Why Banks and Credit Card Lovers Are TERRIFIED! - Dave Ramsey Rant
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- เผยแพร่เมื่อ 26 พ.ค. 2021
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I paid off $67k of debt starting at the beginning 2020 and ramped up heavy in 2021 after listening to Dave. I'm debt-free now and built a 6 month emergency fund. Whoever needs to hear this - keep going! 💯
Wow! That's great!
Awesome to all those that have paid off their debt. I'm on my way to do the same. Praise God 🙏🏻🙏🏻🙏🏻
Give me a dollar!
You got after it!!!! 💥
I needed to hear it. ❤️ Thanks! 👍
BS2
Thats exactly my school debt at the moment. Thanks for this.
I don't always agree with everything Dave says but since listening to him I've paid off everything but my house. Am I rich? No but im the happiest I have have been in 30years!!! I don't care if I have to ride a bicycle to work im almost out of debt!!!
As it should be.
Same here. I don't agree with some of Dave's teachings, but his get out of debt program is A1. As far as I know, he's the only one kicking people in the teeth about debt.
Congrats man! Keep at it, good work.
I like riding my bike to work 😊
@@gd2561 I used to ride my bike to work but because of a job change I drive a company truck home. I miss riding to work 😕. 🤷♂️
Dave isn’t wrong. This pandemic woke a lot of us up and triggered an infection of us to pay down our debts. Thank you 🙏🏽 for the tips.
That’s not what happened, poor people have just been receiving insane amounts of stimulus money and unemployment money and their incomes have gone up while not having to leave their homes.
@@highverbaliq1785 Not only that but a lot of people aren't paying R.E.N.T. A friend of mine lost his home over it.
Not completely "woke" still too many have no concept of "saving for that rainy day"..Not nearly enough have an Emergency Fund, much less $500 in savings.. myself I don't keep that much in savings either.. My EF is tied up in a CD Ladder (13K)
Stimulus allowed people to pay down the debt they used to have to survive.
@@ThePeterDislikeShow yup
I have no debt at all. Even my house is paid for. Love being debt free, as I no longer have to work like a dog to live comfortably.
How old are you?
Who cares?
Yup. Same here.
Most are missing out.
Having zero debt is a wonderful thing. Don’t have worry about whether to pay off debt or invest.
We just save/invest and move on without issue.
I hope to be there in 10 years
Good for you!
This guy changed the way i look at my money, will forever be thankful .
Yes
same
That’s a beautiful Dutch Shepherd! Love those dogs.
Me too
@@StevenSucksCock thank you :)
We were stuck at home for a year and people learned to live with less.
Congrats to everyone paying off their cards!
I paid off my CCs 10 years ago.
Debt free is liberating. Stress down, happiness up....
Couldn't agree more with that statement, it is freedom at it's finest 👍
Sounds like folks used their stimulus to dig themselves out of debt. WAY TO GO, everyone!
@Leslie Wray Doyle
If all you needed was a few stimulus checks to get out of debt...then you were not deep in debt in the first place
Used mine to help pay off a few things made my snowball big quick
@@turnne Perhaps not deep in debt, But imagine only having the cash to pay the minimum payment on a $2000 balance and having nearly everything go to interest. What may not seem large to us could be a really big deal for others 😊
@@kerrymarshall2802 That's wonderful!
Since I already had no debt and I don't need more stuff I saved all three of my stimulus checks
I contributed to this and will never look back.
Good for you bro, it takes balls of steel to do.
Smart
You are on the right path.
Atta boy!
Same here brother! Praise God🙌🏽
Me too!!! 🙋🏾♀️
I have no debt besides my mortgage and I love it! Hopefully everyone starts realizing they don’t need all that extra stuff to be happy.
Woohoo!! Congratulations!
@Megan thank you!
Right on!
I’ve been debt-free for almost five years and I love it. Congrats for you!!!
Extra stuff like food and transportation right communist?
Paying off two cars this week, one via a sale and the profit will pay off the other. Never in my life have I NOT had a car payment.
