Get Out of Debt Guy
By Steve Rhode
Get Out of Debt GuyJul 13, 2010
Inflation Sucks. But Here is What You Need to Know About It.
Today Damon Day and Steve Rhode talk about the fincial pressures created by inflation and the consequences to your financial health and future.
It is a surprising subject with a lot of layers.
Break Free from Myths: The Truth About Credit Counseling!
Damon Day and Steve Rhode explore the myths and misperceptions about the charitable non-profit credit counseling industry.
We are not suggesting you should avoid credit counseling but to better understand how this works to make better decisions about what is right for you or the people you care about.
You Really Need to Know This About Credit Scores
In this episode, we discussed the importance of credit scores and how individuals often make emotional decisions based on fears surrounding their credit scores. We stressed the need to step back and analyze the practical aspects of credit scores, especially when faced with significant debt. We highlighted the misconception that a good credit score reflects intelligence in managing personal finances, emphasizing that lenders primarily use credit scores for risk assessment.
The conversation delved into scenarios where preserving a high credit score may not align with financial priorities, such as paying off high-interest debt. We explored the nuances of different debt management options, such as bankruptcy, debt settlement, and credit counseling, debunking common myths and biases associated with each. The speakers shared anecdotes and experiences to illustrate how individuals can navigate financial challenges effectively without solely focusing on their credit scores.
Furthermore, we discussed the importance of evaluating the monetary value of a good credit score in relation to one's financial goals and current circumstances. We encouraged listeners to seek independent financial advice and consider all available options tailored to their unique situations. The speakers emphasized the need to make informed decisions free from preconceived notions and societal pressures surrounding credit scores.
Ultimately, the episode served as a reminder to approach financial decisions with logical reasoning, weighing the potential benefits of actions that may affect credit scores against the immediate financial relief they could provide. By looking beyond the emotional attachment to credit scores and considering the broader financial implications, individuals can make sound financial choices that align with their priorities and long-term goals.
Debt Relief Company and Credit Card Debt Explodes and Then Implodes
In this episode of our show, we delve into the crucial topic of self-care and stress management. We uncover the detrimental effects of stress on our physical and mental well-being and our finances.
Finding effective ways to cope with stress and prioritize self-care is crucial for leading a healthy and balanced life. Our conversation highlights various activities that can help alleviate stress, including exercise, meditation, and spending quality time with loved ones.
Additionally, we underscore the significance of seeking professional help and acknowledge the correlation between self-care and making sound financial decisions.
Ultimately, our discussion culminates with a powerful reminder for listeners to prioritize their overall well-being by actively managing stress.
You can contact Damon at https://damonday.com
Link to CFPB story we talk about: https://getoutofdebt.org/171657/strategic-financial-solutions-and-ryan-sasson-stumble-and-get-pounded#more-171657
Go to College and Retire Wealthy Using DoorDash and Uber Eats
In this episode, we discuss the financial advantages of using gig apps like DoorDash to make money and avoid college debt.
We explore the idea of choosing side jobs over expensive colleges and highlight the potential savings and long-term growth through smart investments.
We delve into attending community college while working gig apps, emphasizing the importance of saving early for a comfortable retirement.
We encourage listeners to try food delivery and ride-sharing apps for flexible income, which can subsidize desired lifestyles and enhance retirement funds. We share personal experiences with gig work and address concerns about future changes.
Additionally, we promote our YouTube channel and recommend a debt coach for listeners.
These Emotions Stop You From Getting Out of Debt
In this episode, we explore the emotional impact of debt and how it affects individuals on a personal level. As hosts, we have witnessed firsthand the range of emotions that arise when people face financial struggles. One prevalent feeling is embarrassment, as clients often feel like failures when they openly confess their debt. We have also observed that some individuals, particularly women, have contemplated drastic measures like becoming escorts or prostitutes to pay off their debt. However, it's crucial to emphasize that alternative solutions are available.
Embarrassment is a common emotion associated with debt, and many people want to keep their financial struggles a secret from loved ones. However, we highlight the fact that people are often too preoccupied with their own lives to be overly concerned about our debt. We encourage seeking support from someone outside our normal circle who won't judge us. While feeling embarrassed about debt is normal, we should not let shame consume us. Unexpected events such as accidents or health problems can throw our financial stability off balance, and it's essential to prioritize what truly matters.
Depression is another significant emotion that often accompanies financial struggles. We stress the importance of addressing mental health and seeking professional help to gain clarity and make better decisions. Controlling emotions is not as simple as telling someone not to be depressed, and jumping at quick-fix solutions or becoming paralyzed with analysis can worsen the situation. We caution against scams that prey on people's vulnerability and offer false promises of immediate relief. Making informed decisions and seeking guidance is crucial.
