How Can I Pay Off Debt At My Age?

[@PassportBrosBusinessClass]

It’s amazing the number of people deep in debt who actually have the cash to pay it off- but don’t

[@rustyshackleford6637]

It's better to buy bitcoin than to pay it off

[@mationinfo]

Lol my son graduated from university with a 45k student loan. Throughout the years working part time he saved enough money to paid it off it full. I can now sleep at night knowing he did the right thing. He is totally debt free with little money in the bank. I stood with him as a dad. He now can start his own new life. I showed him how to apply 7 baby step to becoming a millionaire. 24 years old to do what he needs to do. The question I am asking all of you, where do you want to be 5 years from now?

[@PassportBrosBusinessClass]

@@rustyshackleford6637 Tell me what happened to the rest of Bitcoin buyer’s money since $68,000??? Where is BTC $100,000???

[@PStewart28]

A credit card company's target market

[@bebop504]

It’s hard to part with cash. Especially when you grew up poor and have fears of being financially unstable.

[@jeffpadilla9891]

I was around 50k in debt with credit cards, went to my credit union and took out a loan which had a much lower interest rate and paid it all off in under 5 years. Now I am debt free and it is great.

[@enricopallazzo3244]

Well done!

[@snackman2005]

We did a very similar thing with 15K on a credit card. Focused like a laser on paying it off. And have been CC debt free for about three years. And mortgage free. It is a wonderful feeling.

[@rustyshackleford6637]

So you're still broke

[@enricopallazzo3244]

@@rustyshackleford6637 Ok I’ll bite. How did you come to that conclusion?

[@AllynHin]

@@enricopallazzo3244 Some people think that "being debt free" means they're broke. They don't seem to get the idea that being debt free means you're building wealth....your wealth, not the wealth of the credit card companies.

[@Echodot232]

I had enough to pay off my cc debt. You feel so much relief after you pay off. If you have the $ to do it. Do it!!!!

[@grantv2313]

I love how people say don’t take the money out because she’ll have to pay tax. She’s 74!! If not now when’s it gonna happen!?

[@BrianW211]

The caller's sister told her to put all of her bills on a credit card but somehow her sister didn't tell her (or the caller didn't understand) that she had to pay the credit card off every month in order for there to be a benefit?

[@pep590]

I was about to write the same thing. Why did Beverley charge it all, then not pay it??? That is on Beverly not her sister and Dave knew that. He should have asked her, why she didn't pay the credit card off each month. So Beverly let her sister get put down and blamed on national radio. Maybe your mind is not as spry as you think it is Beverly?

[@lolwtnick4362]

there are 2 times that are the best times to do something. First happened 10 years ago, the second time is today.

[@Mr.Boring_Man]

Cash out the stocks to pay off the credit card debt. Increase the draw from the Annuity in order to pay off the mortgage faster. Unsure if when she got the Annuity... a surrender fee could also apply if she chose to cash it out early.

[@Dan51320]

Would’ve also asked how much her house is worth. If she’s sitting on $900k or whatever in equity, she’s not in a bad situation at all.

[@burrinch5142]

As a newbie you’ll need to invest in a company that is working towards sustainability, like that of expert Jennifer Fan , and her abilities in handling investments are top notch

[@burrinch5142]

She’s always active on her whatsApps

[@burrinch5142]

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[@burrinch5142]

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[@burrinch5142]

8106 USA 🇺🇸

[@Trolldaddy5]

Shes not gonna pay anything. She called bc she thinks his rules dont apply to her bc shes 74 n bla bla bla and she was wanting him to validate her thought process. You can hear in her voice everything he said went in one ear and out the other.

[@BKDDY]

At that age, dont bother to pay it off. Simply throw out the bills. Not even kidding.

[@arleenm7367]

I wouldn't throw them out completely (pay the minimums) but I wouldn't worry about paying them off either. My father died a couple years ago and left $18K in credit card debt. The banks simply "forgave" it all. What else could they do? Most of it was bank interest anyway. I'm not suggesting that elderly people run up their debts, but after you're gone, what are they going to do? If there is no co-signer they can only come after the estate, and it may be more trouble than it's worth to the banks.

