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Get Out of Debt Guy

Get Out of Debt Guy

Author: Steve Rhode

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Credit, debt, and money answers from the Get Out of Debt Guy, Steve Rhode. If you want to know the latest news from inside the debt relief industry or have a question about getting out of debt, this is the show for you.
109 Episodes
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If you want to see someone instantly disagree with you, tell them that people that file bankruptcy do better financially than people who don't and struggle. When people face unexpected money troubles, it is just math wrapped in emotion. The underlying facts are not judgmental. And the math doesn't make assumptions or believe common myths.  Let's talk about it.
In this episode, I answer a couple of reader questions with some interesting issues. The first involves what looks like a duplicate 1099-C tax form for forgiven debt. The second is about an old bad debt that is still on the credit report.  If you'd like to ask me a question, just visit https://GetOutOfDebt.org and click the ask a question link at the top.
You might have heard about a new presidential executive order that was signed recently that is supposed to put a halt to having payroll taxes taken out of your paycheck. But there is some important information to know before you get all excited about this and fall for it.
Bob wrote to me with his second round of medical debt and wanted to know if a loan or some debt resolution program would be a good idea. My answer is probably going to surprise Bob.
We are potentially on the backside of consumer protections from the pandemic. One of these protections was to put evictions on hold while people were struggling to make rent payments. Unless Congress or individual states extend the protections, waves of evictions are possible. ProPublica had a very informative article out on this subject that I wanted to share with you. Your Get Out of Debt Guy. Steve Rhode
This week Damon Day and I produce another low rent show, this time about the recent information out from the Department of Education Inspector General.  The report released found the Department of Education was doing a poor job keep federal student loan servicers in line. The report stated, "By not holding servicers accountable for instances of noncompliance with Federal loan servicing requirements, FSA did not provide servicers with an incentive to take actions to mitigate the risk of continued servicer noncompliance that could harm students." Shocker? We then ramble into a conversation about the problems students at Argosy University are facing trying to figure out where their financial aid money is or went. Finally we have a little chat about how the news of car loans defaulting isn't exactly what everyone thinks. Default rates are up, but not for everyone. Do you have a question you'd like for us to answer? Leave your question on voicemail by calling 919-391-7976.
Dealing with financial problems is about more than just making a budget. This time Damon Day and I talk about how to make having fun affordable, traveling on the cheap with your own trailer, a few money-saving tips, and Damon tells us how he just got scammed on Craigslist. I'm not sure how we managed to turn the full recording into a podcast but we did. Some curse words included. - Steve Rhode - Get Out of Debt Guy - https://GetOutOfDebt.org Do you have a question you'd like for us to answer? Leave your question on voicemail by calling 919-391-7976.
Damon Day and I talk about what to do if you've received an offer in your mailbox for a debt consolidation loan.  Not every offer turns out to be what you think it is.  We talk about questions to ask and what to do when you call the company to get a loan. If you have a question you'd like to ask, visit me at GetOutOfDebt.org. If you'd like to see the video of us recording this show, visit https://GetOutOfDebt.org/118791/ Do you have a question you'd like for us to answer? Leave your question on voicemail by calling 919-391-7976.
This time my friend Damon Day and I talk quickly about several topics that made us scratch our heads this week. Here are the posts on my site that correspond with some of the stories we stumble through. 1. Chinese Smartphone App to Find Debtors 2. There Are No Solutions For Us to Get Out of Debt That We Can Afford 3. Government Workers Should Just Go Get Loans 4. The Gigantic Reader Question If you have a question you'd like to ask, just click here. If you'd like to subscribe to the podcast, check whatever app you are using to list and see if there is an option to do so. Do you have a question you'd like for us to answer? Leave your question on voicemail by calling 919-391-7976.