Congratulations!!! Don't look back. You will see savings with your car insurance as well!!
Congrats! It’s such a great feeling!
You won't miss life with a car payment.
Not having a car payment is a wonderful thing!
Congrats!! Doesn’t it feel great!!
Wealth attracts more wealth. Debt scares wealth away. I’m in my 20’s and I’m glad to have learned this lesson early in life 👍🏼
Just wait until you discover the wealth snowball. Wow...that's all I gotta say.
Wow
@@TheHoriginal Spoken like the one and only Owen Wilson 😆
20 years from now you’re really going to be glad you learned that lesson early. Max out those IRA’s
Congrats!
Months of lockdowns and free stimulus money is probably a major contributing factor.
Exactly. Debt will pile on once stimulus dries up.
@@adfectum and when inflation caused by stimulus fully kicks in.
This is a yo-yo.. there will be more debt than ever once people get out and start doing things and inflation hits hard.
Too optimistic, these guys
@@adfectum The thing is, once someone remembers being broke, they are psychologically scarred and conditioned to not spend money.
@@darinherrick9224 it sure cured me.
I had a lot of CC debt back in the day and it killed me. Lived paycheck to paycheck for a while. Took years to pay it off. I will never go back again. I love living debt free.
Uncle Si? Wow, nice to see you here! 😊
After paying off Discover Card I called to cancel, and when asked why? I told him with glee in my voice, “Have you heard of Dave Ramsey?” He said, “Yes.” End of story!! I listen to you and Huge Fan.
Hahaha
You're a cruel man, Trang. : )
Would it been that hard to keep it and not run up a balance? Maybe just use it to purchase food and gasoline. A high FICO is not a bad thing.
@@jvolstad Do not fall for that! All a FICO is for is DEBT, it does not get you anything other than a lower interest rate. Which is......more debt. Put your money in YOUR account not theirs!
@@justinacase2623 Do you have a mortgage? How about accounts payable such as rent or utilities?
They don't like people that manage their money well. Clearly, this industry is predatory...
Financially secure people makes a safer, kinder society.
Underrated comment of the day
@@anichols5845 lol we're used to underrated here in Australia!
Truth truth truth
It also makes more target for thieves because they know you have money. Guard tour identify and don't fall for scams.
royal families hold wealth
My fiance and I are saving like crazy to pay my debt when we get married and combine our finances in July. We are projected to be debt free the day we arrive home from the honeymoon. I owe it all to Dave Ramsey and my dad for showing me FPU when I was a senior in high school so I learned these lessons. College will be fully paid for a month before I graduate. What a blessing
If you learned about Dave in high school, why did you still go in debt?
@@kCI251 I got onto him right before going into a university. Technically I am about to pay off school before school ends, but it was more during my freshmen year that I started taking things seriously and figure out how to pay it all off while in college. Sounds weird but yeah
@@ultrainstinct8392 Married couples are better off financially than unmarried couples. Multiple studies show that. My husband and I are definitely better off financially now than before we got married. That is because getting married united our brains and talents, neither of us would be living rent/mortgage free, with a good emergency fund without having gotten married to each other.
Proud of you! What a great way to begin your marriage!
💕
Getting out of debt, don’t trust the system, cash and carry or do without.
same with us
Yes!
True
I just paid off my car the other day and received my Title in the mail today. Never been happier, and so proud of myself. Life is Good!!!
Please do yourself a favor..if you don't already have an Emergency Fund, start one with the monthly car payment you just got out from under and keep adding to it with the monthly payment..You will know when to stop
@@kevinrehberg8758 Or use it to pay off any other debt, except the house.
People who are still working during the "pandemic" used that extra stimmy money to pay off debts like myself
70% of Americans don’t have 1k saved so they probably saved it to live
@@Budd631 I guess that makes me one of the 30%. 😅
🙋🏻♀️
I didn’t receive a dime. I just have to pay for it all, and there’s nobody looking out for me.
@@ashlen8717 I'm in that 30% also.
