We’ve Been Following the Dave Ramsey Plan But It Is Getting Difficult. – Mark

“Dear Steve,

We have approx. $44K in revolving debt. I have been trying to follow the Ramsey plan for a few years but it is getting increasingly difficult to “live like no one else now so that I can live like no one else later!” I am considering a debt counseling service to see if we can negotiate a reduced payback and lower monthly payments. However, I am concerned about wrecking my credit.

Is there a particular service you would recommend?


Dear Mark,

The right approach would really depend on your situation. But any approach that reduces what you owe is going to effect your credit. That’s just a fact.

You know, Dave Ramsey went bankrupt and bankruptcy is the only legal option that forces your creditors to either wipe out the debt or take what you can afford to pay at 0% on the unsecured debt.

I’ve run into many people in your same situation and I’ve watched people struggle for years, living on the edge, trying to make up for past mistakes but I’m always left with one questions for all. Do we have a greater responsibility to repair the past at the detriment of the future, or to repair the future even if it means making some hard decisions?

For example, let’s say you went bankrupt and the debt was wiped out. You’d then be in a better position to save money and protect yourself from a future financial trauma. Which is better, struggling to pay off the debt or having a big emergency fund?

Since you appear to be on the edge I would suggest you do two things. First, I think you should click here to find a local bankruptcy attorney and talk to them about your specific situation. Second, if you still want to pursue debt settlement I would suggest you schedule a consultation with Damon Day to review your situation. He will guide you into the right program if one is required.

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But armed with that information you will be able to make the right decision for you.

And oh yes, if you are think bankruptcy is wrong, just remember there is nothing that prevents you from repaying your creditors after bankruptcy if you feel strongly about it, and bankruptcy is a legal process.

You might be interested in reading “Dave Ramsey and His Un-Truth About Bankruptcy.”

Please update me on your progress by

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Steve Rhode

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