[@user-mv9tt4st9k]

It depends on the amount and kind of bills. Credit cards, maybe, and the credit card company may still sell the debts off to collection agencies who will do a quick search and contact family members for payment. I would never want to leave a hassle for my kids after I leave the mortal coil, we plan to have the house paid off before retirement (we do not carry debt). 😂

[@arleenm7367]

@@user-mv9tt4st9k debt collectors are not allowed to harass family members about an unpaid debt. Only the estate is responsible (through probate), and if debt collectors harass family members, they should file a complaint with the CFPB and state Attorney General. This would also prevent scammers who might try to say the dead person owed them money and demand payment.

[@jimmymcgill6778]

At her age. Yolo it. Just focus on the house. Pay the minimum on the cards.

[@brown_beauty7499]

You read my mine. Those credit collectors will get the bare minimum. I'll be taking those vacations.

[@jimmymcgill6778]

@@brown_beauty7499 You can't see a dead person.

[@SnifferSock]

Entitlement at it's finest.

[@jimmymcgill6778]

@@SnifferSock It's not entitlement. It's the truth.

[@RichMind-2327]

The 7 baby steps are helping me to get out of debt, I would recommend everyone looking forward to reduce debt to apply them as well.

[@Trassik]

Dave must have some experience at this, he asked the exact right question: do you have any money?

[@drn13355]

She isn't; going to do what he said. You can tell. He says pay it off and she just keeps talking.

[@stud6414]

Forget the credit card debt

[@user-mv9tt4st9k]

Ha ha. After my landlord passed, the credit card companies and bill collectors called: "We know that you would want to keep the good reputation of your loved one by resolving his debt." Me: "He is dead and I am not his family. Have a nice day." A friend of mine was guilted into honoring her recently deceased mother by "paying a small percentage" to resolve her mom's outstanding credit card debt. She was then hit by another collection agency calling for the full amount of the debt. To sum up: You have a point. However, the lady should pay off her stupid credit cards. 🙄

[@scoutandscooter]

Why don't these people ever talk about property taxes. They never go away. They never go down. If you can't pay them the city/county/state take your property.

[@spankynater4242]

Old people get serious breaks on their property taxes, I mean extreme.

[@aolvaar8792]

NEVER is a totality word. Senior deferment I live in the Largest American City without property tax. Taxes do go down, ie. bonds are paid off.

[@TheLifeOfaBichon]

Paid off my credit card In full this month. $500 max limit on it paid off. Got the replacement credit card In the mail yesterday. Mine now expires next month. I'm not even going to activate it. Like Dave says credit cards are the cigarette of the financial world.

[@jimmymcgill6778]

I will not sell the stocks. I don't think she can pay it all off. There's a max you can withdraw from an annuity.

[@mationinfo]

Lol my son graduated from university with a 45k student loan. Throughout the years working part time he saved enough money to paid it off it full. I can now sleep at night knowing he did the right thing. He is totally debt free with little money in the bank. I stood with him as a dad. He now can start his own new life. I showed him how to apply 7 baby step to becoming a millionaire. 24 years old to do what he needs to do. The question I am asking all of you, where do you want to be 5 years from now?

[@amireallythatgrumpy6508]

You mean college, not university

[@catherinep2034]

@@amireallythatgrumpy6508 not all listeners are American

[@TheFlyingZulu]

I've never been in CC debt and glad for it... My huge mistake was getting a 84k college degree that didn't help me much.

[@terrencejenkins7995]

“Yea, for me it sure did.” 😂😂😂

[@underratedcritic1983]

One of these days, Dave will answer a caller by saying “You’re fucked. I can’t help you at all.”

[@cgasucks]

How did she get all that credit card debt that high in the first place?

[@1981lashlarue]

Interest on credit cards are so high that if you don't pay it off right away, it escalates very quickly.

[@Angela-tt5ik]

Credit cards are the devil.

[@Mr.Boring_Man]

I think she's still using a card or cards. Started off at $22K, sister probably said to open a new one with a balance transfer (BT fees are usually 3%-5% for 0%intro rates) and worry about one payment. Worse case, $1100 is added to the principal, so the other $9K likely came from spending and only making the minimum payments... probably while traveling.