Steve and Damon laugh and talk their way through some difficult debt topics and give you some great tips on avoiding heavy student loan debt and ways to hide from the debt collector when you need to escape for a bit. To ask Steve a question visit https://GetOutOfDebt.org or if you want to talk to Damon then visit https://DamonDay.com
Steve Rhode and Damon Day discuss the transformative power of side hustles in their podcast, "From Zero to Hero: How This Side Hustle Changed My Life." They emphasize the importance of finding the right side hustle to fit individual needs and schedules. Steve notes that while some side hustles may offer modest earnings, like online surveys, others, like freelancing and gig work, can provide more substantial income. The key is to find a balance that doesn't overwhelm one's time and to explore various options to see what works best. The duo shares survey results highlighting the potential earnings from different side hustles, ranging from $500 to over $10,000 per month, although high earners are exceptions rather than the norm. Damon shares his personal experiences, explaining how he and Steve launched the "Penny Stupid Project" on YouTube, where they try various side hustles and report their findings. Damon talks about his success with Uber, Lyft, DoorDash, and other gig apps, which allow him to make substantial earnings part-time while still managing his primary responsibilities. He emphasizes the importance of having a proactive attitude and a willingness to adapt and learn, which are crucial traits for succeeding in side hustles. Damon also notes that different side hustles suit different people, and finding the right one involves trial and error. Steve and Damon discuss the evolving nature of side hustles and the need to stay flexible and informed. They advise listeners to avoid expensive courses promising easy money, advocating for practical, hands-on experience and research. Steve's journey into online sales through Amazon FBA illustrates the potential for significant earnings and the required time and effort. They encourage viewers to utilize side hustles as a means of immediate financial relief and a stepping stone towards larger financial goals, such as starting a business or building an emergency fund. Through their shared experiences and practical advice, they aim to empower others to take control of their financial situations.
Ready to take control of your finances and eliminate debt for good? Dive into the latest episode of "The Get Out of Debt Guy Show" titled "Debt Busters: Proven Strategies to Obliterate Your Debt." Hosted by financial experts Steve Rhode and Damon Day, this episode is packed with actionable advice and real-world strategies to help you conquer your debt. Expert Insights: Steve and Damon draw on their extensive experience in financial counseling to share tried-and-true methods for debt elimination. Real-Life Examples: Learn from the success stories of individuals who have effectively used these strategies to achieve financial freedom. Actionable Tips: The episode is filled with practical tips that you can start implementing immediately to tackle your debt. 🏆 Why This Episode is a Must-Listen
Today Damon Day and Steve Rhode talk about the fincial pressures created by inflation and the consequences to your financial health and future. It is a surprising subject with a lot of layers.
Damon Day and Steve Rhode explore the myths and misperceptions about the charitable non-profit credit counseling industry. We are not suggesting you should avoid credit counseling but to better understand how this works to make better decisions about what is right for you or the people you care about.
In this episode, we discussed the importance of credit scores and how individuals often make emotional decisions based on fears surrounding their credit scores. We stressed the need to step back and analyze the practical aspects of credit scores, especially when faced with significant debt. We highlighted the misconception that a good credit score reflects intelligence in managing personal finances, emphasizing that lenders primarily use credit scores for risk assessment.The conversation delved into scenarios where preserving a high credit score may not align with financial priorities, such as paying off high-interest debt. We explored the nuances of different debt management options, such as bankruptcy, debt settlement, and credit counseling, debunking common myths and biases associated with each. The speakers shared anecdotes and experiences to illustrate how individuals can navigate financial challenges effectively without solely focusing on their credit scores.Furthermore, we discussed the importance of evaluating the monetary value of a good credit score in relation to one's financial goals and current circumstances. We encouraged listeners to seek independent financial advice and consider all available options tailored to their unique situations. The speakers emphasized the need to make informed decisions free from preconceived notions and societal pressures surrounding credit scores.Ultimately, the episode served as a reminder to approach financial decisions with logical reasoning, weighing the potential benefits of actions that may affect credit scores against the immediate financial relief they could provide. By looking beyond the emotional attachment to credit scores and considering the broader financial implications, individuals can make sound financial choices that align with their priorities and long-term goals.
