Why Debt Consolidation Doesn't Change ANYTHING!

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5 окт 2024

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Комментарии : 167

@rickys6770 Год назад

There is a lot of joy in paying off each bill. Putting them together is like trying to climb Mt Everest and takes forever for one success

@rickys6770 2 месяца назад

@traybern No, I am an adult and pay for purchases with money I already have, rather than drowning in debt. Maybe you can try that sometime.

@simplymincy Год назад

Idk I got a much lower interest rate from a bank to consolidate my debt and it saved me a lot of money. I was able to pay it off aggressively. The key is to not just pay the minimum payments. Go at it aggressively

@topsykretts2264 10 месяцев назад

Yea but most people don’t go aggressively so they end up with more debt because they think they did something with debt consolidation

@CoryFalde175 Год назад

It's crazy that people still call Dave asking if the baby steps apply to them

@stevenporter863 Год назад

Debt consolidation is mostly about not having to keep track of multiple payments and potentially missing one. Not about kicking the can if continue to pay it off or saving on interest.

@bountyhunter8968 10 месяцев назад

Exactly

@urdadshusband781 8 месяцев назад

Right.. it's psychological in many ways. It helps you not forget, as well as being one pile instead of 7. For me personally if I'm paying 1 thing off it's psychologically easier than thinking : oh I still have x to pay for on this and when I'm done with that I get to pay off 7 more things. Acting like the psychological aspect is irrelevant is dumb. Financial issues are often founded on psychological bases (immaturity, impulsivity, irresponsibility, etc)

@urdadshusband781 8 месяцев назад

@fernblendz4361 5 дней назад

@@urdadshusband781that’s what I’ve been debating on getting one big loan then focusing on multiple ones at a time. Yes debt snowball works but it’s time consuming and mentally stressing me out I rather just focus on one even though the interest rate will be high and it’ll take a longer time to pay than the debt snowball? What do yall think?

@lionmangolf Год назад

It does help reduce interest rate & allow you to focus on one bill instead of five or six different ones.

@martinmi5 Год назад

Plus it does get all of the bill collectors off of your back.

@fhuber7507 Год назад

It does change something... It makes you feel like you did something to reduce your debt and then you give yourself permission to rack up more debt. Nobody does a debt consolidation loan without taking some cash out too...

@jimmymcgill6778 Год назад

Stop with that strawman argument.

@edjohn4590 Год назад

It’s true though..

@ThePatriots010304 Год назад

It makes you "feel" like you're reducing your debt but you're not. Math doesn't care about your feelings.

@sxtsxt6714 Год назад

I totally agree

@paulc3749 Год назад

it can reduce monthly payments but self control is crucial to not rack up any more debt whatsoever

@stevenjustice105 Год назад

Refinancing can help things. Depends on the intrest rates. Wont solve the problem but it can shorten the time to pay it off. That is just math.

@jimmymcgill6778 Год назад

Yes it will solve it.

@Stumperyy 16 дней назад

People may not qualify for it

@willtacoma2ndgen661 Год назад

Never and never consolidate your debt with an agency. They all are crook.

@josephsantangelo2801 Год назад

‘Rich people don’t even walk their own dog’. Now that made me laugh Dave. Lol. It’s kind of true too

@Jim_Curtis Год назад

I'm not quite convinced these are "rich" people paying for dog walking services. They are probably broke people looking rich. Everyday millionaire people probably would walk their own dogs.

@jimmymcgill6778 Год назад

I'll bet Dave wouldn't. With all the working he wants you to do. How do you have time to walk them?

@waynehoffman1791 Год назад

...and they're afraid of leaves.....hahahahaha..... pathetic but true

@josephsantangelo2801 Год назад

@@waynehoffman1791 oh yeah I forgot about their leaf fear, good call! Lol

@alinatamashevich3354 Год назад

@@jimmymcgill6778 You are ignorant. Are you scared of hard work? Or just LAZY?

@SLangel18 Год назад

The thing about Uber eats is that you work when you want. You work nights, or during the early morning. Whenever you want.

@random-nz7dy Год назад

But nobody talks about factoring in that you are driving your car into the ground If you're making significant Uber money. Which is some offsetting

@justinevans5925 Год назад

If you get a significantly lower interest rate AND correct the underlying problem, yes it does at least put you on the right path to solving it.

@ASimoneau Год назад

If you're getting a lower interest rate, it's likely because they're extending the term of repayment. So they're counting on getting all the money you would've paid to the initial lender, and them some.

