He just needs to stop creating more debt for a long long longggg while. Send a check for the 3400. In June, pay off or tackle another debt to pay off in the month of June or July. Basically just do the snowball that Dave preaches about.
It's because most people aren't taught how money and debt truly works. Money takes time debt happens fast. You think you can pay it off but the debt builds faster then your money will. People like Dave tries to help reverse that trend or stop it before it starts
Dave Ramsey: " How much do you owe BOA?" Caller: "$3400" Ramsey: " What's your household income?" Caller: "$100,000" Me:🤨🤦.....he deserved to get sued.
I literally paused just now with my Locked jaw opened in shock!! how? there's me thinking he owed tens of thousands and he can't pay that eenie bitty $3500.. come on that's just silly now
@@larissagonzales6075 using a credit card is the same as borrowing money to pay for something. What would you do if I owed you $3400 and had no intention of paying you back? Would that be so petty then?
Its not petty....what you forget is: He makes $100k & this man can't even pay his minimum Payments!? Dude needs to be black listed from having credit cards....good for bank of America.... The second thing is bank of America has millions of customers & even if they are dirty this caller is way worse because he knew he cant afford it & effectively lied & choose not to pay it....letting 1 customers slide for nonpayment BUT they have millions of customers whom are probably doing the same thing "oh there rich so they can afford to let it slide" if that was your business would you? & times millions of customers whom dont pay that starts to add up very quickly which you forget...they are a business not a charity ....boa or any other credit card...this dude has not learnt his lesson 5 CREDIT CARDS & NOW hes begging for Dave's help!? I see he has no morals its sad.... If you went to work & your employer said, work 1st & il see at the end of the week if we will pay you, would you take a chance!? If this dude said to bank of america let me rack up debt & il see if i will give you a penny you and i both know how that would go....this is not his 1st or 2nd rodeo but 5 times & he makes money where he could pay it off including students loans very easy but he chooses not too and for that reason i got no sympathy!
As soon as this guy mentioned he had a timeshare I figured out that he and his wife aren't too bright! These two will continue to have financial issues for life because they want to spend like the work in congress!
EXACTLYYYYYY!!! It’s not the credit cards it’s the user of them. Common sense is that if you borrow you will have to pay it back. It really grinds my gears when they blame the card company
Makes 100k. Owes BoA $3,400. Of course they want the full amount dude. So irritating hearing these people who were willing to rack up the debt but unwilling to pay it back and always trying to negotiate and weasel their way out of it.
It's laughable! 3400.00 is literally nothing, expecially for someone making 100k. If he is exempt from paying back money, This man should be forced to work at a 25k salary for the next 15 years.
(Creditpatchup.com) Offers an amazing credit repair service. I can testify that they helped me improved my credit score by more than 90 points within a few business days.
I just finished paying off 7K in credit card debt between 2 cards. I accumulated this debt while I wasn’t working full time and in nursing school, as well as making some financially irresponsible decisions (which I’ve learned not to do anymore) I now make 75K/year as of January. Why did it take almost a year to pay this down even thought I make a good living? Well, cost of living in Boston, student loans, etc. I can see why perhaps they got into this situation, but I would never let it get to collections, and I wouldn’t rely on a settlement. I’m happy they are on track though.
I disagree only with never letting debt go to collections. When debt goes to collections it's actually a good thing. 90% of debt collectors don't legally own the debt and don't have the legal right to even collect on debt. If you ask them to validate the debt and they can't the debt must be removed if not you can sue them. Never EVER pay collections period!
Tell a creditor you are filing for bankruptcy and talking to your lawyer. They will ask for the lawyer's name and address. Refuse. Tell them the lawyer will contact them, why are they in a hurry? They ask you when will you file? Tell them you do not need to tell them. Just that they should know your lawyer will be contacting them very soon.
I'm convinced half the people that comment just want to make fun of people in debt instead of actually relating. I had CC in college that I thought I paid off but it actually had a balance of $15 left after months of late fees I finally got a notice that I owed $291 for a $15 CC bill. It's very easy for life to happen to people.
He is so right. I used to work for a rent to own company and I was the accounts manager which translated meant I had to try to get people to pay their rental bill by any legal means necessary and I’d take people to small claims and I was exactly what Dave said. A 27 year old barely above minimum wage peon. Fortunately that was 25 years ago.
Its crazy people trying to live beyond their means, I settled my car accident claim this past December after 2.5 yrs of zero income it was hard. I still had to pay my mortgage borrowed a lot from savings and CC, first thing I did when I received my cheque paid all my bills I have, I have my CC with a zero balance I didn't go out and buy a new car with the money instead I invested. I had a very good 6 figures in my account and completely forgot about it I was still spending like I was before my settlement.
"You're broke, you don't have any money." Dude makes $100k per year....I don't understand how some people are so entitled they don't believe they should have pay their bills. If you don't want to pay off your credit cards, stop buying stupid junk.
“I’m so rich I don’t have to pay my bills” I never got it either brother. I got furloughed from my regular job about 2 months ago and haven’t missed a bill yet. When you get into a debt or sign a contract to pay, it’s your word. People that don’t pay their bills, or bleed trying, have no honor.
Dave acts like it’s a crime to want your money back with interest that these people agreed to pay. Smh Bank of America, capital one , etc are businesses. If you don’t have the money don’t borrow. But it’s not a crime to want someone to honor their contract.
Credit cards with absurd levels of 20-30% interest rates is why Dave advocates to not get involved with credit cards at all. They are banking on (no pun intended) the chance that you'll spend more than you could pay off at the end of the month, then they get to charge a hefty monthly fee going forward and get you to snowball in the wrong direction. If the interest rates were a more reasonable amount, I would feel more sympathy for them, but not when they're counting on a mistake or emergency putting their customers on the losing side of a carefully crafted formula.
Guy makes 100k a year but refuses to pay back 3400 he borrowed...how is the bank the bad guy in this situation...Dave enables bad immoral behavior simply because he hates banks and credit cards so much...really sad
This lends a whole new perspective on how these things work. Debt collectors truly do act on fear and regret and it's almost like bullying tbh. We are all just trying to live decent lives and credit cards are flawed by design to make us go into deeper and deeper debt until we get hooked by a debt collector. Very interesting thank you for sharing!
