topic Re: Anybody want to get debt free????Dave Ramsey is AWESOME! in General Credit Topics

Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:19:53 GMT

Isn't there anybody in these message boards who instead of raising their FICO to get into more and more debt, wants to BE DEBT FREE?!?!?!

Re: Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:21:39 GMT

Not me. I wanna go several hundred thousand dollars into debt for 30+ years.

Re: Anybody want to get debt free????

smallfry — Tue, 03 Jul 2007 01:22:22 GMT

I'm not going into debt. I PIF before the due date. I might leave a small balance to report but that doesn't mean I incur a finance charge. I collect plastic. I collect Gold and Silver too. So?

Re: Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:30:33 GMT

.....too funny. I think I'll try to dig myself deeper than you and max all my cards, take out multiple loans, quit paying current obligations so that when they send me to collections my balance will include all the late fees and collection fees and strive to at least owe a quick million by the time I can retire in about 30 years. Who are you kidding BobKelly? Oh, and I've already read Dave Ramseys book...........

Noah_Bodie wrote:
Not me. I wanna go several hundred thousand dollars into debt for 30+ years.

Message Edited by flygirl on 07-02-2007 08:30 PM

Re: Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:29:00 GMT

I did it following these simple steps.

#1 Save up $1000 bucks as a begineer emergency fund. Use this account to avoid going into any more debt as you pay things off. This $1000 should cover most emrgencies.

#2 Pay off your debts in order of smallest balance to largest. (Don't include your mortgage at this point.)AS you pay off each balance, and that payment to your next smallest debt to pay it off even faster.

#3 Create a full-fledged Emergency Fund containing 3 to 6 months' worth of expenses. You'l be doing better than 90% of Americans at this point!

#4 Start saving for retirement, kids college, etc. Also consider paying off your mortgage in 15 years instead of the typical 30.

#5 Become very rich!!!

Re: Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:31:36 GMT

And you'll end up as broke as all the other people out there. Hope you are looking forward to becoming a Walmart greeter at age 72 tp pay your mortgage. Meanwhile, I'll be living a debt free retirement.

Re: Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:33:42 GMT

Noah_Bodie wrote:
Not me. I wanna go several hundred thousand dollars into debt for 30+ years.

BTW...thanks Noah_Bodie for the great humor.....my son and his friend just ran down the stairs to check on me....they thought I was crying, but I was laughing hysterically at your post....

Re: Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:41:57 GMT

bobkelly wrote:
And you'll end up as broke as all the other people out there. Hope you are looking forward to becoming a Walmart greeter at age 72 tp pay your mortgage. Meanwhile, I'll be living a debt free retirement.

ummmmm...correct me if you must, but having low debt institutes a good fico score (hence the word low utilization)....how do you figure I'm gonna be a Walmart greeter. By the way...I would rather greet at Target....not a big fan of Wallyworld...............

Message Edited by flygirl on 07-02-2007 08:38 PM

Message Edited by flygirl on 07-02-2007 08:41 PM

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

antredd67 — Tue, 03 Jul 2007 01:39:34 GMT

I don' t think anybody in his or her right mind wants to be in debt. But the fact of the matter is that we have to show the CRA that we can manage our debt when we eventually make a big purchase such as a house. Since most of us cant pay cash for a house, we have to play by the fico scoring system game. Once you are in the house that you know you will live in for the rest of your life or until retirement, then credit doesn't matter as much because you aren't rate shopping for the best interest rate, that they are ripping us off over 30-40 years now anyway.

If a person makes a fairly good income, these days any income over $75,000 is good to me, you have no credit card debt but your house note, then what's the point of getting things on credit when you should be able to save for those items.

I agree with Dave Ramsey, pay cash for everything and don't make purchases on credit that you can't afford to pay off within hummmmmmmmmmmmmmmmmmm?....the same day. I am guilty of charging, but I am smarter now about how to manage my credit and pay down my bills as fast as I make them.

Re: Anybody want to get debt free????

Anonymous — Tue, 03 Jul 2007 01:45:01 GMT

bobkelly wrote:
Isn't there anybody in these message boards who instead of raising their FICO to get into more and more debt, wants to BE DEBT FREE?!?!?!

Hmm, interesting. I think you'll find a few different goals that people might have. But raising your score is the ultimate starting point, right? And becoming better at money managment is part of that outcome, right? It's inevitable that you become better at financial decisions while playing the game to raise your scores, at least it is for me.