They are bombarding me with offers. My husband and I were so happy with our financial meeting. We only have our truck payment and house payment left. Ou truck payment will be done this year.
Excellent job
So that is so awesome Glenda!
Dave: Sell the truck. 🤣🤣🤣
Control your debt, not debt control you.
Great job! Resist the temptations to get back into debt. Wishing you luck.
Live with less and don't Bank with Wells Fargo.
Or BofA. Anyone that does is clearly a masochist!
HSBC and Goldman Sachs as well. They’re both criminal organizations at the top level.
What is wrong with wells fargo
@@dilantorres213 they're always wrong lol they use pr predictions to scare investors so they can make money.
Then where do we store our money for easy access? Any ideas?
I was a proud contributor to this. Paid off 20k in debt in two months and have 8k left to go. I’m more amped then ever!
@Kendrich Hernandez - GOOD FOR YOU!
How did you save $10k each month? If you have that kind of money, how in the world did you get into debt in the first place?
Wow, well done!
I'm proud to say that I contributed to this
Same!!
Me too ❤️
How do you sleep at night after what you did to those poor bankers? 😂
@@thebackyardhomestead1510 like a swaddled baby ♥️
I'm happy to say the same. I have never taken out any sort of loan or paid any sort of intrest in my nearly 31 years of living. Everything is bought with cash, and if I really want something I will put it off until I feel ready to forfeit the money required to purchase said item.
When people anticipate hard times they tighten up their finances by reducing debt. Dave is right on this. Getting rid of your mortgage and car payment would be like a $25k raise for most people.
looking for work in america sucks
The guy who pays cash for a big screen tv probably ends up paying less vs the guy who finances it due to the interest payments on it. The difference is the guy with cash goes home and enjoys that tv as a blessing instead of a burden with sorrows attached to it.
👏🏼👏🏼
I just got a 10 percent cash discount on windows for my paid for house.
@@kdonor that's because he's evading taxes
Found Dave's videos several years ago, after my husband died. Now, my house is paid for, and I have paid off 35000 in debt with 15000 left to go. Will be debt free in about a year. Every morning, when I think about how tired I am going to work, I remember the goal. Thanks Dave and thank God.
Sorry for your loss. Well done for paying off debt.
Sounds like the Ramsey gospel is making its way into more people’s lives and the leeches of the world are suffering. I love it! Keep preaching it Dave
Debt results in interest, which takes away from what you can spend. Debt free, no interest - AKA more money for stuff.
you still cant escape inflation.
have another house as investment for inflation hedge
i recommend getting another mortgage and buy another house due to inflation. Inflation causes the value of the US Dollar to go down. So your debt would actually be less.
Actually it's exponential. As Dave said in his Baby Steps Video "Your MONEY makes you MONEY."
You have more money. So you invest your money. So you have more money. So you invest your money. So you have more money.
I always picture the broomsticks from the sorcerer's apprentice carrying water. Only I imagine it's money they are dumping from interest into my bank account. Then I go to sleep and when I wake up I'm drowning in money.
I thought about making a short story about this. Supposing someone was immortal or cryofrozen and they had an automated program that just reinvested dividends for hundreds, then thousands of years. Then they wake up and find everyone on Earth is in poverty because they have all the money on Earth and own the entire planet.
Compound interest is VERY powerful thing.
@@darinherrick9224 Albert Einstein is reputed to have said, 'Compound interest is the eighth wonder of the world.
No interest for the USURERS.
"What's in your wallet?" MONEY!
1:02 for the Timestamp
That was funny!
Love this news - Dave Ramsey Financial Peace should be taught in every high school.
Amen!!
Yes totally agree kids need to know the value of money debt its just not taught at home anymore.
Half the schools in the USA use Ramsey's financial education curriculum! They have Jr.High, High school, and college courses. And home school.
Good Morning. I hope everyone has a great day!
Same to you!
Good afternoon from London 🇬🇧 Have a wonderful day ❣️
Looks like the people are finally tired of the debt based society
And the consequences that come from speculating on debt to get rich.