@jesseburford873 Год назад

@@ASimoneauthat’s why you only accept a loan with no pre-payment penalties and pay it down more aggressively

@miketheyunggod2534 6 месяцев назад

Dave is wrong AGAIN. I had four credit cards with a total of $49K balances with 25% interest. I consolidated those balances to one payment at 8.9%. It allowed me to pay it off faster with less interest.

@dieterh.9342 5 месяцев назад

Care to share more particulars? I am thinking this would help my household, but need a solid and trustworthy lender.

@smithersrob Год назад

Don't consolidate but I'd take out a personal loan for the value of the family loan, pay family off immediately and then wail on the debt

@TopShot501st Год назад

a 12% car loan is still awful🤮

@Alamo927 Год назад

💯 I hate it

@MarksTournaments Год назад

I have a 12%, I also make somewhat decent money

@d_smoove1204 Год назад

$1600 dollar car payment is crazy

@DoctorSmartyPants Год назад

Caller said 16 thousand. Assume that means the balance. We don't know the monthly payment.

@d_smoove1204 Год назад

@@DoctorSmartyPants u gotta point it threw me off when he said “I have a truck payment and it’s 16000” was assuming he meant 1600

@DoctorSmartyPants Год назад

@@d_smoove1204 he was a pretty poor speaker. It threw me off too!

@user_abcxyzz Год назад

@@DoctorSmartyPantsEnglish matters

@healingherb6170 Год назад

Ridiculous

@blackworldtraveler3711 Год назад

One thing I’ve learned from people in Oklahoma buying property with a well or digging for one is to always budget much more than needed.

@DoctorSmartyPants Год назад

Not being used to his accent at first, I thought he said "whale".

@15KHPCLUB Год назад

Well keep digging and you'll end up in China.

@sasukesuite1 Год назад

$60 an hour for walking dogs? I might have to switch careers lol

@user_abcxyzz Год назад

It's more like 20 and only for an hour. Like nobody is gonna hire you to walk their dog for 8;hrs in one day lol

@random-nz7dy Год назад

The other problem with things like Uber is that If you driven enough to make significant money you've driven significant miles on your car and tanked its value. Let's say you had just driven to a place where you work 5 min away for 2-3 years, It could be the difference between having a car with say 100,000 mi in one with 50 at the end of that period of time. Which changes the retail value significantly meaning you get a lot more money when you go to sell it. But for some reason nobody has this talk when it comes to Uber. Some of what you earn is offset by the car value loss.

@BarbellFinancial Год назад

Consolidating debt is like putting a band aid on something that requires surgery.

@Ldj8000 Год назад

Robbing Peter to pay Paul...

@hollyb6885 Год назад

@@Ldj8000 If Paul is charging a lower interest rate than Peter, and he pays off Paul asap, he should consolidate. Interest is a killer.

@lady56725 Год назад

True.

@Smurfman3041 Год назад

Exactly right. And often before getting surgery after an injury, a bandage is used. Get that lower rate with a better structure then go pay it down aggressively.

@joesmith3590 Год назад

I would consolidate to pay my family and owe the bank though.

@simonpegg1196 Год назад

Simple math skill. Discipline. Common sense. Three primary necessities to be debt-free, and subsequently, to start building wealth.

@ruhhshelle Год назад

Dave was so cranky on this one lol

@paulc3749 Год назад

he understands consolidation make the debt problem worse for many people, especially if they don’t fully understand what can happen

@kurtjensen1790 Год назад

My wife and I almost did this and thankfully it didn’t go through. I didn’t really consider the long term aspect of it.

@howlbeast Год назад

4:30 onwards was what I needed to hear to stack up more money

@bmoturtleco 4 месяца назад

His math just is not mathing here. For example.... I have around 30k in credit card debt between three cards. I currently pay about 1k each month, just in interest at around 25%. By using a simple loan calculator, if I get a loan of 30k for a term of four years at an identical rate of 25%, my payments would be just under 1k a month. That is principal and interest. How is that not better? I get that Dave or his co-hosts may not answer this, but I would truly like to understand their opinion on this.

@BubbaSnipe03 Год назад

It saves you money and easy to keep up with

@nayaleezy Год назад

Run numbers in a spreadsheet to find the most effective payment strategy, it's generally bringing down your largest debt, especially anything over 30k.

@XennialGuy Год назад

This guy's a walking country song😅

@alinatamashevich3354 Год назад

Tear in MY beer, he is.

@akinakin2858 Год назад

Walmart Spark, amazon flex and shipt definitely get me atleast $25/hr in michigan

@Witnaaay Год назад

Wife is stay at home mum, maybe she should do part time job and he can look after the kids doing that time?

@CL-yp1bs Год назад

Wow, so it turns out not using cards is not the end-all-be-all of saving money? Wow! Who would have knew!?

