Tackling debt....Dave Ramsey...Suze Orman....others?

[Prelude008]

Hi,

I am about to begin to tackle debt...a much needed yet long over task for me. Do you guys have any opinions on Dave Ramsey or Suze Orman. I've recently listened to their shows and was thinking of buying some products to arm me with more motivation and direction. Is one better or is there someone else I should consider? Also does anyone know of any good debt tackling links, forums or blogs. Thanks.

[Cubswin]

Do not buy any products because that is most likely the sort of thing the exactly got you into debt... spending money on stuff you really dont need. Getting out of debt is as simple as spending less than you make, being frugal, and paying aggressively toward your highest interest rates first. You will find some great motivation and advice here:


Link

[juschuma]

Check out Motley Fool discussion boards on Credit Cards and Consumer debts. Great strategies for getting out of debt.

Motley Fool - Credit Cards and Consumer Debt

[maxtower]

Cubs is right, you'll never be out of debt if you can't spend less than you make.

[Prelude008]

thanks all for the links. I will read though them.

[Shoe]

I don't know how Suze Orman is considered an expert. All she does is state the completely obvious. If you buy her list on how to get out of debt it will basically say this:

1. Stop buying $8 coffees at Starbucks every day. If you order 3 of these per day, you will save $24 per day. That is $8,670 a year i just saved you! (even if you don't drink coffee I am still going to count this as money that I just saved your because I know everything, and women are better than men too).

2. Increase your deductibles. You probably don't even have a deductible on your car insurance because your such an idiot. Well make it $1,000. This will save you like $500 a year.

3. Stop using premium gas. Regular unleaded works just as well, and btw, did you know that it is cheaper? Bam! I just saved you another $250 per year.

Well, maybe her stuff helps some people... but the way she writes/talks annoys the hell out of me, and I already do almost everything she preaches so nothing she says even applies to me.

On a more serious note though, you should be able to find all of the information you need online for free. If you need a book, I don't know of any good ones but I'd imagine there are some good financial books out there that cost less than $20. You should be able to find some good articles at sites like fool.com, finance.yahoo.com, money.cnn.com, smartmoney.com or similar sites that can get you started in the right direction.

One thing you should do, is keep track of every single cent you spend. Write it down, and review all of your expenses over a month. Figure out what expenses you can live without, which ones you need, and which ones you can save money on (such as making your own instead of eating out/buying fast food). Like other posters in this thread have said, the key is to stop spending everything you make (or more), and start spending less than you make to start building a savings or paying off existing debt.

[gull]

Great job for tackling your debt!

[prohornblower]

Why don't you just list your debts (and corresponding interest %) and household income herein? I know it's personal, but we're here to help.

Mostly though, it's going to take an attitude adjustment. Changing your bad habits. Learning to think in an entirely different manner.

I would highly recommend Ramsey. You can listen to his archives online every day. Orman is much edgier, and seems to rub people the wrong way sometimes. The only think D-Ram does that may offend some people is talk about faith and the bible occassionally. (Doesn't offend me at all).

I've listened to D-Ram for about a year now and I understand the fundamentals of money much moreso than a year ago. When listening to his show, I can pretty much tell what he will say before he says it.

For the record, I've paid off 5 digits of debt and currently have over twice that in savings, all in about 2 years. Complete 180, and I sleep easy at night now. [img]/images/graemlins/smirk.gif[/img]

[Mr. Now]

I'm being coy here. It's the truth, however.

Sing This Song to Avoid Debt Problems

[jimmyfingers]

i agree, create a new account here if you want to keep it private and post your whole exact financial situation. i'm sure you'll get some good help.

of course don't actually post it in this thread because then we'll know it's you anyway...