You will owe nothing and you will be happy!
- Dave R.
I see what you did there.
"Financial cigarette" is an awesome tag line :P
"The Never Again Moment"......love, love, love this!
Boy, if a generation of us had been told about school debt being bad when we where kids instead of every adult in our lives telling us it’s ‘good debt’
At what point can you not take it in your own account that any debt is bad, owed money. Completely cant understand. Guess people are more inclined to that sheep mentality, immediacy, wasteful entitlement.
I suppose your going to try to play the victim your whole life. Responsible decision making is a big part of a successful life... Time to grow up!!
Look in the mirror and own it.
I remember being told it was "good debt" too. Really made students feel better about taking out loans.
@@jamesbecker3420 responsible decision making goes for adults too. encouraging young and naive students to take on student debt is not responsible.
“Be the change you want to see in the world”
I think the Ramsey effect has taken effect 👍👍
Yes!!!
Almost done with discover. Never again. Glad they’re sweating bullets.
You should buy a shredder with your Discover card.... So you can use it to shred your Discover card. : )
@@davidcox3076
Omg 😂
Just paid off my Discover after to many years of a balance that never went down. Such a great feeling!
Let discover go discover their own!
Took me 10 years to pay discover off. NEVER AGAIN!!!!
you either earn interest or pay interest
Facts
I was one of those paid off balances with capital one!
I did too. From $54K to $0
I fell into this trap about 20 years ago..... finally got sick of it and got the CC paid off; house is paid off also...... only bills now are monthly expenses..... even though I didn't know of your methods until recently, I guess you were looking over my shoulder as I seemed to have been following you philosophy......
Dave doesn’t claim to have invented any of the principles he teaches. Many people have worked out a similar approach on their own. For example, I have read the autobiography of Isaac Asimov, the famous science fiction author. He was born in a rural village in Russia, and his family came to the U.S. when he was three years old. They were poor Jewish immigrants, but they worked hard, saved their money, and built a successful small business (a corner store) that came through the Great Depression intact. Asimov started writing science fiction as a teenager, and by the time of his death in 1992, his net worth was $15 million. (That’s $29 million in 2021 dollars.) During his divorce proceedings in 1973, he was asked questions about his finances, and he stated that he and his wife had never been in debt to anyone, ever. I’m sure Asimov never heard of Dave Ramsey , but it’s clear that he was following Dave’s principles of personal finance.
Way to go, Mike!!!
look into solar at home.
for lower the cost than your monthly electricity bill, you can vet solar payments
@@MundaneGray He came first, so in reality, Dave was following his principles. Honestly, it's just common sense. I've been doing this since college and I had never heard of Dave Ramsey.
@@fwefhwe4232 Don't do that in Alabama...the utility company will charge you more.
I pay my card off every month, Haven't carried over a balance in over 20 yrs, And I use the card just for the cash back
Wow!!! Get down with your bad self!!!!
same
Same here. I use it as a cash management tool and pay it off every month.
FYI a lot of people aren't paying rent and they're using the money to save up or pay down debt. And because of the moratorium, the rental debt isn't showing up as official debt numbers. I know this. I have several friends who have lost hundreds of thousands to tenants not paying rent. One even got sued by his tenant for "harassment".
@FortNikitaBullion - WOW! That's got to hurt your friends a lot!
@@alycewich4472 You know the craziest part? One friend of mine has given up on one home and the joker is still living in there, rent-free for going on 15 months now, on a home the bank presumably is going to foreclose on as soon as things reopen. Come to think of it I hope reopening comes in the winter so the joker goes out and freezes himself to death.
What I'm seeing in my area is that people who stopped paying their rent, didn't pay off other debt either and were just living large. Finally got evicted and really in dire straits. The worst was people who had been working the whole time, used it as an excuse to not pay. It's a terrible time to own rental property.
I have always lived Dave’s idiom of “act your wage”.
Your message and life’s calling is sweeping the nation. God bless you, your family & team Dave. Thank you for everything you guys do for the people.
