I know a guy who comes to you to fix your phone. People tip him well to come to their job when a screen is broken. He carries accessories around in a bag and people buy them up.
depends on what kind of contracts he has tbh. If he's certified by a large manufacturer like Apple or Samsung they require as part of their partner programs that you have a brick and mortar storefront not zoned residential. Doubt that's the case here but it could be.
So sweet to say. I'm cheering for him too! He is stronger than other men that do not ask for him. He has taken the first step by calling Dave Ramsey. I look forward to hearing ear his Debt Free Scream Next!!
It may seem hopeless but calling Dave is the first step in the right direction. Changes are needed, it won’t be easy, but it’ll be worth. I wish you the best bro.
Especially when you consider that he lives in Puerto Rico. Based on their economy & average income, $100,000 to them would feel more like $300,000 to us.
Two people working together for $20k. That's less than $5/hr per person. This guy has been through a lot, but he needs to stop the bleeding and get a regular job. Walmart pays more than that.
When you are in a crisis, you can’t breath, eat or see, you are blind! Advise seeking is the best way to handle things. Poor guy, I see myself in his crisis.
His debt is huge, I can’t argue with that. It depends how much is too much for every person. I took a student loan of 10.000€ 2 years ago and I was very afraid of not being able to pay it. I didn’t had stability and a job.
When I got divorced 13 years ago we had 161k in credit card debt. Did I mention we got divorced over it? Don't get into huge debt, it destroys your relationships and lives.
I’ve never been married and I’m honestly curious - how do you accumulate $161K in CC debt? Was there an emergency or crisis, or was there a shopping/gambling addiction?
Paying off your credit card debt is like getting a guaranteed return on investment of the interest rate you’d otherwise be paying! So important to avoid this debt 👍
I so agree with you...it just seems this poor fellow just got into big trouble that he Just didn't have the resources to handle...so God Bless him and has family and may his struggles end soon in Jesus name!
credit cards are great if you pay them off every month. you can get points to basically take vacations for free, get discounts at stores and on gas etc. debt can be fine if you use it in a smart way. there are people that are millions in debt, but they own millions worth of real estate that is profit in the end.
Do not EVER get into business with the mindset of "do it yourself" and staying small. The only mindset in business you can have is Massive action and Growth. This is what happens when you stay small. You stay poor. And have copious amou nts of risk
I'm always amazed at the number of people who have a massive car payment and can't possibly afford it. I wonder if they just never thought of getting rid of it, or if they didn't think it was possible, or what the mindset is. It's so common.
I have been in this situation with credit card debt of 5 credit cards with 5 different banks totaling RM85,000. After listening to advice from financial advisor Dave Ramsey on his radio podcast, I was able to finish in 42 months. Thank you Mr. Ramsey.
They would've charged off the credit cards. At this point, the interest is no longer accruing and has been sent to debt collectors. Credit card companies typically serve you higher interest rates if you continue to make payments. Not if you're behind a year.
One cannot help but think that if the $80 bn + spent on weapons in Afghanistan had been spent on better housing protection against hurriacnes, some of these problems could have been alleviated.
It blows my mind that some people can have so much in credit card debt. I'm not even talking about irresponsible spending: how do they even have credit limits that high?
The credit card companies are no more than loan sharks. They'll give you another card when you already have 10 maxed out. They'll give you a card to transfer your debt from other cards. They'll give you another card weeks after a bankruptcy. It's predatory lending.
This guy is a great example of most of his problems being a frame of mind, he needs a paradigm shift. He's trying to do his own business which is a step in the right direction but he sounds defeated, and he's basically in a place where he doesn't believe it's going to get better.
Of course, Dave Ramsey always has great advice, but Dave needs to understand that the average annual income in Puerto Rico is approximately half what it is in the rest of the United States. I agree, he needs to increase his income, but that will be much harder to do where he lives.
So true Nancy! I live in a small town called lares. I'm a teacher and after Maria I lost my second job! I make 23000 yearly! My wife makes 9000 and we live rent free and we still can't make it! 2 daughters! But I stopped paying cc to survive and will start paying charged off debt soon!
@@aileencrane7700 after taxes, child care, food, utilities, insurance plus anything else we don’t know about like medications or medical bills that’s not a lot of money.
@@Sunday-ex7px if your making 30k a year in Puerto Rico you pay like nothing in taxes. If she's only making 9k sounds like its part time so childcare shouldn't be too expensive. Even in US food and utilities are around 500-700 a month so in PR your prob around 300-400. So that is 4k a month, no rent, let's say 10k in childcare which is generous considering your wife is prob part time and that brings you to 14k. With transportation and insurance prob around 25k. Thats 5-6k left over right?