In this episode, we also discuss the cynical perspective that banks and corporations profit off people's emotional attachment to debt. We delve into the predatory practices of credit card companies and debt collection agencies, who often see borrowers as numbers and show little regard for their individual situations. Seeking support from hotlines or financial experts can help individuals understand the reality of dealing with debt and find effective solutions. We emphasize that banks and corporations should never be the top priority in anyone's life.
Financial post-traumatic stress disorder (PTSD) is a common outcome for individuals who have lived through debt. We stress the importance of recognizing the symptoms, seeking support, and taking a break from overwhelming responsibilities to aid in recovery. Facing the truth of one's financial situation is vital and can lead to smarter decision-making in the future. Technology has made tracking spending easier, eliminating the need for meticulous record-keeping of every small expense. It's essential to understand that everyone's financial situation is unique, and there is no one-size-fits-all solution to debt.
We also share personal experiences in this episode. The main speaker discusses embracing their bankruptcy experience and being open about it, which helped gain trust from others. They also mention their friend Damon's bankruptcy and how they saw it as a smart move rather than a judgment. The perception of bankruptcy has evolved over time, and now more people are open about their financial struggles.
The main speaker expresses frustration with the flawed student loan system, which has caused significant harm, especially to the middle class. They highlight the alarming ease with which people can obtain loans without fully considering the consequences. They urge listeners who are experiencing any of these negative emotions to seek help and support from resources like the DamonDay or getoutofdebt.org websites, as well as previous podcasts.
To conclude, the main speaker reminds listeners that emotions may not always accurately reflect reality. It's important to take care of oneself and have a great day.
16 Most Misunderstood Myths About Getting Out of Debt
In this podcast, Steve Rhode and Damon Day address various misconceptions about debt and financial decisions.
We emphasize that having debt does not make someone a loser or a failure; it is a common occurrence that does not define one's worth.
We discuss how social media can distort perceptions of others' lives, as they often showcase only the positives and not the struggles.
We debunk the myth that bankruptcy ruins one's credit for 10 years and share a personal experience of receiving a credit card offer shortly after obtaining discharge papers.
We highlight that banks are willing to lend money and do not view individuals as failures for having debt. Additionally, we emphasize the importance of not making decisions solely based on credit scores and not relying on social media for financial comparisons.
We then share a story about a client who had a negative experience with a Burger King drive-thru, where they were charged $2,000 instead of $20 due to a transactional mistake. We highlight the risks associated with using a debit card, which essentially gives someone a blank check. We explain that banks often push debit cards for their own profit through transaction fees, but using a credit card is a safer option in case of any disputes with merchants.
Moving on, we dispel the myth that payday loans are a good option, even when struggling to pay bills. Instead, we encourage reaching out to banks or lenders for payment forbearance or a payment holiday, as many institutions are willing to work with individuals and provide some leeway. Taking a payday loan only perpetuates a cycle of debt that is difficult to escape.
We also address the misconception that only making minimum payments on debt is sufficient. While it may be challenging to get ahead with minimum payments alone, we discuss alternative options such as seeking additional income or considering more aggressive strategies like bankruptcy, debt settlement, or credit counseling. We emphasize the importance of being proactive in addressing debt rather than relying solely on minimum payments.
Next, we draw a parallel between ineffective past strategies and soldiers storming a line in war. We encourage adopting smarter approaches and critical thinking to achieve financial success. We address the misconception that people cannot save for the future or retirement while paying off old debts, emphasizing the importance of improving financial habits moving forward rather than solely focusing on past debt.
We then discuss the question of whether taxes are owed on forgiven debt. We explain that if debt is forgiven in bankruptcy, no taxes are owed; however, if it is forgiven through a settlement, taxes may be owed depending on the individual's situation. We highlight that debt settlement companies often fail to make this fact apparent, potentially to present a positive image and avoid an in-depth assessment of the customer's financial situation. We share our encounters with debt relief salespeople who claim we don't know what we're talking about, often providing clients with IRS forms and advising them to consult competent tax professionals.
Understanding the tax implications of forgiven debt is vital for making informed financial decisions. We emphasize the importance of accurately completing IRS Form 982 and providing a snapshot of one's financial life at the time of debt forgiveness, including house value, outstanding loans, assets, and 401k balance. Filing this form with the 1099 can result in a waiver of taxes owed on forgiven debt. We stress the importance of consulting with a competent CPA to ensure the accuracy of the form and avoid potential trouble in case of an audit.
To learn more about preconceptions and myths, we encourage listeners to visit damonday.com or search "Damon" on Google. We conclude by thanking the audience for joining us and invite them to subscribe for future podcasts.
Easy Ways to Make Your Money Grow When You Are Just Getting By
In this episode of the Get Out of Debt Guy show, Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, take a break from discussing debt and focus on saving and making money.
