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Author Archives: Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Retired Couple Takes Out Loans With Payments Twice Their Income

Modern business concept

“Dear Steve, My wife and I are retired with a fixed income of just under $3000 a month. Over the last few months, we’ve had to take out loans at several, high interest businesses. Now, our payments are twice our income. We have a small place, (mobile home and storage bldgs.) valued at about $20,000, which is free and clear. ... Read More »

I Am Terrified I May Have to Pay Taxes on My Forgiven Student Loan Debt. – Elizabeth

worry

“Dear Steve, I am 27 years old and have a Master’s Degree in Social Work. All of my loans are government loans (no private loans). I accrued all of my debt (approximately $89,000) in graduate school. As a social worker, I do not make much per year and have consolidated my loans and am on the income-based repayment plan, paying ... Read More »

I Was Turned Down by Lending Club and Prosper for a Debt Consolidation Loan. – Brian

national_distribution_of_fico_scores

“Dear Steve, I applied at LendingClub.com and at Prosper.com for a loan to consolidate my debt. I was declined at both. I have been trying to find a solution to consolidate my debt and eventually eliminate it. No places simply want to provide a loan. My credit score is good (690 ish). What other steps should I take to consolidate ... Read More »

The Get Out of Debt Guy 8 Easy Steps to Eliminate Your Debt Checklist

money

So you want to get out of debt. Congratulations. To make your journey easier and to help you on your way, here is an easy to follow checklist to guide you on your journey. Getting out of debt can be broken down into some very simple steps to make the process easy, obvious, and help you to do it yourself. ... Read More »

Student Loan Debt by Generation. Sorry Gen X and Millennials.

student loan debt

Here is a nifty infographic showing the generational difference and growing danger of student loan debt. Looks like Generation X, those born between 1965 and 1984 is sinking fast. But more Millennials are loaded up with debt than any other generation. And this is what an unfolding crisis looks like. Get Out of Debt Guy – Twitter, G+, Facebook If ... Read More »

CFPB Suit Against Debt Relief Company Should Make Industry Very Afraid

Boom goes the dynamite.

Yesterday the Consumer Financial Protection Bureau filed suit against American Debt Settlement Solutions, Inc. and Michael DiPanni. If you are in the debt relief industry you need to become painfully familiar with this suit because it will make you soil your pants. For the first time the CFPB has laid out its hand on what they feel is an abusive ... Read More »

Can Bank of America Really Give My Mortgage to the Blood Suckers at Green Tree? – Mike

Cosplayers at San Diego Comic Con 2009

“Dear Steve, I applied for a loan modification with Bank of America that took almost a year to finally finish. They did not do very much but extend my 30 yr mortgage to 40 years at 5% and quite frankly did not bring my payment down by much. PLus even with a “Quick Deed” signed and divorce papers B of ... Read More »

My Private Student Loans Have Been Bought and Sold So Many Times. – Alex

radar

“Dear Steve, I make 15 hr and I have about $150,000 in private student loans and $50,000 in Federal loans. My federal loan payment right now is $32 a month which doesn’t cover the interest but it’s really all I can pay now. I have defaulted on all the private loans since they offered me no reasonable solution or payment ... Read More »

Will American Express Settle With Legal Helpers Debt Resolution? – Dave

boxer

“Dear Steve, Signed up almost 3 yrs ago with Legal Helpers Debt Resolution. Almost at the end of 3 yr contract. Started with 5 CC accounts. Now only 2 left. LHDR negotiated 3 (2 to go). I still have 2 CC debts to settle. One is for 13K (they have not been agressive and have not taken any legal steps ... Read More »

Why Did Check ‘n Go Lend Me So Much Money? – Christian

gears

“Dear Steve, I borrowed $2500 from check n’ go as an unsecured installment loan in Ohio. I have to pay back $370 every two weeks for 6 months. My gross income is $1400. First question is, how the heck did they loan me that amount based on my meager income? Can I get out of it somehow because they knew ... Read More »

Advanced Professional Network Has Left Me With a Bad Feeling. – Anna

Screen Shot 2013-05-30 at 1.05.50 PM

“Dear Steve, I am delinquent in my mortgage and am having trouble making payments. I have signed up with a company called Advanced Professional Network who have put me in a loan modification dropping my mortgage payment about $400. I was so relieved that someone was helping….but now I’m second guessing and have a bad feeling about this company. The ... Read More »

I Don’t Want to Ruin My Credit for 10 Years and File Bankruptcy. – Mary

Decision time

“Dear Steve, 40K in cc debt…been in collections for at least a year with a recent summons from Discover. Have been unemployed off and on, trying to find full time work for approx. 6 yrs and just landed a ft job at $14/hour. Working per diem jobs as well. Really don’t want to do BK..I like my bank and the ... Read More »

I Had Cancer, Lost My Job and Filed Bankruptcy. I’m Sinking Again. – Deborah

adding up

“Dear Steve, Around 2000 I tried a debt consolidation company years ago and they took my money. So I had to file bankruptcy. Well I got Cancer. Then I lost my job in 2009 and did not find another for over 2 years. I have had to use a lot of credit cards for medical and to live on. I ... Read More »

The Saddest Avoidable Mistake People Make When Getting Out of Debt

Every day wasted is money wasted. Make the tough choices young so you don't wind up broke, old, sick, and counting pennies.

It is painful for me to watch people make the same ignorant and stupid mistake time and time again when getting out of debt. And what is the number on mistake that screws up their financial future in an effort to repair their financial past? Keep reading to find out. People make all sorts of emotional decisions when faced with ... Read More »

I Really Don’t Want to File for Bankruptcy. – Marsha

SONY DSC

“Dear Steve, I was out of work for three years, and during that time I defaulted on all my bill payments. I want to be debt free, but I dont know where to start, because I just can’t afford to pay all that money, even if they all set me up on a payment plan. How can I approach this ... Read More »

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