way of life has
[00:02:24] a price.
[00:02:36] Hello members of the Finance Committee Thank you for coming
[00:02:40] At the end of the meeting we are firing you because you were really bad this year, yes
[00:02:44] are you in the black or in the red? We are in the black
[00:02:46] We are We live within our means
[00:02:49] We are calculated We are in the black I have never been
[00:02:52] in the red My father had such an approach of always
[00:02:56] saving and never owing anyone anything This is a Polish upbringing.
[00:03:00] I don't know myself in the black. Have you ever been in the black? A short
[00:03:03] period, after the wedding.
[00:03:07] Oh, I'm also in the red, a nice red. Are you within the
[00:03:10] framework that the bank, yes, I'm within the framework. Are you within
[00:03:14] the framework? Many outside, as if
[00:03:17] our framework is minus 40, so now we are
[00:03:21] at minus 47. Exactly yesterday
[00:03:24] the bank called.
[00:03:27] So we started like, what do we do, we need a loan now. And what will we do? What
[00:03:31] will we do, what will we do? I've never been
[00:03:34] in the red in my life, for me it's a loan like anything else and I
[00:03:37] owe money to someone? It's not a comfortable thing
[00:03:41] to live with in the red, but you already mentally
[00:03:44] get used to it. It's very, very marginal in our consciousness, like
[00:03:48] the bank called. Many times I laugh and I say I'll just block
[00:03:51] the bank, they won't call anymore, I'll block, I'll report as spam, it
[00:03:54] will work itself out next month, they'll eventually call him too, but it's okay,
[00:03:58] they know how to reach you. Yes.
[00:04:05] How can money on the one hand be such a cold and alienating
[00:04:08] thing, yet on the other hand, it's intertwined with so much
[00:04:11] psychology? Money is one of our main
[00:04:14] motivators in life, money is power, money
[00:04:18] is a driving force, a driving force for growth, a driving force for success, but it can
[00:04:21] also lead us to failure, and therefore every
[00:04:24] time there are decisions, our brain influences it, even in ways
[00:04:28] that are very emotional or psychological.
[00:04:30] How rational are we when it comes to money? We are very
[00:04:34] irrational when it comes to money, we all
[00:04:37] make mistakes, we are all biased in the same way, and I think that many
[00:04:41] of the strong factors around us are aware of this and also know
[00:04:44] how to plan the environment, so that they can also benefit
[00:04:47] from this irrationality that we have around decisions about
[00:04:50] money. Our irrationality in everything
[00:04:54] related to money is expressed, among other things, in the fact that we
[00:04:57] spend more than we can. Not a few families
[00:05:01] in Israel live in chronic overdraft, an overdraft that causes them
[00:05:04] to take more and more loans and sometimes get into
[00:05:07] complete trouble. The Haddad family from Rishon LeZion is one of them. He
[00:05:11] works for a beverage company. Communication is an interior designer and they
[00:05:14] have three children Hello hello
[00:05:17] Hello
[00:05:21] Okay, good. Tell me how you are with money.
[00:05:25] Surviving. We are surviving with money.
[00:05:28] From month to month, from month to month. We don't have
[00:05:31] savings, for example. We don't manage to be
[00:05:34] in the black. All our lives we've been in the red. I check my bank
[00:05:37] account every day. Okay, every day I go in to see what
[00:05:41] has come in.
[00:05:51] because he didn't know how to deal with it I was afraid to say how much
[00:05:54] we were in the red, like we're not partners, listen, you hear me, I'm minus 30, I'm
[00:05:57] minus 20, but then I, yes, exactly,
[00:06:01] that, and then when we still had a framework of
[00:06:04] 30, then we would say I reached minus 27 and I knew
[00:06:08] okay, now the electricity bill is coming, now they will want, just kidding.
[00:06:12] Now I'm really saying, just kidding, they wanted McDonald's or we'll go to the supermarket, I don't
[00:06:15] have, I don't, I made decisions that were not
[00:06:19] correct. Things he didn't
[00:06:22] know about, I took loans he didn't know about,
[00:06:26] loans like that, you know, you take them from the bank, that nobody, instant loans,
[00:06:29] instant loans to close the overdraft or to survive, like, so
[00:06:33] that the bills go down and I have somewhere to put it down. You take the small
[00:06:36] loan, suddenly you're in the black or suddenly the overdraft is smaller
[00:06:40] and then you have more room.
[00:06:42] Right.
