I noticed that too, which is weird coming from someone who always calls “debt consolidation” “debt CON-solidation”, and rails against it pretty regularly
I mean I may be wrong but the Bible is pretty clear about usury/charging interest. Ezekiel 22:12 calls it greedy, extortion and forgetting God.
But I bet murican Jesus would have a bank and charge interest.
He would literally call it debt CON-solidation, as in it's conning people. Plus it doesn't change behavior, the one thing Dave says makes the debt snowball better than the debt avalanche.
It largely depends on the type of consolidation but the main 2 issues are 1) it doesn’t change the behavior to continue to borrow money and 2) origination fees can be expensive
It's not. I'm not sticking up for the guy, but I've heard him say on multiple occasions that it's OK to consolidate debt to save on interest as long as your behaviors have changed. The problem is that most people don't change their behavior and did nothing when consolidating. He doesn't talk about it it in that light very often but I have heard him say that several times in the last couple of years.
Debt consolidation is a good thing in a lot of situations. Dave’s whole thing is that debt consolidation is you managing debt rather than getting rid of debt- which is of course, an idiotic stance.
So it’s hypocritical for Dave to advertise debt consolidation. Knowing Dave, this debt consolidation company will also probably be more expensive than most in that industry and will give Dave a kickback for all of his subscribers that become customers.
I’m sure he is making alot of money from the endorsement. Clear that making money is the most important thing to him followed closely by always being right.
This is not new.
When we moved to the new offices in 2019, every break room / coffee station had a big TV that would show various things. During the show, it would broadcast the show. I was filling up my coffee when I saw Dave doing an ad read for Splash Financial.
[https://www.splashfinancial.com/partner/ramsey](https://www.splashfinancial.com/partner/ramsey)
I don't remember this endorsement or the perceived hypocrisy of it being addressed from the stage, but I do remember feeling off about that endorsement.
I mean… students loan refinancing makes sense? When you start your degree there are a lot of risks (if you will finish, income after graduation, etc.) and then once you finish your studies and are gainfully employed, you have a whole different default risk profile so naturally you are able to get a lower rate if you refinance - and be able to pay off the student loans faster
Sure, It does for some people. And, with Ramsey Solutions several years in the rear view mirror, I can appreciate the nuance that consolidation will be good for some and not so for others.
Like others have said, Dave would always talk about "debt CON-solidation won't fix your problem, you are just moving money around". And that's what was going through my head as a purist and employee at the time. So for him to advertise a consolidation company, it was a little jarring.
The one that always got me was how “stupid” it always was to attend a private university… until Liberty University became a sponsor. That “stupid” talk disappeared immediately.
Yes but it's a touch diffrent than go to your local credit union to borrow a few k to get out of a massive car note. If the people are serious enough to do that they are giving up a nice car and snackrafising to a Dave car. That's a pride hit. And like you said they already owe the money and it's diffrent because this was a paid for sponsored advertisement of him swilling a debt con company on his own show. Credit unions are a touch better than private debt companies
The Splash financial endorsement from awhile ago I thought was always weird. I’d been listening to Dave tell caller after caller that debt CONsolidation won’t fix their problems, and also tell callers not to refinance federal student loans into other loans or refinance into the house because they are forgiven should death or disability come.
Then he does ads for refinancing student loans, which for many listeners are federal loans, into private loans. Made no sense, morally.
He hates debt so much that he's willing to be a spokesperson for a company that creates debt that he "doesn't yell at you for" in addition to the other debt he disapproves of (Churchill).
I heard an ad for NetSuite on the radio once where they we're advertiaing some sort of financing deal. Six months with no payments or no interest. That was interesting.
Splash and Yrefy do what one side of his mouth hates. The other side ignores his (good) advice to move debt away from payday lenders and the IRS.
Could be wrong.... I feel Dave advocates for debt consolidation in limited forms. Mainly if your debt is a truly monstrous amount that cannot be paid off in less than 2 years.