[@markg999]

Like any low iq person with credit card debt...they didn't pay off at end of month

[@barryisa7353]

​@@Angela-tt5ikI tell my kids debt is the devil, and never bring the devil to my house

[@rustykatt3870]

Dave's advice is spot on. Her voice sounds familiar to me....did she call before?

[@NWI_Steel]

I think a lot of these calls are scripted paid actors honestly

[@MarkYeung1]

A lot of people probably have the same questions.

[@rustykatt3870]

@@MarkYeung1 True.👍

[@lagarde2011]

She sounds like a lady who called a few years ago. She and her husband were around 70 and had some debt with very little savings. She worked part-time cleaning houses and the husband wasn't able to work anymore. They owned a classic sports car that Ramsey told her to sell. She was one of the better callers to the show, recognizing poor decisions and willing to listen to advice on how to get back on track. I've often wondered how things worked out for her and her husband.

[@pep590]

Except Dave should have asked her, why she didn't pay the credit card off each month? I bet that's what her sister had in mind in setting up Beverly's bills to be paid for convenience with the credit cards. Dave TOTALY ignored that fact to push the NO Credit Cards policy.

[@arleenm7367]

Nonsense. She's going to take a huge tax hit if she withdraws all that money at once unless it's in a Roth - type of account. Also, credit card debt doesn't follow you after you die, so unless someone else is co-signed for the debt, pay it off at leisure. The banks will take their share out of the estate (selling of the house) at probate court after she has passed away. Until then, she should just enjoy the rest of her life and stop worrying about paying it off.

[@AllynHin]

Yeah, but you *know* Dave can't tell her that.

[@user-mv9tt4st9k]

Some people would love to tell her to "stick it to the man" and ignore the credit card debt. At the end of the day it is not ethical to counsel someone to do that, and it is dishonest for them not to pay for what they charged. Even a 74 year old needs to learn to live within her means. Besides, who would leave a probate mess for their kids to sort out? Put the kid(s) on the deed to the house with right of survivorship, pay off the house and all debts, and call it good. I want to leave the earth with my character intact. 😂

[@arleenm7367]

@@user-mv9tt4st9k not everyone has kids. She didn't mention any (or a husband for that matter). I'm certainly not suggesting she ignore the credit card debt, just not be obsessed with paying it all at once. If she takes money out of retirement accounts all in one year, the IRS will take a big cut in taxes.

[@SnifferSock]

​@arleenm7367 nah you said she shouldn't pay it all off and suggested she let her death absolve her cc debt. That's completely different than not taking a tax hit on withdrawing cash from an investment.

[@arleenm7367]

@@SnifferSock it depends on if she has anyone (kids or family) that she want to leave her house and estate to. She didn't mention that one way or the other and Mr. Ramsay was rather flippant and didn't even bother to ask. If she doesn't have anyone then sure, let the probate and lawyers pay off the credit cards and mortgage (that is what they get paid very well to do) after she has passed. Why harass her so much in her last years?

[@lagarde2011]

This caller really needs to sit down with a tax attorney or serious financial advisor (NOT the bozo who roped her into the annuity) to understand the tax implications of early withdrawals from the annuity acct. Cashing out the brokerage account probably makes sense but the taxes will depend on how it was funded. Ramsey didn't ask any questions to understand her situation. Throwing away money to buy peace of mind makes no sense. She's in a much better position than most of the callers to the show. At 74 it would be crazy to postpone travel when she might have only a few more years of good health especially considering that she's far from destitute.

[@lkj0822g]

Ramsey never considers the tax implications of his advice. To paraphrase one of his frequent strawman arguments, you wouldn't borrow money at 20-30% to pay off a 3% mortgage would you? Yes, this caller needs to work on the credit card debt, but during retirement, one must really pay attention to your withdrawal strategy.

[@chookchack]

how much interest that cc debt is costing her? I calculated it with 22% apr and its roughly 500 dollars in interest monthly. Craziness!

