The Truth About Debt CONsolidation

[@kerriseals7063]

We did debt consolidation once before, got out of debt, then turned around and racked up debt again. Debt consolidation does nothing to change the self destruct behaviors.

[@themontephone875]

Kerri Seals . T y for being humble. Other commentators said it was a good thing?? Yeah-discipline is it’s own lesson.

[@bw5187]

look into mental illness and impulse control

[@lawill3559]

Dealing with it RIGHT NOW!!!!

[@latinsizer]

Means you keep a lifestyle above your mean.

[@SteveDavis-j4p]

Just file bankruptcy like Dave did

[@melthegiraffe]

I just signed up for national debt relief program yesterday and watched a few of your videos regarding this program and opted out today. Thank you.

[@nyamochriek3047]

How’s your debt going?

[@mgee1723]

@@nyamochriek3047I bet they still have it lol

[@HLTrds]

I was looking into that program!!

[@brittanyyoung1730]

I just signed up this morning and will be canceling

[@wuaname8441]

How’s your debt going?

[@ekclay7]

Thank you for helping me avoid a BIG MISTAKE..

[@debranicolds7482]

Same here

[@jxs1990]

I second this!

[@onelovedj2841]

Me as well.

[@RamenReignss]

Same. I applied for a few different debt consolidation companies just for quotes and to see how much they would offer me. But after listening to this, I’m not gonna do it. I’m gonna try to take responsibility and pay off the debt myself.

[@mannyboyaztlan5127]

@@RamenReignss how you plan to do it?

[@davidliang913]

Kudos to the guy's brother for telling him to reach out to Dave!

[@livefreewithcalebd]

Funny thing is I almost did a debt settlement program. I signed everything too. But something told me to read the fine print. And it just sounded sketchy. So I canceled within the grace period. I didn’t need the help I just wanted the easy way out. Moral of the story don’t do debt relief programs!

[@pic376]

That was a smart decision on your part. I, on the other hand, did the very opposite and I paid a price. My credit tanked and I regretted it. It's a program I wouldn't recommend to anyone. It was laziness on my part.

[@StephJ0seph]

If it's "easy" now and hard later, it's probably not a good idea.

[@alicia_shaun]

Same here! I had a bad feeling in my gut, this was before I found Dave, and thank God there was something wrong with the paperwork and they needed my signature to proceed, they kept calling me and I BLOCKED them 🤣 best decision ever!!!

[@raphaelmogannam6400]

Good job man! Way to follow your gut

[@evaramirez910]

I learned the hard way unfortunately, had to file bankruptcy and lost 5k

[@ChrisMFlorida]

Watch out for 'credit repair' scams floating around social media too.

[@MichaelClark-x9f]

thank you for saving me! I was 2 seconds away from falling for this

[@kabloosh699]

I did debt consolidating myself. I was bad with credit cards and had so many racked up. So I took out a personal loan which was a third of the size of the interest rate of my credit cards. This allowed me to dump all my credit cards into one loan which I ended up paying off in half the time. That kind of requires to have credit in the first place to do this. Another strategy of course is to find a credit card with a zero balance transfer fee and have 0% interest rate for 12 or 18 months or however long that credit card has that initial offer. This really requires some discipline to accomplish and to not rack up your credit cards after you transferred or used a loan to pay off that money. It helps me quite a bit in getting out of debt and not forking over so much money to interest as well.

[@themontephone875]

Kabloosh . Lol...you’ve got to re-read what you wrote ... And all dr is providing is... BS1234567-simple!

[@davidrapant6398]

Most balance transfers cost 3% so if you decide to transfer you better get it paid off because if you don’t you will get that entire balance again at what ever percent the new card has......which could be worse.

[@alnekasamuya4406]

I tried applying consolidation loan in my own bank but it got disapproved what should I do?

[@dt7160]

This isn’t totally true, I had multiple debts and consolidated them myself by getting a single bank loan and paying them all off, giving me one single monthly payment rather than 5 or 6 over a period of a month. Not only did this help me save on interest it also helped me MASSIVELY with my organisation and budgeting, then I managed to save up enough to pay off my personal loan early and save even more interest. If you do it correctly it’s hugely a beneficial methods of settling debt.

[@rina2803]

I want to do this

[@Ms.ambernicolle]

Same

[@akc783]

I 100% agree with you. Debt consolidation CAN work.

