Debt consolidation question

[TxAg]

I'm paying waaaaaay more than the minimum.

I'll save 3% in interest, one payment and done.

I have some automatic drafts on one like my gym payment, car wash, and a life insurance policy. That's it.

Drop the gym and car washes. You'll pay it down sooner. You still be fit/healthy without a gym and you can wash your car yourself.

[gumbl3]

If you have the self control and good credit... Get a new card that offers a 0% balance transfer for 18 months, pay the 3% transfer fee, then pay that sucker off within the 18 months.

They've gotten pretty wise to this. Usually they'll only give you a very low minimum, less than $1000 until you start using the card then you can ask for a credit line increase every 6 months or so.

[duckmanep]

They've gotten pretty wise to this. Usually they'll only give you a very low minimum, less than $1000 until you start using the card then you can ask for a credit line increase every 6 months or so.

All depends on your credit score.

[Bad Habit]

Don't fool yourself roll up your sleeves and snowball them. Cut the fat of gym membership, car wash , eating out, etc. Go grab a part time job and clean this mess up. You can do it and tell those cabela points and credit card see ya. Good luck to you

[BDR]

Drop the gym and car washes. You'll pay it down sooner. You still be fit/healthy without a gym and you can wash your car yourself.

This is the part of the whole "Dave Ramsey" theory that I can't stand. I agree that being debt free is completely liberating but if you can get there in a relatively timely manner by other means and still ENJOY the things in life that satisfy you personally then by all means go for it. The whole give up everything you enjoy in your life belief just boggles me. There are many ways to pay down debt that you may have incurred for whatever reason other than giving up the little "finer" things in life that keep a person mentally sane. Like a cheap gym membership or a few nice car washes. This is totally different than giving up the $55000 boat that you use three times a year that's financed for 10 years so please don't get me confused. All I'm saying is there are other ways to do it and keep the small things that make you smile everyday.

[Mike D]

This is the part of the whole "Dave Ramsey" theory that I can't stand. I agree that being debt free is completely liberating but if you can get there in a relatively timely manner by other means and still ENJOY the things in life that satisfy you personally then by all means go for it. The whole give up everything you enjoy in your life belief just boggles me. There are many ways to pay down debt that you may have incurred for whatever reason other than giving up the little "finer" things in life that keep a person mentally sane. Like a cheap gym membership or a few nice car washes. This is totally different than giving up the $55000 boat that you use three times a year that's financed for 10 years so please don't get me confused. All I'm saying is there are other ways to do it and keep the small things that make you smile everyday.

The thing is YOU are in control. No one is making you do everything he says to a T. My wife and I paid off six figures in debt in less than 3 years making some sacrifices but we by no means "suffered".

To the OP, snowball the debt and be done with it. You are grasping for pennies with debt consolidation and I bet there is bigger money to be found elsewhere.


"An honest government has no fear of an armed population".

[skinsfan]

The thing is YOU are in control. No one is making you do everything he says to a T. My wife and I paid off six figures in debt in less than 3 years making some sacrifices but we by no means "suffered".

To the OP, snowball the debt and be done with it. You are grasping for pennies with debt consolidation and I bet there is bigger money to be found elsewhere.


"An honest government has no fear of an armed population".

Could not agree more I think the idea of "suffering" while restraining from gym memberships and car washes is a joke... I too followed the DR plan and it is a great feeling. I would not suggest balance transfers or 0% intro it will give you a sense of accomplishment and tempt you to take on more debt, pay them off and cut them up! Just my opinion.

[TxAg]

This is the part of the whole "Dave Ramsey" theory that I can't stand. I agree that being debt free is completely liberating but if you can get there in a relatively timely manner by other means and still ENJOY the things in life that satisfy you personally then by all means go for it. The whole give up everything you enjoy in your life belief just boggles me. There are many ways to pay down debt that you may have incurred for whatever reason other than giving up the little "finer" things in life that keep a person mentally sane. Like a cheap gym membership or a few nice car washes. This is totally different than giving up the $55000 boat that you use three times a year that's financed for 10 years so please don't get me confused. All I'm saying is there are other ways to do it and keep the small things that make you smile everyday.

I'm not a DR follower. I just think car washes and gym memberships are a waste of money.

I have no problem treating myself to something nice here and there and certainly don't suffer....the difference is, my financial house is very much in order.

[Snakelover]

The "math" answer, may be debt consolidation. But for the vast majority of people, the smart answer is...

Keep it simple.............pay off the cards and move on with life!!!

[tvc184]

I don't follow Dave Ramsey and have never owned or read any of his books. I have listened to his radio show maybe 10 times.

I have never heard him say to give up all pleasures except to people literally underwater in debt and no end in sight. I am talking about someone with a net income of $75K but has $30K in credit cards, $40K in student loans and just has to have a $5K deer lease, a brand new $400 a month car for the wife and has to take that annual family vacation because it is "it is what we do". Then they can't figure how to get out of debt. I have heard him with the analogy of a big hole and not a big enough shovel to fill it in.

That is when he says to dump the new car, give up the deer lease, live on beans and rice and get out of debt as quickly as possible and not be in debt for the next 25 years of your life. That obviously doesn't fit most people but when it does, I think he is correct.