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What do you think of Dave Ramsey?

My husband and I are starting his program to help us get out of debt... has anyone else here ever followed it?


Asked by VeggieMuslima at 1:27 PM on Oct. 31, 2010 in Money & Work

Level 11 (558 Credits)
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Answers (14)
  • Yes! and we managed to pay off thousands in debt and our mortgage! All on a below-poverty-level income during the past 2 years. We never paid for a class, just borrowed his books from the library and listened to his daily broadcasts online.

    The problem with the "use credit cards responsibly" argument became very apparent during this recession. Some people who previously had the means to pay their credit cards every month suddenly found their income cut or lost along with a job. They had no way to pay, and many kept using their credit cards to pay bills because they had no emergency fund (which is the VERY first thing Dave recommends) and no budget plan. Most figured since they can just pay things with a credit card, then they didn't need to change their spending behavior. NOW they're finding out how wrong that behavior was.


    Answer by michiganmom116 at 5:36 PM on Oct. 31, 2010

  • You aren't wrong JulieJacobKyle. It is sad that Americans today don't have the common sense that our grandparents had. But back in our grandparents day it was rare to have a mortgage and they certainly didn't take out loans for cars and other things that they couldn't afford. These days everyone wants to 'keep up with the Jones' and advertising makes having a new car 'affordable' and common sense has flown out the window. Kids just out of school want to live the same lifestyle their parents have regardless of the fact that it took their parents 30 years to get there. Parents have failed too at teaching their children how to be responsible with their money, often because they aren't being responsible with their own money. Dave Ramsey is teaching people who either never were taught self restraint or those who went off the path. Whatever works for people though.

    Answer by slw123 at 9:22 PM on Oct. 31, 2010

  • Yes! I love him! Check out the Dave Ramsey group here on CafeMom. There is a lot of support to help you get started!

    Answer by MommaofH2 at 1:35 PM on Oct. 31, 2010

  • JulieJacobKyle,

    If it helps people make wise money decisions I don't understand why that's sad or pathetic. I did say he's motivational and inspiration. Does that not come into play? And if the majority of Americans aren't doing this 'common sense' stuff, then clearly this isn't common sense any more.

    There are also fees on a lot of cards. Annual fees, late fees etc. No one is perfect. So even "responsible" borrowers can still end up over spending and getting a few fees here and there when it comes to using a credit card.

    And the large majority of us do over spend when we swipe a card EVEN if we pay it off every month.

    Answer by Erica_Smerica at 11:05 PM on Oct. 31, 2010

  • Without Dave Ramsey, when my family found ourselves in the situation we are now, we would still have credit cards to fall back on. Now, we don't, things happened beyond our control, and we are now significantly short every month. Dave teaches people things they may not have thought were possible, and things our parents may have been unable to teach us.

    Thanks to Dave, even though we are short, we're NOT going into more debt, we are paying everyone a fair share of what we can, and when we come out of our mess, we will be stronger because we did not revert to using the credit cards to pay each other and dig our hole even deeper.

    Answer by eeyore530 at 7:49 PM on Nov. 1, 2010

  • I love Dave Ramsey! His ideas aren't new, they are common sense, but he lays them out in baby steps so that they can easily be followed. We started our Total Money Makeover in 2008 and have paid off over $30k in debt and we are now paying off our house. We should have it paid off in 3 years if we stick to our budget. We are contributing to a retirement fund so that we don't find ourselves looking for 100 ways to prepare Alpo when we are retired. Dave has been such an inspiration to our family and we paid all of $10 for one of his books (after I checked it out at the library 6 times).

    What Michiganmom116 said about the credit cards is right on! Ideally a person would be 'responsible' with them, but what happens when they lose their job. They don't have anything else to fall back on. Having an emergency fund and a budget keeps you from digging a deeper hole. Having the info Dave gives, give you power and control.

    Answer by slw123 at 5:45 PM on Oct. 31, 2010

  • We've been on the Dave Ramsey program since March of '09. So far we've paid off $17,400 in debt. Just $2,600 left to go! I think it's a great program, but not something that you HAVE to pay for. Borrow the books from the library, listen to his archives for free at and see if the library has his Financial Peace University (FPU) DVDs. It is common sense information- but it is also very motivational and inspiring. And clearly Americans need his advice.

    The credit card information isn't wrong. Consumers do over spend when they use their credit card even if the pay it off every month. Studies show that we spend 12 to 18% more when we swipe vs. paying with cash. Ouch.

    Ben more than that 45% of us only pay minimum payments every month. And on average we have $9300 in credit card debt per household in America. No credit cards and debt are not helpful. Especially when the average credit card is at 24% interest.

    Answer by Erica_Smerica at 7:00 PM on Oct. 31, 2010

  • Yes, he is very wise, my husband went to one of his seminars and paid off every one of his credit cards. Just be serious and do what he says and before you know it you will be out of debt.

    Answer by Momabear455 at 9:32 PM on Oct. 31, 2010

  • He has great ideas regarding money but I wish he would keep his political views separate.

    Answer by ballewal at 1:36 PM on Oct. 31, 2010

  • See I don't even know what his political views are LOL... hmm... off to google! :-)

    Comment by VeggieMuslima (original poster) at 1:40 PM on Oct. 31, 2010