[00:06:46] After a month and a half, again. You reached the same point. And then again
[00:06:50] a loan. Yes. And then again. Yes.
[00:06:52] How many? How many loans?
[00:06:55] 150. 150 thousand in loans. I'm hearing
[00:06:58] this for the first time. The amount. That's not true. This is the first time I'm hearing
[00:07:02] this. The amount.
[00:07:06] We probably also need to work on the relationship. Because if the relationship
[00:07:09] itself is healthy, then your partner shares.
[00:07:21] I didn't sleep for two nights before I told him, I didn't sleep,
[00:07:24] I was like a shrew, I didn't know how I was going to
[00:07:28] tell him what I did, I
[00:07:31] knew that one day it would explode in my face,
[00:07:35] I knew, it was clear to me, but I didn't know what
[00:07:38] to do, and I felt that I was in distress, so it was like
[00:07:41] and all that. All I want is not to say no to my kids, like if I
[00:07:45] have a club, no, I don't have money. If I can go to the mall, no, I don't have money.
[00:07:49] I'm not sick. This is something in me, built-in.
[00:07:51] Why?
[00:07:55] Because what am I?
[00:07:58] Help me understand something for a second. How did you get to this situation? Because it's comfortable for me to bury my
[00:08:02] head in the sand. Okay.
[00:08:06] And it's comfortable for her not to release control. Oh, it's like you're transferring the
[00:08:10] responsibility to her. B. No, it's okay, I'm not justifying
[00:08:14] my behavior, absolutely not, I'm also not okay, I don't, I don't have the
[00:08:17] application, this is what happens when a person doesn't
[00:08:21] understand what he's doing, I don't understand what prime is, and I
[00:08:24] don't understand what percentages are, and I don't understand how to look at a loan, I don't know how
[00:08:28] to look at a loan, if it's good, if it's not good, if it will help me. Guys,
[00:08:32] listen, I want us to do something, I want to bring the person
[00:08:35] who will help you, first to follow, the hard
[00:08:38] part will be to understand how to make changes. Priorities,
[00:08:41] how to balance, and in the long run
[00:08:45] also move to the black, it's difficult, you have to play with the exposed nerves,
[00:08:49] like,
[00:08:50] Come on, why
[00:08:55] is he in the red? Where does it stem from? Look, I think it's
[00:08:58] something of
[00:09:00] years, I
[00:09:04] think that,
[00:09:07] you get dragged along with this overdraft and then you can't reach a situation where you
[00:09:10] ever zero it out, because...
[00:09:12] there's some open loan, we're not
[00:09:15] wasteful, like, I don't see
[00:09:19] anything in our lives right now, where I can
[00:09:22] save. There are frameworks and there are
[00:09:26] clubs and there is rent and there is electricity and there is water and there is
[00:09:29] municipal tax and everything together, and you can't zero
[00:09:33] it out. I won't, I won't cut clubs for the kids, because I think
[00:09:37] it's a matter of priorities. So I say
[00:09:40] here very, very clearly, I have no problem
[00:09:43] saying no to my child. What does that mean? If I get him a club
[00:09:47] now at the expense of the overdraft or take him somewhere at the expense of it, it's also his
[00:09:51] overdraft. If you don't get him a club at the expense of the overdraft, it doesn't matter
[00:09:55] if you don't get him a club today, wait a minute, today there are some
[00:09:58] standards. Every child today is in a club. My daughter is in 11th
[00:10:02] grade, she's in a dance troupe. I pay 850 shekels
[00:10:05] for this troupe. I went into the red to finance this club for her. Yes. I
[00:10:09] also see my friends, and my girl friends, we are also in the
[00:10:13] same situation and in the same
[00:10:17] situation. According to data from the New Page organization,
[00:10:20] 40% of the public are on the edge, and between a quarter and a third
[00:10:24] of Israelis are constantly in the red. More
[00:10:27] than half of them took a loan to cover the overdraft. Most of those who
[00:10:31] did so returned to the
[00:10:32] red within a short time.
[00:10:37] I don't think I've ever been as honest with you as I was
[00:10:40] three days ago, but the fact that I can come to you
[00:10:44] now, for me, it was all worth it. You should always come
[00:10:48] to me.