In this episode of our show, we delve into the crucial topic of self-care and stress management. We uncover the detrimental effects of stress on our physical and mental well-being and our finances. Finding effective ways to cope with stress and prioritize self-care is crucial for leading a healthy and balanced life. Our conversation highlights various activities that can help alleviate stress, including exercise, meditation, and spending quality time with loved ones. Additionally, we underscore the significance of seeking professional help and acknowledge the correlation between self-care and making sound financial decisions. Ultimately, our discussion culminates with a powerful reminder for listeners to prioritize their overall well-being by actively managing stress. You can contact Damon at https://damonday.com Link to CFPB story we talk about: https://getoutofdebt.org/171657/strategic-financial-solutions-and-ryan-sasson-stumble-and-get-pounded#more-171657
In this episode, we discuss the financial advantages of using gig apps like DoorDash to make money and avoid college debt. We explore the idea of choosing side jobs over expensive colleges and highlight the potential savings and long-term growth through smart investments. We delve into attending community college while working gig apps, emphasizing the importance of saving early for a comfortable retirement. We encourage listeners to try food delivery and ride-sharing apps for flexible income, which can subsidize desired lifestyles and enhance retirement funds. We share personal experiences with gig work and address concerns about future changes. Additionally, we promote our YouTube channel and recommend a debt coach for listeners.
In this episode, we explore the emotional impact of debt and how it affects individuals on a personal level. As hosts, we have witnessed firsthand the range of emotions that arise when people face financial struggles. One prevalent feeling is embarrassment, as clients often feel like failures when they openly confess their debt. We have also observed that some individuals, particularly women, have contemplated drastic measures like becoming escorts or prostitutes to pay off their debt. However, it's crucial to emphasize that alternative solutions are available.Embarrassment is a common emotion associated with debt, and many people want to keep their financial struggles a secret from loved ones. However, we highlight the fact that people are often too preoccupied with their own lives to be overly concerned about our debt. We encourage seeking support from someone outside our normal circle who won't judge us. While feeling embarrassed about debt is normal, we should not let shame consume us. Unexpected events such as accidents or health problems can throw our financial stability off balance, and it's essential to prioritize what truly matters.Depression is another significant emotion that often accompanies financial struggles. We stress the importance of addressing mental health and seeking professional help to gain clarity and make better decisions. Controlling emotions is not as simple as telling someone not to be depressed, and jumping at quick-fix solutions or becoming paralyzed with analysis can worsen the situation. We caution against scams that prey on people's vulnerability and offer false promises of immediate relief. Making informed decisions and seeking guidance is crucial.In this episode, we also discuss the cynical perspective that banks and corporations profit off people's emotional attachment to debt. We delve into the predatory practices of credit card companies and debt collection agencies, who often see borrowers as numbers and show little regard for their individual situations. Seeking support from hotlines or financial experts can help individuals understand the reality of dealing with debt and find effective solutions. We emphasize that banks and corporations should never be the top priority in anyone's life.Financial post-traumatic stress disorder (PTSD) is a common outcome for individuals who have lived through debt. We stress the importance of recognizing the symptoms, seeking support, and taking a break from overwhelming responsibilities to aid in recovery. Facing the truth of one's financial situation is vital and can lead to smarter decision-making in the future. Technology has made tracking spending easier, eliminating the need for meticulous record-keeping of every small expense. It's essential to understand that everyone's financial situation is unique, and there is no one-size-fits-all solution to debt.We also share personal experiences in this episode. The main speaker discusses embracing their bankruptcy experience and being open about it, which helped gain trust from others. They also mention their friend Damon's bankruptcy and how they saw it as a smart move rather than a judgment. The perception of bankruptcy has evolved over time, and now more people are open about their financial struggles.The main speaker expresses frustration with the flawed student loan system, which has caused significant harm, especially to the middle class. They highlight the alarming ease with which people can obtain loans without fully considering the consequences. They urge listeners who are experiencing any of these negative emotions to seek help and support from resources like the DamonDay or getoutofdebt.org websites, as well as previous podcasts.To conclude, the main speaker reminds listeners that emotions may not always accurately reflect reality. It's important to take care of oneself and have a great day.