Let's go back to using CASH before they make it illegal
Hi Dave. Me and my wife will be screaming debt free pretty soon. Whoo hooo. Thanks for advice.
Its all your fault Dave - you cannot ruin the banks like this by preaching common sense! STOP! We cannot have all those bankers going out of business
🤣🤣🤣👏👏👏
Thank you for your work Mr. Ramsey!
Brick by brick by brick
"It isn't how much you make, it's what you do with it." (Wisdom my mom taught me many years ago when I was very young."
ZERO debt here, everything I and my husband have we OWN, a very empowering situation to be in. Intentionality is the key.
I just did some plastic surgery yesterday, I hadn't used one in over a year so no love lost
Lol 😂 you had me there for a loop
Every day, I receive checks in the mail from loan companies...real checks...didn't know it was a thing. Used it to teach my 10 year old about borrowing and interest.. then we have a shred party!
Why do they send checks?
Is it a marketing strategy?
@NvJ The check comes with the stipulation of repayment. By cashing their check, you agree to their terms/contract, I'm assuming.
@@silas8162 ohh..okay.. Good strategy..
I used to fall for those checks in my 20s but now that I'm 35 I'm wise enough to not fall in that trap.
I used to get those in the mail when I lived in SoCal and it used to really make me angry. First of all, it was a loan I never applied for, and the interest rates were off the charts abusive. Second of all, to accept the loan all a person had to do is cash the check. It used to freak me out that someone could steal that check from my mail and cash it, and down the road I wouldn't qualify for a home loan or something because here I would be responsible for something I never asked for or agreed to and didn't know about. It shouldn't be legal to do this - it's far too ripe for criminals to take advantage of and the terms are in loan shark territory which should also be illegal in my book.
I contributed to this by paying off my debt! I am glad after hearing this news.
Thank you for all your content Mr Ramsey. I've been listening to you going on two years and I have to say for someone who wasn't taught on financial stability as a young adult I was a late bloomer to take control of my spending. My husband says I'm obsessed with listening to podcast and TH-cam videos but I have to give thanks to you for where we are at in life today. So thanks 😊
The Snowball technique was a real game-changer for me - God Bless You Dave Ramsey!
In a follow up story, record numbers of people adopt Dave Ramsey’s ‘no debt’ fiscal management philosophy.
I think it has to do with people having to stay home and all the stimulus checks
agreed...I know I've saved ALOT of money from not traveling or going out for over a year...hundreds a month...better off then ever before!
Always said lower the interest rates on those cards 27% was always CRAZY!!!!!
You are so right Lorna about the outrageous interest rates!
Allelujah! Praise God. People are awaken about debt including me.
I don't buy anything anymore. I just collect money and spend it when I want to. Debt-free is a great thing.
Soooo, you *do* buy things.
Good timing for this kind of video. I'm about to go in and pay my car off tomorrow and feeling just a little bit more free!
Congratulations!!
I’m out of debt! I feel so much happier and not stressed anymore! When I get paid, I don’t have to give it all away to debt collectors.
Dave is definitely doing better than he deserves today!
@Seth Hartman - He's worked hard teaching people to get and stay out of debt. Good for him!
I talk about Dave Ramsey with almost everyone I meet because I want everyone to win with money. We can do this guys! 💕
Dave, I think it's safe to say you've played a part in this current trend. We really hope this trend continues!
When people say that I'm rich I tell them I am not rich. I just have no debit. They don't get it.
You mean debt?
@@jdubo1998 obviously 😀
Although I never had a huge amount of CC debt I closed my CC account and have an emergency fund! Its an awesome feeling knowing you don't have to rely on crooked greedy CC companies for money!
You can have an emergency fund and a cc. Since when the two became mutually exclusive?
Because everyone is starting to catch on.... the truth always comes to the light.
Banks are afraid of responsible borrowers. Freaking LOL. That should be a big red flag. It kills me to see such a large portion of America being so mad about rich companies and rich people losing money, but couldn’t be bothered to care about the poor who have had none.