[00:10:50] Hi Tomer. How are you? How are things? Are you ready for your
[00:10:54] mission today? Yes, go ahead, mission, mission, yes, I did get
[00:10:58] to look at it a bit, it really is a mission. What was your first thought
[00:11:01] when you saw the numbers? A lot of loans, not sure
[00:11:05] they understand the situation. I'm a
[00:11:07] walking debt, I'm walking and I'm just dragging debts on my
[00:11:11] back. Silence on all
[00:11:13] fronts.
[00:11:17] Hello. This
[00:11:18] is Tomer.
[00:11:21] Take into account that you are not only a financial advisor, you are also a kind of marital advisor.
[00:11:25] Do you talk about money between you? No, not until today,
[00:11:28] we sat down this week, and I told him everything, that there were
[00:11:32] credit cards he didn't know about, and I told him
[00:11:35] everything, it's like a rock for
[00:11:38] years. This conversation, this conversation was with
[00:11:42] Hannah. So I took a deep breath, swallowed a lot of saliva, prepared
[00:11:46] myself mentally, and said it couldn't get
[00:11:50] worse than it was now.
[00:11:54] So let's start. Let's delve into the numbers a bit.
[00:11:58] How much do you actually earn
[00:11:59] each month?
[00:12:05] I'm around nine?
[00:12:07] Sometimes 10, sometimes 12. So we're
[00:12:11] talking about around 20 net per month. I
[00:12:15] see that every month ends with excess expenses
[00:12:18] over income. As you can see, significantly.
[00:12:21] 45 shekels a month. 45 shekels a month.
[00:12:25] I didn't know, this is the first time I'm seeing this 45, guys, this is an astronomical
[00:12:28] number, it's like
[00:12:30] a high-tech company. I have no way to sugarcoat it, we will
[00:12:34] need to do a lot, a lot, a lot of things to reduce, to
[00:12:37] lower, to make the adjustments, and from there we will try to take it
[00:12:41] forward. Here I see, I don't know, there are all sorts of things for Apple
[00:12:45] and Google and Netflix, I think it's
[00:12:49] the extended subscription, we can touch that, we
[00:12:52] are not, we are not on. Now you're on it, now you're
[00:12:56] entering, you're checking communications, you're checking
[00:12:59] phones, you're checking television, you're checking internet, checking, comparing
[00:13:03] prices, reducing that. Supermarket for example, last month was
[00:13:06] 400, that doesn't include eating out which for example in September was
[00:13:09] 2800 shekels, eating out, how can
[00:13:12] that be?
[00:13:16] No, guys, it's over, yes, no, it's gone, like, we
[00:13:20] also see that the variable expenses, which means after the supermarket,
[00:13:24] after the... It
[00:13:32] shows that you are still not in the situation, you still haven't understood your situation,
[00:13:36] the financial situation. Do
[00:13:40] you know how much you spend per month?
[00:13:43] Of course, there's an Excel sheet, like, yes, there's an Excel sheet, there
[00:13:47] are organized fruits, there are monthly updates about where we
[00:13:50] are, what are updates, it's a reprimand call, what are updates, not
[00:13:53] a reprimand.
[00:14:03] She'll define him as stingy, perhaps.
[00:14:06] That's how she defines it. I call
[00:14:08] it
[00:14:10] a savings mindset. Do you do financial diets like that? You surely
[00:14:14] sit and talk a lot. Do you know, for example, how much you spend on
[00:14:18] food? We spend money in cash
[00:14:21] at the end of the month, yes. Meaning, at the counter, you take out
[00:14:27] the bills. Yes, to feel
[00:14:30] how complicated it is for an average person
[00:14:34] to plan their consumption throughout the month so
[00:14:37] that at the end of the month they don't find themselves in the red. Seemingly, it's a very
[00:14:40] simple decision, right? We know how much we earn and we also
[00:14:44] generally know how much we spend, and there are all sorts of elements
[00:14:48] that make it much, much more complex.
[00:14:51] For example, installment
[00:14:54] payments. Everything we spread over payments are different payments, for different
[00:14:57] periods, and that already causes us almost not to track
[00:15:01] this issue of expenses, and another thing is unplanned
[00:15:04] expenses, impulsive expenses, all
[00:15:07] sorts of things that we suddenly decide and want. When we paid
[00:15:11] in cash, you really count, and you feel, the feeling that bills
[00:15:14] and the pain of payment are great. When we switched to credit cards, the pain
[00:15:18] of payment decreased. In digital wallets, it's almost zero. What
[00:15:22] would you recommend they do, that they impose on themselves in a new way?
