Your Questions About Debt-free

Steven asks…

Has anybody ever used Debt Free League ?

I am looking online to find the best settlement company to go through. Most of the companies I have searched come back with tons of complaints and articles about scams. I cannot seem to find one negative site about this company “Debt Free League.” Im wondering if its because the words are too common so too many sites come up, or if this is just an actual reputable company ?
Just wanted to say thanks for the info. I decided if I do attempt to do anything like this it will not be with a company. I am going to be reading up on how collections works, but mostly just trying to dig myself out of a hole that I shouldn’t have been in in the first place. But you live and learn. Thanks.

John answers:

Why hire someone to do it? You can do it yourself!

Follow Dave Ramsey’s debt snowball. Pay the minimums on all of them. On the one with the lowest balance, put ALL your extra money toward it. When it is paid off, take that minimum payment, plus the extra you were paying and apply it to the next smallest debt. Keep rolling this until you are paid off.

MATHEMATICALLY it would make more sense to pay the one with the highest interest rate first. BUT, you don’t have a math problem here, you have a behavior problem. Paying the smallest one down will give you a quick reward and will encourage you to stay on the plan. Yes, you may end up paying an extra $30 or $40 in interest over the course of the plan, but you are already paying double or triple on that latte you charged a year ago.

In the future, only charge what you can afford to PAY IN FULL as soon as the bill arrives.

Also, get together a cash emergency fund so this won’t happen again.

We are debt-free except our house and have about 6-month’s worth of expenses in the bank. We drive two paid in full cars that are only a few years old and we pay for everything in cash.

Lisa asks…

how to get out of debt free?

John answers:

Work hard, save up money, and pay people off. Either that or file for bankruptcy (which will affect your entire life). If there was a way to get debt free, for free, then everybody would just buy things, not pay for them, and then do this method so they wont ever have to pay. Id go out and buy lamborghinis over and over again and not pay for them and then Id be rich in no time.

Robert asks…

Are Dave Ramsey employees debt free?

Are Dave Ramsey employees debt free?
How else did Dave built his business?

John answers:

It’s probably not a requirement to be completely debt free as it is to believe in his program and work it if you do have debt. He has stated he doesn’t pull credit reports on his employees as part of the hiring process. I would imagine a good number of them at least have mortgages, which is still debt.

Laura asks…

Which states are debt free?

John answers:

No states are debt free as long as there are Republicans and Democrats in congress.

Helen asks…

how to become debt free?

ways of paying my mortgage off in 10 years

John answers:

You need to post more information. If it’s a 10 year mortgage, just pay every month then you’re done. Ask your bank, they’ll help you with different scenarios.

Refinance your mortgage. You’ll probably get a better rate. Get a 10 year mortgage this time.

Sell your house and rent instead. You’ll be debt free and it may be cheaper. Figure out how much you’re paying in interest, taxes, insurance, maintenance and compare that figure with renting. Renting is probably cheaper.

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