Take Out A Loan To Pay Off My Credit Cards?
HTML-код
- Опубликовано: 7 сен 2024
- 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ ter.li/6h2c45
📱Download the Ramsey Network App ⮕ ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ ter.li/2u3mc0
💰 George Kamel ⮕ ter.li/1elws8
💡 The Rachel Cruze Show ⮕ ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ ter.li/1rbjr2
📈 EntreLeadership ⮕ ter.li/ktxv2k
Ramsey Solutions Privacy Policy
www.ramseysolu...
Control your debt before your debt controls you.
WISDOM! 👍🙏
"Pay off your debts" wow good one John. really going out on a limb with that one
Caller wants a house so bad he’s willing to take shortcuts…pay your bills my guy. Child support and debt 😭 you don’t need a house you need *Income* !!!
Plus he wants to buy a home in NY.. he needs to double the years and a second job inc overtime
My man's called the wrong show
How can the 7:00 advice is “the wrong show”?
Or you need shows that encourage people to grow debt mentality by getting into more and more debts?
@@jomontanee he wasn't asking them how he should handle it, I think he knew before he called that his idea was the wrong one and I think he wanted validation and he found none. He sounded surprised by their answers.
Exactly
Why not apply for a credit card use them 1 time & pay it slowly just make sure don't overcharge it..
It will help your score as long as you pay on time & above the minimum payment.
Just my unsolicited opinion...he he he
IKR
It doesn’t make sense to take out a loan for $7k in cc debt if you have the money to pay it off. I would just pay it off than build it back up and stop using cc
Especially given his income
He’ll have no emergency saving though
@@universal3024he’ll have a credit card ready to use for that lol
Only if you can get a lower APR
And if they don't charge you such a ridiculous initiation fee that it wipes out the benefit of the reduced APR.
Usually a 3% transaction fee
Just pay the cards to boost your score lol
No point of a score if you’re not going to finance anything.
@@Al_Sayid_Sanad But you don’t have cash for a car and a house. Stop it.
@@Jay-pf2cn yes? I have a truck worth 40k I paid cash for, and a house you just have to manual under-ride
@@Al_Sayid_Sanad what was the process like of getting a manual underwrite? was it easy? was it difficult? how many mortgage companies did you talk to?
@@Al_Sayid_Sanad "under-ride"? 🤔
A lower interest rate is better than interest rates on cards. Control your habits and don't use the cards! Get the loan and avoid the higher interest rate. This guy has money in the savings and is paying crazy high interest. Pay off the card from savings. Don't use the card. Don't lease anything, own it.
That’s the point. His behavior isn’t going to change with shifting the debt. If his behavior doesn’t change, he’s going right back into debt or he’ll just stay there
If i were him, i would pay it off completly but still use it for groceries, streaming services, insurance, etc. And then set up a reminder to pay off the statement balance at the end of the biling period so that I can still maintain and improve my score without paying huge interest that CC companies charge. Taking out a loan makes sense only if you are adamant on paying off your debt and if you get a decent rate that is lower than the one provided by the CC company. Oh, and after you do get a long, you lock up your CC in a safe and completly forget about it till everything is paid off (including the loan you took out).
Angry Rachel was the best. 🤣🤣🤣
Smoke coming out of her ears lol
Sounds like a smart guy, who really, really needs FPU. He could be in a good position in less than a year. Get out of the car lease, pay off the debt, build an emergency fund and start saving for a house. He could be good fast.
Remarkable attention to detail, *911 Mike Help* making every interaction exceptional.
Awesome I looked *Mike* up and found their website platform
Thanks I tried them too , they have a service you can always count on.
I haven’t borrowed anything money wise
In years. Paid cash for my home a few years ago
I am no finance expert but I can't help but think the advice she gave is wrong.
She gave really sound financial advice. Get an emergency fund and pay off the debts. It really is that simple
It's not. A credit score is absolutely a profitability score for the debt products world. Its how easy is it to remove your wealth from you score. It's also a fairly new thing. It hasn't been around that long. Manual underwriting is how everyone used to get loans basically.
Now the one thing they tend to leave out is less banks still do this. So depending on factors you might have less choices.
I payed off my cc with a personal loan which made my score higher, i didnt touch my cards until i oayed off my loan. Everyone is different and if you can get a loan why not. You have to be disciplined to not spend money off those cards
What type of loan did you get? I’m considering doing this too.