[@lonestarstatechris]

You should watch the part of the video where he discusses the difference between consolidation and settlement.

[@mannyboyaztlan5127]

@@rina2803 I can help you.

[@TeKnoVKNG23]

From someone who has been in a similar situation before finding Dave, you're much better off calling the credit card companies or collectors yourself and negotiating with them. They would rather get some money than nothing at all so just be strong and clear about how much you can pay and always start low. They sell your debt for pennies on the dollar so the collectors have a pretty wide margin for settlements they will accept. As someone that also used to work in collections, the success rate on collecting is pretty low so often times they will take what they can get from you. Just make sure they give you a letter saying you've settled your account WITHOUT PREJUDICE, this way they can't come after you later and if they do get scummy and try to collect again you have proof that will stand up in court.

[@ThePeterDislikeShow]

You need to fall behind before they will settle with you though.

[@sabrinaboston9289]

What about when they want access to your bank account. They don't want cashier chevk or pre paid credit card??

[@ThePeterDislikeShow]

@@sabrinaboston9289 Yea I've had times when I wanted to settle old medical bills and they refuse to talk if you don't "acknowledge" the debt on their recording. A few years ago I acknowledge something just so I can get them talking and eventually settled the account but wonder if that was the wrong thing to do.

[@thefunfam1433]

I tried only a couple were willing to help

[@latinsizer]

​@@sabrinaboston9289then you dont do it! Especially if they are not the original creditors.

[@FultonStreetBeats]

So glad I just watched this. We were just about to do this. Thank You.

[@melthegiraffe]

I just did the same. Luckily I was able to cancel my program.

[@mannyboyaztlan5127]

But he didn’t tell you how much interest you been paying on your debts and debt consolidation saves you from that

[@mannyboyaztlan5127]

@@melthegiraffe he didn’t mention that your paying just interest to your creditors. We help you from that and we do settle with the creditors.

[@DavidGeorgiaPersonalFinance]

The best way to clear your debt is to do it yourself. Don't rely on other people to do it.

[@MrKjet256]

Hello Dave. After following most of you KZbin, I finally managed to settled all my credit cards balance of almost 40k in less than 6 months and student loan. I am looking at the option of selling my house and settle a personal loan in 4 month's time. Will be debt free soon. Yahoooo.

[@isabelladetoma4580]

I trust Dave with every fiber in my being. Before watching this video I recently went back and forth on possibly doing debt consolidation and even signed up a couple times but ultimately cancelled each time because it sounded sketch and like a bad idea. I’m glad I stuck with my gut and am not doing those programs.

[@CaseyBurnsInvesting]

5 years to pay off 1 times your income. Sounds like symptoms of the American Nightmare Syndrome.

[@financiallift6185]

Trade in one form of debt for another, you still got debt. Attack the root cause of the issue.

[@blackonblack...9244]

Yep, which is the mindset of going into debt. I'm so glad all I have is my house, but even then, I can sell it for cheaper house.

[@highlyfavored2434]

Unless you're doing balance transfers between cards you already have to avoid high interest as you can attack the debt and stop spending?

[@miketheyunggod2534]

But less at a less interest rate.

[@betterthanemril988]

Well it kept me from getting sued so it’s not all bad

[@JoeGarofaloII]

Wow so debt consolidation is literally just a scam. They really need to teach this kind of stuff in school as opposed to trigonometry

[@samjordan8800]

People would be RICH if they were to use that debt to buy true ASSETS. The problem is, most folks can't tell an ASSET from a LIABILITY!!! Is your home an ASSET!?! Or a liability!?! For most people, the answer is LIABILITY. Assets put money INTO your pocket, liabilities TAKE MONEY *OUT* ! Yes, if something COSTS you money, it's a liability. So how do you turn a liability into an asset? Some people rent out rooms on AirBNB or elsewhere. Right now AirBNB hosts are having a comeback now if they focus on local and regional people going on vacation instead of foreign tourists. Nothing wrong with buying a home, only with calling that liability an asset. If you want to call it an asset, be honest; it's an asset to the BANK, not to you.

[@alexc5369]

Bro don't be dissing sin cos and tan

[@themontephone875]

Priceless!

