Anyone here go through debt consolidation?

[Blitz]

been checking out bits and pieces of his radio show and it seems like one big infomercial for his book and program...

 

[Mully]

Still waiting on that book Joker...:shrug:

 

[The Joker]

Still waiting on that book Joker...:shrug:

Did you get my email last Thursday?

I went through Amazon and put in your home address....I hit submit and went on my way - thinking it got to you with in a couple days.

I got an email last Thursday that said "Total Money Makeover has been shipped!"

Apparently it was on backorder or something.....anyway.....you should have it today or tomorrow. Let me know.

 

[dawgball]

been checking out bits and pieces of his radio show and it seems like one big infomercial for his book and program...

I'm not sure how people listen to the show daily. It's the same stuff each day.

But his philosophies are mostly correct (in my opinion), and if his radio show causes more people to utilize his information, then all the better.

 

[Mully]

Did you get my email last Thursday?

I went through Amazon and put in your home address....I hit submit and went on my way - thinking it got to you with in a couple days.

I got an email last Thursday that said "Total Money Makeover has been shipped!"

Apparently it was on backorder or something.....anyway.....you should have it today or tomorrow. Let me know.

Thanks again man. Very anxious to read it. Have made some small changes the past few weeks and have already saved a couple bucks. Trying my best to be smarter with my money.

 

[SixFive]

I would like to read one of his books, what Ramsey book would most of you suggest reading?

joker likes Total Money Makeover. I liked Financial Peace. I think both are really good places to start.

 

[supadcy]

I was going to write a diatribe about my own financial experiences but instead I'll just get to the point: Believe the hype about Dave Ramsey's FPU course. It's the best thing that ever happened to my wife and I from a financial standpoint. The best thing of all...I can't remember the last time we had a fight about money.

 

[maverick2112]

Since I am a bankruptcy attorney I deal with this issue on a daily basis. Generally, using a credit consolidation companie is a bad idea. First of all, most of them charge very high fees. These fees usually get paid before any of your creditors get paid. How it works is you pay the credit consolidator a monthly fee. All of your debts won't get paid for several months while you build up your account with the credit consolidator. This will trash your credit. Then, the credit consolidator will make lump sum offers to your creditors one by one offering something like 25% of the total debt owed. Some will accept it and some won't. The problem arises when one doesn't accept the offer, sues you, and then garnishes 25% of your pay. This generally makes you unable to finish the credit consolidation plan because you lose 25% of your pay to a garnishment. Then you will be dropped from the credit consolidation plan and will be out all of the credit consolidator fees that you had to pay first. Then you will be forced to file bankruptcy and will be out much more than you would have been if you just filed bankruptcy in the first place. If you are dead set against bankruptcy, then you can do the same thing the credit consolidator is offering by yourself and not pay them their fees. Let me know if you have any questions, I would be happy to answer them.

If you credit score is gonna take a dive anyhow and you start to get judgements against you ........then why not just file bankruptcy either chapter 7 or 13.........from what I have read about chapter 13 it basically does what any credit consolidation does anyhow........you make one payment that is split up and disbursed to each creditor for the next 3 years.............

Dave Ramsey seems to be dead set against bankruptcy but if you are in debt in a major way I think its really the only realistic option..........say you owe 80,000 in cc debt and are underwater on your 250,000 house........how are you ever gonna get back to the starting line????

If you are gonna live Dave Ramsey's way anyhow why do you even need a FICO score???

 

[The Joker]

If you credit score is gonna take a dive anyhow and you start to get judgements against you ........then why not just file bankruptcy either chapter 7 or 13.........from what I have read about chapter 13 it basically does what any credit consolidation does anyhow........you make one payment that is split up and disbursed to each creditor for the next 3 years.............

Dave Ramsey seems to be dead set against bankruptcy but if you are in debt in a major way I think its really the only realistic option..........say you owe 80,000 in cc debt and are underwater on your 250,000 house........how are you ever gonna get back to the starting line????

If you are gonna live Dave Ramsey's way anyhow why do you even need a FICO score???

You make a valid point - It is a character issue though. If you borrow something - you're supposed to pay it back......and this is where Ramsey stands on this issue. It has nothing to do with credit score.

He who without character flaws - cast the first stone.

 

[dawgball]

:hitwithro

 

[The Joker]

Have made some small changes the past few weeks and have already saved a couple bucks. Trying my best to be smarter with my money.

Imagine never having to pay anything but utilities and a mortgage.

My goal is to some day not have a mortgage.

P.S. Never let anyone tell you that paying off your mortgage is a bad thing. Any good accountant will tell you that it is mathematically advisable.

 

[maverick2112]

You make a valid point - It is a character issue though. If you borrow something - you're supposed to pay it back......and this is where Ramsey stands on this issue. It has nothing to do with credit score.

He who without character flaws - cast the first stone.

Ramsey's success soon came to an end as the Tax Reform Act of 1986 began to have a negative impact on the real estate business. One of Ramsey's largest creditors was sold to a larger bank, who began to take a harder look at Ramsey's borrowing habits. The bank demanded he pay $1.2 million worth of short-term notes within 90 days, forcing him to file for bankruptcy relief

I guess it worked for him...............I guess I just take the guy the wrong way when he strictly advises people to not take the same avenue he did

 

[ageecee]

I'm not sure how people listen to the show daily. It's the same stuff each day.

But his philosophies are mostly correct (in my opinion), and if his radio show causes more people to utilize his information, then all the better.

listen to him pretty much every day if i can. Its the same ole stories but i love listening to him talk.

 

[The Joker]

Ramsey's success soon came to an end as the Tax Reform Act of 1986 began to have a negative impact on the real estate business. One of Ramsey's largest creditors was sold to a larger bank, who began to take a harder look at Ramsey's borrowing habits. The bank demanded he pay $1.2 million worth of short-term notes within 90 days, forcing him to file for bankruptcy relief

I guess it worked for him...............I guess I just take the guy the wrong way when he strictly advises people to not take the same avenue he did

Yep. He admits that he should have done otherwise.....he continually tells listeners of his radio show - I have done stupid with a capital P and zero's on the end.

 

[The Joker]

listen to him pretty much every day if i can. Its the same ole stories but i love listening to him talk.

I love listening the all the different walks of life that call in.....it really is a life-changing show....

 

[Mully]

Just got home from work to find the book arrived today.

thanks Joker

 

[The Joker]

Just got home from work to find the book arrived today.

thanks Joker

Great! I hope you find it to be a fun, life changing book. Would be curious to know in six months how things have changed for you.

Take care,