WOW talk about a well timed blessing of a video. I'm going through practically everything on the caller's end. I love the line 3400 small amount and less than 10K that's overwhelmingly amazing news to me!!!! Thank you thank you thank you!!!!
I've had a car repossessed in the past. Have also had debts go into collection. Know what I did? Grew up!! Got in touch with the people i owed and paid MY debts. Not their fault I was being irresponsible. I'm debt free now. I make no where near 100k either. I don't understand people sometimes.... smh
why is BofA "Satan" because they want to be repaid the money they loaned this guy? I'm really tired of people who borrow all this money and complain when they have to pay it back. Grow up and be responsible.
If you don't know how banks work that's on you. Banks are in the business of making money not helping people. It clearly stats in you credit card statement if you don't pay your full balance you will be charged interested.
This doesn’t seem ethical to me. He makes $100,0000 per year. He OWES money to this company and can verily easily pay off $3,500 but because these people are “scummy” he just gets out of it because he can? Doesn’t seem right to me.
This is absolute nonsense, dave shouldnt be encouraging these people who make good money to default or not pay their debts in full. They should be responsible for the full amount borrowed, especially because its consumer debt and not something like medical bills. They deserved to be sued.
What? Why would you want the banks to win? Didn't they take enough on interests? Oh yeah let me add something, that money actually does not exists. It was written on a computer at the time of acceptance for the credit card. Wow and you want them to get money for nothing?
I dont think you guys are looking at the entire scope, he is $60,000 in debt. $3,400 is just a small slice of the pie. He needs to take care of his house, family, food, necessities first, while tackling student debt, and credit card bills. Not to mention the caller could be saying $100,000 before taxes. The caller also said he tried to pay the bills and work it out with the bank, but the bank didn't let him and decided to sue him. Which I have had experience with while I was using a federal credit union.
@@sgtkeebler tried to work it out huh, its 3400 to the credit card, he makes 100k he should just write a check and clear the credit card, if you don't like paying it back don't spend it in the first place, simple as.
Those people are not gonna settle if they can get full judgement. Dave just makes this stuff up about settling. They will hardly ever settle for 20 cents on the dollar. Thats fantasy
I hate how they blame credit cards. Dude makes 100k a year, own up to actions. Pay your card off every week if need be. If you don't have it x2 in your checking account you can't afford it.
Let's be real here, you heard it from Dave himself, he told the guy to not pay the debt. That's not taking responsibility. So of course he's going to blame the system and say credit cards are evil. He should instead tell people to be responsible.
Why pay unsecured debt, especially if your home and vehicle is paid for with titles in hand. You don't need a credit score, let the banks pay for your vacations, tools, and food. Our own government doesn't even pay their own debt, so why should we pay ours? Let the banks fail, like they should've in 2008.
Question, does the creditor collect insurance money on default and gets a tax break than collects the money from debtor. Is that unethical? So how was the creditor damaged if they collect twice and even got tax breaks.
If a customer owed Dave $3,400, he wouldn't settle for 20 cents on the dollar for someone making $100,000 per year. So why does Dave teach irresponsibility that people don't need to pay their own bills.
I disagree with Dave on this one. They are making 100k! They need to learn to budget and be responsible for their purchases! I am a stay at home and we’ve put 3 kids through college- 2 of them living on campus!! Paid cash for all our vehicles and several were brand new. Learn to live on what you make!!
You don't pay your bills and then settle, guess what???? The IRS will be sending you a bill for the remainder owed because now it is considered income!!!!!
in 7 years it gets deleted if you pay them absolutely nothing & never admit debt is yours-statue of limitations unless you have judgement against you in court
It's good to know that debt can be negotiated, but, blaming the lender is not right. They don't trick you into debt, and the borrowers are responsible to pay back...I understand that life happens, because it's happening here, but it was not the lenders fault.
This is what i got from it, debt is best to be piled up and wait until collections come to you so you can pay a half or maybe even less on the full amount. The only downfall would be a lower credit score. Filing for BANKRUPTCY is also a thing too. Dave only noticed he was trying from "I'm on baby step 2." LIKE MY MAN! You have 4 types of DEBT but your only complaint was the "RIGHT NOW MOMENT, Court moment." You know what the crazy part is, he makes a annual income of 100,000. Like come on, you couldn't do a snowball effect on ANY OF YOUR DEBTS AT ALL!?
Depends on what his mortgage is now. Property taxes in Florida have ballooned since the last few storms, plus the property values have gone up so have the taxes.
Dave gets triggered by debt collectors because of his bad experience when he was in his 20s. The irony is that I guarantee Dave sues ex tenants of his if they owe him thousands of dollars in damages and back rent. Whenever Dave sues an ex tenant, he is a debt collector.
Is it me, or does it seem incredibly easy to rack up a ton of CC debt, not pay, and then settle for WAY less than what you owe? With basically no repercussions, other than a low credit score? It's like you can go shopping and just get a ton of things for free?
The people like you who minimize outstanding debt going to collections or going bankrupt don’t have any idea how serious those things actually are. You may want to Google some reputable sources to see the impacts of those things. A lower credit score is the least of someone’s worries. Also, while you’re at it, make sure to educate yourself on the importance of credit. Dave may tell people not to worry about your credit, but he’s ignorant on the fact that your credit is used in many things, from renting, phone bills, utilities, insurance, mortgages and borrowing ability, APR rates, jobs and background checks etc. If you have any aspirations to being an FBI agent, police work, military like AF or Navy, they all check credit and it’s actually important and tell you to fix it before you join....
@@BadMannerKorea Dave is aware and has acknowledged that bad credit can lead to problems. Though, keep in mind that what he teaches is to have no credit, which is not the same thing. Having bad credit on your report can indeed potentially prevent you from getting a job, but an empty credit history shouldn't be a problem.
