Dave ramsey

wallyj84

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I've been watching clips of the Dave Ramsey show on YouTube recently. Very interesting. Very fucked up.

Some of the people who call in have tens of thousands of dollars of credit card debt or they're paying $1000 A MONTH on their car loan. This one women I was listening to just a few minutes ago, bought a house without knowing her actual income and of course the house was out of her price range and she can't pay her bills.

Just crazy shit like that, over and over again. It is really amazing. I am really shocked by the people with 6 figure incomes who still live pay check to pay check.

Anyone else like this show? Do you have any stories you heard on there that you think are just really interesting?
 

TexanStar

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I've been watching clips of the Dave Ramsey show on YouTube recently. Very interesting. Very fucked up.

Some of the people who call in have tens of thousands of dollars of credit card debt or they're paying $1000 A MONTH on their car loan. This one women I was listening to just a few minutes ago, bought a house without knowing her actual income and of course the house was out of her price range and she can't pay her bills.

Just crazy shit like that, over and over again. It is really amazing. I am really shocked by the people with 6 figure incomes who still live pay check to pay check.

Anyone else like this show? Do you have any stories you heard on there that you think are just really interesting?

Never listened to the show.

I have lived paycheck to paycheck on a six figure income. Debt is a killer.
 

wallyj84

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Never listened to the show.

I have lived paycheck to paycheck on a six figure income. Debt is a killer.

I can understand going into debt for certain things. College loans are unavoidable at this point, buying a home is pretty much impossible without getting a mortgage and even buying a car without a loan is hard when you're first starting out. But there are other kinds of debt that are totally avoidable. There are also different levels of debt.

May I ask what kind of debt you had?
 

TexanStar

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I can understand going into debt for certain things. College loans are unavoidable at this point, buying a home is pretty much impossible without getting a mortgage and even buying a car without a loan is hard when you're first starting out. But there are other kinds of debt that are totally avoidable. There are also different levels of debt.

May I ask what kind of debt you had?

Credit cards but also day to day expenses (house was too big. Mortgage was fine, but home heating / cooling bills were up there and it ate up a lot of money for general maintenance. It was just about the right age for major appliances to keep failing, etc.
 

wallyj84

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Credit cards but also day to day expenses (house was too big. Mortgage was fine, but home heating / cooling bills were up there and it ate up a lot of money for general maintenance. It was just about the right age for major appliances to keep failing, etc.

I'm curious about the credit cards. I really don't get the mentality of building up a lot of credit card debt. Did you need to go into debt to pay for medical expenses or something? What happened?
 

TexanStar

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I'm curious about the credit cards. I really don't get the mentality of building up a lot of credit card debt. Did you need to go into debt to pay for medical expenses or something? What happened?

Pretty straight forward. Convenient means of paying for purchases, plan to get caught up next month because of extra expenses this month, builds up over time, interest starts killing you. (10k balance on a card translates into 2k every year of interest). My credit's always been good, so credit was never in short supply (I've never been unable to pay a minimum owed), but it hits a point where you're just paying interest and not working down your balance.

I'm good with some things (enough to earn a six figure salary), but managing money once earned isn't one of them :p
 

wallyj84

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Pretty straight forward. Convenient means of paying for purchases, plan to get caught up next month because of extra expenses this month, builds up over time, interest starts killing you. (10k balance on a card translates into 2k every year of interest). My credit's always been good, so credit was never in short supply (I've never been unable to pay a minimum owed), but it hits a point where you're just paying interest and not working down your balance.

I'm good with some things (enough to earn a six figure salary), but managing money once earned isn't one of them :p

It is odd how that works out sometimes. People have always been amazed at my ability to save money and such, even when my income was quite low, but I've never had the ability to make a lot of money. lol
 

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For us the push down the slippery slope was when credit cards could be used for stuff like groceries and junk food. Sprinkle in medical expenses and prescriptions for her many ailments and voila, living check to check on 6 figures. Like @TexanStar wrote it's easy to reach the point where you're just making interest payments.