[@user-mv9tt4st9k]

Exactly. She is probably making minimum payments and racking up unnecessary interest. While she was rambling on I kept thinking "What on EARTH can you possibly be buying for big ticket at seventy-four? With invested cash why would you not take a one time tax hit to pay everything off?" Her sister the "millionaire" is probably advising her to get a piece of the pie when she's gone. 😂😂

[@aleinstein3223]

Last years, you're 74. The average American woman dies 78. Like the positive attitude.

[@cherylbroadenax1006]

She will live beyond 78.

[@jasonbornne7767]

She says she’s in good health. There’s no reason to believe she can’t live to 90 and beyond.

[@DisabilityExams]

"Average" means half the women will live longer than 78.

[@aleinstein3223]

@@jasonbornne7767 you have to plan like you will. Just in case you do. Sounds like she's in good shape financially.

[@jasonbornne7767]

@@aleinstein3223 It’s all a balance. She shouldn’t spend all her money on silly things but she also shouldn’t eat tuna fish the rest of her life.

[@anniesshenanigans3815]

Why is she holding onto the cash with high interest credit card debt?

[@rebeccaoprea9917]

Aging is very expensive.

[@danluzurriaga6035]

I don't consider people like that to be in debt when it is just a matter of reshuffling finances. If I have 10k and credit card debt and 23k in savings, I am not in debt, it is just the way I wish to manage moneyon a low interest credit card. Many of the people who call in are in similar situations. No, not broke at all.. But not representative of people who really have money problems. This is basically a waste of time for them. And it makes it seem so easy to resolve debt problems. Not much value add with this type of call.

[@spankynater4242]

In your scenario, you are 10k in debt.

[@danluzurriaga6035]

@@spankynater4242 Sure, you can say that but what is most important is net worth. If you say '10k in debt" you need to clarify that net worth is still positive by a highly liquid 13K. People in that position often end up on Ramsey's show and it is a waste of time for people who are in trouble because people with actual credit problems have no ability to immediately liquidate their credit card or other debts.

[@fiverrlover16]

How can I u retire with debt? How can I retire and still have mortgage payments and credit card payments?

[@fiverrlover16]

How can she Ieant

[@robloxvids2233]

TRAVEL!? Lady, you're 74 with 32k credit card debt. The only traveling you should do is to Hooters to wait tables and earn some extra money.

[@alinatamashevich3354]

That is not painting a pretty picture.

[@user-mv9tt4st9k]

😂😂😂

[@zybard01]

2:56 Sister and husband are millionaires... Ok, but caller has $400k annuity, soon to be paid for home and if home is $307k (average Dallas home price), and then assume $50k in car, jewelry and misc item assets and she is $757k+ net worth --- almost a millionaire as well

[@queen.kristal8395]

What was the point of this call?she just called to brag of course you have the money to pay off

[@mcromero72]

What about Uber, Uber eats??

[@MalluStyleMultiMedia]

She had the money to pay it

[@ARKenMan]

I have 440k in stocks and annuity and I have no clue how to pay off 89k on my cc's and house. Leaves her with 351k plus social security at 74 years old with a paid off house. Pretty sure she can make it.

[@2dodger2]

But what monthly income is the 74 year old woman going to live on if you have her cash out all her retirement stocks to pay off her house?

[@Rob-fn1kp]

Yeh........ absolutely none of this advice got into her. she been making bad choices for 74 years.

[@shantemartin5713]

how did we go from $32000 in debt to being debt free in less than a week? lol what lady? lol

[@sofiarangel1315]

Calls like these scare the crap out of me. I better get moving 😮

[@MrOfficer235]

She’s not going to do any of that

[@HOLDXSTEEL]

Just rack them you’re in your way out anyway

[@AvalonMisty]

My Dad did exactly that. Unbeknownst to any family he racked up $66,000 on 3 Credit cards. We found out as he lay dying. When asked why he did it, he replied "Because they let me".

[@spankynater4242]

F that, then the rest of us consumers have to pay for it.

[@diggernash1]

​@@spankynater4242Not if the law had enough teeth to grab estates to cover debt.

[@hvaball150]

Just stop paying your credit card debt. See what happens. Usually nothing.