Chances are the lawyer won't show up but judges are reluctant to find in your favor. It is called debt settlement. Creditors will likely counteroffer, so make a realistic offer. Creditors often have detailed information about you, so be truthful about your financial situation. Provide proof that you have limited ability to pay, such as being on Social Security, facing multiple debts, or having wage garnishments. Offer 20% and don't ever go over 25%. Get a letter in writing that the debt has been settled in full and this will reflect on your credit report. These guys know the drill and will buckle if you present yourself as knowledgeable and determined.
I just paid two big accounts today. I am so agressive with these debts that I just pay them without blinking. I have been listening to as much as I can and I am so glad I have ben able to pay of 2 of them so far. 🙂 No more impulse spending for me.
So, I should take up $3400 debts because they'll take 50 cents on the dollar in return? If they don't like, they're evil or they're the problem. Maybe I can do even better because I make way less than 100k.
The WORST the credit card companies can do is get a judgment on you... meaning they can put a lean on your property until you pay the debt. Offer to make a reasonable payment plan and if they refuse it, take it to court.
You’re wrong! BOA will not settle for 50% after they file a suit! I don’t care who you are, they will not settle that low. Even if you show up in person. He will not be the first person that shows up. People on SSI don’t even get settlements that low. Also, if he has $100k income, they will make you substantiate the offer by providing documents such as bank statements and proof of income. Good luck!
I think Dave is going for low ball technique. Like you said, BOA probably won't accept it but the caller can go on to give increasing higher settlement each time. Eventually, they will get worn out and accept the 'lower' settlements. But I have no experience in such things so I am just guessing. I would really hate to play low ball technique with settlements through, it is especially stressing during this outbreak too
I am really amazed by the number of people who are irresponsible with their credit cards. Sometimes I walk around expensive shops and wonder how it seems possible for many people, with relatively middle-class incomes (bellow ($150,000) afford $500 purses and other expensive commodities that one could probably get relatively cheap online. Well, now we know--credit card debt is the answer. I also do financial videos. It really is a tragedy that so many Americans have very high interest debt because they are unable to control their addiction to spending.
@@eileeneclark9011 Hi Eileene, one reason why credit card companies charge such high interest rates is because the debt is "unsecured," meaning, that there isn't an asset to attach like a home or car if the person is unwilling or unable to pay the debt back. I wouldn't say that it is stealing per se, unless we are going to say that the bankruptcy process is theft. The banks are very sophisticated businesses and do control their risks by offering as much credit as they think is reasonable.
Michael Gordon It’s stealing. And I’m sure if Dave didn’t file for bankruptcy and gotten out of his debts years ago he would say the same thing. Well maybe not after he stiffed American Express or tried to when he got in financial trouble with them. That’s one thing about my parents. They taught me to save, start emergency fund, answered all my questions, and gave me books to read and library card. To read everything before signing and don’t spend money I don’t have. And they also told me to always be responsible and pay my debts
Not uncommon for people to make that kind of money and have debt like this. Nobody is perfect. Good thing they're not end to deep and can turn it all around very fast. If this couple looks in they can have this done in a year no prob. A simple budget and game plan will change their life.
I can’t stand it when Dave insults people who work for banks trying to collect money that is rightfully theirs. It’s disgusting his hypocrisy on the matter. If someone stiffed him, I’m sure he would go after them to get back what is rightfully his.
bjkarana point missed entirely. Somehow the people working at the bank are villains but the people who stiffed them and can’t fulfill a written contract when they’re too dumb to manage their own money are the heroes. It’s messed up. It’s also a large blight on his Christian ministry they way he talks about people.
@@mxerb5912 I tend to agree although I think he tries to add a little color to things for radio/podcast consumption to make it less boring. Otherwise its the same old calls over and over
bjkarana I guess you stiffed someone you owed. That’s a big thing with many Christians here on Tulsa since I moved here in 1980.They borrow money,don’t pay rent owed,bounce checks,etc. and say “it’s gods will” then everything is ok in their mind.
Forget negotiating you should first exercise your legal right to validate the debts. If they make good on the legal requirements of that then negotiate.
@@pfeiffdog0811 No need, I've been down this road, have well over 50 books on credit, credit repair, debt, redemption ect. Ect. There is no free or easy money. Debt can be transferred and judgements can be levied. Just pay the current nite owner and be done with it. Anything else is fraudulent or a waste of time.
Just another good example that income doesnt matter for people with bad financial habits. They make 100k a year but are on the same level as people with 20k income. They live in the same houses, drive the same cars... More money, more spendings, more debt, the never ending hamster cycle.
I feel people will pay their debts if once their debts are paid off, company would cleared off the bad reporting of credit, no loses happen because it's paid. if you pay your debts in full which means all the interest and late fees or whatever fees they put on it, The company took no losses at the end. but the way credit is set up, a company gets a repayment but they Still keep the negative report. that little note " paid in full" don't mean nothing when it comes to the credit score. and I don't want to hear about the new models because most companies do not use those new credit scoring that put paid off debt in a better light. no even exchange once you paid off collections.
Had a C.C. since I graduated college.. never carried a balance ever. Have 1 credit card I put everything on.. pay the entire balance off every month religiously. I do like using the points for those little $100 gift cards a few times a year though (don't get those if you pay cash).
Write a check ? I thought Dave said never give them your account ? Hhhmmm . Probably a slip . Big fan of Dave . Really helped me see how to turn things around . I’m talk to a lawyer and they are saying I need bankruptcy. Probably they don’t understand the full picture of my situation . We shall see .
the wicked borrow and dont repay! its funny to me how the banks actually have more mercy then some people taking 50c on the dollar!🤷🏾♂️ when they dont even have to do that!
@@pearlperlitavenegas2023 where the heck did yall go to school. i never said that! i said if you borrow money and dont repay what you owe, makes you wicked. lending and borrowing are two different things people.
Dave, you talk about how working for a living is living with dignity, but then you counsel people to stiff their creditors for 50 cents on the dollar and to have a good laugh while they're doing it. Where's the dignity in not paying what you owe?
People spent money on credit (money that does not belong to them!) then can't pay it or just don't want to pay the debt. This is just wrong. It's like I am going to spend money that I don't have and then I will only pay if you settle for $0.25 out of $1.00 I spent...what a deal!
He does have the money... I bet they are eating out, buying Starbucks, new clothes. Do they both have brand new cars? I make way less and driving g a 2003 Camry 209,000 miles on it.
