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re: Dave Ramsey's advice to pay off a car loan, rather than invest
Posted on 1/10/20 at 9:43 am to BestBanker
Posted on 1/10/20 at 9:43 am to BestBanker
quote:
The theory
The stubbornness in this thread is the exact reason why it works.
When you deal with someone who has resolved themselves to never be out of debt, it’s real tough to convince them to make a payment that will only go to interest and penalties.
The first step is to save $1000. If someone gets there and can pay cash to fix a flat tire rather than take out a payday loan or take on an overdraft fee, then it’s already worked.
Baby steps, not functioning adult steps.
1
Posted on 1/10/20 at 10:02 am to Engineer
I’ll add, not to feed the trolls, but because I deal with this and find it incredibly frustrating...
Paying off the debt is one step of the program. Bankruptcy is probably a better solution for most, but unless they stop spending and treating debt like their enemy, they find themselves in the same position again. That’s where the other pet tricks like cash in an envelope, as ridiculous as it is, is effective.
It goes back to the OP and the replies on the first page that this advice is not about coming out ahead, but dealing with very irresponsible people who cannot manage their spending habits.
Paying off the debt is one step of the program. Bankruptcy is probably a better solution for most, but unless they stop spending and treating debt like their enemy, they find themselves in the same position again. That’s where the other pet tricks like cash in an envelope, as ridiculous as it is, is effective.
It goes back to the OP and the replies on the first page that this advice is not about coming out ahead, but dealing with very irresponsible people who cannot manage their spending habits.
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