America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
MemoryKasu
My hi water mark for credit cards was
$27, 000. It took me years to pay off.
It was a war. Now it’s zero and cut up.
Now I have $40k in savings and zero debt and my house paid off.
Dave has helped me sooo much.
PInkW
Dave needs another saying
"Delete the Amazon account"
Ka_Gg
I cut off my credit card and paid credit card balance small to largest . now I am so happy, I don’t have any debt. I pay everything on cash, no more credit card!!!
josephsou
I'm watching Dave on repeat after making some really stupid financial decisions.
SRTBOAT
After she said she only has $10 left in her paycheck, I felt the air leave the room.
countessstevens
First off, the belief that the Federal Reserve would stop raising interest rates was the driving force behind the entire economic chaos. What should we do now that we have a situation where interest rates are crashing? At this point, how would you suggest that I safely allocate $300k?
ChristopherAbelman
I’m glad they asked her what she spent the credit card money on. I HATE it when callers just give their debts as “credit cards” and no one questions it further. Credit card debt for medical bills vs credit card debt for vacations is something Dave needs to know to help callers.
hollyb
With a 83k/year salary I’m glad she has the means to get out of this debt quickly and organize her financial life so she and her kid are stable!
heartSLB
$800 a month for rent is EXTREMELY CHEAP. Especially to live in a nice place like Dallas. She makes plenty of money. Kid doesn't need to go to private school and she's probably spending on other stuff that's also unnecessary.
ayo_k
This is where I was at the end of 2020. It is now January 2024 and it's now down to $6, 300!
It all started with preparing a spreadsheet, and then looking for ways to tighten it.
I created a budget to pay a round figure each month, plus any interest accrued on the balance of the previous month, as well as purchases made during it.
The key was staying the course. As long as I continue to stay the course, my magic number of monthly payments to being credit card debt free is down to a maximum of 9!
FischerFan
I like how blunt this guy is. He ain’t afraid to hurt some feelings. Clear and to the point instructions.
jamesharrison
I once put my 4000 cc bill on a zero interest for year Disney card. It worked for me. I never used that card again and they finally canceled it. The 18% was killing me and the car repairs and other things were taking too long to pay off. Discipline is needed for anything, weight loss, finance etc
deb
83k with $800 a month on rent, even if she pays $500 a month on private school she is budgeting extremely poorly
OneLove
People like this is why Dave is against CC's in all cases despite there being responsible people. People like this who spend beyond their means like the bill will never come ruin it.
Ryan_DeWitt
This is why Dave Ramsey has a "one size fits all" system - his system will work for the weakest *AND* the most disciplined, it's not as efficient as it could be for the most disciplined but if he gives different advice based on ability it dilutes the overall message for those who need it the most.
thelimey
Honestly the debt trap became real when we enabled people to 1-click buy things using their phone anywhere in the world. It's far too easy to get into debt and far too hard to get out.
FortuneSeekrz
GO KATY .. what ur going to learn at FPU and the conference and by binge watching this channel on YouTube for a weekend.. all of it .. works .. 10 years ago I was (still am) a single income family about where u are and we punched out 57 grand in cc debt, along with car loans, payday loans, and personal loans (it was 107 total) .. we haven’t gone back .. ngl it’s a tough road .. worth EVERY effort .. yes 💯 u want this u got this !!
blairkinsman
Once she said kid and single mom. His voice and tone changes. God bless you for paying for that class for her.
cuccia-
I love that Dave sits and take notes from the speakers he invites to speak for his seminars!! It shows that HE CARES TO LEARN!