New Dave Ramsey plan: Step 1: Rack up debt Step 2: Don't pay Step 3: Wait to get sued Step 4: Settle for 50c/$ Step 5: Drive off in to the sunset in your half price car
Wrong, don't forget fees over time, interest, court cost and the list goes on. let say original credit is $1000 became $4000 ,you end up paying $2000 ( 50cents on the dollar) double then original debt
I need some input. I'm in the process of looking to purchase my first home. I live in NYS. I qualify for the first time home buyers program, which would give me around $14000 for a down payment toward my home. I have enough in savings to pay off my $28000 in student loans. However, I was instructed not to pay off my student loans if I am trying to buy a home. I should wait until I buy the home. Anyone know why this is? I need some input on the best way to go about this. Any advice is greatly appreciated. Thanks!
Dave would advise you to be completely debt-free and have an emergency fund of 3-6 months of expenses before buying a home, and I agree. You don't want other bills while dealing with the costs of home ownership. I don't know for sure, but my best guess for why you would be told not to pay off student loans before buying a home is to maintain your credit score.
Guys, income has nothing to do with the actual amount you spend or borrow. You can easily make $100k and still owe way more than you make. Dude literally just said he has $50k in debt. THATS why he cant pay off his $3400.
![We TEAR APART a debt collector lawsuit [Midland Credit Management]](/img/n.gif)
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Making $100k a year and can’t pay off a $3400 credit card bill. Ridiculous.
I was wondering if I misunderstood these people are stupid
You never know another person’s situation. There’s many people out there with amazing incomes who owe a lot of money.
acx99x very true , then there is information missing because they make more then enough to not be in credit card debt.
@@yaydog2702 Dave Ramsey made 250k per year and went bankrupt and got sued and foreclosed on. Don't be so quick to judge.
He just needs to stop creating more debt for a long long longggg while. Send a check for the 3400. In June, pay off or tackle another debt to pay off in the month of June or July. Basically just do the snowball that Dave preaches about.
Debt ruins your life. It makes you pay for the past instead of building for the future. Don’t go into debt.
How can a person be "broke" on $100k a year? People are just too irresponsible these days.
It's called pretending to be rich when you're not.
I ask myself that very often, i know the answer but I still have a hard time believing 😅
It's because most people aren't taught how money and debt truly works. Money takes time debt happens fast. You think you can pay it off but the debt builds faster then your money will. People like Dave tries to help reverse that trend or stop it before it starts
Easy. Medical bills and/or student loans. Plus you are in a higher tax bracket.
I000deaths he lives in Florida so his tax is just federal so like 24%.
As an attorney, I can verify that Dave nailed this.
I don’t doubt that but I want proof that you’re an attorney. Anyone can say they’re whatever especially on the Internet. Proof?
@@mikenelson8377 Would that make you feel better? Kind of weird to ask for proof of another man's profession
@@mikenelson8377 yeah he's not obligated to give you personal information that verifies employment.
It's a comment on a UA-cam video
Cornsnake 4815 sorry, I was busy doing open-heart surgery while delivering a baby. What did you say?
Mike Nelson I call bull, proof?
But you make 100k a year, dude pay your bills.
Dave Ramsey: " How much do you owe BOA?"
Caller: "$3400"
Ramsey: " What's your household income?"
Caller: "$100,000"
Me:🤨🤦.....he deserved to get sued.
Loool I just said that
That’s not his only debt.
I literally paused just now with my Locked jaw opened in shock!! how?
there's me thinking he owed tens of thousands and he can't pay that eenie bitty $3500.. come on that's just silly now
Right, I wasn't expecting that. That is sad. I am so glad I found Dave to never be that broke making that much money.
@@larissagonzales6075 Me too .. once this pandemic I want to work 2 jobs just to prevent bad luck w/ jobs and better security
Who else comes here to hear worse situations than themselves and feel better?
👀👀👀
I couldn’t put my finger on why I like watching his videos so much
ME!!!!😩😩
That’s awful
Very small people come here for that kind of validation, the rest of us don't need it.
This guys living like he’s making 200k
Agreed. I was thinking more likely 300k.
And if he was making 200k he would live like he makes 400k. About 2/3 of all people are like that.
DoubleM55 🤔 So it’s a mindset you mean
This is where I have a major disagreement with Dave. If you charged it, making $100k a year, be responsible and pay what you owe.
Sure but suing over that is pretty petty also.
@@larissagonzales6075 not really. you went and bought something as if you had the money, owe up to what you owe or let them take the items back
@@larissagonzales6075 using a credit card is the same as borrowing money to pay for something. What would you do if I owed you $3400 and had no intention of paying you back? Would that be so petty then?
Its not petty....what you forget is:
He makes $100k & this man can't even pay his minimum Payments!? Dude needs to be black listed from having credit cards....good for bank of America....
The second thing is bank of America has millions of customers & even if they are dirty this caller is way worse because he knew he cant afford it & effectively lied & choose not to pay it....letting 1 customers slide for nonpayment BUT they have millions of customers whom are probably doing the same thing "oh there rich so they can afford to let it slide" if that was your business would you? & times millions of customers whom dont pay that starts to add up very quickly which you forget...they are a business not a charity ....boa or any other credit card...this dude has not learnt his lesson 5 CREDIT CARDS & NOW hes begging for Dave's help!? I see he has no morals its sad....
If you went to work & your employer said, work 1st & il see at the end of the week if we will pay you, would you take a chance!? If this dude said to bank of america let me rack up debt & il see if i will give you a penny you and i both know how that would go....this is not his 1st or 2nd rodeo but 5 times & he makes money where he could pay it off including students loans very easy but he chooses not too and for that reason i got no sympathy!
Larissa Gonzales lol if someone stiffed u for hundreds you’d take them to small claims out of mere principal ....don’t play above it
As soon as this guy mentioned he had a timeshare I figured out that he and his wife aren't too bright! These two will continue to have financial issues for life because they want to spend like the work in congress!
I'm a simple man.
I see a Ramsey upload.
I click.
I start to feel better about my financial situation.
haha same here
So do I. I'm glad I read his books years ago. His info has helped me immensely.