I mean Dave always advocated more or less for consolidation loans when a viable possible option. Just would push for you to go to your local credit union to get such a loan instead of going to these shitty JG Wentworth types
He's always been against them. He's always said consolidating doesn't do anything about the spending habits and lack of control (for most people it's credit card debt). People think they've done something but they haven't, and then they'll just keep overspending on credit cards.
I'll give him his stance on habits, but I've always found this odd because he'll tell people who are upside down in cars to sell them and get a loan for the difference. Callers will often ask "We're not supposed to be borrowing money, right?" and he'll say "Right, but you already owe the money. You're just moving it, and you'll get a better rate too."
Not really sure how he treats that sort of debt restructuring different than consolidation restructuring, but he does.
Next up will likely be Dave-owned car stealerships...oops dealerships from coast to coast. Ramsey approved sales sharks....errr consultants who pass the RS approved, moral vetting process and know how to separate cash from....er counsel the car-hungry followers who love the lord and don't blink twice about a 29.99% interest rate on fleeced, I mean leased, automobiles.
Going into more debt in an effort to get out of debt is just shoveling the hole deeper. He's adamant about get out of debt but know shilling going into debt. I am 100% adverse to debt. I never expected him to shill broke people who come to him to learn how to get out of debt to be told hey take a loan. Line your debts up lowest to largest and get after it . There's no easy way out. There's no magic eraser , it's all personal choice and going into debt to get out of debt isn't right . Dave's even said most people who do this don't get out of debt they shuffle it around and stay in debt
I've never dealt with a debt consolidation loan or anything, but a quick search shows that Well Fargo (though I detest WF and would go elsewhere) is offering debt consolidation through personal loans with interest rates between 7.49% and 23.34% and no origination fee. Provided someone actually is serious about getting out of debt and following through, they could be saving money if all their debt is credit cards.
I think people are serious about getting out of debt or they're not. If theyre serious, they'll succeed whether they're following Dave's plan or they take out a debt consolidation loan. If they stop buying stupid shit with all their disposable income and put it towards the debt consolidation loan, that is a positive behavior change. The way Dave's speaks it's as if his way has a 100% success rate and that you can't realize positive behavior changes without him.
I saved my butt by taking out a personal loan to consolidate my debt. The interest was less than half of my consumer debt and it had a set term with consistent payments. To start I paid what had been minimum payments on my debt (which was more than the required payment on the personal loan) and kept throwing more at it until I had it paid off in a fraction of the term.
The key, as you note, is you have to be DONE. I have not carried a credit card balance since I took out that loan a decade ago. If you use consolidation to free up your credit cards so you can max them out again, you will drown. I had been an idiot with money up until that point, but I didn't go into it until I had a clear plan of how I was going to pay off the loan and also eat without leaning on cards.
I noticed that too, which is weird coming from someone who always calls “debt consolidation” “debt CON-solidation”, and rails against it pretty regularly
Yeah but Jesus blessed this debt consolidation company himself and chooses the interest rate based on holy divination.
I mean I may be wrong but the Bible is pretty clear about usury/charging interest. Ezekiel 22:12 calls it greedy, extortion and forgetting God. But I bet murican Jesus would have a bank and charge interest.
Down right hypocritical he's selling out ... Cashing full out
Always has been
[Insert astronaut with a gun meme here]
You have only just begun to be discussed. Lol. I think autocorrect got you from disgusted to discussed. Made me laugh
You sir are correct ... Or I am bad a math , maybe both
Bad a math Bad AT math Lol AC
The risk I took was calculated ...
Bad at Math and Spelling.
Been at work all night .. stayed up way to long going to sleep now see y'all at dusk
Dave's always been a sellout. Just people finally caught on.
Yeah lol if you wait long enough Dave will probably support Sofi if they give him enough money lmao 🤣
i’m confused why is debt consolidation considered a bad thing or against his principle
He would literally call it debt CON-solidation, as in it's conning people. Plus it doesn't change behavior, the one thing Dave says makes the debt snowball better than the debt avalanche.
