Need input on debt reduction/settlement options

[Big Daddy]

I keep one credit card that I have all payments taken from. Then I just pay that card each month. I keep it at 0. I have other cards that are closed that I'm paying off. I agree never put anything on your bank acct that is recurring automatic each month. You can tell the bank to stop the payment and the lender will just resubmit for a slightly different figure and it will go through. Or they can screw it up on their end and totally trash you by bouncing checks. It's bad news.

Sucks being upside down on your car. Almost everyone that has a car loan is upside down. Most people don't know it though.

Wifezilla I don't have any real hostility towards Dave. I liked him when I first started listening to him, but then he started seeming more and more like a TV preacher. JMO I know a lot of people like him.

 

[cherylrichardson]

Too bad people spend money to get the info.

They can listen to the radio show for free and not spend a nickle.
The people that need more help then I'm very glad they are spending the money.
It tells me they TRULY want to change.
When one spends money they tend to have better commitment to the direction they want to go.

I don't care if it's Dave or some guy down my street that is out there teaching common sense I'm just happy to see people stop living a lifestyle that turns them into slaves to a credit card fantasy lifestyle.

I just want people to enjoy the freedom I have from the corporate game out there.
From the media telling everyone success is the big fancy house and car most never get to enjoy because they need to work so many hours to cover payments.

People that have developed spending habits like that are very similar to people that can't control their eating.

Common sense tells me just like drug addicts there will always be people who go back. Fact of life.

But I do know many people once they experience no more car payments buying a car with cash, no more credit card payments, they begin to feel like they are free. They don't need all the trappings current society say you need to be happy.

I have heard many many people express joy from not being a slave to the credit card cartel.

I do recognize scams when I see them though.

Just what is the scam?

Dave's books are more in depth of course but anyone with half a brain can listen to his radio show and figure out what to do.

There are people in this world that with certain things they need an in depth game plan in front of them to go in the direction they want to go.

I'm very happy for those people.

They are being proactive deciding they want to change their life.

If it's Dave or 20 other people that end up getting rich because they were smart enough to market common sense then I say FANTASTIC!

To say that is a SCAM though oh WOW!

Dave isn't saying buy my book and you will become rich.
He is saying buy my money make over and you can change your life. Key word being "YOU"!
He can't change you if you don't want to change.
A scamster would say buy my money make over and your problems are over. Dave doesn't say this.

He flat out tells people the seminar or books are worthless if you don't truly want to change.

It's just like people doing intervention for meth heads. Hey the people's heart setting up the intervention is in the right place and hopefully the emotion and the love shown to that person may be enough to trigger enough strength to go to rehab but if their heart and soul isn't truly ready for change that pipe will be right back on their lips within ten minutes of leaving rehab.

I disagree with you.

I see no scam here just good common sense marketed in such a way that the average person can grab it, run with it, and change their life.

That is FANTASTIC!

 

[Wifezilla]

And I'm an example of a person that has a car that we owe $17,000 on and it's probably worth $8000... it's a 2005 Chevy Blazer, and we have no way of getting out of the high interest loan... we're trapped in that cycle until it's paid off.

Yikes! Well, at least it is a car that will last you a while.

The car thing is one thing hubby and I got right. We treat cars like disposable lighters. We spend no more than $3000 cash, get reliable cars or cars that are easy to fix, and drive em till they blow up . We have never owned a new car. Over the years we only had one that I would call a lemon. It was an Isuzu Trooper. Years before we had an Isuzu Pup that was wonderful. A drunk driver creamed it while it was parked outside of our apartment complex.

Best deals we got...
Toyota pick up (SR-5 engine)-put over 100,000 miles on it. Paid about $2500. Sold it for $700. Only got rid of it because the kids got too big to fit in the jump seats.

Honda Accord 4 door. Paid $2000. Got about 80,000 mikes out of it before it got caught in the worst hail storm Colorado had seen in decades. It looked like it had been beaten to death by an angry teenager with a ball peen hammer. Then my youngest son climbed on it one day and caved the roof in a bit. Still drove it after that until hubby forgot to put it in park and it went off a cliff. It STILL worked after that, but it was so ugly I refused to drive it. Sold it to a pizza delivery driver (he was there during the cliff incident ) for $300.

