Dave Ramsey plan opinions

[Sammy]

Is the Dave Ramsey method and plan for living debt free a sound system or just a way for him to sell books? I listen to his show and it gives me some hope listening to it but I am not sure I am ready to take the plunge.

 

[Penny Pincher]

Its both. But there is no need to spend a lot money on it. You can get his books from Ebay and Amazon, and that's all you really need. It is not always the best method for every case, but it does work.

 

[Forthelove]

I don't agree with everything Dave talks about....

$1000 emergency funds as the start. Disagree. If you have available credit for emergencies you're betting off putting that $1000 towards your debt ASAP to reduce interest you're paying. Pay off smallest debts first. Disagree. Pay off highest interest debts first. Pay for your kids college: disagree. Talk with your kids, and make sure they have some skin the game, working their way through college while you help with some expenses, but only if you are on track for your age for retirement.

 

[Cheap Bastard]

Its a good plan if you cannot discipline yourself without a support group such as others doing is plan. Otherwise I'd throw my hat in the ring with Forthelove's opinions.

 

[Toaster]

For all its faults, it is a plan of action, which is something desperately needed when recovering from debt. Sometimes having a solid game plan pre-made is better than winging it and coming up with your own. Especially since you know others have succeeded at it.

 

[Broke]

Take what you can use and leave (or modify) the rest.

 

[WalletSlammedShut]

For all its faults, it is a plan of action, which is something desperately needed when recovering from debt. Sometimes having a solid game plan pre-made is better than winging it and coming up with your own. Especially since you know others have succeeded at it.

X2. A plan even if not optimal is better than no plan at all.

 

[BigSaver]

I know this will ruffle some feathers but I'm about the facts!

Dave Ramsey's debt pay off method is one of the worst ways to pay off debt, especially if you have any high interest debt. Those with tens of thousands of dollars of debt will especially be hit hard by his methods. The best way is highest interest rate first, pay the minimum on all the others. Also try to transfer any high interest debt to lower interest cards.

 

[Alicia]

This is interesting for me to read since I am brand new to Ramsay's methods and had already started paying off my debt before I heard of it. I agree with those who say that any plan is better than no plan at all, and that you can use it as a starting point to create your own custom plan if necessary.
Instead of deciding which debts to pay first, I consolidated everything onto the lowest rate card, and each month I make the biggest payments I can. I find it very satisfying to see the balance go down.

 

[Brogan Layne]

I am not even sure what Ramsey's debt payoff methods are. However, a few years ago I considered ordering a book from an infomercial he had written about this. I looked up some reviews for the book and many people were complaining that it was all a scam because they had tried to use his way of paying off debt and it cost them more money. Some even said they ended up having to file bankruptcy because they fell even more behind by trying to use his method.

 

[Middle Income]

Dave's plan in the books is a solid way an won't screw you about getting out of debt. Not the most optimal plan but it is solid. The problem isn't the plan in the books, the problem is the cult-like following he has, his marketing add-ons that people fall for. Get the book use that and don't listen to his crap about going to his seminars and using his recommended services, etc.

 

[Ak Chin]

What "Broke" said. I think Ramsey has some very sound advice, but there is no way his plan can work well for everyone straight across the board. It's illogical to think that it could since everyone has varying financial issues.