In this podcast, Steve Rhode and Damon Day address various misconceptions about debt and financial decisions. We emphasize that having debt does not make someone a loser or a failure; it is a common occurrence that does not define one's worth. We discuss how social media can distort perceptions of others' lives, as they often showcase only the positives and not the struggles. We debunk the myth that bankruptcy ruins one's credit for 10 years and share a personal experience of receiving a credit card offer shortly after obtaining discharge papers. We highlight that banks are willing to lend money and do not view individuals as failures for having debt. Additionally, we emphasize the importance of not making decisions solely based on credit scores and not relying on social media for financial comparisons.We then share a story about a client who had a negative experience with a Burger King drive-thru, where they were charged $2,000 instead of $20 due to a transactional mistake. We highlight the risks associated with using a debit card, which essentially gives someone a blank check. We explain that banks often push debit cards for their own profit through transaction fees, but using a credit card is a safer option in case of any disputes with merchants.Moving on, we dispel the myth that payday loans are a good option, even when struggling to pay bills. Instead, we encourage reaching out to banks or lenders for payment forbearance or a payment holiday, as many institutions are willing to work with individuals and provide some leeway. Taking a payday loan only perpetuates a cycle of debt that is difficult to escape.We also address the misconception that only making minimum payments on debt is sufficient. While it may be challenging to get ahead with minimum payments alone, we discuss alternative options such as seeking additional income or considering more aggressive strategies like bankruptcy, debt settlement, or credit counseling. We emphasize the importance of being proactive in addressing debt rather than relying solely on minimum payments.Next, we draw a parallel between ineffective past strategies and soldiers storming a line in war. We encourage adopting smarter approaches and critical thinking to achieve financial success. We address the misconception that people cannot save for the future or retirement while paying off old debts, emphasizing the importance of improving financial habits moving forward rather than solely focusing on past debt.We then discuss the question of whether taxes are owed on forgiven debt. We explain that if debt is forgiven in bankruptcy, no taxes are owed; however, if it is forgiven through a settlement, taxes may be owed depending on the individual's situation. We highlight that debt settlement companies often fail to make this fact apparent, potentially to present a positive image and avoid an in-depth assessment of the customer's financial situation. We share our encounters with debt relief salespeople who claim we don't know what we're talking about, often providing clients with IRS forms and advising them to consult competent tax professionals.Understanding the tax implications of forgiven debt is vital for making informed financial decisions. We emphasize the importance of accurately completing IRS Form 982 and providing a snapshot of one's financial life at the time of debt forgiveness, including house value, outstanding loans, assets, and 401k balance. Filing this form with the 1099 can result in a waiver of taxes owed on forgiven debt. We stress the importance of consulting with a competent CPA to ensure the accuracy of the form and avoid potential trouble in case of an audit.To learn more about preconceptions and myths, we encourage listeners to visit damonday.com or search "Damon" on Google. We conclude by thanking the audience for joining us and invite them to subscribe for future podcasts.
In this episode of the Get Out of Debt Guy show, Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, take a break from discussing debt and focus on saving and making money. They highlight the importance of having savings for emergencies, as relying on credit cards may not always be a viable option. They acknowledge that saving money may not seem glamorous due to low interest rates and expenses matching income. However, they suggest cutting back on expenses or finding side hustles like driving for ride-sharing or delivery apps to create a separate fund for savings. Starting small with a few hundred dollars a month can make a big difference in the long run.Damon shares his experience of making over $900 on New Year's Eve. Steve suggests saving at least $500 of it while still enjoying some rewards. He recommends investing in treasury bonds, specifically the I-series savings bonds, which offer a 5% interest rate and are considered a safe form of investing. Another option discussed is Betterment, a self-directed investment platform that offers a savings account with a 4.75% return and allows customization of investment portfolios.They discuss the benefits of investing in higher-yield options like CDs over keeping money in an emergency fund and provide insights on saving money while paying off debt. They advise finding a balance between saving and debt repayment based on individual money personalities. Steve and Damon express their dislike for budgets, viewing them as restrictive and impractical for long-term financial success. They talk about the limitations and potential inaccuracies of budgets, highlighting the need for drastic lifestyle changes or additional income sources to get out of debt.Towards the end, they acknowledge the surprise realization that the episode is video-recorded and humorously mention including elements like phone calls and ringtones in the video. They wrap up by promoting their other channel, Penny Stupid, and reminding listeners to subscribe to their audio podcast, the Get Out of Debt Guy podcast.
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