Is It Alright To Use A HELOC For This?

Explore More Shows from Ramsey Network:

Ramsey Solutions Privacy Policy

[donyee]

I love Dave Ramsey taking instant ownership for his website and looking into the posting.

[sglacf]

My unclu used to say: " you borrow temporary, and pay back forever"

[NThLttr]

This is why Dave is superior. Complete and total accountability. Amazing

[daveblackman]

Rates are sky high! Perfect time to do it!

[DisabilityExams]

Q "Do you have any money?"
A "Oh look, a squirrel"

[truthseeker]

Before even watching- No.
After watching and having dug myself out of debt, it's 100% true what Dave said that spending your Own money vs Borrowed money, does Indeed change your whole mindset and perspective.

[MrJumpingmaniac]

This guy has $1000 to his name and wants to do $40k in upgrades to his house.

[jimmymcgill]

He make 145k, but have no money?
How can people make that much money, but are still broke?

[Forwardoperationbase]

That caller is probably regretting making the phone call

[brandonlambert]

2nd lien Heloc makes sense to pay off existing debt, like mortgage or high interest credit cards, but it's a line of credit, not actual debt. Used to consolidate existing debt to avoid multiple high interest rates or make large principle payments on your mortgage to reduce the amount of total interest you'll end up paying.. Any other type of loan is going to get you.

[morganottlii]

I'm doing a remodel with some substructure repair myself. Paying cash for materials, and paying H on my dear wife's patience. But it is all cash. Also, an education for me. You don't own a house built over 60 years ago, it owns you

[widescreen]

Asking Dave about using a HELOC is like feeding a lion a cabbage for dinner.😄

[hanymohd]

come straight to point. making 125k a year and no any money saved, i'm making $75k year and saved so far $230k

[ironwill]

Making $125K and broke!! Dave kept asking how much money does he have and he said "uh huhm, we have about the 1000 dollars and we are paying off debt" I bet he doesn't even have the 1K! Then he wants to take out a HELOC and add more debt on top of the 30K he's trying to pay off now? Sheesh!!

[OnlineShelby]

The guy called and asked in good faith. He wasn’t being a jerk. He was misguided and looking for guidance. It costs Dave nothing to be gracious while also speaking the truth. When he chooses not to it’s sad how many people here revel in it. How many people might have called in and gotten the help they needed, but were scared off by this kind of treatment in this and other videos? I’d never call in and risk that. Grateful for the videos to watch and all he’s helped, but no thanks.

[jamesjackalone]

90% of Americans think this way! It is unbelievable. Thank you for the great advice and direction over the years Dave.

[Wallx]

First, most people will take out $75, 000 (as of August 2024, the monthly payment for a $75, 000 home equity loan with a 20-year loan term would be around $653.) half of it will be used for things not considered home improvement, trips, bling, expensive purse/jewelry, fishing boat, RV, giving family money they are not going to pay back. You will pay back about $80k in interest. Just asking the question is a lack of knowledge about how money works.

[RJRussoVids]

I popped some corn 🍿 prior to listening to this call. 😂

[BabyGators]

This dude didn’t even read those articles. There are articles discussing people leveraging homes in various ways on the Ramsey site. It says about 100 times that it’s a terrible idea and not recommended.

[yarrdayarrdayarrda]

Caller making $120K take earn half that gross, feelsbadman. Him still owing $30K and I'm debt free, feelsgoodman.