Banks can still make money off of transaction fees. They'd have to eliminate "rewards points", though; while I really like getting 1.5% back, I can definitely live without it...
It’s because people stopped spending all their money at bars and restaurants
The funny thing is that I spent *more* at restaurants during "The Restrictions". (I've been debt free for four years, am saving 30%, etc, so my unneeded stimulus checks went directly to Door Dash restaurants.)
Watching this video the day after I paid off my CC in full feels so good 🥰 baby steps but here we go!!!
Dave has a tear in his eye 😅
The best part about cash and budgeting and the envelope system is how much fun I have trying to spend less so I have more cash after every pay to do things like pay debt.
Yes, same here. Having a goal, any goal, is the best way to manage money I’ve found.
I read his book in 2004 and it changed my life.
Interesting...because when your in debt your not spending..because your paying off the debt. Good Stuff. Thx Dave love your show.
You’re, not your, why can’t people get this right You Are (you’re )Your is a possessive pronoun, shows ownership
This is the best news I've heard in years!! Taking money and spending it wisely. Good for You (and me!), America!! :-D
I really hope in 10 to 20 years we're having this same conversation about student loans. 🤞
I wonder what percentage of people used stimulus to accelerate and/or eliminate their CC debt.
Me!!!
Oh, me!!!
I put mine into my Emergency Fund.. but then when my pensions started I put 75% of them into a working CD Ladder..Lifestyle "creep" can be devastating..
Me!!!
@@kevinrehberg8758 what's a cd ladder ?
God bless you Ramsey, thank you for all you do.
That is a wonderful thing to hear. It is great that people are paying off their debt.
"Loosening underwriting standards". Ooooh la, la, 2008 is about to make a return appearance.
My first thought, too.
I feel so free I can’t even explain 🙏
Our only ‘debt’ is our monstrous property taxes, without being homeless I can’t find a way around them.
@Marilyn Monroe sorry, I realize in my rant I failed to answer your question. Our property tax is based on the value of our properties.
missing comments I think...
@@SippenSomeTea not sure what you mean?
@Marilyn Monroe thanks Marilyn, we do have investments and several rental properties in other towns, thank heavens we busted our butts and paid off the mortgages. It’s been our retirement plan since we were teenagers, most of the time it has worked well. I guess it’s just not feeling that we’re not getting anything much for all our taxes, especially the 20K our town sucks up. Death and taxes, am I right?!?
@Marilyn Monroe it is.
I absolutely love this little clip!!!
since the pandemic most people realize is to spend what you have because if there was no employment most people would have lost everything already.
I've made more money in the past 10 years and there is no way that I am buying more. There comes a point, at least for me, that making more money doesn't necessarily change your spending habits. In fact, I might sell my house in the future to buy a smaller one. The only way I would spend somewhat more is probably if I won 10 million dollars in the lottery.
This is a very very good thing I’m so glad people are paying down their debts
My company decided to early retire me. Paid off house, paid off vehicles. No debt at all, and a millionaire to boot. Didn’t inherit it earned it and invested it and it grew over time. Thanks! Dave!
That's amazing. Congrats.
It would be great to see that trend continue but...
How likely is it to continue once restrictions have eased and people are back at work?
oh yes! Im sure everyone will fall right back into their ways with time.
exactly!
It will continue because some people learned the hard way while some barely escaped this fiasco. Many have learned.
I agree it won't come back as bad for atleast a generation. The college debt, job losses, gas prices, etc... everyone felt it. Only the mighty brains are gonna revert back.
People aren't back at work yet, are they?
We are debt free because of Dave. Once you get intentional about it, it’s an obsession.
This is true in my case. I'm completely debt free since January and I am able to use my money as I wish. I treat myself more often now!
EXCELLENT!
Congratulations to everyone who paid down debt 👍
I've said it for a couple of years now. PINK SLIPS ARE COOL! It feels really great to have every bill paid off. Thank you Dave.
Thank you Dave! 43 and completely debt free. Grateful to share your knowledge and advice.
Imagine that - Evil depends on Evil to grow - you don't say....