So, another Ramsey-ism — if you’re in debt, sell everything until you’re not in debt!
I’ve been doing quite a bit of this — finding extra stuff around the house that we no longer need, and putting it up on Craigslist and eBay. However, one of his big recommendations always seems to be to sell your [...]

So, in my last post, JoeTaxpayer mentioned that it’s worth considering taking a loan against your 401k to pay off high-interest rate debt. I took a quick look at that, and it really does look like an appealing option - I could drop ~$10k of my debt down to 6% interest over a 5-year period. [...]

Right now, our payments for our debt is exceeding our income, so we’ve stopped 401k contributions to help make the difference up. However, in a few months, we should be at the point where we can actually afford to make payments within our income. I’ve been debating if it would be wise to start adding [...]

For all of you that have attended Dave Ramsey’s Finance Peace University classes, I’m sure that you remember his list of so-called “myths” about debt. Read more for some that made me giggle..

We’re still going through Dave Ramsey’s Financial Peace University program. Last night, we had the “Credit Sharks in Suits” lesson. On the plus side, this is one of the few lessons that I agreed with him on most things. However, there was one big place where I disagreed — his statement that a FICO Score [...]

We are current going through Dave Ramsey’s Financial Peace University program. In one of the lessons, Dave says that you are just as protected with a debit card as you are with a credit card. I take issue with this for multiple reasons.

Right now, we are at the point where our monthly expenses plus debt payments are more than the money we are bringing in every month from our regular jobs. Since we’ve started tracking this a few months ago, we’ve always been able to bring in enough additional income to make up the difference, but this [...]

Over at Bible Money Matters, there is a description of Dave Ramsey’s program to “Drive free cars”. Basically, his theory is that if you save enough money in a mutual fund at a 12% return, you can eventually have your cars be completely free. Seems like an interesting concept, but the downside of it for [...]