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Get Out of Debt Guy

Get Out of Debt Guy

By Steve Rhode

Credit, debt, and money answers from the Get Out of Debt Guy, Steve Rhode. If you want to know the latest news from inside the debt relief industry or have a question about getting out of debt, this is the show for you.
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Update 2 On The Make Money With a Side Hustle Project. Lessons Learned. Cash Made.

Get Out of Debt GuyOct 11, 2022

00:00
34:06
Debt Relief Company and Credit Card Debt Explodes and Then Implodes

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

Feb 14, 202440:14
Go to College and Retire Wealthy Using DoorDash and Uber Eats

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.

Jan 24, 202422:36
These Emotions Stop You From Getting Out of Debt

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.

Jan 11, 202443:39
16 Most Misunderstood Myths About Getting Out of Debt

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.

Jan 09, 202453:03
Easy Ways to Make Your Money Grow When You Are Just Getting By

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.

Jan 02, 202427:21
I'm So Embarrassed About My Debt
Dec 14, 202330:21
Out With the Old and In With the New - Inflation Sucks - Making an Extra Grand

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.

Dec 12, 202327:23
A Little Chit, a Little Chat. From Side Hustle Money to Not Being a Sucker.

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.

Oct 10, 202338:22
We Rise From the Dead Yet Again

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.

Sep 30, 202327:59
Get Out of Debt Guy Podcast - Reader Questions - AMEX Arrrgh

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

Dec 29, 202230:22
Getting Out of Debt and Making Lots of Extra Money is Easy When You Do This One FREE Thing
Dec 06, 202226:38
Is Your Debt Relief Company a Scam and How to Make an Extra $800 a Month to Make Ends Meet
Nov 16, 202219:22
Side Hustle Review - Is It Too Late To Make Money With A Helium Miner?
Oct 21, 202212:10
Update 2 On The Make Money With a Side Hustle Project. Lessons Learned. Cash Made.
Oct 11, 202234:06
First Night Driving for Lyft. A Side Hustle Initial Impressions. Cops Involved.

First Night Driving for Lyft. A Side Hustle Initial Impressions. Cops Involved.

Damon shares his first night stories and impressions about the realities of driving for Lyft as a totally new driver learning the way. Each night is a new lesson learned. Towards the end of the video, Damon gives us his side hustle thumbs-up review regarding making decent quick money.

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/
Oct 04, 202234:16
Get Out of Debt by Increasing Income With Side Hustles - The Introduction to the Penny Stupid Project
Sep 28, 202232:41
Even Brain Surgeons Can't Solve the Housing Crisis - Shortcast
Sep 27, 202206:03
Home Side Jobs and Side Hustles for Money to Help You Get Out of Debt

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

Sep 24, 202221:03
What You Really Need to Know About Inflation - Shortcast
Sep 15, 202205:46
Debt Free Dudes - Inflation, Recession, Saving Money, Side Hustle Update

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.

Sep 13, 202236:43
Take a Lap on the Gerbil Wheel of Debt - The Path to Happiness and Wealth - Chapter 3

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.

Sep 06, 202218:55
Debt Settlement is Like an Onion. What You Need to Know About the Five Types of Debt Settlement.
Aug 30, 202225:16
What Your Money is Trying to Tell You - The Path to Happiness and Wealth - Chapter 2
Aug 23, 202237:24
Do This First When Getting Out of Debt or You Will Make a Million Dollar Mistake

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.

Aug 16, 202228:39
I Got Hit in the Head With a Baseball and Saw It Coming - The Path to Happiness and Wealth - Chapter 1
Aug 09, 202224:09
Personal Loan Bait and Switch Bastards
Aug 02, 202236:25
Having Problems With a Company? Don't Just Complain. Do This Instead.

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

Jul 26, 202220:37
How to Beat Debt Fear and Anxiety and Get a Government Backed High Interest Reward at the Same Time

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

Jul 19, 202217:25
How to Best Deal With a Debt Collector or Debt Collection Agency - What Everyone Needs to Know
Jul 12, 202250:58
Time is Running Out for This Student Loan Forgiveness Program, How to Buy Stuff for Less, Car Payment Crash, and Bad People
Jul 05, 202219:44
Let's Talk UK Debt - Special Bonus Podcast

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

Jul 04, 202235:50
Equity Loan, Home Prices, Money Pain for People That Help Us, and a Controversial Tough Topic That Will Make You Ponder
Jun 28, 202220:14
Do You Need a Budget, Really? Why Budgeting is a Waste of Time for Many.
Jun 23, 202217:14
Credit Repair 101 - How to Make Your Credit Score Shiny and New
Jun 12, 202235:17
You Won't Believe This Student Loan Forgiveness Insanity. Mobile Homes Exploding, and Rich Folks Living Month-to-Month
Jun 07, 202210:57
Side Hustles, Gigs, and Making Money in Your Spare Time - Uber, Lyft, Rover, Handy, Stowit, eBay, Facebook Marketplace, Neighbor, Fiverr, Upwork, and More
Jun 06, 202246:36
Don't Let a Friend Become a Victim of these Cryptocurrency Scams. Here is What You Need to Know to Not Get Slaughtered

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.

Jun 03, 202210:37
This State Offers Free College and Child Care - Story of the Day
Jun 02, 202214:28
What Do You Think Vickie Should Do About ClearOne Advantage? Listen and Share Your Opinion

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

Jun 01, 202211:58
I Had Great Credit My Entire Life and Lost it All in 90 Days

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

May 31, 202209:35
Making the Jump From Welfare to Work is Much More Complicated Than You Assume

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

May 30, 202232:55
What I Painfully Learned From Trading Crypto, IADT Student Loan Forgiveness, Algorithm Credit Denial Rules
May 26, 202211:23
Should I Do Debt Settlement or Bankruptcy?

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.

May 23, 202223:58
American Express Just Canceled My Cards. What Can I Do?

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

May 20, 202205:32
I'm Struggling on Disability Income. Is American Consumer Credit Counseling Reputable?

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?

May 19, 202209:17
How Can It Be True That You Can Have Federal Student Loans Forgiven if You Go to Prison?

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

May 18, 202210:05
Straight Talk About Debt Settlement and Bankruptcy. We Expose Reality and Breakdown Myths and Realities.

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?
May 17, 202239:35
There is More to Forgiving Student Loans Than Either Side is Talking About

There is More to Forgiving Student Loans Than Either Side is Talking About

The topic of if student loans should be forgiven is a hot topic right now. On one side people are demanding some level of forgiveness. On the other side, student loan forgiveness should not happen because it is not fair to truck drivers.

But what is the truth? In this Debt Free Dudes podcast, Damon Day ( DamonDay.com ) and Steve Rhode ( GetOutOfDebt.org ) talk about the real issues surrounding student loan debt and why the positions most have are nonsensical and won't fix the real problems.

In this podcast, we talk about real solutions to student loan debt and what should really be done to make the future better for the next generation of students that might take out loans to pay for higher education.

May 16, 202229:42
In 2022, Should You Rent or Buy a Home
May 13, 202207:51
How Much Credit Card Debt Should I Carry to Not Harm My Credit Score?

How Much Credit Card Debt Should I Carry to Not Harm My Credit Score?

Alan asked me a question at GetOutOfDebt.org about how much his credit card balances should be and what percentage he should maintain to improve his credit score.  Alan made some moves that seemed like commonsense but the reality is those assumed smart moves actually hurt his credit score.

On this podcast, I also answer Alan's question and give you some tips on how to aim for the best credit score available.

Steve Rhode - Your Get Out of Debt Guy

May 12, 202207:49