Other good cars... Ford Probe (had 2 of these over the years. One was totaled by some idiot, the other we used for about 4 years, then we gave it to our son who ran it in to the ground.), VW Golf (that is what I am driving now), and a JMC Jimmy (another crash victim).

Between the weather, other drivers, and my son and husband, it does not pay to have a shiny nice car! Our friend's day was retired military, ALWAYS had a nice ride, and never ever had a car payment. He was our inspiration.

 

[2dream]

I don't know anything about Dave Ramsey but hear his ad's all the time.

What I do know after over 10 years of working for a Non-Profit Credit Counseling Service. No two familys are the same. No two familys have the same needs and 1 program will not work for everyone.

Each situation is different for different reasons. For each family and individual its a different set of circumstances.

So the key is to find what works for you. Do your research. Look for a reputable free counseling service. Don't be pressured into anything by anyone.

Possibly contact your creditors yourself first. See what you can work out.

 

[FarmerChick]

good post 2dream

finances are so different from one person to the other...big time.

 

[FarmerChick]

I don't care about cars at all.
they hold no interest for me.
I find what I like and can fit into comfortably, has the room I need and get it and hold onto it for AS LONG as I can...LOL

Tony--Woof! He loves trucks and all that. He likes to window shop at car dealers....kill me OK. He would trade vehicles every month if he could..LOL


some people have a big fascination with vehicles, others could care less like me.

 

[2dream]

good post 2dream

finances are so different from one person to the other...big time.

FC - for over 10 years that is what I did. Counseled people daily, called creditors, worked out budgets, listened to the reasons.

No two stories were ever the same. From the young couple who grew up in orphanages, met got married, had two children and no other family who were just struggling to the the 80 year old couple who still had their 50 year old son at home who was a drug addict and stole them blind. And a million things in between.

No one thing works for everyone. And sometimes bankruptcy is the only out.

 

[FarmerChick]

I bet you heard it all.....hmm.....life for everyone. Everyone's life is so different. We all have our own set of problems, yup, we all sure do!!!!

Once you got their info in order---what was the first step to recommend?

I mean was there ONE big step to help yourself financially that you could suggest?

(Is it just stop spending?)--LOL

 

[hwillm1977]

And I'm an example of a person that has a car that we owe $17,000 on and it's probably worth $8000... it's a 2005 Chevy Blazer, and we have no way of getting out of the high interest loan... we're trapped in that cycle until it's paid off.

Yikes! Well, at least it is a car that will last you a while.

I drive a Pontiac Sunfire that is paid off... hubby bought the truck and now we're stuck with that too....

My last car was a Plymouth Sundance (the same thing as a Dodge Shadow) that I bought brand new in 1994, and got rid of in 2006 after having driven it 540,000 miles... I loved that stupid car... I'm hoping the current vehicles last as long as that one did. Once the truck is paid off, I'm putting a car payment into a bank account (that doesn't have a bank card) so that by the time my car dies, I'm prepared to buy one cash

I agree with 2dream, what works for some people might not work for others... everyone is entitled to their own opinions, and they aren't always going to match

I really do think all it takes is a little common sense.... stop using credit, live within your means, don't use cards (debit or credit) and live on cash. It's a lot easier to track how much you're spending when you spend cash, and you can always see how much is left.

 

[Big Daddy]

Good post 2dream. You are so right.

I have done some soul searching on Ramsey. I think what my problem is with him is that I listened to him for a week or two and felt he had a lot of good ideas. I thought his car solutions were stupid, but he had a lot of other good ideas. I like the way he gets a bunch of goofballs all fired up grinding credit cards up and such. I think what I have against him is the tithing routine. Probably because I'm atheist and I've always viewed organized religion as a major scam. So I think that is actually what I have against Dave. I imagine anyone going to his wealth university or whatever he calls it comes out fired up about controlling their money. So even though he is getting rich off of it he is doing good.
I concede.