@eniak00 Год назад

You can earn well beyond the hourly wages doing DoorDash, Instacart, Uber Eats, etc. than the hourly rates Ken discussed for those jobs. (In most places).

@InternetUser._ Год назад

After car expenses you’re probably under minimum wage doing that kind of work.

@poms-eyeview2453 Год назад

@@InternetUser._ pretty much. I had an offer for $2.50 which included the tip and it would have taken nearly an hour to deliver. No thanks

@gordontrx Год назад

I average between $20-35/hr per week doing uber eats and i only do it about 15-25 hrs a week on top of my day job

@ebransc09 2 месяца назад

Uber is a scam

@catherinep2034 Год назад

The family members might need the money back sooner, that they've been dropping hints, without coming out & saying so.

@StarcloneSCR Год назад

I doordash part time and AFTER expenses make about 18$ an hour.

@ianmowbray3284 Год назад

No no no it’s just like moving the deck chairs on the Titanic

@fhuber7507 Год назад

True... it's worse. It's like drilling holes in the hull to let the water out.

@David25522 Год назад

You guys forget, he needs the truck to employ himself.

@vwalker58 Год назад

My loans are consolidated.

@Alrounderrrr Год назад

Lol, as soon as Dave said Uber eats is not profitable Ken pivoted

@SeunAdekoya Год назад

You can tell this call irritated Dave 😂

@vashtibascombe701 Год назад

Could the stay at home Mom also babysit for a while to help out?

@kirapoodle Год назад

Basically this is how a lot of governments operate

@cantgetright742 Год назад

Yeah it does change something. You owe a lender instead of a family member. Family member is paid right away. Otherwise that's it

@constitutionallyconscious165 6 месяцев назад

An 8% loan is better than 28% loan for credit cards.

@mikeshaw4610 Год назад

Live on less and you can have extra for unexpected expenses.

@gigibarrett1777 Год назад

Debt consolidation only lengthens your debt?? That’s very informational !!! So consolidating date kind of stupid?🤨

@DEBTFREEMIKE769 Год назад

I’d love to have a cup of coffee with Ken and Dave just one time.

@user_abcxyzz Год назад

What's in it for them

@martinmi5 Год назад

Why? So they could yell at you and look down on you the whole time?

@mrsnelky8291 Год назад

Mr CEO telling people to work 3 jobs when he never did that himself to get rich.

@amireallythatgrumpy6508 Год назад

He worked one job 3 times as hard as everyone else instead...

@beebbeec280 Год назад

Uber eats pays about 20 an hour tho 🤣.

@user_abcxyzz Год назад

That's nothing to be proud of

@alinatamashevich3354 Год назад

@@user_abcxyzz If one is broke and in debt, it means a lot!

@georgewagner7787 Год назад

I babysat in the 70s for one dollar an hour

@Volt-Imperium Год назад

My brother makes $40+ an hour for doordash. He stack orders and strategically picked the area he can quick grab orders without worrying about parking

@user_abcxyzz Год назад

After saving for taxes, car maintenance and car depreciation that's only 20/hr. Might as well get a pt job at a big box store, it's less hustle for same pay

@Volt-Imperium Год назад

@@user_abcxyzz how much y'all be spending on maintenance 😂 if you drive correctly and a keep good car of the car the most you got is regular oil change and brakes/tires every 2-3 years Car depreciation don't matter when the car you got is older/excellent condition and not financed. With no intention of selling. I can understand dropping profit to $30/hr but $20/hr is exaggerated. In the is area the most packing jobs pay $15/hr with poor working conditions

@nicholeknight1893 Год назад

I babysit and make $30 a hour. Best side hustle and i love it

@woodside4life Год назад

And if you sell one of the kids, you can get even more money!

@nicholeknight1893 Год назад

@@woodside4life I don't have any kids

@a426108 Год назад

I am a tax accountant at a law firm. My side hustle is a tax preparer. The extra money is going to pay down my debt.

@mikesmith-wk7vy Год назад

16-18 an hour lol yea in a big city maybe but in reality more like 10-12.

@larryrichards6099 Год назад

Just cease paying any/all unsecured debt. JUST STOP, not a penny more.

@annetawney2408 Год назад

$30/hr for a babysitter??? We pay our babysitter $10/hr. Hire someone else of you're paying that!!!

@DoctorSmartyPants Год назад

Stay at home mom can find a way to work too.

@fishlover Год назад

Dave talks to females differently then he talks to males. Just something I’ve noticed.

@philfalgout1 Год назад

Jeez. Dave is grouchy

@jimmymcgill6778 Год назад

When isn't he?