[00:15:25] Layers of friction? What, they go back to cash? We shouldn't go back
[00:15:28] backwards, but we do need to adopt friction
[00:15:32] mechanisms, that will cause us again to feel the pain of payment
[00:15:35] that we need to feel in order to control expenses. So,
[00:15:39] for example, put all sorts of filters that I can't, in the case where I need a code, where I
[00:15:43] need to approve something, and in addition
[00:15:46] it's worthwhile to use all sorts of digital tools that create tracking or
[00:15:50] transparency for us regarding how much we spent, how much income
[00:15:53] we have, and to look at them relatively frequently.
[00:15:56] Another large fixed expense they have is loans. Every such
[00:15:59] line is actually a loan. I counted, there are 13
[00:16:03] of them here. Um.
[00:16:06] And this actually brings you to a monthly payment of
[00:16:09] 6714. I want you to see for a moment, just
[00:16:12] like, if we only add the loan and the
[00:16:15] mortgage, just these two items, it's
[00:16:19] 15, you haven't done anything yet, you haven't breathed, you haven't turned on
[00:16:22] a light, and this
[00:16:25] thing, we need to deal with it, I'm looking
[00:16:28] at the number of loans, 13, and I'm thinking to
[00:16:32] myself, when the f**k is this
[00:16:36] over, because on all these loans there are also
[00:16:39] interest rates. I just want you to see the interest rates, because these are
[00:16:43] desperate interest rates of 11, 12,
[00:16:46] and these are high interest rates, it's not far from
[00:16:49] us, yes, there are also easy loans here, right, like
[00:16:53] I ordered a card and just took a loan instead of the credit line.
[00:16:57] When I sat here, you didn't talk about credit cards, because I didn't want
[00:17:00] to say, I said I had to do it with him slowly,
[00:17:03] because I didn't want this to be, so I already told him we have.
[00:17:07] Two more credit cards and that's it, like, like,
[00:17:11] and that's it, like new children being born to you and you didn't know
[00:17:15] anything, something
[00:17:16] like that.
[00:17:19] And here, friends, begins what is called the work.
[00:17:23] In the coming months, at least, we are going to give up, not for the sake
[00:17:26] of giving up, not for the sake of cutting back, we are going to give up so that afterwards
[00:17:30] we can grow, so that afterwards we can flourish. And I think that
[00:17:33] mainly this thing is not sustainable. If you are not
[00:17:37] doing this process now, you will be game over in three or four months.
[00:17:40] Game over.
[00:17:48] There are people who truly reach game over and learn the hard way the
[00:17:51] cost of living in the red. This happened to Pinchas Mahsumi, a career
[00:17:55] soldier who retired and then fell into uncontrollable debt. How
[00:17:59] are things? Very well. How are you? All good,
[00:18:02] excellent. Good, I'm happy to hear that, because your story
[00:18:05] is... not simple. Not simple at all, but it just shows
[00:18:09] that you can get out of it too. How easy
[00:18:12] was it to take loans? Listen, it was
[00:18:15] easy, what do you mean easy? You call for a specific
[00:18:19] loan? Yes, the next day it's already in the bank, you
[00:18:22] go online, quick clicks, stuff, in five minutes
[00:18:26] the money is in the bank. Come tell us how it all
[00:18:29] started? I served in the military, a career soldier, I
[00:18:32] had a pretty good salary, respectable, but
[00:18:36] my financial management and also my wife's
[00:18:40] was less, uh, it was more than what
[00:18:43] we could actually manage. That means trips
[00:18:46] abroad, it means changing
[00:18:49] cars, and it means that if you don't have money, you take a loan
[00:18:52] to do it. How did you get into such a
[00:18:56] mindset of "let's spend," because it's something I didn't have,
[00:18:59] and suddenly you say, "Wow, I can do it." What do you mean "I can"? I can do it not with my
[00:19:03] money, I can do it with other people's money supposedly. This feels like a conversation
[00:19:06] about addiction. Like loans are an addiction.
