How Much Of My Income Should I Be Using To Pay Off Debt?

How Much Of My Income Should I Be Using To Pay Off Debt?

The new Borrowed Future uncovers the dark side of the student loan industry and exposes how the system is built to work against you.

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• The Ramsey Show (Highlights):

[loganthorp]

George doesnt listen he goes straight into the baby steps. Its annoying.

[Je.rone_]

100% of the money that’s not paying for necessary expenses.

[PurpleRose]

Please start listening to what the caller is saying.

[carlin]

It feels so good. Just paid off everything except the mortgage! I love it!

[TheTaytay]

George has the right methodology but he wasn’t listening to her very well. The car will be paid off next month so that’s not in the equation. He was confusing the car debt with the student loan. Pay attention to detail, Dave does the same thing occasionally.

[jeremyturnbull]

Who is this new guy? It doesn’t seem like he’s paying attention to the caller at all

[ZoeyChaCha]

I don’t agree with using up all her savings to pay off debt. She needs to have 3-6 months of her expenses saved in case she loses her house or her jobs.

[Gibb]

I think his focus was on doing math and accidentally kept saying car instead of Student loans. I thought the video repeated there for a minute until I realized we don't use CDs anymore

[dazzles]

Watching a video without Dave for me is like have a Diet Coke instead of the good stuff ...its just not the same..

[lkjg]

"We don't care about interest rates." I thought this George character was supposed to be the "finance guy". LOL.

[adoe]

Because I've started listening to Dave. Im working three jobs. My accountant day job, a bartender at a restaurant on the weekends, and a barback a popular entertainment place all the other time. 81 hrs, atleast, this week

[suek]

I know it’s frightening to not have the extra savings but getting rid of that debt will be freeing for her entire life. After that is gone she can save like crazy.

[hejiranyc]

$1000 in an emergency fund? That seems awfully low. Given the fact that her interest rate is super low, she is probably paying less than $50/month in interest. I don't think it's worth the risk of being left high and dry in an emergency to save $50/month.

[tortoisehead]

I've got no issue with the advice to pay off the low interest debt. However, the math says to keep the low interest debt and invest the extra money. You can always sell your investments if you get in a bind later.

[craigcarter]

My cousin in Chandler has a great job at night and does gig work in the afternoons and on most days off. He is paying off his debt this way as well.

[brentsmelser]

LISTEN, dude! My man is CAR focused.

[mirabella]

That was a good question to ask for once.

[QuarterKnight]

My friend George is a little confused that Ken had to step in a bit.

[fredflinstone]

They were confusing me at the beginning. He needs to organize better his questions.

[LubosMudrak]

If you invest, there is a risk. If you pay your debt, prematurely*, savings on interest you don´t have to pay are guaranteed. *Some banks sanction you for prematurely paying your debt so you have to take that into account too.