[@micheleD498]

@@alexc5369 😂😂😂

[@epiccoconut5995]

Amen. But if this stuff was taught, nobody would be making money off us

[@DrTune]

My dad once saw an ad that said "Now you can borrow enough to get yourself completely out of debt!"

[@fleurelise997]

That's beyond insane!

[@NaturallyNerdeeNicol]

😂😂😂😂 The irony of it all.

[@pjabrony8280]

When I was getting out of debt, I did take a consolidation loan FROM MY CREDIT UNION, and only after I had been paying for a year and just wanted to polish off the rest.

[@Pikawarps]

Consolidation is consolidation, doesn’t matter who gives it to you

[@cheerio3579]

That's a true consolidation loan! If you're going to do it; that is the correct way!

[@truckingstone]

I swear, Dave you just saved me from making an EVEN BIGGER financial mistake! I signed up with a debt "consolidation" company today and after reviewing the documents I signed... I can cancel within only THREE days... I'm canceling this service and am going to start the debt snowball! Wow, what a blessing you and your lessons are!

[@wellnesscanceradvocate8564]

I just did exact same thing with a company I signed with. They weren’t happy .

[@Mintyfresh24]

Did you get your debt paid or do you have more debt now

[@zarifshoeb]

Do the debt avalanche instead. Pay the highest interest first and work your way down. That way you save money in the long run.

[@milyol89]

I almost fell for it about 1-2 years ago but as soon as they said what exactly they're going to do I said nope! And they told me my credit wouldn't be affected😂😂 yeah right! This was before finding out about Dave Ramsey. We're almost debt free though!

[@lucassende211]

I considered one of these programs and signed up. Before my first payment went through I cancelled because I was skeptical. Have settled most of those debts on my own since. Not fun or easy...but better to do yourself.

[@shatteredcitizn7489]

Did you get PIF or SIF letters?

[@wtk6069]

The biggest problem with even normal debt consolidation isn't anything in the loans. It's in the person taking the loan. Human nature means most will use debt consolidation as an excuse to return to "normal" and begin acquiring even more debt. And then they are worse off than before.

[@whatthesithisthis7523]

I regretfully used to work for one of these companies fresh out of college and yes Dave is correct, they are con artist leeches. It’s very bait and switch, they claim to give you “deals” to consolidate but in reality it’s just an offer from a creditor before it’s sent to collections or before it defaults. In nearly every case the customer would receive the same “deal” or possibly a better one if they would only call themselves.

[@missymurden9742]

Thanks for sharing and confirming this information

[@motoryzen]

I respect you for being honest about that. At least I know you eventually take a bath or shower to clean them big balls of yours xD ( keep that sense of humor flexible )

[@anthonynosike]

Call who tho? I have 11k and consolidated it with higher level processing. They told me after the monthly payments of 200 for 4 months, that ill be paying 20 a month, which has been my case. But whats really going on? Like who would i call? After 5 years, i would have paid 5.5k and the rest forgiven, but whats the point?

[@Preservestlandry]

@@anthonynosike call your creditor and ask them to settle for less. You don't need another company to call the creditor and ask the same question.

[@anthonynosike]

@@Preservestlandry i have a creditor?

[@jakealden2517]

Thanks for saving me Dave. I almost singed up with Silver Lake Financial. A red flag went up when they said they needed my checking account number and a $600 payment before they would let me see the loan document.

[@RealityGutPunch]

I did a consolidation into an LOC years ago. That freed up enough for me to go out and get a car, which of course was terribly stupid.

[@edgar22452]

😂😂😂😂😂

[@beatersnbeers2145]

How do you possibly pay $45,000 debt off in 2 years when you only make 55,000? Seems literally impossible to me.

[@domijaxk22]

Dave says to sell everything even make the kids think you’re gonna sell them. Most people are probably sitting on more money than just their salary income. Also get a second job or part-time (serving, uber eats etc…) if you brake it up like that and stick to the plan 2 years might be a stretch but definitely 3.

[@bsharp1981]

As a firmer debt collector I hated working with debt companies. They always offered low ball settlement offers and they don’t reach out to us we have to reach out to them. And they can not stop garnishment

[@plottwist762]

I could almost cry im so happy i saw this video because i was one phone call away from calling some debt consolidation service

[@joseCalderon1976]

WOW. I almost did the same mistake, and exactly the same amount : $60k. But I called these people back the same day and the day after to cancel this madness after hearing that I could get sued by some of my debtors. And I could be liable for Taxes even if they settle! No thanks! DON'T DO IT!