[00:19:10] Look, God forbid, all these are credit
[00:19:14] cards we used to use, I still keep them, all my cards and my
[00:19:18] wife's, these are the cards that were there, so if we wanted a loan, you could get
[00:19:21] it from this card, you could get it from that card, and you could get whatever you want, and everyone
[00:19:25] gives loans, just take it. Didn't the bank
[00:19:28] tell you, sir, enough with these loans at some point? He said
[00:19:31] enough, and then my wife told me, maybe I should go for a financial
[00:19:35] plan. At that moment she told me that. I wasn't willing to listen,
[00:19:38] why? Pride, ego. If I had
[00:19:41] listened to her and done it in time,
[00:19:45] we would have gotten out of it without bankruptcy. How many loans
[00:19:48] did you take in total? It was over half a million shekels,
[00:19:52] over half a million shekels, at some point we sold the apartment
[00:19:56] we had, I understand correctly, you didn't want to sell, no, of course, my wife
[00:19:59] cried when we sold the apartment, like to think about not having a home
[00:20:02] and that, but that we start
[00:20:05] perhaps to behave a little better, so that we have.
[00:20:08] Room, so we paid off the mortgage with the money
[00:20:11] we sold, we paid off a few
[00:20:14] more loans, but still when we did it, it was already
[00:20:17] the
[00:20:19] last minute, as they say, it's a cycle that can't go back when expenses
[00:20:23] are greater than income and you have no more income, and they no longer
[00:20:26] give you loans, so that's it, the tap is closed. I reached a point where I couldn't
[00:20:30] pay rent for the apartment, I couldn't talk about it, I wasn't
[00:20:34] able to get it out, why did it bother you?
[00:20:38] Out of pride, I wasn't able. So the nights
[00:20:41] are not nights, I don't sleep, I don't know how I'll wake up tomorrow, I don't know
[00:20:45] how, where I'll find solutions, because there are no more solutions, there's nothing to do but
[00:20:49] go bankrupt. Wow, I won't
[00:20:52] forget that day, it was Friday, I sat in the Knesset,
[00:20:55] I cried, tears, how did I get to this
[00:20:58] situation, how did Israel become
[00:21:02] such a paradise of loans
[00:21:05] and credit, from every direction, of every kind, uh, paradise,
[00:21:08] hell, yes, it's expensive here,
[00:21:12] and... the State of Israel found a patent, instead of dealing
[00:21:16] with the cost of living, they inject more money into the system, but
[00:21:19] instead of people buying with money they have, they teach the public to buy with money
[00:21:23] they don't have. You open a bank account, you get an automatic
[00:21:27] credit line, this doesn't exist in any country in the world, when you
[00:21:30] exceed the credit line, it automatically grows, without
[00:21:34] anyone asking you, and when you've reached a point where it's already
[00:21:37] an excessive overdraft, they tell you, come take a loan. Credit
[00:21:41] has become the magic solution for every problem in the State of
[00:21:45] Israel. You're struggling, you're hurting, take credit, the problem
[00:21:48] will be solved. And what they don't explain to the public is
[00:21:52] that credit can also be very, very painful. It's a bit like the opioids
[00:21:55] that were around 20 years ago in the United States, they gave them
[00:21:58] to everyone, but this thing creates addiction and this thing prevents
[00:22:02] us from dealing with the root problem, which is financial management,
[00:22:05] high cost of living, too low incomes, and instead
[00:22:08] of teaching the public how to manage properly and solve
[00:22:12] the problems for real, they teach the public
[00:22:16] to take credit and postpone the problems until later. The state really
[00:22:20] went out of its way to create more credit sources for me. A few
[00:22:23] years ago, it separated credit card companies from banks, saying
[00:22:27] this would create competition. Today, exactly in the format
[00:22:30] that exists today, I really have a wealth of places to take credit, the goal was
[00:22:34] for me to pay a lower interest rate because there would be competition. They decided
[00:22:38] to increase competition for credit out of a good intention, by the way, to lower
[00:22:41] costs. What actually happened was that there wasn't really competition on interest rates, but
[00:22:45] what did happen was that the supply of loans
[00:22:49] increased, and actually loans.
[00:23:23] 484, that's what will save the situation, come
[00:23:25] on.
[00:23:28] What would you take a loan for besides a mortgage? We don't have loans, we don't know what
[00:23:32] loans are and we don't like it either, but maybe for a car?
[00:23:36] Hooray! But maybe for a car, I would never take a loan. I drive a Mazda
[00:23:39] Demio 2003, it still runs. Yes, it runs, you can argue
[00:23:43] if it runs and how and why. Let's say the Mazda Demio 2003 died, that's it.
[00:23:47] It can't be saved. What do you do? I
[00:23:50] buy another modest car with cash, I won't take a loan. With cash, cash, cash. My
[00:23:54] son just had his Bar Mitzvah and to take him on a nice
[00:23:57] family trip this summer, that's something you should take a loan for.
