On Feb 22, 11:35 am, sandybeth <sandy...[at]yahoo.com> wrote:
- quote -

I just skimmed it, but it seems to me that it just cover the basics.
So, if you don't invest nor save for retirement, you might find it
useful.

HTH

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Chris Cowles wrote:

- quote -


If two debts have similar interest rates, attack the one with the
smaller balance first because paying it off increases your monthly
cashflow (if something goes Terribly Wrong, you have reduced your total
minimum payments.) For the same reason, it might make sense to quickly
pay off all the debts that have small balances regardless of their
interest rates. Each account with a balance has a minimum payment every
month and a potential for generating late fees and penalties.

Bob

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BreadWithSpam[at]fractious.net wrote on [Sun, 24 Feb 2008 12:47:13 -0600]:
- quote -

You forget though, that he is not providing advice to his listeners, he
is ministering to them. His words, not mine.

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John A. Weeks III wrote on [Sun, 24 Feb 2008 13:46:32 -0600]:
- quote -

Do you use a debit card currently? It's very easy to spend hundreds more
than you have in the account with a debit card. Banks realised how much
more they can generate in fees due to authorising charges even when they
would send the account negative.

- quote -

If you are following these same guidelines then the use of a rewards
credit card would do you better than using a debit card.

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"John A. Weeks III" <john[at]johnweeks.com> wrote in message
news:john-D430CF.03211624022008[at]sn-radius.vsrv-sjc.supernews.net...

- quote -

I concur with that view, but only to give the debtor a little
psychological boost. Paying a few off completely, even if low
interest, may be worthwhile. If very low balance compared to the
total, the interest difference of doing so is probably immaterial.

I wouldn't waste a lot of time or resources on it, though. Those high
interest cards definitely need early attention. Logic must prevail
over emotion.
--
Chris Cowles
Gainesville, FL

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In article <slrnfs36mk.8le.nospam[at]debian.dns2go.com> ,
Justin <nospam[at]insightbb.com> wrote:

- quote -

Yes, that is a good point. The counter-point is that at least
with a debit card, you stop spending at zero since the money is
coming out of your checking account. With a credit card, you can
keep on spending past zero, and end up spending far more than what
you have.

The second counter-point is that Ramsey is a big advocate of
budgeting. He advises people to spend it on paper before you spend
it for real. If you follow your budget, you shouldn't be overspending
because of use of a debit card.

-john-

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================================================== ====================
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BreadWithSpam[at]fractious.net wrote:


- quote -

I agree. For much of his audience, telling them some credit card use is OK is
like telling an AA meeting that two glasses of red wine a day is good for your
heart. -- Doug

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"John A. Weeks III" <john[at]johnweeks.com> writes:
- quote -

As you said, he may just be being careful about his audience.
I'm sure he's personally aware that it's possible to use a
credit card responsibly. He may (and this is just me giving
him the benefit of the doubt, having never actually heard
his show) just be trying to keep it as simple as possible.
If most of his audience cannot use them responsibly, it
may be detrimental to suggest that they can - they all
will then assume that they are in the category of "oh,
that don't-use-credit-cards business doesn't apply to me..."

- quote -

Exactly - for some people, the numbers are the most important
part. For me they are. But some people need more motivation
and positive feedback - proof that the process is working.
The achievement of having paid off a card, having one less
bill - has huge psychological impact. I'd prefer that
folks are presented with the upsides and downsides of both
ways of doing this, but, again, it may be a matter of him
playing to an audience.

That all said, someone who only plays to his audience and
glosses over the exceptions (especially if he says stuff
like "always" instead of "in many or most cases") would
annoy me no end.

