Why Debt Consolidation Doesn’t Work!
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4:52
Somebody call the wambulance" – Mercy, Overwatch ??
I started to do what Dave says; and it hit me hard when I payed the little one, leaving me with $0 in my bank, that opened my eyes about how much debt I have. Thanks Dave, you saved my future self by making my present self to think about the stupid things that I did in the past.
Dave said if you put $5,000 a month into your $40,000 credit card debt it will be gone in 8 months or $2,500 a month it would be gone in 16 months. That would only be true at a 0% interest rate. If only the world worked that way!
Let's be honest here though. Dave doesn't do a radio show for free. It advertising for his books and courses. The online activities also generate an income, although probably not as much as his vast network of professionals. You can learn all of his methods for free, because all of his methods are not actually his methods. He just put together a bunch of personal finance facts into his own little product. Even these videos generate income for him. I'm not saying he's wrong for doing it, but he is wrong for saying he does a radio show for free. I appreciate his methods, but I've never paid a penny for them. He only gets my online advertising click income… oh and the library bought his book that I borrowed for free.
Wait! How did we get on chocolate chip cookies?
Just curious. I think I heard that Dave Ramsey went bankrupt years ago in the tune of 20 million. I see he even gives business people advice not use bankruptcy laws and simply work 3 jobs and eat ramen noodles. Easy for him to say, as he has used bankruptcy in the past to the tune of a lifetime of Bill paying. The laws are there to be used, not ideal but that's business. It's the same as the IRS taking way too much of what we earn and calling it debt to the government. Agree with controlling ridiculous spending and irresponsible bil paying, but not using laws in business has nothing to do with biblical issues, and more to do with the realities of doing business.
It is very possible to use the $100 interest you don’t have to pay every month (consolidated) to pay off your debt within your debt snowball or use it to fund your online reselling business to pay off your debt. Behavior and consolidation can all work for a persons good. It’s not impossible at all.
I did it, 6yrs ago. My wife had trouble getting a job after being laid off for a year. Once she landed a job we consolidated $18k into a 24 month 0% interest line of credit through BOA. Paid it off in 10 months, no credit card debt till this day ….. it's a doable option
I want to make sure I understand this. Chocolate chip cookies cause you be 40,000 in debt. And you shared none with me?
I had no choice but to file bankruptcy……. And I'm glad I did.
That was 12 years ago. And I NEVER got another credit card. If I don't have the cash, I don't buy it. Period.
Love this 🙂
I'm British but your core advice is universal. I love your channel the guidance is applicable to everyone with ears to hear. I'm following your advice and have rung the debt free bell as a new retiree in the UK.
You are awesome Dave ???
I just paid off my creditcard. Just my loan on my house is left.
is cable actually $300 a month in america…