[00:24:01] How much did you take? You can, uh, around 20 thousand. That's why you're
[00:24:04] in the red too. Yes. You knew he'd have a Bar
[00:24:08] Mitzvah in 13 years, right? Why didn't you save? I saved what
[00:24:11] I could, not that I didn't save at all. I think finding
[00:24:15] moments in life is much more correct and much more
[00:24:18] memorable than now.
[00:24:21] To be careful not to be in the red and to prevent yourself from
[00:24:24] all the pleasures that could cost you a little
[00:24:28] more than what? We're exactly there all the time, just once
[00:24:32] and let's do it, no, and we'll fly one day, I'll be
[00:24:35] old, yes, and I'll be 80 and my children will
[00:24:38] grow up and we'll stabilize, now it
[00:24:41] takes many years but it will happen, we absolutely
[00:24:45] believe in it, I really don't regret any shekel that
[00:24:49] I spent. Alon
[00:24:59] is very, very concerned about the future, I really appreciate that approach,
[00:25:02] but a little
[00:25:03] less.
[00:25:09] To show how easy it is today to take loans for hundreds of thousands
[00:25:11] of shekels, I needed an experimental subject, so
[00:25:15] I asked my brother to volunteer, we will try
[00:25:18] through you to see
[00:25:21] how many loans you can take? Okay?
[00:25:24] The first stop is to log into your bank's app.
[00:25:28] Immediate loan up to 180,000 shekels. 180
[00:25:32] thousand shekels here.
[00:25:35] I can take it, yes, but don't really
[00:25:38] do it. Okay, good, now I want you to start
[00:25:42] calling.
[00:25:44] The loans, I wanted to ask if
[00:25:48] I could take a loan from you.
[00:25:50] No problem, let's check. Okay, so first of all, Lior was excellent, I see you have
[00:25:54] approval for up to 70,500 shekels. 100,
[00:25:58] an excellent interest rate of 8.46%.
[00:26:01] Look how easy it is? He gets money and how
[00:26:04] much she wants to sell you, at your bank you'll get 100 times better interest than
[00:26:08] that. I'm Kalbood, hello, a loan for any purpose.
[00:26:11] I wanted to inquire about a loan for 50 thousand shekels
[00:26:15] for 84.55.
[00:26:20] That's 22 thousand 598. You
[00:26:23] heard what a crazy interest rate she slapped on you there. A loan of 50 thousand shekels
[00:26:27] you would pay 22 thousand shekels in interest, that's almost 50%. Yes,
[00:26:30] yes, that's a lot.
[00:26:57] Well, congratulations, you got another 132 thousand
[00:27:00] shekels times two and you can increase that. For 1.90 shekels,
[00:27:04] that's a 10% interest rate. Elad was
[00:27:06] willing to close me now and my wife wouldn't know, it even made me want to take a loan
[00:27:10] and then, beware, you're touching it. So now we will calculate the total interest
[00:27:13] you would pay on these loans. Okay, are you ready? On
[00:27:17] loans of 432, which is what
[00:27:20] you managed to accumulate here, you would pay a total interest of
[00:27:22] 196, so what's happening in the black
[00:27:25] market? This is
[00:27:27] normal.
[00:27:30] How much do people understand the loans they take? People don't understand the loans they
[00:27:33] take. It was real until I met you, I didn't understand that an overdraft was debt at all, I thought it was
[00:27:36] a service the bank provides, like there's a whole
[00:27:40] system that does everything possible so that I can't
[00:27:43] control my expenses. Do you know in loan
[00:27:47] advertisements, like call a number and it's great and what you can do with it and you can fly
[00:27:50] to other countries and a Bar Mitzvah for the child and and then finally the interest
[00:27:54] is visited, they do it very, very quickly, you know that, yes, it's amazing
[00:27:58] because nobody wants you to know the consequences of it. Now it's a bit
[00:28:01] like cigarettes. Why did cigarettes stop advertising and why are there warnings
[00:28:05] with terrible graphic images? Because
[00:28:08] they understand there's a risk here, it's not just fun. So it's very similar, they tell you take
[00:28:12] a cigarette, calm down, it will solve your problems, take a loan, calm down, it will solve your problems,
[00:28:16] it will give you some peace, but it creates a dependency that I can no
[00:28:19] longer function without this thing, I have to take a loan to make it through
[00:28:23] the month.