They highlight the importance of having savings for emergencies, as relying on credit cards may not always be a viable option. They acknowledge that saving money may not seem glamorous due to low interest rates and expenses matching income. However, they suggest cutting back on expenses or finding side hustles like driving for ride-sharing or delivery apps to create a separate fund for savings. Starting small with a few hundred dollars a month can make a big difference in the long run.
Damon shares his experience of making over $900 on New Year's Eve.
Steve suggests saving at least $500 of it while still enjoying some rewards. He recommends investing in treasury bonds, specifically the I-series savings bonds, which offer a 5% interest rate and are considered a safe form of investing. Another option discussed is Betterment, a self-directed investment platform that offers a savings account with a 4.75% return and allows customization of investment portfolios.
They discuss the benefits of investing in higher-yield options like CDs over keeping money in an emergency fund and provide insights on saving money while paying off debt. They advise finding a balance between saving and debt repayment based on individual money personalities. Steve and Damon express their dislike for budgets, viewing them as restrictive and impractical for long-term financial success. They talk about the limitations and potential inaccuracies of budgets, highlighting the need for drastic lifestyle changes or additional income sources to get out of debt.
Towards the end, they acknowledge the surprise realization that the episode is video-recorded and humorously mention including elements like phone calls and ringtones in the video. They wrap up by promoting their other channel, Penny Stupid, and reminding listeners to subscribe to their audio podcast, the Get Out of Debt Guy podcast.
I'm So Embarrassed About My Debt
People with financial challenges have always felt their situation was horrible and worried about what people would think about them. In this podcast, Damon Day and I discuss this subject and why that should be the last thing on your mind when getting out of debt.
Out With the Old and In With the New - Inflation Sucks - Making an Extra Grand
Today, Damon Day inherits the torch of being the New Get Out of Debt Guy as I slowly retire. We chat about that but also jump into the stupidity of student loan forgiveness programs, dealing with inflation, and how to cut costs while ending with how to make extra cash.
A Little Chit, a Little Chat. From Side Hustle Money to Not Being a Sucker.
This time Damon Day and Steve Rhode decided to combine our two podcasts on debt and side hustles into one. I think people interested in side hustle extra money might also have some interest in financial topics as well. We shall see.
Topics included Uber, Lyft, Amazon FBA, scams, legal threats, fake debt collectors, and more.
We Rise From the Dead Yet Again
We are back. It's been a bunch of hot minutes since the last podcast. But Damon Day and myself, Steve Rhode, are huddled over an iPhone recording this podcast in a random hotel room someplace.
Besides discussing the manufactured student loan fiasco with the off-again and soon-to-be-on-again student loan payments, we chat about the confusion created by the new SAVE program that might not go through even though millions are now enrolled.
Damon from DamonDay.com talks about how consumers call him in a panic over student loan payments starting soon.
And in the years since student loan payments were put on pause, people's spending expanded to fill the void left by suspended student loan payments. What could go wrong?
Whatever financial mess consumers face seems to be created more by emotional politics than a promise by the government to its citizens.
We talk about why the financial mess created by higher education debt will not be resolved anytime soon.
The podcast turns into a warning on how not to get taken by random letters in the mail. We give excellent advice on how not to get scammed.
And we give you the fundamental lessons that need to be learned not to be a victim.
Finally, we devolve into good advice on how to repair your credit for free.
Get Out of Debt Guy Podcast - Reader Questions - AMEX Arrrgh
In this podcast, Damon Day (DamonDay.com) and I talk about the problems people face with American Express cards closed without notice or because of a problematic customer service interaction.
We also discuss the problems faced by people suffering from financial problems and answer reader questions.
This is a new format, as a video podcast.
Enjoy.
Steve - You Get Out of Debt Guy https://getoutofdebt.org
Getting Out of Debt and Making Lots of Extra Money is Easy When You Do This One FREE Thing
Being in debt feels like a dark hole, a deep pit, without hope or any way out. Struggling to find ways to make extra money can feel impossible as well.
But the secret is both situations benefit from the same free tip Damon Day, and I talk about on this podcast.
You can follow our side-hustle testing at PennyStupid.com
But if you have debt questions or need some free advice, I'm here for you.
Steve Rhode - Your Get Out of Debt Guy from GetOutofDebt.org
Is Your Debt Relief Company a Scam and How to Make an Extra $800 a Month to Make Ends Meet
Worrying about being scammed by a debt relief provider is a real fear. But what is a scam? That question is surprisingly more challenging than you might imagine.
In this podcast, Damon Day and I discuss why calling any debt rescue company a scam is so tricky. For example, if a company provides you with bad advice but doesn't take your money, does that make them a scam?
