Why Should I Pay Off My Debt?

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[katiebwheeler]

the feeling of no debt is priceless....

[KaleelWeatherly]

I’ll have my house paid off in 4 years. I followed the Baby steps at age 26. By age 27, I bought a house. I’m 29 now, and I can’t wait to pay off my home.

[PInkW]

I was in debt all my life until 58.
Now 63. The last 5yrs been such a
Blessing. No debt and now $50k
In the bank. Life is so different
With no debt.

[mhodge]

Good for him man the luxury of making a lot at such a young age. I’m just happy that I’m debt free at this point at 33

[flygirl]

I would’ve bet he was a military guy turned successful civilian. Smart. Responsible. Got himself a marketable skillset. More than prepared with the numbers for this call and his argument made sense. He’s gonna pay his debt either way and do well in life. Young people like him give me hope for the future. Way to go Joey. And thank you for your service!

[brandonbarclow]

I've been debt free now (including house) for about 10 years now. I'd take that over earning the "spread" any day.

[jimroscovius]

Get rid of debt. Make life easier with less pain and risk.

[IHateNicolasCage]

I agree to just pay it off as a risk mitigation strategy, but this guy will be fine. Much better discussion than “I lost my job 3 months ago and just bought a $60k truck” for the 900th time

[PepeToTheMooon]

Stay in debt forever. Stay being a consumer. And paying interest forever. Sounds like great plan

[tshandy]

I have to say, George. is. good. I'm probably twice his age, and this guy is full of wisdom and pleasant and eloquent to boot.

[xunrhov]

I'm with George on this one. He definitely knows what he's talking about and he has a way with people that's respectful yet gets his point across. This man is my favorite to watch. Love you george

[thomasorchard]

Paid off my mortgage in December 2023 and the feeling is great! I highly recommend everyone live debt free. It only took me 8 years

[antinormality]

“Peace over payments.” Good one George!

[butterflyish]

Had a sibling during the pandemic who I told I wanted to pay off my private student loan. She CHOSE not speak about it to me for a week until she finally told me "it's a bad idea...." Why? "Because you'll off pay off debt for life anyways.." Went as far to give me a back handed comment saying " You should see my debt, you would cry.."

Finally got it paid off last year, otherwise I had to pay 400 month. If people are ACTIVELY telling you to not get you debt paid off asap (God forbid it's a family member) DON'T LISTEN TO THEM!

You will be kicking yourself if you do...Trust me...

[blackheartsmarine]

Selling my home and using all the posutuve equity to sell expensive vehicles to buy cheaper reliable Toyotas, pay off all other debt and just have a mortgage. Also selling my lake lot to finish off the debt and build a savings. I’ve spent so much money in this life on stuff and I’ve never been happy. I need financial freedom

[TheSchaef]

There's also the baseline argument that debt is risk. If something happens to him in the next 33 months, he'll have this $468 payment hanging over his head in addition to his new problems.

[drewo]

Wow, George's delivery is really impressive. He debates the guy by building him up instead of attacking his views and approach. Great delivery and counter argument by George. He has great speaking and reasoning skills. He and Jade are exactly what the Ramsey brand has needed to move forward to reach the younger generations. George's presence on YouTube, his casual and fun demeanor are a nice balance to 'stern and no-nonsense Uncle Dave.'

[Biscuitchrisagain]

I'd opt for steady as she goes. The dollar amount is the same, but you'll have more liquid after 12-18 months for your house. You're too smart to get scared by the big, mean, "Debt is bad!" man.

_"Zero the planes. Ahead standard. Rudder amidships."_

[bradzeigler]

What George could have argued is that his HYSA interest income is normal taxable income, so in order to properly compare the two scenarios he would need to calculate the effective interest rate based on paying Uncle Sam.

That said, if he's planning to buy a house in a year, he's going to be in debt either way. Best not to trade low interest debt with higher interest debt. Either way, George has to stay on brand and tell him to pay it off, lest someone hear the contrary and think Ramsey is saying debt is okay.

[ulikemykungfu]

Paying interest on debt is just throwing money away.