[00:28:25] simply because I already have a lot of loans to pay back, so I
[00:28:29] have no choice, but in the end you'll end up not sleeping at night. You'll
[00:28:32] have endless arguments with your wife because you're not making ends meet. You need
[00:28:36] to be afraid of this
[00:28:37] thing.
[00:28:41] Hello, how are you, Haddad
[00:28:44] family?
[00:28:49] How are you all doing? We're really in this together, right? This is my brother,
[00:28:53] we're really in this together. Suddenly I'm discovering a different Eyal, like an Eyal
[00:28:57] that I didn't let in, and I'm asking
[00:29:00] myself today, why? Yes, I'm with
[00:29:04] her on this. After we settled down, let's really see
[00:29:07] what, what happened?
[00:29:11] We are still ending the month with a negative
[00:29:14] cash flow. Where were we before? Not in minus 1300. We reduced
[00:29:18] the negative, from tens of thousands of shekels it was
[00:29:21] negative, to 1,200.
[00:29:24] We started thinking about every expense. Excellent, like whether to spend or not
[00:29:28] to spend?
[00:29:33] Welcome to Tabor, I ordered
[00:29:34] four,
[00:29:39] a fish head, wow, what
[00:29:40] a bald spot,
[00:29:43] 200 years ago, what would they say to people with Tourette's?
[00:29:47] They would throw them into the fire.
[00:29:49] I suddenly start screaming, and some teacher shouts at me in class, "Daniel, stop
[00:29:53] barking and get out
[00:29:54] of my class!"
[00:29:57] I used to hit walls and eat my hands.
[00:30:01] Adam, Adam.
[00:30:36] Is it going to be a restrained aliyah? Yes, a stately aliyah! Whatever
[00:30:39] you say, in an election season, Thursday after
[00:30:42] the news, on Kan 11 and on Kan
[00:30:45] Box.
[00:30:51] I'll tell you a little secret. 10 minutes ago, he made me an
[00:30:55] indecent proposal. Regarding the time
[00:30:58] and content. And we decided that we... Despite
[00:31:06] the significant reduction that the Hadad family made in their
[00:31:09] current expenses, the loan repayments still burdened their cash flow.
[00:31:13] Therefore, the sudden solution was to take out a new loan.
[00:31:17] Yes, another loan, but a smarter one, to get rid
[00:31:20] of the previous loans. We are consolidating loans here. We take all
[00:31:24] the loans, package them into one loan, spread
[00:31:27] it over 18 years, and then the monthly
[00:31:31] repayment goes down. It will go down to 2000, instead of
[00:31:33] 6700. This will make a huge difference for you,
[00:31:36] a huge cash flow. Listen, from heaven high interest rates,
[00:31:40] at what interest rate are you signing?
[00:31:43] 1.7.
[00:31:50] Today, by the way, their loans have prime plus 56. That's
[00:31:54] much better than our interest rates.
[00:31:56] And then you're in a different place. Yes, guys, this is not money
[00:32:00] for spending. No, no, this is not money
[00:32:02] for spending.
[00:32:04] In the midst of the loan consolidation process, a crisis arose. The Hadads discovered
[00:32:08] that they had another loan in the form of revolving credit
[00:32:12] on their credit card. This is a debt just like any other. It's just hard to see
[00:32:16] it, and therefore they didn't calculate it in the large loan
[00:32:19] they took. You see the credit cards here?
[00:32:22] Yes, it remained in the
[00:32:24] revolving credit. Do you understand? This is the revolving
[00:32:28] credit. You wrote to me about the... right, about the revolving
[00:32:32] 225 still owed. Right. That's what's left.
[00:32:35] Okay, okay? Everyone, including the...
[00:32:38] No. I got lost. I also
[00:32:42] I can say that I looked yesterday at everything that... a young man and I said
[00:32:46] to myself, how on earth did I get
[00:32:50] to this? How
[00:32:51] how?