And then we start talking about how easy it can be for people of all incomes to make an extra $800 a month with some side gig or side hustle. We share an update about our efforts at PennyStupid.com
Steve Rhode - Your Get Out of Debt Guy from GetOutofDebt.org
Side Hustle Review - Is It Too Late To Make Money With A Helium Miner?
Here is the latest review from the Penny Stupid Project on mining Helium as a side hustle. Is it worth it?
Here is what you need to know before you start. If you're thinking about investing in helium mining, then you might be wondering if it's too late. In this podcast,
After learning about the helium mining industry, you'll be able to make an informed decision about whether or not it's worth investing in this exciting new industry. We'll also give you a glimpse at the helium HNT price prediction so you know exactly how much helium is worth right now.
Stay up-to-date on the latest helium mining news and make the right decision for you! Important links from this review: https://pennystupid.com/can-you-still-make-money-with-a-helium-miner/ https://explorer.helium.com/
Important links from this review:
https://pennystupid.com/can-you-still-make-money-with-a-helium-miner/
Update 2 On The Make Money With a Side Hustle Project. Lessons Learned. Cash Made.
We are checking in with you again to share this week's update on The Penny Stupid Project.
This week we give you the latest on our testing of retail arbitrage, Amazon FBA, driving for Lyft, and a brief mention of mining Helium cryptocurrency.
For more on the project, visit PennyStupid.com.
First Night Driving for Lyft. A Side Hustle Initial Impressions. Cops Involved.
Becoming a rideshare driver can be intimidating. Who will get in your car? Will you be safe? What might I expect?
As part of our Penny Stupid Project, Damon is taking one for the team and actually getting in the seat to give you an inside look at what he experienced. Follow along pennystupid.com/subscribe-to-penny-stupid/
Are there good things and bad things? Of course, there are, but that's the same with any side hustle opportunity. Your decision should be how much money you can expect to make in your extra hours and what the side hustle is like.
If you live out in a rural area, you will probably not have the same results as Damon in Phoenix. However, I've met rideshare drivers who drive towards a busier area, spend the night doing rides, and then go home with heavier pockets.
The flip side is if you are in a less busy area, there will be fewer drivers to compete against.
Enjoy Damon's experience. He is a great storyteller.
Important Penny Stupid Project Links
Website - PennyStupid.com
Facebook - facebook.com/PennyStupid
All Our Lyft Details - pennystupid.com/dive-for-lyft-and-all-the-other-scoop/
Subscribe to Free Email Updates: pennystupid.com/subscribe-to-penny-stupid/
Get Out of Debt by Increasing Income With Side Hustles - The Introduction to the Penny Stupid Project
Getting out of debt can be tackled with several different approaches. One is reducing what you owe, but another is increasing income to help pay down the debt. Experience has taught me that a combination of both usually is the winning hand.
But making extra money is problematic when trying to do it through desperation rather than inspiration. So we aim to change that for you by showing you the way.
My friend debt coach Damon Day and I are working together to find side hustles you can explore to help make an extra $500 to $2,000 a month with your own side business or side hustle.
We are not selling anything, so don't worry. The advice you will hear is unbiased. We're starting from scratch on the different side hustles, so we will find the potholes so you can avoid them.
As Damon once said, Our side hustle is to try all the side hustles, so you don't have to. So true.
Please join me on this journey and give me your feedback at PennyStupid.com or leave me an audio message at https://getoutofdebt.org/message and I want to hear what you have to share and say.
Steve Rhode - You Get Out of Debt Guy
Even Brain Surgeons Can't Solve the Housing Crisis - Shortcast
Give me five minutes, and I'll help you to understand the complexities of the housing crisis we face in 2022 and why both home buyers and renters are finding it difficult to move ahead. It's complicated.
If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message. Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org.
Home Side Jobs and Side Hustles for Money to Help You Get Out of Debt
Getting out of debt is about either reducing expenses or increasing income, so Damon and I decided to start a new site all about side jobs from home to help make money. The PennyStupid website gives you the scoop and inside experience on side hustling. You can learn by watching us on YouTube or listening to our podcast to know which side jobs from home can be successful.
This new gig project aims to provide you with tested and tried actionable information to help you start making an extra $500 to $2,000 a month. Use some of your gig and side job money to reduce your debt but be sure to use some for fun.
It's one thing to research side hustle ideas, but Damon and I are putting them to the test and sharing the real-life results and lessons learned with you.
So come along on the Penny Stupid journey and listen to our successes and failures. I'm sure we will sometimes fall flat on our faces, but you can't have great success without making mistakes and learning painful lessons.
For more information, visit the PennyStupid site or drop in on the Facebook page to get info and subscribe.
Steve - Get Out of Debt Guy
What You Really Need to Know About Inflation - Shortcast
The word inflation is used all the time, but what does it really mean, how do we measure it, and what happens when we try to reduce it? Let's talk about it in today's shortcast.