My goodness. His CC debt is higher than all of my debts and mortgage combined. God bless this person for keeping at it and not choosing bankruptcy and most terrifying, suicide, to escape this financial crisis. Persistence is definitely something that must be taught in school just like personal finance.
My highest cc debt was $27,500. Now zero Cut up my cc. It was a long hard struggle But it was worth it. Now I paid my home cash And have large savings Thx Dave.
And i only have a 20$ balance on my credit card that’s due monthly. I can’t imagine having thousands of dollars due. My God. I only use it once a month and that’s for gas and that’s it.
Seriously. The credit cards are taking from guys like this and doling it out in rewards for me. I'm afraid though once too many buffoons file bankruptcy on credit cards. Our sign up bonuses will be gone!
Bankruptcy is the fastest way out of this hole. I don't care what Dave says. Don't spend the next 20 years trying to pay this off. Go bankrupt and after 7 years you can rebuild your credit.
Dave Ramsey is also trying to teach people to take a moral high road by paying the debts they incur. Bankruptcy is a nuclear option that hurts the person doing it and many others who are involved (creditors, other customers of those creditors, family, business associates, any employees who may be involved, and so on). Choice: moral high road (more difficult, but it always is) or moral low road (easier way out).
Some people have 15 to 25 credit cards, each with a limit of five grand or less, so it isn't hard to run up an $100k in debt. And a credit card debt that high is probably costing him $1500-$2000 a month IN INTEREST!!! That's insane. "Oh, the interest on each card is only about $40-$50 a month." Yeah, but you've got 20 credit cards!
I remember back to late 1970s or early 1980s when my husband applied for a master credit card he was turned down. We had no debt other than a mortgage and paid for everything using cash. Back then credit card companies were a lot more scrupulous on giving out credit cards.
Yea this is a tough one. I definitely feel his pain first hand . Not quite in this position but I too am $100k in credit card debt with $1 million in total debt and It sucks! I am happy to have a plan to pay it back but no doubt this is a tough one. Good luck man ! Keep hustling! Wish you the best !!
Every Dave call where "What do you make before taxes?" "Oh I make *some ok amount* but then I have to buy merchandise, pay business expenses..." *oh my lort*
I don't get how people get that much credit card debt. Is it from having so many cards? Constant credit line increases? I'm only asking because I have 4 total credit cards and the total limit is $3,800.
And not eating out at restaurants; and yes continue to drive that 10 year old vehicle if it’s still runs well ( part of the four walls). He has to go back to earning an income. Ijs
I was in his shoes a few years ago.... I was being stupid with money, had car loan and credit card debt nowhere near his amount but I still felt stupid... I just found a job, worked hard to pay them off and learned not to do it again.
If you can’t find a good job in Puerto Rico, he needs to move to a low cost of living area in the mainland. I don’t know why Dave didn’t mention that as an option. Plenty of fast food places are offering $15 an hour in the Midwest right now.
never own property near the ocean or on an island people. Live there, rent something, let someone else deal with the natural disasters. Owning property inland is far less risky, and far less maintenance. Buildings near the ocean rot apart much faster and tend to get hit by hurricanes. So if you MUST live near the ocean go with either a solid concrete hurricane proof building, or a bamboo hut that you just build another one after each hurricane. Property owners in Florida on the coast are just waiting for the next big one. idk why people don't learn.
rustyscrapper I guess most care about the warm weather and warm water, and don’t care about the harsh repercussions that come with warm temps. There’s no such thing as a free lunch. Pay now or pay later... you couldn’t give me a free house in hurricane alley. If you did, I would just sell it to some other unsuspecting instant gratification idiot.
I don’t know if this would help, but there are usually oil and gas production positions available in the Arctic oil fields that pay in excess of $60k for “no previous experience required” workers. It’s a tough place to work, potentially hazardous, and the schedules can be brutal, but I know many people that have worked those jobs for a few years to help boost their income when they were struggling. Maybe not a great long term solution, but it could alleviate the development of financial “crisis”. Also, seasonal commercial fishing or fish processing can sometimes be a good gig.
🇵🇷 brother mete mano! Lo vas a lograr. Me alegra ver a otro puertorriqueño escuchando y siguiendo este programa. No te quites de ese negocio, sal de las deudas y mete mano porque hay potencial ahí.