[00:32:54] What is revolving credit? Help me understand this? They tell you, "Come
[00:32:58] swipe as much as you want on your credit card and you'll pay a fixed
[00:33:01] amount." Ostensibly, the common advertisement we see is,
[00:33:05] "Come get control of your expenses." Yes. That's
[00:33:09] of course not real because you swipe 200 but you're charged
[00:33:12] 1000. They just defer the 800 to next month, and the month
[00:33:16] after that, because even next month you buy more than 2000, so next month it's not
[00:33:20] 800 anymore, it's 1500. Where do I see this, this debt
[00:33:24] that I owe? You don't see it, that's the whole magic. It's great, it's a debt you don't feel,
[00:33:28] and it accrues interest, of course. It accrues the highest interest rate in the economy, it's
[00:33:31] an average of 16% interest. Where does it come from for me, because I only pay
[00:33:35] 2000? It doesn't go down, it accumulates, it gets added to the debt, and then in the end you
[00:33:39] get a call and they tell you, "Sir, you've accumulated,"
[00:33:43] exactly, at a 16% interest rate. Yes, now go, take a loan from someone
[00:33:47] else and pay us back those 150,000. What's their interest? They understand
[00:33:50] it's dangerous, they understand that eventually it will accumulate to 100, 150, where will
[00:33:54] people pay it back from? You have parents, you have children, you'll take the children's savings, you'll
[00:33:58] take the savings of your elderly parents. The collection rate stands at
[00:34:02] 98.6%.
[00:34:08] We had a tough month. I didn't sleep much at night, and if
[00:34:11] I thought telling Eyal was the hardest thing, then no. That's not the hardest
[00:34:15] thing. How to deal with it is the hardest thing.
[00:34:18] Like, until this whole process was conditioned, it's
[00:34:22] not like that and I'm covering all my loans. It wasn't
[00:34:26] easy and it was frustrating,
[00:34:29] but we built a plan from it. Exactly, that's
[00:34:33] the important thing. Right. Yes, but there's still a lot
[00:34:37] of work. Do you think they succeeded?
[00:34:40] No, in the first meetings with them, they completely said, "We have nowhere to cut." I don't
[00:34:44] think they managed to get out of 200 250,000 in debt. Maybe they
[00:34:48] found a way to start saving. I think there was a very
[00:34:52] significant change there. I think a change
[00:34:55] in consciousness and a change in habits
[00:34:59] in many things. And I think that certainly in the economic sense, even if you don't see them
[00:35:02] in numbers in five months immediately, I think
[00:35:05] that's it. Yes. They feel
[00:35:09] a change.
[00:35:13] The camera operator.
[00:35:45] Hello. This is the home of the family that did
[00:35:48] this. We came to celebrate. Let's go.
[00:35:51] Hello.
[00:35:55] You went on a journey here,
[00:35:58] a journey. You're still on it, still on it. If you had
[00:36:01] continued for a few more months with your previous behavior patterns,
[00:36:05] in my opinion, you would have ended up in enforcement. Right, obviously.
[00:36:08] And today, right, you're on a different vector, you're going in a different direction.
[00:36:12] Right, that's an achievement.
[00:36:15] Crazy. That means, you actually took out,
[00:36:18] you took out within your means. Right, it
[00:36:21] made me sleep at night. Amazing. It made me
[00:36:25] convey a message to my daughters. It made me be
[00:36:28] in a better relationship with him, which was not
[00:36:32] the case, and it made me have peace of mind. I
[00:36:36] really must say that there's nothing better than peace
[00:36:39] of mind. When we met one of the first times,
[00:36:42] you said you had a dream, yes, that we would eat, I think we could travel,
[00:36:46] Shira comes and tells me, "Mom, for my Bat Mitzvah,
[00:36:49] I don't want a Bat Mitzvah, I want us to fly, us
[00:36:52] as a family," and it was like the first time I could tell her,
[00:36:56] "Okay, Dad and I will sit down." We'll see how we do
[00:36:59] it, how we build a budget for it, and we'll fly
[00:37:03] as a family to Italy. She really wants to go to Italy. How long? Two
[00:37:06] more years. And today it seems like something you are capable of doing?
[00:37:10] Yes, we are in a good place, we are in a good place,
[00:37:14] for new
[00:37:14] beginnings.
[00:37:20] Wow,
[00:37:23] to the Hadad family, to the future, to new beginnings,
[00:37:26] amen. Loans don't have to be a bad thing.
[00:37:30] A loan to invest in a business or in your self-development are
[00:37:33] good loans that can yield a lot for you. But living on
[00:37:37] loans for current consumption is a recipe
[00:37:39] for disaster. And yes, part of the responsibility
[00:37:43] is on us consumers, but part is also on the financial
[00:37:46] institutions. It's time to change that, like the warning
[00:37:49] labels on cigarette packs, big warnings against
[00:37:52] credit, so that we understand better what they are selling
[00:37:55] us.