If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
Debt Free Dudes - Inflation, Recession, Saving Money, Side Hustle Update
In this Debt Free Dudes podcast, Damon Day and Steve Rhode talk about preparing for a recession, inflation, worsening economic chances, saving money, and an update on the side hustle project.
Additional information for the facts behind this podcast is below.
There is a 50-50 chance of a mild recession late in 2022 or 2023.
The U.S. is not in a recession yet. However, we find that most indicators—particularly those measuring labor markets—provide strong evidence that the U.S. economy did not fall into a recession in the first quarter.
The U.S. economy continues to face economic risks. Labor markets remain tight, which is fueling wage growth and in turn inflation. This raises concerns that interest rates will have to rise to the point of increasing unemployment to bring inflation back down. Rising interest rates can also strengthen the dollar, making American agricultural exports less competitive in foreign markets.
The Conference Board said - "Notwithstanding two consecutive quarters of negative GDP growth, we do not believe the US economy is currently in a recession given strength across several sectors and the extremely tight labor market."
Bank of America has just released information estimating the unemployment rate will rise to 5% by the end of 2023 because of increased interest rates to curb inflation.
An average score of 716 by FICO measurements means most lenders will consider your creditworthiness "good" and are more likely to extend lower rates.
Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when foreclosures sharply increased. They steadily ticked higher until the pandemic, when government stimulus programs and a spike in household savings helped scores jump to a historical high of 713.
British households borrowed on their credit cards last month at the fastest annual rate in over 17 years, a potential reflection of consumers struggling to make ends meet as the cost of living crisis intensifies.
The inflation rate in the UK is predicted to be 22% in January, primarily due to energy prices.
According to data from the Bank of England, the annual rate of credit card borrowing in July was 13% higher than a year earlier, the biggest annual increase since 2005.
Take a Lap on the Gerbil Wheel of Debt - The Path to Happiness and Wealth - Chapter 3
This podcast is chapter three of my book, The Path to Happiness and Wealth. In this chapter, "Take a Lap on the Gerbil Wheel of Debt," we take a look at the reality that most of us keep circling the same debt cycle, never getting ahead.
For more about this book, visit this page. If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
If you enjoyed this podcast, be sure to subscribe so you can be sure to listen to the next chapter.
Debt Settlement is Like an Onion. What You Need to Know About the Five Types of Debt Settlement.
Debt settlement is not a monolithic debt relief solution. I like to say debt settlement is like an onion. It has layers.
There are several forms of tackling your debt using settlement. All are distinctly different, and understanding the differences is important to make the best choices for you and your situation.
For example, you could listen to someone on Facebook tell you what you should do to settle your debt. You might buy a book and try to learn how to do it yourself, or you might contact a mass market debt settlement company and get pitched some one-size-fits-none product. There are more variations.
In this Debt Free Dudes podcast, Damon Day and I discuss how each option has traps or advantages.
If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
If you enjoyed this podcast, be sure to subscribe so you can be sure to listen to the next one.
What Your Money is Trying to Tell You - The Path to Happiness and Wealth - Chapter 2
Chapter two of my book, The Path to Happiness and Wealth. In this chapter, we take a more introspective look at the factors that drive money troubles and what prevents us from making ends meet.
The chapter has plenty of client examples that help to fill your quota of debt voyeurism and the ability to learn from situations others have faced.
I wrote this book in 2002, and it's funny to look back and witness the death of the mall. Maybe they will make a comeback. We shall see. So forgive my focus on brick-and-mortar shopping in this age of point-and-click. Still, the features that shopping creates still apply to online shopping.
For more about this book, visit this page. If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
If you enjoyed this podcast, be sure to subscribe so you can be sure to listen to the next one.
Do This First When Getting Out of Debt or You Will Make a Million Dollar Mistake
Good people dealing with money troubles and debt worries make this same mistake over and over. Unfortunately, it can cost millions of lost dollars in retirement savings. In this podcast, Steve Rhode from https://getoutofdebt.org and Damon Day from https://damonday.com talk about how to avoid this simple, crushing mistake that can ruin a future financial life.
We also discuss the best approach and mindset to putting financial problems behind you and expect the best outcome with less stress.
I Got Hit in the Head With a Baseball and Saw It Coming - The Path to Happiness and Wealth - Chapter 1
I wrote this book in 2002, but the lessons and insights included are just as relevant today as they were then. I was awarded the Washington Post personal finance book of the month award for this book. It is a holistic look at the secrets to overcoming debt and finding a balance with money in your life. It’s a good book for people to read that might be having issues with shopping issues, compulsive spending, overspending, hidden debt, etc.
For more about this book, visit this page. If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
Personal Loan Bait and Switch Bastards
For many years I've written about the tactic some debt relief companies use to trick consumers into signing up for some form of debt relief.
