How to Get Out of Debt With the Get Out of Debt Guy » Testimonials

Talk Credit Radio Interview With Gerri Detweiler

Steve Rhode — Thu, 15 Mar 2012 20:02:08 +0000

Here is the recent interview I did with Gerri Detweiler on Talk Credit Radio.

Listen to Talk Credit Radio Interview With Steve Rhode

I had the pleasure recently to talk with Gerri Detweiler about a wide range of debt related issues and scams. We start out talking about identity theft, fake debt collectors, and then move into a wide range of debt related topics.

@GetOutOfDebtGuy

I Would Like to Tell Your Readers How Much You Helped Me. – Valerie

Steve Rhode — Sun, 07 Nov 2010 00:47:13 +0000

From How to Get Out of Debt

“Dear Steve,

Hi Steve,

I’m not sure if you remember me, but I have written to you twice before. The first time I had been out of work for almost a year and the second time I was working part-time jobs on a regular basis. I want to thank you for your sound advice, your care and concern.

Anyway, I almost lost my home, my car, etc. but I made it. I had to work (at times) up to 3 part-time jobs at once to survive. I gave up my home phone, Internet service and went to the library to check my email (yes, while job-hunting and unemployed), gave up cable television and other little things.

I would go to the library to rent DVD’s and old VCR tapes. I networked, networked and networked as much and as effectively as I could and finally was hired by a large insurance company and am now a licensed Property and Casualty agent. I am still not making the salary or receiving the benefits I was getting a couple of years ago, but I AM WORKING and I SURVIVED!

I somehow have been able to keep my car payments up (my car will be paid for in Summer of 2011 and I am keeping it!) and keep my insurance paid. I didn’t (and still don’t) have health insurance but fortunately am very healthy (I am in my 50′s) and except for a few things (some unexpected surgery, etc.) I have come through things basically sound and healthy.

I am going to school and have just been awarded a scholarship to finish, which I am VERY thankful for. Each Sunday when I go to church, I put a small amount in the collection plate because I remember how the churches helped me keep a roof over my head and my lights on. I know it COULD have been much worse. Those things I could never forget.

Our church, as many do, helps many people in the community with various types of assistance. I have realized I am truly a fortunate woman, but of course when going through all of this, never did quite see that. I am reminded of something you told a reader once…you told him/her that debt is just debt and never worth even considering anything drastic like suicide.

I believe this reader thought he or she would never survive their situation and did not see a reason to go on. You were SO right, and if I may, Steve, would like to tell your readers just how much your column helped me.

I read the letters and I could could identify with many of them. Many times I was so depressed, I would read them and start to cry. At one point, after many months of unemployment, I thought I would never work again or be able to keep my car and apartment. I was wrong.

I have learned that if you think things are bad now, realize that you will be able to look back one day (I promise) and wonder how you ever got through it. I see more and more homeless people near my workplace each week, and think “that was almost me.” Well, that could be ANYONE of us. We always HAVE much more than we think, more strength, more determination, more faith than we ever thought possible. We also have the faith to go on because we all have people who know, love and care about us. Find those people and cherish their friendship, they will be there for you if you are there for them. This will keep you sane and centered. Don’t let bills or mounting debt choke you. There is ALWAYS an answer. It m ay not be the one we want, but it’s there.

Finally, know that even if you lose a home, a car, a job, empty the bank accounts, or can’t pay the bills, it’s NEVER as bad or as painful as the loss of a family member or friend. By the way, earlier this year I met the most wonderful man and instead of worrying about what he might think about my situation/debt, we had an honest talk about money, credit and debt. We are now planning a life together. I do feel that almost anything can be worked out between two people who are honest with each other. Who would have thought I would meet someone who would be able to understand?

You are right, Steve, when you said to “not wait to be debt free” to get married. If that was the case, would anyone be able to marry?

Again, thank you, Steve, so much for all the positive things you have to say,the straightforward manner in which you say it and the caring way that you help readers.

God Bless and Please Keep up the Good Work!

Valerie”

The Answer:

Dear Valerie,

You are very welcome.

I learned a long time ago to never expect anyone to come back and say ‘thank you’. I do what I do is to help people without any expectations.

For that reason, the time and effort you took to come back and share is just the best gift you could have given me.

I’m so happy you’ve found a way through and that you learned from what I’ve shared. I can hear my words in the messages of what you have come to realize.

Moving forward, just remember, every day is a good day as long as you are not on fire. If you set that as your daily expectation, every day is awesome.