[@Mintyfresh24]

How’s your debt now

[@MegaCocoa11]

How did you pay off your debt? I'm 60 in!

[@samjordan8800]

Wow. I have NEVER heard debt consolidation defined like that before! I had no idea they didn't put something on the debt every month. (Clearly I haven't gone there...) What a scam!!!

[@Checkered_Demon00]

Yeah I’m glad I listened to this first…I need to spend this year working on my credit.

[@johnwoodall8618]

I signed the paperwork a few hours ago. I wish I had found this video before. Luckily, I'm in my 3 day cancelation period.

[@ThatGuy-nc6wg]

Debt cobsolidation companies are not generaly a bad thing. Yes, they usually charge 25% of the balance for each debt settled in fees but, it is a great service for people that do not have an A-Type personality like our host here. Some people are timid, anxious, and not very good at communicating with others let alone trying to negotiate with a literal phone thug. Its a service, if you can handle it yourself then it's not for you. Just shop around. They can generaly get debt down to half of what you owe plus the service fee which is always lower than the debt you had to begin with.

[@danielporter4194]

Yep. Dave is pompous rich asshole who can't see that though.

[@blessedsy]

Thank you for this Point of View!

[@ThatGuy-nc6wg]

Don't get me wrong though, our host is correct. The biggest thing that needs to change in this scenario is the person in the mirror. A good rule to have is: Do not spend money you do not have, or think you are going to have. Simple as.

[@miketheyunggod2534]

I have my own consolation company. I pay off the customers high interest CCs right away. Usually around 25% interest. I then charge the customer 8-10%. Everyone wins! I get 8-10% return and the customer saves 15% in interest.

[@rosswalther2538]

What is your company's name?

[@mannyboyaztlan5127]

@@rosswalther2538 let me know if you need help I work with cash keepers financial.

[@Mathuresh108]

$55k is $4500/month … housing is $1500, car insurance $200, food and groceries $600, cell/internet $200, gas $200, utilities 300 … that leaves $1500 / month if Credit card debt is $60k minimum payments are going to be $800 to $1200/month with 0 going to savings. The issue is out of that let’s say $1000/month the creditor collects $700 as interest. You can snowball all you want the problem is the moment an emergency pops up you’re back on the credit cards. Debt consolidation does work because it helps people save while hiring professionals to manage the daunting task of dealing with aggressive creditors. This young man would take 20 years trying to pay off this debt himself. Life is to short. Stop paying interest and negotiate.

[@beatersnbeers2145]

Well I think just getting a lower interest loan and paying off the high jntrest debt and trading that for the load payment which is significantly lower would be better. But paying off 45k in debt with 55k a year seems literally impossible with me I don’t understand how Dave thinks it’s realistic to do so.

[@contextiscool7308]

@@beatersnbeers2145Tried that. No one wants to give a loan to someone who is struggling.

[@k2000kidd1]

Brother in law did this through his own bank. Signed all the paper work. Bank closed out three revolving açcounts and tanked his credit score by dropping his available credit by 18k. He couldn't even rent a decent apartment with a 588 credit score, and he he was 730 before making up his mind

[@ssmallishplague]

Just saved me from making a huge mistake. Thanks 🙏

[@aribbonatatime]

Lawn service is a con because you can do the work yourself. Sounds logical. You're paying for a service that they have expertise in just like any other service. If course you can save money by doing it yourself but there's tons of time spent and unpleasantness you would have to put up with and the uncertainty of being all in your own. The debt settlement company settles debt for a living so it's more likely they get it settled then you. The banks know they can't scare the company into backing down like they do with random people trying to do it themselves. You pay a little more for less headache and not having to deal with this. That's worth it to a lot of people. Pro tip. You can always pay off faster if you have the money. Just put more into the account and it gets paid off as fast as you can.

[@joerivello4948]

Dude 100% what I was thinking! People who listen to this guys every word are so ridiculous. These companies are extremely transparent with every aspect.

[@classicassie205]

I used a debt relief company and it’s the best decision I could have made❤everyone’s situation is unique do what works for you

[@BrendanMahoney-jk7nu]

Thanks for the advice. I am starting to work as many hours as I can to pay down my C/Card!!!