Consumers receive offers in the mail for a personal or debt consolidation loan and are told they don't qualify, but "we have a better program."
Damon Day and I discuss the issues raised in I Was a Bait and Switch Debt Relief Sales Person in this podcast.
Here is a list of some past links on this subject.
I Was a Bait and Switch Debt Relief Sales Person
WSJ Article Slays Debt Settlement Companies Using Personal Loan Offers to Bait and Switch
New Rescue One Financial Loan Offer Letter Still Raises Concerns
Rescue One Financial Still Sending Disturbing Mailer
Look at Mailers From My I Buy Junk Mail Program
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
Having Problems With a Company? Don't Just Complain. Do This Instead.
A frequent question I get is from people upset with the performance of some company they hired to help them.
When they reach out to me for answers, they are pissed off and angry. That is understandable.
There is a healthy and helpful way to resolve such company complaints without raising your blood pressure or being victimized.
Today I want to share the secrets I've learned over the years on how to best deal with any company you have a problem or disagreement with regarding a product or service.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
How to Beat Debt Fear and Anxiety and Get a Government Backed High Interest Reward at the Same Time
I want to share some truths about financial fear and anxiety in this episode. I'll also share info on how to get a substantial government-guaranteed return on your savings, or is that statement a scam? Let's find out. I then want to share information about review terrorists and finish with a personal story and a debt life lesson. But first, I wanted to share this saying which applies to dealing with money problems, Don't Believe Everything You Think.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
How to Best Deal With a Debt Collector or Debt Collection Agency - What Everyone Needs to Know
Today I wanted to share some life-altering low-stress advice on how to best deal with debt collectors. I think what I'm going to share will surprise you and be a big help if you or someone you know is getting calls from a debt collection agency. When it comes to debt collectors, not everything you believe is true. So let's put all the assumptions aside for this podcast.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
Time is Running Out for This Student Loan Forgiveness Program, How to Buy Stuff for Less, Car Payment Crash, and Bad People
This week on the Get Out of Debt Guy podcast, I want to talk with you about time running out, buying stuff for less than it costs, car payments over a cliff, and Baaaad people.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
Let's Talk UK Debt - Special Bonus Podcast
In this special podcast about debt and the economy in the UK, Jon Emgee from GetOutOfDebt.org.uk and I discuss many issues like why people have to put money in their gas and electric meters, the grocery walk of shame, UK inflation, petrol prices, healthcare, and much more.
This show is part information and education and part telling stories.
If you have a UK debt-related question, you can ask Jon by visiting GetOutOfDebt.org.uk
Equity Loan, Home Prices, Money Pain for People That Help Us, and a Controversial Tough Topic That Will Make You Ponder
In this podcast, I want to share the following stories that may surprise you.
We will start with a loan advertisement that might appear in your mailbox and why you need to watch out.
Then we will chat about what will happen with home prices in this uncertain economy. Will they crash? Let's take a look.
Next, I want to discuss how you might be inadvertently hurting people that help you.
Finally, I want to wind up with a controversial topic with significant economic unintended consequences for both men and women. I bet this is going to give you information most have not considered.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
Do You Need a Budget, Really? Why Budgeting is a Waste of Time for Many.
One of the most dreaded words in the English language is budgets.
So today, I want to share some unspoken truths about budgets and make a confession to you as well.
The thought of a traditional or typical budget can create fear, shame, and stress for many. And that's just the tip of the iceberg. Budgets can also lead to fights, marital distress, and the absolute end of some relationships. It doesn't have to be that way.
But, when it comes to finding the person you love, opposites attract. For example, a fundamental law of love and money is whether spenders attract savers or are savers attract spenders. I don't know. It's a chicken and egg problem. But I know that people with very different beliefs about money are drawn to each other.
There is more to being a budget planner than you would expect. Let's dive in and eliminate all your stress and guilt.
If you have a question you'd like to ask, go to getoutofdebt.org/question , or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message. Until next time, this is Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org.
Credit Repair 101 - How to Make Your Credit Score Shiny and New
Today, we're going to be talking about credit repair, how to improve your credit score, scams to avoid, and what you should and should not do to help make your credit score as shiny as it should be.
If you have a question you'd like to ask on the Debt Free Dudes podcast, go to GetOutOfDebt.org/message or if someone wants to send in a question you can go to GetOutOfDebt.org/question.
You Won't Believe This Student Loan Forgiveness Insanity. Mobile Homes Exploding, and Rich Folks Living Month-to-Month
You will not believe the craziness the Department of Education is undertaking to forgive student loans for many while punishing the folks that are in the most financial need. In today's podcast, I talk about how insane this is.
If you owe Parent PLUS loans, you can forget about reasonable forgiveness of student loan debt. Parents are being left out in the cold.