--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting

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John A. Weeks III wrote:


- quote -

We often talk here about getting to know the clients risk tollerance,
and guide not just based on the numbers, but how well they'll sleep at
night. So I agree with you on the above. And that's why I'd never make
an absolute statement such as those Dave makes. Did the spending come
from the easy card use or do these people use the cards because they're
irresponsible in the first place?
Perhaps his debt snowball method is the best for his listeners/readers.
I can't say. But I know that when I was young and stupid and digging my
way out, it was the high interest cards that offered the highest credit
lines, a new low interest (12% at that time) card might have a $1000
limit. So I viewed that as a way to save $100 interest per year, and
kept stacking up the small balance cards. I made minimum payments on the
small ones and as much as I could on the higher ones.
In the end, his comments and methods are likely right for some group,
just not 100% of all advise seeking people.
JOE

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John A. Weeks III wrote on [Sun, 24 Feb 2008 03:31:09 -0600]:
- quote -

However, he always fails to mention that while he advocates the use of a
debit card, the studies show the exact same over spending applies to
debit card usage.

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In article <wPadnT9bAP2IV13anZ2dnUVZ_oCvnZ2d[at]comcast.com> ,
joetaxpayer <joetaxpayer[at]nospam.com> wrote:

- quote -

I also disagree with Dave Ramsey on this point. I see a credit card
as a tool. If you know how to use a tool and can be trusted to use
it properly, then you can use it. If you don't know how to use a tool,
or use it wrecklessly, then you shouldn't be using that tool.

In the case of people who call his show, many are up to their ears
in debt, have cars worth more than their annual income, and have
house payments that are over 50% of their take home pay. For these
people, credit has not been a blessing. Rather, it allowed them to
commit financial hari-cari.

Another point that Ramsey makes is a study that shows that folks who
use credit cards spend quite a bit more per purchase (on average)
than those who use some form of cash. Simply cutting up the cards
and switching to cash can add quite a bit of extra money to your
monthly budget.

- quote -

That is a fair criticism, and one that I made at one time, too. To
defend the Dave Ramsey method, Ramsey states that getting out of debt
is a behavioral and habit change, not a mathematical decision. If
one attacks small debts first, they get some quick wins and see
real progress. As a result, one is far more likely to buy into the
program and stick with it. Interest rates are math, which is a head
thing, while getting out of debt means a decision to do the right
thing, which has to come from the heart.

-john-

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================================================== ====================
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Newave Communications http://www.johnweeks.com
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John A. Weeks III wrote:

- quote -

I think that any author likely has some tidbits worth listening to, as
well as advice I'd dispute.

Dave Ramsey states on his web site:
"Myth: Aren't there positive uses of a credit card? Like rebates and
airline miles?
Truth: Responsible use of a credit card does not exist. Credit card debt
is a major problem in America."

Wow! So running all my expenses through a card that's given me 2% cash
into a 529 account, and paying it in full every month was actually not a
good thing? That free semester my child will have in 10 years is what? A
fantasy? That blanket statement 'does not exist' was a bit over the top
for me.

Also, his 'debt snowball' method. Suze used a pejorative against the
author when asked about this method. I agree with her, regardless of the
number of cards or size of each balance, one should pay the highest
interest cards or loans down first.

JOE
www.blog.joetaxpayer.com

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In article
<ade915ba-dd77-4d2a-bb58-682d969cbe16[at]u72g2000hsf.googlegroups.com> ,
sandybeth <sandyhb6[at]yahoo.com> wrote:

- quote -

I think you should take a look at the book, or get a book on tape
version to listen to when stuck in traffic. You will be surprised
to learn that the topics that Suze covers in her books are quite
different from what she covers on TV. Her books are mainly on
financial planning, while the TV show questions are often from
folks with problems.

At any rate, I think folks with financial problems are better off
looking at Dave Ramsey than Suze Orman. Both have their strengths,
and I think Ramsey has a better and more well thought out program
for getting out of debt and solving money problems.

-john-

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================================================== ====================
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================================================== ====================

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I downloaded this book when it was offered for a couple days after
Suze was on Oprah. I haven't begun reading it yet and I wonder if
anyone else out there has? I don't want to waste my time because I'm
not her typical viewer who has financial woes or is overextended.
However, I'm hoping I can learn something by skimming it.

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