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First I want to say that the Dave Ramsey method is one of the best methods to eliminate debt that I have come across. His thoughts, experience and knowledge is the best I have seen…far superior to Suze Orman.
Watch this controversial video to learn more:
I feel that anyone using his system would be greatly benefited…
It is not for everyone.
I would not suggest this to people that do not have any discretionary income to work with. If you can budget, without depriving your lifestyle, and live below your means then this by far a superior method.
But for those of you that, have already cut back on expenses as much as you can and are still in trouble then DO NOT DO THIS SERVICE as you will fail.
Your best alternative is debt settlement, then bankruptcy.
Maybe people don’t like debt settlement, and Dave Ramsey himself is against it, but when you have no other options it will give your relief from the debts and still let you fulfill your moral obligations of paying at least something to the debt.
Of course debt settlement is not for everyone either. Don’t do it if you can pay your bills and are not in trouble financially. It then would be unethical in my opinion.
If you can’t do debt settlement, then you should look at bankruptcy as the final option.
I have read the earlier posts, especially of the moral and ethical issues of debt. I think Chad (whom is very knowledgable) stated that a Christian, if they have read the bible, should pay their bills. I don’t disagree with that at all.
A more careful study of the good book will reveal that GETTING INTO debt is not very Christian in the first place. The bible ( in the Old Testament) clearly states that anyone that loans someone money for the express purpose of usuary will not go to heaven. I guess this would refer to the banks of our time, yes?
So if banks, per the bible, are charging usuary (interest) for profit, and they are not going to go heaven, then it stands to reason that these are not Godly people. So why would we work with them and get into debt? Isn’t that tantamount to be in agreement with these people?
SO the handling is prevention. But if you are in debt, then use what ever method you need to to get out of debt. Use your best judgment, and follow your own ethics.
I hope that helps. I hope I have over stepped my bounds here, nor did I wish to offend anyone. If I did I am truly sorry, but please do look at what I said to see if it applies before any rash judgments are made.