[@gabrield8480]

Mr. Ramsey, I really love your channel. Is this guy on your side your son?. Thanks for sharing your wisdom.

[@pep590]

No he's not. Dave has one son named Daniel. The guy on his side is Ken Coleman.

[@brown_beauty7499]

Can someone please explain to me what an annuity is and how it can help when you retire?

[@catherinep2034]

This is what I found googling, as I had no idea either. An annuity is a contract between you and an insurance company that requires the insurer to make payments to you, either immediately or in the future. You get a fixed amount of money for the rest of your life in return for a lump sum payment or a series of instalments.

[@BrianW211]

Google search?

[@xanduong7780]

Annuity is like allowance; you got paid every month;

[@DoctorSmartyPants]

​@@xanduong7780So if she pulls money out of it to pay off her debts, her future allowance will be less, correct?

[@lukeharris2622]

✝️

[@margaritatreyger269]

If she had all that money and is 74 why didn't she just pay off the debt if it was bothering her, it's not that much and she wouldn't had to pay interest all that time.

[@joeriveracomedy]

So entitled to travel at 74 even though she is in debt. I guess women don't lose that concept when single & penniless in their 30s.

[@user-mv9tt4st9k]

"... To travel and do things..."? Oh wait... she has a $400,000 plus annuity?! Are you kidding me? Pay off your house and pay your bills, lady. My mother and mother in law are both 80: They carry no debt and their homes are paid for. 😩

[@JOZoSo.]

Her name is Beverley, she had to be at least 70 years old.

[@AllynHin]

Is her sister actually a millionaire? Or is she just living like a millionaire?

[@diggernash1]

Her Brother in Law probably out-incomed her sister's stupidity.

[@aaronnilestoussaint5672]

CC aren’t the issue what the sister said makes sense the issue is she’s dumb and didn’t pay it off.

[@ChrisMFlorida]

I'm guessing she's not going to do anything of this. She enjoys going on vacation too much.

[@mikeshaw4610]

Cancel the cards, now.

[@user-mv9tt4st9k]

Oh please. She probably keeps them "just in case" she needs to pay for one of her travel destinations. 🙄

[@dipsuny]

ALways a woman can’t balance a budget😂..Ramsey blames men 😂

[@tracygaluszynski1868]

What does it matter. She's on the exit ramp.

[@amireallythatgrumpy6508]

A healthy 74 year old is more likely to reach 90 than not.

[@jaqueitch]

This lady is screwed, unless she sells her home.

[@livingunashamed4869]

To have under 500k invested at 74 is terrifying!

[@jeffpadilla9891]

I think that is the norm for many at that age, they believe that social security would be enough.

[@CarnivoreStork]

And still wants to travel & spend money 🤦🏻‍♀️

[@Primitive_Code]

Why?? How many more years is there to live that $500k can't cover?

[@jimmymcgill6778]

No it's not.

[@jimmymcgill6778]

@@CarnivoreStorkWhy not? At her age, now is the only time.

[@kensmart1976]

People like this are the same ones who voted for politicians that put this country $33 million in debt.

[@MmM20978]

Plastic surgery.... 😱

[@PassportBrosBusinessClass]

You should never “cut up” your credit cards. Put them in a locked box. You people have no discipline at all

[@stevenporter863]

Sounds good but inactivity. The card will automatically get cancelled without activity a couple times a year or so (each bank has a different inactive policy).

[@dudeorduuude5211]

Ha, you don't need the card most times now with online shopping.

[@CurieBohr]

Bitcoin is performing incredibly well this year. Glad I scooped up Bitcoin this year.

[@spankynater4242]

No it's not, it's super stagnant.

[@CurieBohr]

@@spankynater4242 lol. It’s up over 100% YTD. Wait until the end of 2024 and into 2025. It’ll outperform everything. AGAIN

[@amireallythatgrumpy6508]

I'm glad I didn't. Everything failed badly this year. Every. Single. Thing.

[@CurieBohr]

@@amireallythatgrumpy6508 lol. Bitcoin up over 100% YTD. “Failed” - I disagree.

[@amireallythatgrumpy6508]

100% of zero is still zero. @@CurieBohr

[@BradBarrier]