She said it depends on behavior. Shifting debt without the plan to pay it off isn’t behavior that leads to paying it off.
Already paying if off but getting a loan to do it is different.
They answer their questions based on behavior. This guy is going to go right back into debt if he’s just moving it around.
Fastest way to build wealth is not to bring kids into this world that are unintended.
I highly agree with that.
He could be divorced
I hope you dont believe in abortion
@@johnyang1420 Who are you talking to?
Thanks Lord for your peace
He needed Dave to yell at him
I love Rachel, but Dave would have explained this better.
Contrary to popular belief, not everyone wants to be debt free. They just want to be able to manage debt more effectively. So instead of them projecting on him what they wanted for him . They should of at least given him a Plan B scenario which would of answered his question.
This guy's going to have loans the rest of his life. I love being debt-free, having a paid-off house, paying cash for cars, etc.
How did you do that?
Income please
Income please
How much do you make per year?
Tell me another story please?
Haha Rachel said *why* just like Dave 😆
You do not need to accumulate debt to have a good credit score. That is a myth that they need to stop propagating. You need to responsibly use credit. Admittedly, most people cannot use it responsibly, but most Americans can't really afford their home either
You are going to pay more for a manually underwritten mortgage. Because of the loan amount the higher rate will cost a ton.
This is not accurate. If you are in a strong financial position, then you pay the same rates as non manually underwritten loans.
Where did you get that information from? Because if you follow the baby step plan, that mortgage will be paid off in 7-10 years, not 30
@@insideoutsideupsidedown2218 Amen
@@alexbryant2796 Amen
You give a misinformation!
You can get a mortgage without a credit score, but, generally speaking, you can get better terms on that mortgage with a good score compared to no score
We paid our smallest card to the highest, it went pretty quick
Most people don't know about manual underwriting.
Unfortunately I feel they missed a great opportunity to teach him about personal finance :/
Do tell
People are so out of touch with reality.
You need a score. Most place does not do manual underwriting.
Paying it off, will make it go up.
There are many companies that do manual underwriting stay away from the big ones like quicken loans
@@oldfordman68
Manual Underwriting doesn't mean guaranteed approval. Definitely not a better rate in his situation and in today's environment.
Car lease and child support isn't good either.
I'm not a fan of debt and moving it around but some people need more options today initially than to depend solely on manual underwriting.
Most places should be avoided at all costs. If there were any justice in the world, places that do not do manual underwriting would be shut down. But that won't happen in America, the country where every single person is a dishonest greedy crook.
Pay more than the monthly payment & my score double in 2yrs following that process & it’s surreal
@@blackworldtraveler3711 or just wait until you have saved up enough money.
Would 25,000 in credit card debt be worth it to get a loan to pay it off to become debt free, she doesn’t need to build credit history or anything just needs to pay off the credit cards but making minimum payment won’t work
This guy sounds sooooo closed-minded!!! I hate people who seek advice and ignore it! 😂😂😂😂
I did not understand I thought when taking new mortgage loan dont they check the credit first?
Bro, pay off your credit cards. Build your emergency fund. Then save for a down payment on a mortgage!
Don’t go into more debt.
I owe 💯 in child support! I got denied 🙅 from Churchill Mortgage 💸
Racism and redlining?
@@dipsuny being a man and having kids. Courts run you through the ringer
@@dipsuny of course
@@roolyfe ramsey’s organizations being equal? For surrrre! Thank you I’ll stick to my VA loans.
That’s funny, my whole life has been a lie. I honestly thought you’re supposed to maintain a high credit score, but OK here’s a scenario I want to move out and rent an apartment. Management will run credit check and based on that credit check, I might not be approved to rent there.
If you had savings and just no debt you should be fine. Maybe a different deposit.
You better say she’s right
Yes, it could be your new hobby, paying off debt and leaving it for your children's children to pay off. 😌👍
Luck is 0.0001% Hard work is 100% .... instead of waiting to get lucky, start working hard and get lucky.... Hard work and investing in yourself is the best investment ever. a fellow creator....
Im literally in this situation rn.. No other debt than the $6500 of cc debt.. $65K in savings, So in my head, Id get a personal loan, pay off BOTH then see if my FICO can finally reach 750+. and I Guess thatssss not the move lol
No credit score for a mortgage???
Rachel is bae 😍
Simp 😆
Kids. Who never seen a woman before.
@@jimmymcgill6778 Imagine that you watch/listen to financial advice and the only thing you get out of it is that you saw an attractive woman; hope he’s wearing a helmet.