Congratulations on your new relationship. The fact that is is rooted on honesty is a true blessing.

This time I need to thank you for the big hug.

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Thank You For Your Compassionate Help You Provide Others. – Barbara

Steve Rhode — Tue, 31 Aug 2010 18:17:20 +0000

From How to Get Out of Debt

“Steve,

Thank you for the compassionate help you provide to your readers. Your extensive knowledge of financial matters and the integrity and honesty with which you answer readers, telling it like it is with no beating around the bush, is a rare commodity.

Keep up the good work!

I have read your website extensively and found that your answers to many other readers questions pretty much address my situation. Unless I can substantially increase my income, I see no other choice but to file Chap 7 bankruptcy early next year.

I am a leading edge baby boomer, single, no kids, who wants and financially needs to work full-time for the money and insurance benefits. Was laid off from the last full-time and part-time jobs in my field and have not been employeed in my field since the layoffs. Forced into “early” retirement by the intersection of the economy and my age (early 60s). Unemployed / underemployed / lived on savings and credit cards the last 2 1/2 years. Started receiving early social security in July 2010, 1 year after exhausting my savings. Things are slightly more stable now, so I can start dealing with digging myself out of the credit card hole I have dug myself into.

Not exactly how I planned to spend my early retirement, but life is what it is, so I am attempting to make lemonade out of the lemons coming my way.

I am starting a small microenterprise business out of my home doing what I used to do as an employee — computer software training, but as anyone who has started a business knows, it takes time to generate consistent cashflow that you can live on.

I am grateful for what I do have — things could be much worse and there are so many struggling with worse situations — but the reality for me is that the modest resources I have / had are being overwhelmed by long-term chronic un / underemployment.

Duh, I get it — to live within your means you have to either increase your income or decrease your expenses. I have always lived modestly and frugally, even in better times, and have the discipline and skill to track my income and expenses carefully (Quicken software). But as my minister always used to say, “in the realm in which money works, there is no substitute.”

I understand that when I actually file Chap 7 I must not have any funds on deposit at the bank where the credit cards are. I am in the process of finding another bank to transfer my checking accounts to. Given the state of the banking industry in the last several years, how can I make sure the bank I choose is stable?

(1) I will be reaffirming my mortgage. I assume that moving my checking accounts to the credit union that holds my mortgage is not a good idea?

(2) Are there any websites available that provide ratings of banks, that will help me evaluate the financial stability of the banks I am considering?

(2) If #2 is no, if I provide you with the names of the banks I am considering, can you provide help in evaluating them?

Thank you in advance for your advice.

Barbara”

The Answer:

Dear Barbara,

First off, thanks for the kind words. I can definitely tell by some of the things you’ve mentioned that you have read a number of posts and listened to what I had to say.

I would not be worried about any bank that is FDIC insured. The FDIC does an amazing job of transitioning any bank that fails to new ownership. It truly is a process they have perfected and it runs smoothly.

If you want information on any bank you are considering you can check them out on the FDIC Institution Directory.

Bottom line, pick any bank as long as it is FDIC insured.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Thank you For The GetOutOfDebt.org Site And Your Help. – Lisa

Steve Rhode — Tue, 17 Aug 2010 22:11:14 +0000

From How to Get Out of Debt

I received the following email from one of our site follower friends.

Thank you Lisa for the update and sharing your opinions, experience and inisght.

@GetOutOfDebtGuy

With the help and encouragement of your site, we have filed Chapter 7 and been discharged, thanks so much!!

I just wanted to say thank you for being there and for this blog.

Last year I was laid off. My husband is on SSDI permanently and I knew that in this economy, if I was lucky enough to find a new job, I would most likely take a substantial pay cut. That is what happened. In a way, I was lucky. I had several months advance notice of my layoff and was able to use most of that time on my job search, as my former company had been acquired and there was not much to do at work anyway. I also received a generous separation package, which helped a great deal. However, after a months long search, my only offer came at a salary reduction from my previous position of almost $20K per year. We had been in so much credit card debt for so long that by the time I was laid off we had more going out to make minimum payments than was coming in and I was juggling credit cards to buy basics like gas and groceries.

I looked into debt consolidation initially and the representative of that industry answered my questions thoroughly and, I believe honestly. After careful consideration, we decided that debt consolidation was not the way to go, primarily because of the uncertainty of the outcome. I was very uncomfortable with the fact that it’s not a well-regulated industry, that my creditors did not have to accept or could change the terms of the agreement and that it could take several years – or never – to fully resolve our debt. With my greatly reduced income and the small amount we receive from SSDI, I doubt we could have made minimum payments under a consolidation plan anyway.