I'm with Noah tho, I plan on borrowing mucho dinero. I happen to be very good at buying/selling Real Estate and making money at it. But that's difficult to do with lousy scores. So I too want to go into debt, but forget the hundreds of thousand$, how about MILLION$...

Live Long & Prosper,

ctRob

Message Edited by ctrob on 07-02-2007 06:45 PM

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Anonymous — Tue, 03 Jul 2007 01:45:15 GMT

And what takeaways did you learn from Dave Ramsey's writings? Hope you guys got something positive out of it.

BTW, I don't always agree with Mr Ramsey on everthing, such as prepaying a mortgage and other ideas, but I do respect his simple ideas on living on less than you make.

It worked for my mom and dad who never made much as a teacher and a mailman respectively.

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Anonymous — Tue, 03 Jul 2007 02:04:15 GMT

bobkelly wrote:
And what takeaways did you learn from Dave Ramsey's writings? Hope you guys got something positive out of it.

BTW, I don't always agree with Mr Ramsey on everthing, such as prepaying a mortgage and other ideas, but I do respect his simple ideas on living on less than you make.

It worked for my mom and dad who never made much as a teacher and a mailman respectively.

Dave Ramsey is a NUTCASE!!! Preys on the faith based middle income demographic to sell more books.

I do agree with the snowball debt repayment strategy however...

My goal is to obtain the highest FICO ranks sooner rather than later...

Rob

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Anonymous — Tue, 03 Jul 2007 02:08:43 GMT

But EVERYTHING needs to be kept in perspective.

$1000 emergency fund wouldn't pay my pre-school bill...

Three months liquid is better invested than banked. At the VERY least 6 month CDs are a better place to keep the liquid assets. Save and re-invest is the better strategy as far as I'm concerned.

BTW - Did I say Dave Ramsey is a NUT CASE???

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Anonymous — Tue, 03 Jul 2007 02:09:03 GMT

FICO_Focused wrote:

Dave Ramsey is a NUTCASE!!!

Fico - Don't hold it in, tell us how you really feel about him

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Anonymous — Tue, 03 Jul 2007 02:20:59 GMT

The VERY BEST thing about this forum - aside from the fab advice! - is the utter lack of judgement shown by my fellow posters. I hope it stays that way. I have left so many other forums (different topics) because some yahoo shows up and starts with the jack@ss posts.

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Anonymous — Tue, 03 Jul 2007 02:29:25 GMT

TexMontana wrote:
The VERY BEST thing about this forum - aside from the fab advice! - is the utter lack of judgement shown by my fellow posters. I hope it stays that way. I have left so many other forums (different topics) because some yahoo shows up and starts with the jack@ss posts.

There have been a couple of other posts that bugged me as well... LOL

But the majority are helpful and work well to create the braintrust that is MyFICO forums.

Rob

BTW - Ramsey is still looney.

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Tuscani — Tue, 03 Jul 2007 02:56:31 GMT

I have opened several new cards since reading this thread... 100K in new credit. Off to shop!

Re: Anybody want to get debt free????Dave Ramsey is AWESOME!

Anonymous — Tue, 03 Jul 2007 03:09:18 GMT

Agreed.

TexMontana wrote:
The VERY BEST thing about this forum - aside from the fab advice! - is the utter lack of judgement shown by my fellow posters. I hope it stays that way. I have left so many other forums (different topics) because some yahoo shows up and starts with the jack@ss posts.

Re: Anybody want to get debt free????

MidnightVoice — Tue, 03 Jul 2007 03:13:50 GMT

@Anonymous wrote:
Isn't there anybody in these message boards who instead of raising their FICO to get into more and more debt, wants to BE DEBT FREE?!?!?!

Hmmmm. I am tempted be less than supportive But I will refrain

Re: Anybody want to get debt free????

fused — Tue, 03 Jul 2007 04:28:36 GMT

bobkelly wrote:
Isn't there anybody in these message boards who instead of raising their FICO to get into more and more debt, wants to BE DEBT FREE?!?!?!

Yeah I'm one of them but this is a credit discussion, credit repair or as TNWM says credit recovery forum. Being debt free is wonderful, so is being a FICO credit dweeb!