@@David-wo9un why are you so pressed about it? He’s not hurting anyone
She's a married woman
You do need credit to purchase a house in Cali fasho
Why would she say no.
They show car commercials like they show student loan commercials
That’s stuff ain’t cheap at all not even at the slightest
Selling you things that cost more than your own life….
Selling you things that cost more than life itself
You don’t need a gas guzzler to get thorough life I promise
What a horrible call. Answering before having any details and it took so long to get his basic stats to see the full picture. I do like the personalities, but they don’t compare to Dave
@@brucebobtrotter2170 Why you keep watching?
Yes, these two are murky. They’re not qualified. Granted, Ken’s role on the show is psychology, not finance.
They stopped him because of motivation and teaching. If he's bent on increasing his credit score, then any advice they are likely to give he's not going to follow. So instead of wasting time with that dance. They just went straight for the confrontation. So the guy could make up his mind if he wants to even listen to there advice.
Idk for sure how dave would have handled it. But it was the right call by these two.
What he wants to do is seriously stupid. Does he not know his score will go up when he pays them off?
Then it will drop. Making monthly payments is what results in a higher score.
Bros doing something wrong if he’s got no house and only 9k in the bank with 7k coming in, a month 🤨
let's see how stupid I am for thinking to do this now
The risk is you will feel you accomplished something by shifting the debt and you may add the debt when another emergency comes up. If you do do it i recommend cutting all the cards up.
I NEED MORE INFO ON THAT MORTGAGE INFO!!!!!
Yes!!!! Rachel and Ken!!!!
Can get a home through manual underwriting??
Yes, but it's rare. Those same mortgage companies usually charge higher rates than typical, mainstream lenders as well. Paying off debt is a great idea. Telling people to not care about your credit score - horrible idea.
"The better your score the more we'll trust you that we can get our fangs intro you and suck something back out
85000 in NYC is like your making 20000 per yr
You clearly don't live there. His only issue are taxes and child support.
@@sblijheid I do live there
@@ginoturano6821 if you did you would know most people in New york don't make that. Manhattan is not the whole new york.
@@kbthegoat824 Well NYC is Manhattan
@@ginoturano6821 I'm sure you live in Manhattan
Brian wake up!!!
He needs to commute from Jersey and buy abused car.
Multi Family house yea
This is bad advice.
someone likes collectors, loan sharks, and bankruptcy.... to each his own but personally i like to sleep and night and have the ability to tell my employer off and be fine if they become douches
So, pay off your debt, save money for a down-payment for a house, live within your means. Yeah, all bad advise.
How 7:00 is the bad advice? Or you agree to debt mentality?
I think it is great advice.
I have no debt
I paid cash for my home.
I have a big bank account.
I travel the world.
Life is good
Use other peoples moneys not yours
Rachel 👍🏻💪🏻
Hey yall
Has Rachel ever made change or paid a bill? 😂
This family is making the Clintons and bushes look honest
Coleman man..go easy on the man make up..
There is no such thing as an honest American.
@@amireallythatgrumpy6508 speak for yourself…boomer
@@dipsuny Thanks for proving my point, you snot-nosed little kid.
She is smart
@@PInk77W1 did you give her the IQ test at MIT?
Is Rachel married?
Yes. Winston Cruze is the lucky guy.
Why? And who cares?
@@Primitive_Code thanks dude for the info
@@jimmymcgill6778 Citylights though he had a chance.😂😂😂😂😂😂😂😂😂😂
You want to SIGN YOUR DEATH CERTIFICATE???
👏🏾👏🏾👏🏾
Ah Ramsey this show is interesting. They seem to think that there program works but it doesn't unless you sell something or give up your life to some employer for 50+ years.
The only time it doesn't work is when someone is too stupid to get their income to a point when it doesn''t work.
You mean, you have to go to work? And make money? And live within your means?
Don't listen to the Ramsey show
If you feel this way, why are you here listening and posting?
@@Thenagymom 💯
@@Thenagymom Because people are trying to find good financial advise and while the Ramsey show has decent advice most of the time, this isnt one of those times. Really out of touch with the modern middle class ($55k/year income) people.
@@lowkeylogic303
He can just leave instead of being emotional.
Yes because Dave has only helped thousands of people get out of debt. Lol
✝️🙏
1st
Like it's makes me jealous as fudge
This makes me jealous I as fudge