It's sad that you need that kind of affirmation. An adult only needs to know that he or she is doing well.
Satan didn't borrow the money.
No but they lent it at a default interest rate of 26%. Screw them.
Why should people get out of paying the debt they incurred? Why is the company the evil one when people spend money they do not have?
I feel the exact say way! You bought stuff you couldn’t afford and not the bank is at fault?
EXACTLYYYYYY!!! It’s not the credit cards it’s the user of them. Common sense is that if you borrow you will have to pay it back. It really grinds my gears when they blame the card company
100% its crazy, you took out the credit card, you spent the money...... now pay it back you idiot
Because they raise the interest, guess when....when the card is already charged up.
People have no responsibility these days. Give me a break..
Makes 100k. Owes BoA $3,400. Of course they want the full amount dude. So irritating hearing these people who were willing to rack up the debt but unwilling to pay it back and always trying to negotiate and weasel their way out of it.
JJ Anthony I’m a share holder of Bank of America
It's laughable! 3400.00 is literally nothing, expecially for someone making 100k. If he is exempt from paying back money, This man should be forced to work at a 25k salary for the next 15 years.
(Creditpatchup.com) Offers an amazing credit repair service. I can testify that they helped me improved my credit score by more than 90 points within a few business days.
I just finished paying off 7K in credit card debt between 2 cards. I accumulated this debt while I wasn’t working full time and in nursing school, as well as making some financially irresponsible decisions (which I’ve learned not to do anymore) I now make 75K/year as of January. Why did it take almost a year to pay this down even thought I make a good living? Well, cost of living in Boston, student loans, etc. I can see why perhaps they got into this situation, but I would never let it get to collections, and I wouldn’t rely on a settlement. I’m happy they are on track though.
Congratulations, that was a wakeup call for you to do better with your Finances.👍🏽
I disagree only with never letting debt go to collections. When debt goes to collections it's actually a good thing. 90% of debt collectors don't legally own the debt and don't have the legal right to even collect on debt. If you ask them to validate the debt and they can't the debt must be removed if not you can sue them. Never EVER pay collections period!
Why is Bank of America a horrible company because they want to get the money they loaned him back?
It's not what... it's how. He's broke what do they expect?
Paquin13 He said they have $100,000 household income. That’s a nice sized shovel.
As someone who never charges more than I can afford, I thought the same thing. B of A loaned the money. Now they want the loan paid back.
Exactly!!!
No cause they were responsible for part the mortgage crisis in '08
Tell a creditor you are filing for bankruptcy and talking to your lawyer. They will ask for the lawyer's name and address. Refuse. Tell them the lawyer will contact them, why are they in a hurry? They ask you when will you file? Tell them you do not need to tell them. Just that they should know your lawyer will be contacting them very soon.
100k income and you can’t pay $3400 ? I’m lost
I'm convinced half the people that comment just want to make fun of people in debt instead of actually relating. I had CC in college that I thought I paid off but it actually had a balance of $15 left after months of late fees I finally got a notice that I owed $291 for a $15 CC bill. It's very easy for life to happen to people.
He is so right. I used to work for a rent to own company and I was the accounts manager which translated meant I had to try to get people to pay their rental bill by any legal means necessary and I’d take people to small claims and I was exactly what Dave said. A 27 year old barely above minimum wage peon. Fortunately that was 25
years ago.
Don't listen to Dave. You were doing your job. The people who renigged and didn't pay deserve no sympathy. You were not the villain, they were.
Its crazy people trying to live beyond their means, I settled my car accident claim this past December after 2.5 yrs of zero income it was hard. I still had to pay my mortgage borrowed a lot from savings and CC, first thing I did when I received my cheque paid all my bills I have, I have my CC with a zero balance I didn't go out and buy a new car with the money instead I invested. I had a very good 6 figures in my account and completely forgot about it I was still spending like I was before my settlement.
*I image for every 1 person Dave helps out of super high interest debt, there is probably like 10,000 going deeper into it*
Yep
Dave's plan is perfect for this type of person. No self-control then cut up the credit cards.
His plan is no credits cards even if you believe you have “self control”
"You're broke, you don't have any money." Dude makes $100k per year....I don't understand how some people are so entitled they don't believe they should have pay their bills. If you don't want to pay off your credit cards, stop buying stupid junk.
“I’m so rich I don’t have to pay my bills”
I never got it either brother. I got furloughed from my regular job about 2 months ago and haven’t missed a bill yet. When you get into a debt or sign a contract to pay, it’s your word. People that don’t pay their bills, or bleed trying, have no honor.
I'm largely surprised Dave didn't tell him to sell the vehicle that has a $12k note they're paying on.
Preach.
He didn’t even mention a home, right?
@@blaircrace1593right😊
Dave acts like it’s a crime to want your money back with interest that these people agreed to pay. Smh Bank of America, capital one , etc are businesses. If you don’t have the money don’t borrow. But it’s not a crime to want someone to honor their contract.
Credit cards with absurd levels of 20-30% interest rates is why Dave advocates to not get involved with credit cards at all. They are banking on (no pun intended) the chance that you'll spend more than you could pay off at the end of the month, then they get to charge a hefty monthly fee going forward and get you to snowball in the wrong direction. If the interest rates were a more reasonable amount, I would feel more sympathy for them, but not when they're counting on a mistake or emergency putting their customers on the losing side of a carefully crafted formula.
Guy makes 100k a year but refuses to pay back 3400 he borrowed...how is the bank the bad guy in this situation...Dave enables bad immoral behavior simply because he hates banks and credit cards so much...really sad
Not really, because in the end, it is those of us who are responsible who will foot the bill for these slackers.
This lends a whole new perspective on how these things work. Debt collectors truly do act on fear and regret and it's almost like bullying tbh. We are all just trying to live decent lives and credit cards are flawed by design to make us go into deeper and deeper debt until we get hooked by a debt collector. Very interesting thank you for sharing!
Pay your bills and you have nothing to fear. Stop playing the victim and dropping the bully card.
WOW talk about a well timed blessing of a video. I'm going through practically everything on the caller's end. I love the line 3400 small amount and less than 10K that's overwhelmingly amazing news to me!!!! Thank you thank you thank you!!!!