Speaking of folks left out in the cold, mobile homeowners are looking at exploding rents while the top 5 percent of income earners are living paycheck-to-paycheck.
Steve Rhode - Your Get Out of Debt Guy
Side Hustles, Gigs, and Making Money in Your Spare Time - Uber, Lyft, Rover, Handy, Stowit, eBay, Facebook Marketplace, Neighbor, Fiverr, Upwork, and More
Today Damon and I talk about how to boost your income with side hustles. But, it does not have to be a painful experience. Success is a mindset, and the opportunity to make more money is as close as your smartphone.
There is no shortage of apps and things you can do to raise money. From selling stuff to offering a service, there is a little something for everyone.
This podcast is unusual since it starts with some behind-the-scenes audio that usually gets cut and vanishes forever.
If you have feedback you'd like to share with us, go to GetOutOfDebt.org/message, and if you have a question you'd like to ask, go to GetOutOfDebt.org/question.
Enjoy the podcast.
Damon Day & Steve Rhode - Your Get Out of Debt Guy
Don't Let a Friend Become a Victim of these Cryptocurrency Scams. Here is What You Need to Know to Not Get Slaughtered
Today we need to have an honest discussion about the largest growing scam category. Once you finish learning about it in this podcast, you will have to help spread the word to friends, family, and people you know. Don’t let them become a victim.
Although cryptocurrency has yet to become a mainstream payment method, reports to the Federal Trade Commission show it’s an alarmingly common method for scammers to get peoples’ money.
Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost. That’s more than any other payment method. The median individual reported loss? A whopping $2,600. Bitcoin was the most prevalent requested cryptocurrency by scammers. Seven out of ten requests were for Bitcoin, 10 percent were for Tether and 9% were Ether.
As big as those numbers are, they still don’t give us a complete picture of the scam losses with crypto. The vast majority of frauds are never reported so if we are just looking at reported numbers, it is a small percentage of total losses.
Crypto has several features that are attractive to scammers, which may help to explain why the reported losses in 2021 were nearly sixty times what they were in 2018.
Losses continue to accelerate. In the first quarter of 2022, crypto scam reported losses are almost $330 million. If it continues at this rate 2022 should end with about $1.5 billion in reported losses.
There’s no bank or other centralized authority to flag suspicious transactions and attempt to stop fraud before it happens.
Crypto transfers can’t be reversed – once the money’s gone, there’s no getting it back. And most people are still unfamiliar with how crypto works. These considerations are not unique to crypto transactions, but they all play into the hands of scammers.
Reports point to social media and crypto as a combustible combination for fraud. Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post, or message on a social media platform.
During this period, nearly four out of every ten dollars reported lost to a fraud originating on social media was lost in crypto, far more than any other payment method.
The top platforms identified in these reports were Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%).
Of the reported crypto fraud losses that began on social media, most are investment scams.
Indeed, since 2021, $575 million of all crypto fraud losses reported to the FTC were about bogus investment opportunities, far more than any other fraud type.
The stories people share about these scams describe a perfect storm: false promises of easy money paired with people’s limited crypto understanding and experience.
Investment scammers claim they can quickly and easily get huge returns for investors. But those crypto “investments” go straight to a scammer’s wallet. People report that investment websites and apps let them track the growth of their crypto, but it’s all fake. Some people report making a small “test” withdrawal – just enough to convince them it’s safe to go all in.
When they really try to cash out, they’re told to send more crypto for (fake) fees, and they don’t get any of their money back.
Romance scams are a distant second to investment scams, with $185 million in reported cryptocurrency losses since 2021 – that’s nearly one in every three dollars reported lost to a romance scam during this period.
And many have an investment twist too. These keyboard Casanovas reportedly dazzle people with their supposed wealth and sophistication.
This strategy is called “pig slaughtering.”
If you'd like to leave a voice message for an upcoming podcast, visit this link.
This State Offers Free College and Child Care - Story of the Day
This story caught my attention and the ability to attend any state college or university and get free child care is a major policy change that can help lift people up without going into massive debt. For people that are looking to have a chance at a better future by attending vocational training, technical schools, or higher education, this state might be your new home.
Child care is so expensive and a roadblock for many people trying to make the leap from welfare to work. State-paid childcare can help many working families get ahead.
If you have a question or comment you would like to include in an upcoming podcast, you can leave your message here.
Steve Rhode - Your Get Out of Debt Guy.
What Do You Think Vickie Should Do About ClearOne Advantage? Listen and Share Your Opinion
Vickie wrote to me about her experience with ClearOne Advantage. She was concerned she had made a mistake with ClearOne Advantage and they had let her down.
Debt situations are complicated, and so much can influence how we deal with our debts. Part of the hidden influencers might be logic, but in Vickie's case, part of the decision-making process was stress, fear, and shame.
