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I have always said, that Ramsey is MOSAD for the USURY banks …. Always advising you to pay the high internet rate, rather than consolidation on a less interest rate. Makes no f’en sense. Bro works for the tiny hat usury demons
Let’s say you have 7 CC you owe, about 15k total. All over 22% interest rate. Why is it weird to consolidate all your cards into one, with, let’s say a 15% interest rate. 1 payment only, rather than then 7 payments, and the option to pay double payment and get out of debt in 36 months or sooner.
Well said thanks for the knowledge Jade.
Quick answer, Yes. Always lower the interest rate on debt to pay it off faster, as long as you dont run the balances back up. You get the same dopamine hit when you see that one debt go down and thats all you have to pay.
Jade is so fine
Transfer the higher interest one to the lower one and stop spending like crazy
these consolidation techniques are just procrastination… you screwed up, you pay the higher rate, feel the pain and learn your lesson.
I disagree. When you’re paying interest on 5 bills and can consolidate for lower interest 1 it saves money and 2 you can pay it off sooner. I don’t need to pay extra interest longer to motivate me. My goal is debt free not motivation.
What about a pension loan to pay off debt? That way you'll be paying urself back the interest???
Consolidating my credit cards was the best thing I did.
Consolidation was the best thing I did to knock out my debt. I paid it off fast with lower interest rate. Throw everything at it
Not going to lie my CCs had rates ranging from 24.99%-29.99% I did consolidate to a PL at an APR of 12.99% going to pay it off quicker and lower rate. I understand the physiological behind it but i have not racked up those CCs and have closed them . Everyone is different take the knowledge provided and apply it to how it works for you.
Sometimes consolidation is the best way forward. I used a cash out refi on my house to pay off my car, and getting rid of that payment gave me the breathing room to keep the house.
I don’t understand why they are so stuck on their method they will discourage you from doing something that would obviously save you money. Seems like it’s just pride at this point
Goodness gracious, she won’t answer their questions. That’s infuriating lol
Do it. Make your life easier
What absolutely terrible advice, and also contradicting the intensity of paying off the debt that they teach. “We want you to use everything you can to pay off all your debts, oh except for this way to eliminate months or years of interest. Don’t do that one.”
The Ramsey show needs to start to use logic and common sense more often. If you have the ability to significantly lower the interest rate on your debt, do it. The most difficult part of trying to pay a credit card off is the $300 a month of interest pushing back against you. If you can consolidate, that is always a better option.
The problem with this whole dogma is the rigidity. These people have demonstrated that they have the drive and motivation to get out of debt by paying down half their debt already. It is absolutely the right move to consolidate and reduce your interest by more than half. "We conducted a study and precisely 0 millionaires became millionaires by consolidating debt." That's not good enough reasoning for me in this circumstance.
This is where I veered off the baby steps. I’m not a child. I don’t need little rewards and checkboxes to be motivated with brutal focus toward financial freedom. I had 120k in student debt. I attacked the highest interest rate loans FIRST with INTENSITY and NEVER lost focus. I visualized getting free while I dumped 80% of my paychecks into accumulated interest to reduce capitalization. Then I visualized all the money I was taking back from a bank every time I dumped 80% of my paychecks into principal. While the interest pause was in effect for Covid and everyone else was buying cars and getting fast food delivery every night, I ate cheap at home, worked hard, and BEAT DOWN the principal until it was nearly gone. Then, when Biden lied about forgiving 10k like I knew he would, I paid off the last 10k I had saved up in cash the day after forgiveness was shot down. Now I’m taking the same focus and paying off a mortgage in the worst housing market in history. So far I’ve paid down my loan term from 30 years to 19 years and still going strong. Every spare penny goes toward digging out of debt and staying out of debt. While I’ve done this I’ve also been maxing out a 401k and Roth IRA. In this country there are two classes now. You can pay interest or collect it. I know which side I’ll be on.
Pay them off one at a time as fast as you can without playing games.
This is like saying she should deconsolidate a low interest rate debt into higher interest rates for the “dopamine hit”
If the change was marginal I would agree that consolidation isn’t the best idea but paying less and having breathing room is objectively better.
This is terrible advice if you transfer 20% to 10% that’s not negligible
It must be exhausting, listening to this woman all day.????
Do it! It’s smart