[@kimberlymarai3497]

Thank you for this video. I almost made the mistake of signing up for debit consolidation today.

[@Juschillin2024]

Thank you, my Mom just did this and wanted me to do it. I decided against it!

[@tinah6685]

My parents did a debt consolidation I think it was about 23 months in they started getting all sorts of notices from everybody they were taking their money and not paying any thing to the credit card companies!! Pure scam!!!!!

[@mannyboyaztlan5127]

You see your missing the point. When you enroll you stop paying them because the company consolidation will start negotiating with your creditors 🤦🏽‍♂️

[@J_P_B]

@@mannyboyaztlan5127 How is that ok? That is a god damn scam manny boy. You act like this is a good thing.

[@septembersapphire347]

There's no way I'd be able to get a loan big enough to roll my cc debt into one payment. I wish I could tho.

[@tiphanyjolly9080]

12 accounts and $60k?!? And his income income is $55k/yrs. This is crazy! Bad decisions. Lack or knowledge and responsibility are the opened doors for these dishonest companies to come in and SCAM, SCAM, SCAM.

[@Isariu11]

Isn’t there a difference between debt settlement and debt consolidation program. A debt consolidation program is what I’ve been looking at because it seems efficient if all my debt was paid and it was put under one loan that I have to pay back

[@mannyboyaztlan5127]

Debt settlement means you settled the accnt forward with the company and debt consolidation means they will settle with the creditors directly need help let me know

[@BrandonIvan-c6e]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing below the $100k mark and in the first 2 months, my portfolio was reading $234,800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.

[@Lourd-Bab]

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

[@BrandonIvan-c6e]

@@Lourd-Bab However, if you do not have access to a professional like Suzanne Gladys Xander, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.

[@Lourd-Bab]

@@BrandonIvan-c6e Oh I would love that. thank you .

[@BrandonIvan-c6e]

@@Lourd-Bab Suzanne Gladys Xander is her name .

[@BrandonIvan-c6e]

Lookup with her name on the webpage.

[@krisjets23]

I just signed up for this same thing 2 weeks ago... Thank God I canceled in time ...

[@themontephone875]

Kris Smith . Yeah! Download dr new network app. Library 📚 his info to carry with you. You’ll get a team working with. I like it bc I can re-listen recordings to keep focused.

[@cherylcampbell7495]

Every time I want to go charge something Uncle Dave brings me back to reality.💕🙏

[@themontephone875]

cheryl campbell . You gotta download his new app DR network where you can clip save library...you’re right DR reminders help

[@LizLull-dq4eb]

Thanks Mr Ramsey, this learned me some things ;). I wouldn't do this but I think one of my children might, know I can give them a heads up!

[@daleneb24]

I am 75 years old and on SS. I owe credit card debt of $30k and all my payments are current. I also have a car loan of $5,900. I own my home free and clear but I have no savings or other available money. It is me and my husband who is 78 years old who is a veteran with dementia. Thank you for any advice you might have to give me. I need your expert advice on what I can do to see some light at the end of the tunnel.

[@Blessedwoman48]

I work in collections and I hear the horror stories all the time it's a shame how much they charge and you can settle your own debts

[@paolaristori6179]

I write from Italy. 68 years old and never been in debt in my life except for house mortgage, paid in 10 years long time ago. It was nailed on me since my infancy: Money don't grow on trees so you can just get out and pick them If you don't have enough cash it to buy it and go on with your usual lifestyle you can't afford it, just forget it. Having sai this I'm quite uncomfortable with Dave suggestion to bargain and pay less than a half of what you are due. I understand interests on loans are often outrageous in USA but I assieme they were known to people who contracted the debt. I have no faith but I have principles, and this sort bargain doesn't sound with them. May be just because I'm not a christian I think unless you are un'alleanza

[@manuelcruz2390]

It's easier said than done....I wonder how many people can stay away from spending that extra cash that is suppose to be used for settling your accounts on your own.

[@lawill3559]

...,,,what are you wearing....JAKE from...Michigan!!!!!!

[@NickiHorn78]

🤣🤣🤣

[@Jay-om8gr]

You ever wonder how that commercial would work if they all reversed genders

[@StephenShreds]

Probably a Michigan sweater 😂

[@MarkZ_1985]

La Will ugh...khaki?

[@euenfheiejrj]

Jay I’m a woman and I think it’s kinda weird even with the current genders.