Bankruptcy seemed the obvious answer. We spoke to three different lawyers before we found one we were confident with. His fee was a little on the high side – $2000 – but once we retained him, he took care of everything and his fee included everything, i.e., the filing, the two credit counseling courses (he filled in the dollar amounts of our debt on the one that required that information, I think it was the 2nd one) and his appearance at the creditor meeting. So I think his fee was more than fair, and from being in his office, I can tell you, he’s not getting rich, at least he’s not spending his client’s money on a swanky office.

Anyway, I just wanted to add my 2 cents – it’s all we have left, but at least we don’t owe it to anybody! – and say thank you again for the moral support and words of experience and kindness as we began this journey.

For anyone out there considering their options in coping with overwhelming debt, if you are in a similar position as us – mountains of unsecured debt and no way to every realistically pay it off – I would say speaking to a qualified bankruptcy attorney is a vital first step. You may not decide to go that way or you may not qualify, as bk laws have greatly restricted access since they were changed in 2005, but any reputable attorney should give you a consultation for free.

And if you have moral qualms about walking away from your debt, consider this: unsecured debt is a bet that the banks make. They make money from lending money, sometimes at exorbitent interest rates (on a side note, our case was discharged last month and immediately I started receiving credit card solicitations that explicitly acknowledged our bankruptcy, but still make “pre-approved” offers, which I instantly rip up.

One card’s rate was $54.9%!! How is that even legal?!) This may be a bit of a rationalization, but debt is a two way street. Banks get tax write offs for uncollectable debt and bailouts from the government. The financial sector is the one industry that is thriving in this economy and the recent financial reform bill really only amounted to a slap on the wrist.

So temper your guilt and move forward. Remember that bankruptcy laws don’t look at how much you owe, only in what form (unsecured; taxes and student loans are excluded, as are certain other types of debt, like alimony, child support and court judgments) and your ability to repay.

It’s crazy to keep pouring money down a rathole and never have anything left at the end of the month, much less any ability to save for emergencies or the future. The banks will survive without you, you should be able to say the same.

Lisa

A Question Update From Sarah – Communication, Relationships, and Debt

Steve Rhode — Wed, 20 May 2009 17:24:52 +0000

From How to Get Out of Debt

“Hi Steve-

I wrote you a few months ago regarding my upcoming marriage and fiance concerns. See I’m Getting Married But My Fiancee and I Don’t Seem to Be Money Compatible. – Sarah .

Here is an update: My fiancee and I were not on the same page. We sat down and had a long talk (at a restaurant to prevent yelling!) and we learned that each of us had some significant mis-communication and ideas about how the other should handle things including the debt.

While it certainly wasn’t a fun conversation it did get us set on a good path. We worked out a plan because both of us accepted that we wanted the debt paid off (at least the car, mattress, and CC) in a realistic and quick manner.

We sold the car and used a tax refund to pay the note off. We then rolled every dime we had (except for a $1000 emergency fund) into debt payment. I took extra shifts at work and on May 15th the last check cleared.

We paid off $19,265 in unsecured debt and car in 9 weeks. We only drive one car right now (paid for) and are re-evaluating our plan to attack the student loans as well as build a better emergency fund. It was hard but we were able to do it.

Thank you for your hard work and encouragement.

Sarah”

Dear Sarah,

Thank you so much for the update. I’m so glad that the two of you were brave enough to have that conversation and as usually happens, it all worked out fine. The emotions and imaginations are worse than the reality in this type of situation.

I am so proud of you for writing, asking for help and listening to what I had to say in order to get you in a position where things are looking so bright, you’ll have to wear shades.

If anyone ever deserved a big hug, it’s you.

@GetOutOfDebtGuy

How to Get Out of Debt With the Get Out of Debt Guy » Testimonials

Talk Credit Radio Interview With Gerri Detweiler

Other Related Articles to Read

I Would Like to Tell Your Readers How Much You Helped Me. – Valerie

The Answer:

Other Related Articles to Read

Thank You For Your Compassionate Help You Provide Others. – Barbara

The Answer:

Other Related Articles to Read

Thank you For The GetOutOfDebt.org Site And Your Help. – Lisa

Other Related Articles to Read

A Question Update From Sarah – Communication, Relationships, and Debt

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