I'd love to hear what you think Vickie should do after listening to her question. You can record and share your response at GetOutOfDebt.org/message.
In this podcast, I share some points Vickie should consider when thinking about how to tackle her situation at this point.
Steve Rhode - Get Out of Debt Guy
I Had Great Credit My Entire Life and Lost it All in 90 Days
Michelle wrote to me at GetOutOfDebt.org with a difficult financial situation. She had used all of her available cash to purchase a house to fix and sell and then was hit with COVID. After being in the hospital for six weeks and not getting paid, her finances are crumbling and she is looking for solutions.
Steve Rhode - Get Out of Debt Guy - GetOutOfDebt.org
Making the Jump From Welfare to Work is Much More Complicated Than You Assume
The ability for people to make the jump from public benefits to living without the need for benefits is much more complicated than the average person realizes. In this podcast, Damon Day and I talk about the hurdles people face. We also divulge the actual demographic profile of the person most like to commit benefit fraud. The answer will surprise you.
Steve Rhode - Get Out of Debt Guy - GetOutOfDebt.org
What I Painfully Learned From Trading Crypto, IADT Student Loan Forgiveness, Algorithm Credit Denial Rules
Well, the lessons have been learned about being a crypto trading whiz. I talk about what I learned and have come to conclude. I also answer CM's question about IADT for-profit student loan forgiveness options, and how creditors now have to be able to support automated credit denials.
Steve Rhode - Your Get Out of Debt Guy - GetOutOfDebt.org
Should I Do Debt Settlement or Bankruptcy?
Tina wanted to know if she should deal with her debt using debt settlement or bankruptcy.
It is interesting how a seemingly simple question can have a complicated answer. I decided to make your question the subject of a Debt Free Dudes podcast with Damon Day.
Damon and I role-play what a lot of debt relief salespeople might say to you when you can for advice. This podcast contains examples of what you might hear from credit counseling, debt settlement, consolidation loan offers, and bankruptcy.
Steve Rhode - Your Get Out of Debt Guy from GetOutOfDebt.org.
American Express Just Canceled My Cards. What Can I Do?
Ryan wrote to me through my site at GetOutOfDebt.org. He wanted to know what he could do to get his AMEX cards back. He said, "I've been an Amex customer for ten years and have five accounts. I spend over $1M each year, closer to $2M on average, and out of the blue, all accounts closed. No missed payments or anything like that. I pay the balances in full each month."
In this podcast, I give Ryan facts about why this happened and what he can do about it.
Steve Rhode - Your Get Out Of Debt Guy
I'm Struggling on Disability Income. Is American Consumer Credit Counseling Reputable?
Arianna wrote to me through my website at GetOutOfDebt.org and said she was living on disability income. She wanted to know if the nonprofit credit counseling group American Consumer Credit Counseling was a reputable company to go with to deal with her debt since she was struggling to make minimum payments only.
In this podcast, I give Arianna a lot to think about and consider. She might not have to repay her creditors at all.
Her situation is an interesting look at how multifaceted debt problems can be. What would you do in Arianna's situation?
How Can It Be True That You Can Have Federal Student Loans Forgiven if You Go to Prison?
A recent reader question dragged me down a long dark tunnel to research if you can have your federal student loans forgiven if you are in jail. You can read my full post here.
The technical answer is it appears some people can have their loans written off. But there is so much more to this than you can even imagine assuming.
Listen to this podcast to be amazed by this impossible program.
Steve Rhode - Your Get Out of Debt Guy - GetOutOfDebt.org
Straight Talk About Debt Settlement and Bankruptcy. We Expose Reality and Breakdown Myths and Realities.
This time Damon Day and Steve talk about debt settlement. Or at least that's what the podcast was supposed to focus on. It didn't take long before it ran off the rails.
But the show covers:
- What is debt settlement?
- What debt settlement is not.
- Is debt settlement always the best solution?
- Does debt settlement impact my credit?
- What are the facts about debt settlement?
- How do my debts get settled?
- Do creditors participate in debt settlement programs?
- What will my debt settlement payment be?
- Why debt settlement is like jumping out of an airplane.
- Does a debt settlement salesperson consider my financial situation?
- What is the debt settlement representative really doing when I call?
- Who decides if debt settlement is right for me?
- What should you consider to solve your money troubles?
- How can someone in debt make a smart and intelligent decision about how to deal with their debt?
- What happens when you call a debt settlement company, credit counseling group, and a bankruptcy attorney?
- What is the right solution for my debt situation?
- A bankruptcy confession. What it was really like.
- Tax consequences of debt settlement.
- When is debt settlement a great option?
- What if I want to repay my creditors as promised?
- The best process for deciding how to tackle your debt problem.
- What are debt settlement, debt negotiations, debt intervention, and debt validation?