[@constitutionallyconscious165]

What about a personal loan at 7% to pay off a cornicopia of credit cards ranging from 22-28%. First, cut cards immediately.

[@yolandaramirez4649]

So happy i seen this video!!! I was looking onto those! I'm nothing anymore!!

[@dipakrawal1509]

Debt consolidation is basically just shoving your debts from one place to another. Sometimes paying more for longer. It is like a illusion you think of. The actual issue is you have a spending problem and you need to deal with this head on with your original debts. Try snowballing the debt and negotiating directly with your creditors. Don't go to Debt Management companies, they are in it for themselves. You can deal with this yourself. The main thing is you can't borrow your way out of Debt. Also stop using anymore debt to accumulate. Hope this helps.

[@lillynumber2]

This is good to know. Not alot of people know this.

[@smashadams85100]

Now I dont feel as bad listening to how much CC debt he has. I only have $1,800 CC debt and I'm so close to paying it off!!

[@themontephone875]

iam JL . Yeah! That’s not the kind of numbers you want to brag about. Make profit not debt!

[@sami-9233]

Just pay that off in one go Problem solved

[@RigginTheRod010]

Paid off?

[@smashadams85100]

@RigginTheRod010 yes! Has been paid off for about a year now!

[@danyellvalencia2842]

See I understand this but I don’t know what else to do. I am in over my head and can’t get out. I feel like for me i have to consolidate debt and make bigger payments to get it down faster :/

[@Johnnybang916_]

Thank you.

[@karenlorentzen96]

I had done this mistake how can I get out of it?

[@thefunfam1433]

I’m doing a debt management program. Can declare bankruptcy and this will get the interest down so I pay the bills off much sooner

[@JG_4D]

Those are crucial headsets. Are they directing finance or space command?

[@marilynmarcelli270]

I was thinking the same thing Lol

[@diegogutierrez536]

Was looking into doing the same with Accredited debt relief, but cancelled it the next day when i read the fine print and nothing is guaranteed

[@LucasMcCain97]

I have a car loan (and other collections) at 20% apr. if I consolidate it with a lower interest rate wouldn’t that save me money?

[@cvillefarmer]

Are the debt "consolidation" companies the new pay day lenders? In terms of taking advantage of broke people?

[@YMFINANCIAL]

There is more regulation on companies that offer debt consolidation or debt settlement options. So the predator tactics used by pay day lenders is totally different

[@RocStone]

with all that money can dave get a hidden mic instead of those headsets??? I'm pretty sure he can afford it LOL

[@user-homesales]

Do you recommend a Debt 💸 consolidation for student loans ?

[@MisfitMaxx]

Thanks Uncle Dave lol I really needed to hear this...I have 12 arguments to tackle 💪💪💪

[@luckyjanet7146]

Ive been with National Debt Relief for a year and a half but dont know where my money went to. They are paying a $1 a month to my creditors and I dont know where all the money I put into the account went to. Can I get out of the program and what can I do about my creditors? Thank you

[@geraldweezyfjr]

Thank you needed to hear this one

[@bibipin8021]

If I call each bank and I agree to do debt consolidation/agreement, does this debt consolidation hurt my credit score? My credit score is good. Any advice is really appreciate it.

[@themontephone875]

Bibi Pin . Ummm ...why would you call each bank?? If you do... you’re in bs 2 but do bs1...it’s simple bs1234567 Then you are free with pile of money than piles of statements? If you’re worried about credit score. You’ll always be in debt. My credit score is 0@100% No more worries. And you? Get dr app on network-watch his vids and get your mind turned over-you can do it!!

[@hiimjai6064]

Any new line of credit you take out will take points off your score, however, paying off that loan over time will definitely help your credit

[@betterthanemril988]

Honestly it’s not worth the hassle anyway. They’re in a business to buy debt but deny you for having it 😂

[@carmenrenee5146]

Does it depends on how much debt you have left? if you only have 20 K or 10 K most likely companies are gonna settle but if your way up there over 100 K you’re going to court?

[@Moosebear613]

What if your not in default and you pay on time just cant get a personal loan b3couse of score ... I think your credit will bounce back after completing the program if its not terrible to begin with

[@andsoitgoes1142]

It’s all very well to say negotiate with the credit companies yourself, but they don’t want to talk to you. It’s great to be able to say I’ll give you 50% of what I owe you right now, if you have that chunk of money. Many of us don’t. So, some of us don’t have a choice, and these companies know it. So, please, Dave, we know we’ve screwed up. I’m willing to deal with the results of my stupidity. You being so smug and really not offering any useful information, is not helpful.