@georgewagner7787 Год назад

Guy didn't do the math

@Lugnut64052 Год назад

He's only been over the debt consolidation scammery at least a thousand times.

@blackworldtraveler3711 Год назад

Three decades of the same thing will do that. Also could be part of the reason people watch. Plays well with the younger people sitting next to him.

@markg999 Год назад

He is just being realistic....guy needs to go after this hard-core and go bare bones no eating out and living cheap to get this debt gone.

@jasonjunior1848 Год назад

Currently already maxed on ROTH. Should I max my work simple IRA for tax benefits even if i don’t like the company NWM ? Or take the extra after company match and invest my own?

@indianatime Год назад

IMHO, You would have to really not like NWM, to make it worth giving up tax-deferal compounding with timed-taxation. But more importantly, if/when your SIMPLE has been open for two years, you can have your cake and eat it, too: Just roll your the maxed out SIMPLE money over to an IRA at your brokerage of preference, and invest how you see fit! You can do this multiple times (say, 1x/yr) and still contribute to your SIMPLE at work.

@jasonjunior1848 Год назад

@@indianatime thank you , sure I’m being paranoid and should just max it . Speaking with NWM advisor tomorrow . The funds they put money in, i can’t track a history on or it’s overly complicated

@bjkarana Год назад

Oof, 12% on a car loan...

@robedmund9948 Год назад

Debt consolidation only makes sense if you continue to send the same amount of money at the debt. (Please read using tone of sarcasm.)

@ericdrewyour6593 Год назад

It does change. It changes interest rates and your budget

@jayafow84 Год назад

Duh!

@_LilacRoses Год назад

Yikes, Daves' tone was off on this one.

@monicai0713 Год назад

💯💯💯

@danieljohnson4418 Год назад

Don't sell the truck.

@georgewagner7787 Год назад

Fix the problem in your mirror ha

@lukeharris2622 Год назад

✝️🙏

@jimmymcgill6778 Год назад

Not all of them are as bad as Dave is saying. Most times they can save you money. But Dave does not want to hear it.

@mikenonya6382 Год назад

A debt consolodation loan does not save you money. Interest rates are usually higher and they stretch your loan out to make the pmt. more attractive. A home equity loan rate is usually at a lower interest rate, if you have enough equity.

@MrJimmy3459 Год назад

you sound like this caller.........

@mikenonya6382 Год назад

@@MrJimmy3459 How so?

@jimmymcgill6778 Год назад

@@jire9831 He have debt already. So saying he should not get into it, does not help him.

@jimmymcgill6778 Год назад

@@jire9831 He is not in that much debt. He have reasonable priced cars.

@BB-kd5sp Год назад

Guys talk about working but theyre really just talking into a microphone. These schmucks 😂

@jimmymcgill6778 Год назад

With these two people, it's always working. No work life balance with them. They think you can get a job as soon as you fill out an application.

@user_abcxyzz Год назад

If you have no job then you have plenty of time to search for a jon 12 hrs a day

@jimmymcgill6778 Год назад

@@user_abcxyzz That's not what I said. These people think you can start working that same day.

@alinatamashevich3354 Год назад

@@jimmymcgill6778 If one has skills, they can. Why can't you? Are you unemployable? Or just LAZY

@99allthetime 9 месяцев назад

Dave is wrong as usual

@georgewagner7787 Год назад

Sell the car

@johnSmith-uz8nl Год назад

Car payments like crazy.... this guy how's know clue about wealth. He needs fpu.

@redfox_84 Год назад

12% on a car loan is really bad, unless things have changed that much

@rerako4755 Год назад

At one point, I just want Dave Ramsey to do a joke video titled: "Millienial being not financially Optimal" and the joke is pitched straightforward with us.

@TimeisUp22 Год назад

This guy is Gen X.

@rerako4755 Год назад

@@TimeisUp22 yea, just find it funny how most of the financial advise influencers look at people who just snort up debt like its oxygen. Want one silly episode where its just someone being not debt ridden, but just putting their money in the most suboptimal place as a joke. And its just giving simple advise of what not to do like, putting all your money into a no interest checkings account and such.

@johnSmith-uz8nl Год назад

This guy is so clueless.

@sxtsxt6714 Год назад

A debt consolidation loan is a great thing.

@alinatamashevich3354 Год назад

Said no one ....ever

@aurasphere87 Год назад

Dave's muting skills have declined since the 2015-2016 glory days.

@jimmymcgill6778 Год назад

He said his car is twelve percent. He said the dc would be twelve percent. But that include all the loans, not just the cars. He would save on all the interests of the other one. Because he would be paying one, not three.