Caller: “ Hi Da…”
Dave: “Sell the car”.
I've had a car repossessed in the past. Have also had debts go into collection. Know what I did? Grew up!! Got in touch with the people i owed and paid MY debts. Not their fault I was being irresponsible. I'm debt free now. I make no where near 100k either. I don't understand people sometimes.... smh
You da man.
Dave plz respect Chris. He’s a professional too. Stop cutting him off😡
Chris needs to speak up more.
He's a Boomer, his voice is the only one he hears.
why is BofA "Satan" because they want to be repaid the money they loaned this guy? I'm really tired of people who borrow all this money and complain when they have to pay it back. Grow up and be responsible.
Are you familiar with the term of usery interest
If you don't know how banks work that's on you. Banks are in the business of making money not helping people. It clearly stats in you credit card statement if you don't pay your full balance you will be charged interested.
This doesn’t seem ethical to me. He makes $100,0000 per year. He OWES money to this company and can verily easily pay off $3,500 but because these people are “scummy” he just gets out of it because he can? Doesn’t seem right to me.
This is absolute nonsense, dave shouldnt be encouraging these people who make good money to default or not pay their debts in full. They should be responsible for the full amount borrowed, especially because its consumer debt and not something like medical bills. They deserved to be sued.
Yup
I am with you on that one.
What? Why would you want the banks to win? Didn't they take enough on interests? Oh yeah let me add something, that money actually does not exists. It was written on a computer at the time of acceptance for the credit card. Wow and you want them to get money for nothing?
I dont think you guys are looking at the entire scope, he is $60,000 in debt. $3,400 is just a small slice of the pie. He needs to take care of his house, family, food, necessities first, while tackling student debt, and credit card bills. Not to mention the caller could be saying $100,000 before taxes. The caller also said he tried to pay the bills and work it out with the bank, but the bank didn't let him and decided to sue him. Which I have had experience with while I was using a federal credit union.
@@sgtkeebler tried to work it out huh, its 3400 to the credit card, he makes 100k he should just write a check and clear the credit card, if you don't like paying it back don't spend it in the first place, simple as.
Those people are not gonna settle if they can get full judgement. Dave just makes this stuff up about settling. They will hardly ever settle for 20 cents on the dollar. Thats fantasy
This time Ramsey is wrong. This guy should give the money back he has lent from BoA Period
Who ultimately pays when the consumer backs out of their debt?
Consumers do :D
T Wilde The suckers who pay interest from not paying their statement balance in full.
The consumers!! A family member was in debt and someone bought that debt and put a lien on his house! Gotta be careful with that stuff.....
Bro, pay that $3400 quick and then work on the rest of that mess. You don’t want to be sued. 🤦🏽♂️
Dave: "what's your household income?
Guy: *long pause* (gotta give him a non exact number) "um hundred thousand..."
I hate how they blame credit cards. Dude makes 100k a year, own up to actions. Pay your card off every week if need be. If you don't have it x2 in your checking account you can't afford it.
Let's be real here, you heard it from Dave himself, he told the guy to not pay the debt. That's not taking responsibility. So of course he's going to blame the system and say credit cards are evil. He should instead tell people to be responsible.
This is the point where I strongly disagree with dave.
Why pay unsecured debt, especially if your home and vehicle is paid for with titles in hand. You don't need a credit score, let the banks pay for your vacations, tools, and food. Our own government doesn't even pay their own debt, so why should we pay ours? Let the banks fail, like they should've in 2008.
In California cc companies can put a lien against your property especially if its paid off.
No one shows up for collections court which is why they don’t sue anymore for the most part. Waste of time and money. Companies eat it now.
Love "When you're dealing with Bank of America, you are dealing with Satin." Classic!
*satan
Question, does the creditor collect insurance money on default and gets a tax break than collects the money from debtor. Is that unethical? So how was the creditor damaged if they collect twice and even got tax breaks.
If a customer owed Dave $3,400, he wouldn't settle for 20 cents on the dollar for someone making $100,000 per year. So why does Dave teach irresponsibility that people don't need to pay their own bills.
He makes 100k a year and he owes the money I think he should pay it all in full I think Dave is completely wrong on this one
I disagree with Dave on this one. They are making 100k! They need to learn to budget and be responsible for their purchases! I am a stay at home and we’ve put 3 kids through college- 2 of them living on campus!! Paid cash for all our vehicles and several were brand new. Learn to live on what you make!!
Stay at home Mom! LoL
You don't pay your bills and then settle, guess what????
The IRS will be sending you a bill for the remainder owed because now it is considered income!!!!!
in 7 years it gets deleted if you pay them absolutely nothing & never admit debt is yours-statue of limitations unless you have judgement against you in court
Dave thank you for all the help!!!
Instead of “Better Call Saul” it’s now “Better Call Dave”!!! 😂
It's good to know that debt can be negotiated, but, blaming the lender is not right. They don't trick you into debt, and the borrowers are responsible to pay back...I understand that life happens, because it's happening here, but it was not the lenders fault.
This is what i got from it, debt is best to be piled up and wait until collections come to you so you can pay a half or maybe even less on the full amount. The only downfall would be a lower credit score. Filing for BANKRUPTCY is also a thing too. Dave only noticed he was trying from "I'm on baby step 2." LIKE MY MAN! You have 4 types of DEBT but your only complaint was the "RIGHT NOW MOMENT, Court moment."
You know what the crazy part is, he makes a annual income of 100,000. Like come on, you couldn't do a snowball effect on ANY OF YOUR DEBTS AT ALL!?
Depends on what his mortgage is now. Property taxes in Florida have ballooned since the last few storms, plus the property values have gone up so have the taxes.
He owes the bank money, pay them back. I’m glad he’s getting sued.
There is so much wrong with Dave's response to this. Such bad advice, naming calling and a complete lack of personal responsibility.
Dave gets triggered by debt collectors because of his bad experience when he was in his 20s. The irony is that I guarantee Dave sues ex tenants of his if they owe him thousands of dollars in damages and back rent. Whenever Dave sues an ex tenant, he is a debt collector.