[@louj5846]

THIS IS EXACTLY WHAT HAPPENED TO ME!!!!

[@craigdowell7018]

How would you know? I was going to Regions and do this. Do different banks do it the right way?

[@rikkifashionhouse6592]

At what point will it be accountability with the person and not the company... that man knew good and well

[@themontephone875]

Journey to Finding Cam . Yeah. Where is the lesson learned? It just escalates...great point

[@BenjaminNelson-f8u]

So if you do it through your bank does that still constitute "CON"solidation or is Ramsey talking about a third party debt consolidation company? If that makes sense.

[@LoowkTrades]

Wait american debt consolidation is you paying someone to pay your debts? In the UK you just get a debt consolidation loan and clear the cards yourself then just pay back the loan

[@HarryLopez82]

What if your income dosen't cover all the payments and just roll in to one

[@MUSCLECENTRIX]

Thanks for the info. Wow! Scam scam. These things sound too good to be true

[@0neofthem]

I wonder what kind of mental gymnastics goes on in someone’s head when they slowly rack up $60K of credit card debt.

[@lawill3559]

0neofthem.......I was losing my marbles from just 8K....mostly Med bills though

[@patty109109]

Similar gymnastics that 2/3rd of this country use when they gain weight over time and become overweight, then eventually obese. It's a slow boil.

[@Dagrizzb]

Olympic Gold medalist Russian gymnastics.

[@motoryzen]

That would be,...absolutely..NONE..as in NO thought process, Oneofthem. xD Legit.

[@fmaz1952]

Medical bills because of a 3rd world public health care system.

[@sl6574]

WOW! They get you coming and going!

[@themontephone875]

K K . Profound!

[@johnward2101]

I'm a simple man, I have a debt...I pay it.

[@michaelarndt3823]

How could you pay off $45,000 in 2 years only making $55,000 per year even if that was after tax? You’d be left with $2,708.33 per month to pay your rent or mortgage, food, gas, cell phone, health insurance, car insurance, and forget about it if you have a family to support or pets.

[@Brad-fq4du]

If you live in the UK there really are charities that can get you a single payment for all your debt with no added cost. One is step change.

[@FightNewsYT]

Lesson learned. It'll be interesting to add this in my upcoming VIDS. 😇

[@FFigueroa979]

The best option is to save as much money to pay credit cards. Make yourself goals each to see how much you can pay off

[@cgcarreno]

Ia there such a thing of a initial consolidation period and then with good payment history it turns into a real loan?

[@seph4667]

Is it honest to pay less than the full amount owed,, according to Dave? Please answer.

[@delshandheldgames]

If you genuinely can't afford to pay full amount it is honest to pay less than the full amount owed, according to Dave

[@robertdepesci3418]

Why arent there laws that protect people in debt consolidation programs?

[@ThePatriots010304]

The same reasons why there aren’t laws that protect us from alcohol and tobacco.

[@themontephone875]

David Suh . Ummm...why should there be?

[@epiccoconut5995]

Cuz the Gov is most likely in on it

[@Hhopiuygv]

So if no debt consolidation then what

[@Hohmies86]

In my mind, it’s easier to pay extra on one debt than pay extra on X amount of different debts.

[@RETlREDAVIATOR]

The only things consolidated are the multiple payments into one payment each month! 🤮

[@Skarz9338]

Can you really take financial advise from a guy who’s filed bankruptcy?

[@septembersapphire347]

Hey Dave I've thought about bankruptcy for my credit card debt but don't know if I should do that or stop paying on them and save the money over time until I've saved enough to start offering settlements. Which one is the better way?

[@ggwoman]

Pay minimums on all but the smallest balance and focus extra money and intent to pay it off. Snowball that payment onto the next lowest balance, rinse and repeat until all PIF.

[@themontephone875]

September Sapphire . Ummm...you know you answered your own question. Here you go...it’s named “Baby steps” for a reason, you know. bs1234567. Take it one baby 👶🏻 step 🍼 at a time . (Not mocking with the emojis. It’s what all felt.)