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Have you read the Dave Ramsey get out of debt book?

Okay, so i have read so many good things about this book. But i havn't purchased one yet. Will someone take the time to tell me a little about it. What advice is so great. I mean i have so much debt, and can barely make it month to month. From little piddley loans that i can't claw my way out of. That i am not sure if reading a book will help me. I do good not to bounce a couple of cehcks everymonth, and sometimes i do. That is how tight money is. I am just not sure if the book will help me. Can someone tell me a little bit about the book? And what type of advice it gives?

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Anonymous

Asked by Anonymous at 3:55 PM on Feb. 2, 2009 in Money & Work

Answers (6)
  • Just go to the library and get it for free. I've read it but it would be very hard to detail it here.
    customcat2000

    Answer by customcat2000 at 4:11 PM on Feb. 2, 2009

  • It's all very old school common sense stuff mostly. But his basics are the "baby steps" Step 1. get a $1000 baby emergency fund in savings. Do what ever you have to to do this. Sell something, ebay, whatever. This will keep you from turning to debt and credit if a small emergency strikes. Step 2. The debt snowball. List debts in order from smallest to largest. Pay min. payments on everything except the little one and attack it with all you have. Then when it's gone, apply that money to the next. your payment on the smallest debt will keep increasing as you pay things off. Step 3. is an emergency fund of 3-6 months of expenses. There are 6 steps but i'll just give you those as they take the longest. The main thing, most important is the get on a budget and stick to it!. No more dining out or impulse purchases. He pushes getting 2nd jobs if need be to get things going. Sacrifice now so you never have to sacrifice again.
    Anonymous

    Answer by Anonymous at 4:20 PM on Feb. 2, 2009

  • con't
    And it's a cash only plan. No credit cards, no loans ever again. If you can't pay cash, you can't afford it. His only exception is a mortgage and then only a 15 yr. fixed rate with 20% down with a payment no more than a 4th of your take home pay. He has really helped me alot. You can listen to his show archives online too. See what you think.
    Anonymous

    Answer by Anonymous at 4:22 PM on Feb. 2, 2009

  • It is a great thing to do, and extremely tough. You have to want to be debt free and really stick to it and be committed. My husband and I have it and I wish we had been given this book as a wedding gift, it would have saved a lot of headache and heartache! Best of Luck to you!
    Anonymous

    Answer by Anonymous at 4:23 PM on Feb. 2, 2009

  • There is also a Dave Ramsey fans group on cafemom. You can get some great info on there!
    Anonymous

    Answer by Anonymous at 4:48 PM on Feb. 2, 2009

  • You can also go to his website for more good information.
    lifeasinoit

    Answer by lifeasinoit at 4:57 PM on Feb. 2, 2009

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