Sued for credit cards? You can write them off, and tell them not to call you. It will destroy your credit for 7 years. Look up the credit card laws.
I think he meant chapter 11 or 7 Bankruptcy
Yes, certain states can sue you. Tennessee is one state to sue you. I've been sued multiple times. I paid all mine off.
What kind of idiot goes to collection over $3,400 with a six figure income? 🤢
Is it me, or does it seem incredibly easy to rack up a ton of CC debt, not pay, and then settle for WAY less than what you owe? With basically no repercussions, other than a low credit score? It's like you can go shopping and just get a ton of things for free?
The people like you who minimize outstanding debt going to collections or going bankrupt don’t have any idea how serious those things actually are. You may want to Google some reputable sources to see the impacts of those things. A lower credit score is the least of someone’s worries.
Also, while you’re at it, make sure to educate yourself on the importance of credit. Dave may tell people not to worry about your credit, but he’s ignorant on the fact that your credit is used in many things, from renting, phone bills, utilities, insurance, mortgages and borrowing ability, APR rates, jobs and background checks etc.
If you have any aspirations to being an FBI agent, police work, military like AF or Navy, they all check credit and it’s actually important and tell you to fix it before you join....
@@BadMannerKorea Dave is aware and has acknowledged that bad credit can lead to problems. Though, keep in mind that what he teaches is to have no credit, which is not the same thing. Having bad credit on your report can indeed potentially prevent you from getting a job, but an empty credit history shouldn't be a problem.
Chances are the lawyer won't show up but judges are reluctant to find in your favor. It is called debt settlement. Creditors will likely counteroffer, so make a realistic offer. Creditors often have detailed information about you, so be truthful about your financial situation. Provide proof that you have limited ability to pay, such as being on Social Security, facing multiple debts, or having wage garnishments. Offer 20% and don't ever go over 25%. Get a letter in writing that the debt has been settled in full and this will reflect on your credit report. These guys know the drill and will buckle if you present yourself as knowledgeable and determined.
...and you make 6 figures!!!??? Mannnnnn gone!
@@jamesallen5591 cuz they keep living above their means. So that 100,000 a year ends up becoming equivalent to making $12 an hour or even less.
Dude bought a Timeshare...
@@ChrisSGreenawalt you're right pardon me....$7.75 per hour.
Anyone else feel ohhh so good about their life after videos like these?
I don't care if he earns $10k, if you charge it, pay it.
Thanks Dave. We are working on baby step 2 and have 2 credit card debts.
I just paid two big accounts today. I am so agressive with these debts that I just pay them without blinking. I have been listening to as much as I can and I am so glad I have ben able to pay of 2 of them so far. 🙂 No more impulse spending for me.
I use BOA, does anyone know why Dave is not a fan? Let me get myself outta there
Fees.
Use Ally Bank or CapitalOne. 10x better, zero fees.
Did you listen to the call?
So, I should take up $3400 debts because they'll take 50 cents on the dollar in return? If they don't like, they're evil or they're the problem. Maybe I can do even better because I make way less than 100k.
This is dumb advice. They won’t settle with 100k income. They will garnish his income sooner or later 👎🏻
The WORST the credit card companies can do is get a judgment on you... meaning they can put a lean on your property until you pay the debt. Offer to make a reasonable payment plan and if they refuse it, take it to court.
A friend of mine recently went to her bank and found that her account was frozen by a creditor.
You’re wrong! BOA will not settle for 50% after they file a suit! I don’t care who you are, they will not settle that low. Even if you show up in person. He will not be the first person that shows up. People on SSI don’t even get settlements that low. Also, if he has $100k income, they will make you substantiate the offer by providing documents such as bank statements and proof of income. Good luck!
Pre-Pandemic maybe that was the case, I guarantee dave is correct
It sounds like you've had an experience with BofA first hand.
I don’t believe this situation will change anything. He makes $100k!
I think Dave is going for low ball technique. Like you said, BOA probably won't accept it but the caller can go on to give increasing higher settlement each time. Eventually, they will get worn out and accept the 'lower' settlements. But I have no experience in such things so I am just guessing. I would really hate to play low ball technique with settlements through, it is especially stressing during this outbreak too
I am really amazed by the number of people who are irresponsible with their credit cards. Sometimes I walk around expensive shops and wonder how it seems possible for many people, with relatively middle-class incomes (bellow ($150,000) afford $500 purses and other expensive commodities that one could probably get relatively cheap online. Well, now we know--credit card debt is the answer. I also do financial videos. It really is a tragedy that so many Americans have very high interest debt because they are unable to control their addiction to spending.
5/19/20....BUT IT DOES NOT GIVE THESE PPL THE RIGHT TO STIFF THE CREDITCARD
COMPANIES.
THUS IS JUST PLAIN STEALING.....
@@eileeneclark9011 Hi Eileene, one reason why credit card companies charge such high interest rates is because the debt is "unsecured," meaning, that there isn't an asset to attach like a home or car if the person is unwilling or unable to pay the debt back. I wouldn't say that it is stealing per se, unless we are going to say that the bankruptcy process is theft. The banks are very sophisticated businesses and do control their risks by offering as much credit as they think is reasonable.
Michael Gordon
It’s stealing.
And I’m sure if Dave didn’t file for bankruptcy and gotten out of his debts years ago he would say the same thing. Well maybe not after he stiffed American Express or tried to when he got in financial trouble with them.
That’s one thing about my parents. They taught me to save, start emergency fund, answered all my questions, and gave me books to read and library card.
To read everything before signing and don’t spend money I don’t have.
And they also told me to always be responsible and pay my debts
I think the same when I drive around town and see everyone in their newer fancy cars.
Burnt Sage agree
This was good information when being sued for that kind of money of 3,400
Bank of America was originally Bank of Italy in SF CA who grew to prominence gouging reconstruction efforts after the 1906 SF earthquake
Im actually surprised dave didnt call this guy out making that kind of income,he really hates BOA that much
They can garnish his wages. Can happen.
Only with a judgment
Not uncommon for people to make that kind of money and have debt like this. Nobody is perfect. Good thing they're not end to deep and can turn it all around very fast. If this couple looks in they can have this done in a year no prob. A simple budget and game plan will change their life.