Raymond you have to get out of debt fast! Sal del carro y trate de no gastar! Yo vivo en lares y estoy pasando lo mismo! Olvidate de Las cc que ellos no puede hacerte nada! Llevo tres anos sin pagar porque no me da y soy maestro de ingles! Vovi en casa de mis Papa's con mis familia! Simplemente no da! Y mi esposa trabajan tambien! No da! Decisions vivir minimalista! Nada de lujo y Los dos carros viejos! No salimos tampoco! Tu lo puedes lograr y pon fe en Dios! Dtb!!!
Banks are willing to lend money to devil himself is he passes by, that is how earn money. I live in Spain and several years ago I received a letter offering an American Express card. I immediately thought "this guys are so greedy and desperate to get customer if the have send this letter to me " !!!
Dave’s advice he gives to people regarding credit cards in lawsuit status is beyond scary. I worked for a firm for almost 10 years are they slimy absolutely but the advice these people are given is potentially putting them in a awful position regarding wage garnishments and bank levys. As horrible as it is to be sued just call the law firm and make a payment arrangement. Avoidance or trying to low ball a settlement is not a way to make the problem go away. Just my 2 cents 🙂
Dave, like many finance advice people, think they have all the answers when they have the same answer to every problem. Make more money, have less expenses.
Lolz, what is your advice then?? Interest and late penalties on $100k balance is more than their entire income. So you seriously think they are going to be able to pay it if the CC company takes them to court. Bro. Wake up. They are bankrupt if someone pushes the issue. The houses will be gone, the car gone, the business gone and there is nothing left to take for the CC company. I’m pretty sure the company would be aware of how bad the situation is and settle the debt years from now for a small fraction. If not he is bankrupt and it’s over and they get zero anyway.
Terry Waters Still stupid and not a guarantee that some assets won’t be lost. Totally ruins your credit when you could very feasibly pay it back yourself and save a lot of future pain. Everybody always goes to the easiest way out and almost always that’s at the detriment of their future.
So there's no way to earn more than he's already doing? i don't believe puerto rico is that destitute of a nation that he and his wife could find separate work that would at least increase what they're earning now.
"Bayamon" is right outside of "San Juan" it literally could not be any closer. It isn't a small town on the outskirts either it's actually a pretty big economy because it's connected directly to "San Juan". So I can't see why he would have a lack of client's unless he just isn't advertising or his shop is in a bad location.
I am from Puerto Rico. Big fan of Dave. Other than the person that call is a bit of a mess. He talk about flood home! every house here in PR that had flood issue and was legal in all form got paid by FEMA(good amounts!). What Dave don’t know is here in PR most people gets paid 7.25 an hour!!!! Most of the cases with bachelor degree!!!! Or even masters!!!! Education here is very cheap and of good quality in some college!!! The person is a drop out of college!!! This person best case is bancrupcy because if he close the shop he will get a 7.25 an hour job and her too....trust me I’ve been there! And I have a master! Thank good I have found a better paying job. But Here is hard getting a quality paying salary for your job! PD: I work at a fast food part time and they paid me 7.25 and my full time job paid me 7.25 and a was in a billing department working agin and audit of the account receivable!!! Sorry for the misspelling!!
Raymond! I’m from Ponce and live in Salinas, I have an iPad needing repair, tell me where your shop is so I can go. We need to help esch other out. Let me know
He needs to file for bankruptcy and close those accounts, though that should be obvious with filing that. Get rid of the houses and go with a modest apartment, start working for another company instead of himself to pull more income in. His wife should be working a regular job as well instead of being self employed.
There is no living to be made in the repair of much electronics today. Manufactured by robots and priced so inexpensively, a large percentage of it is throw away and replace!
@Mr. Wick If I have a piece of defective electronics, it's going in the trash, not another owner. That's why I will not buy much of anything today in used condition.
Dang! Raymond and his wife are suffering from what the late Michael Gerber would call an 'Entrepreneurial Seizure'. [See "E Myth".] This is definitely an income problem. I feel for these two. May they find their way out of their mess with Dave's help.
$0.00 in CC debt... but I have a $16,450 car loan and $19,500 of student loans but with a $41,000 income and $700 a month for rent I’m hoping to be debt free in 24-30 months 👍
When he said hi Raymond it reminded me of times I said things like hi I'm years old when I was nervous and asked to say my name and age it all wanted to come out at once 😂. But yeah no I feel like dude need bankruptcy this is a dumpster fire