I can’t stand it when Dave insults people who work for banks trying to collect money that is rightfully theirs. It’s disgusting his hypocrisy on the matter. If someone stiffed him, I’m sure he would go after them to get back what is rightfully his.
aww those poor banks!
bjkarana point missed entirely. Somehow the people working at the bank are villains but the people who stiffed them and can’t fulfill a written contract when they’re too dumb to manage their own money are the heroes. It’s messed up.
It’s also a large blight on his Christian ministry they way he talks about people.
@@mxerb5912 I tend to agree although I think he tries to add a little color to things for radio/podcast consumption to make it less boring. Otherwise its the same old calls over and over
bjkarana
I guess you stiffed someone you owed.
That’s a big thing with many Christians here on Tulsa since I moved here in 1980.They borrow money,don’t pay rent owed,bounce checks,etc. and say “it’s gods will” then everything is ok in their mind.
Those are not Christians.
Forget negotiating you should first exercise your legal right to validate the debts. If they make good on the legal requirements of that then negotiate.
What will that do except for prove 100% that you owe them money 🤷🏿♂️
Herbert Scott I think you should research it and come back to me to let me know if that is still your same position.
@@pfeiffdog0811 No need, I've been down this road, have well over 50 books on credit, credit repair, debt, redemption ect. Ect. There is no free or easy money. Debt can be transferred and judgements can be levied. Just pay the current nite owner and be done with it. Anything else is fraudulent or a waste of time.
Courts are not debtor friendly. The judge might not give him the opportunity to ask for that.
100k and they can't come up with 3400?
Just another good example that income doesnt matter for people with bad financial habits. They make 100k a year but are on the same level as people with 20k income. They live in the same houses, drive the same cars... More money, more spendings, more debt, the never ending hamster cycle.
If the goal is to cut up credit cards and never use them again what’s the point in struggling to pay them off if you gonna quit them anyhow
i dont want to pay my debt either! im gonna ring my lender and say im only willing/able to pay 20% max of what I actually owe
"Me and my wife"....lol.
I feel people will pay their debts if once their debts are paid off, company would cleared off the bad reporting of credit, no loses happen because it's paid.
if you pay your debts in full which means all the interest and late fees or whatever fees they put on it, The company took no losses at the end.
but the way credit is set up, a company gets a repayment but they Still keep the negative report. that little note " paid in full" don't mean nothing when it comes to the credit score. and I don't want to hear about the new models because most companies do not use those new credit scoring that put paid off debt in a better light.
no even exchange once you paid off collections.
Had a C.C. since I graduated college.. never carried a balance ever. Have 1 credit card I put everything on.. pay the entire balance off every month religiously. I do like using the points for those little $100 gift cards a few times a year though (don't get those if you pay cash).
Write a check ? I thought Dave said never give them your account ? Hhhmmm . Probably a slip . Big fan of Dave . Really helped me see how to turn things around .
I’m talk to a lawyer and they are saying I need bankruptcy. Probably they don’t understand the full picture of my situation . We shall see .
You don’t write a check without a letter that says it’s paid on full.
Good old game of CC roulette...been there done that
My cousin has a credit card with Bank of America but he’s thinking about closing it... is it worth doing that? Any advise appreciated
Got summons for $1000 trying to settle with them. If not see them in court.
How did it go? Did they settle with you.
the wicked borrow and dont repay! its funny to me how the banks actually have more mercy then some people taking 50c on the dollar!🤷🏾♂️ when they dont even have to do that!
clay#07 Not all debtors are “wicked”.
Barbara Repko borrowing doesnt make you wicked. not repaying makes you wicked thats what the bible says.
Banks are not wicked
@@pearlperlitavenegas2023 where the heck did yall go to school. i never said that! i said if you borrow money and dont repay what you owe, makes you wicked. lending and borrowing are two different things people.
Dave, you talk about how working for a living is living with dignity, but then you counsel people to stiff their creditors for 50 cents on the dollar and to have a good laugh while they're doing it. Where's the dignity in not paying what you owe?
Broke on 100K! I pray people like this don't ever lose their jobs and have to try to exist on unemployment benefits.
People spent money on credit (money that does not belong to them!) then can't pay it or just don't want to pay the debt. This is just wrong. It's like I am going to spend money that I don't have and then I will only pay if you settle for $0.25 out of $1.00 I spent...what a deal!
He does have the money... I bet they are eating out, buying Starbucks, new clothes.
Do they both have brand new cars?
I make way less and driving g a 2003 Camry
209,000 miles on it.
New Dave Ramsey plan:
Step 1: Rack up debt
Step 2: Don't pay
Step 3: Wait to get sued
Step 4: Settle for 50c/$
Step 5: Drive off in to the sunset in your half price car
😅
always😂💔
Great video Dave traffic court is a joke very true lol
So I'm stupid for paying off my credit each month. I should stop paying, let them sue me, and than pay 50cents on the dollar.
My exact thoughts! This would save me so much every month and I will put it away until they sue me 🤷♀️
Wrong, don't forget fees over time, interest, court cost and the list goes on.
let say original credit is $1000 became $4000 ,you end up paying $2000 ( 50cents on the dollar) double then original debt
I need some input. I'm in the process of looking to purchase my first home. I live in NYS. I qualify for the first time home buyers program, which would give me around $14000 for a down payment toward my home. I have enough in savings to pay off my $28000 in student loans. However, I was instructed not to pay off my student loans if I am trying to buy a home. I should wait until I buy the home. Anyone know why this is? I need some input on the best way to go about this. Any advice is greatly appreciated. Thanks!
Dave would advise you to be completely debt-free and have an emergency fund of 3-6 months of expenses before buying a home, and I agree. You don't want other bills while dealing with the costs of home ownership.
I don't know for sure, but my best guess for why you would be told not to pay off student loans before buying a home is to maintain your credit score.
Guys, income has nothing to do with the actual amount you spend or borrow. You can easily make $100k and still owe way more than you make. Dude literally just said he has $50k in debt. THATS why he cant pay off his $3400.
No debt should be paid if they are in collections you know that