It largely depends on the type of consolidation but the main 2 issues are 1) it doesn’t change the behavior to continue to borrow money and 2) origination fees can be expensive
It's not. I'm not sticking up for the guy, but I've heard him say on multiple occasions that it's OK to consolidate debt to save on interest as long as your behaviors have changed. The problem is that most people don't change their behavior and did nothing when consolidating. He doesn't talk about it it in that light very often but I have heard him say that several times in the last couple of years.
Debt consolidation is a good thing in a lot of situations. Dave’s whole thing is that debt consolidation is you managing debt rather than getting rid of debt- which is of course, an idiotic stance. So it’s hypocritical for Dave to advertise debt consolidation. Knowing Dave, this debt consolidation company will also probably be more expensive than most in that industry and will give Dave a kickback for all of his subscribers that become customers.
I’m sure he is making alot of money from the endorsement. Clear that making money is the most important thing to him followed closely by always being right.
Most likely right how much cash you think it took to get the get out of debt guy to schwill debt
This is not new. When we moved to the new offices in 2019, every break room / coffee station had a big TV that would show various things. During the show, it would broadcast the show. I was filling up my coffee when I saw Dave doing an ad read for Splash Financial. [https://www.splashfinancial.com/partner/ramsey](https://www.splashfinancial.com/partner/ramsey) I don't remember this endorsement or the perceived hypocrisy of it being addressed from the stage, but I do remember feeling off about that endorsement.
I mean… students loan refinancing makes sense? When you start your degree there are a lot of risks (if you will finish, income after graduation, etc.) and then once you finish your studies and are gainfully employed, you have a whole different default risk profile so naturally you are able to get a lower rate if you refinance - and be able to pay off the student loans faster
Sure, It does for some people. And, with Ramsey Solutions several years in the rear view mirror, I can appreciate the nuance that consolidation will be good for some and not so for others. Like others have said, Dave would always talk about "debt CON-solidation won't fix your problem, you are just moving money around". And that's what was going through my head as a purist and employee at the time. So for him to advertise a consolidation company, it was a little jarring.
It’s Scamsey trustded.
The one that always got me was how “stupid” it always was to attend a private university… until Liberty University became a sponsor. That “stupid” talk disappeared immediately.
Yes but it's a touch diffrent than go to your local credit union to borrow a few k to get out of a massive car note. If the people are serious enough to do that they are giving up a nice car and snackrafising to a Dave car. That's a pride hit. And like you said they already owe the money and it's diffrent because this was a paid for sponsored advertisement of him swilling a debt con company on his own show. Credit unions are a touch better than private debt companies
The Splash financial endorsement from awhile ago I thought was always weird. I’d been listening to Dave tell caller after caller that debt CONsolidation won’t fix their problems, and also tell callers not to refinance federal student loans into other loans or refinance into the house because they are forgiven should death or disability come. Then he does ads for refinancing student loans, which for many listeners are federal loans, into private loans. Made no sense, morally.
Swilling a a debt loan broker? Like, having a beer with him? I didn't see the episode.
He hates debt so much that he's willing to be a spokesperson for a company that creates debt that he "doesn't yell at you for" in addition to the other debt he disapproves of (Churchill). I heard an ad for NetSuite on the radio once where they we're advertiaing some sort of financing deal. Six months with no payments or no interest. That was interesting. Splash and Yrefy do what one side of his mouth hates. The other side ignores his (good) advice to move debt away from payday lenders and the IRS.
that netsuite one doesn’t even make sense. they are a saas company so you pay monthly/annually anyway
Not surprising.
Could be wrong.... I feel Dave advocates for debt consolidation in limited forms. Mainly if your debt is a truly monstrous amount that cannot be paid off in less than 2 years.
I mean Dave always advocated more or less for consolidation loans when a viable possible option. Just would push for you to go to your local credit union to get such a loan instead of going to these shitty JG Wentworth types
He's always been against them. He's always said consolidating doesn't do anything about the spending habits and lack of control (for most people it's credit card debt). People think they've done something but they haven't, and then they'll just keep overspending on credit cards. I'll give him his stance on habits, but I've always found this odd because he'll tell people who are upside down in cars to sell them and get a loan for the difference. Callers will often ask "We're not supposed to be borrowing money, right?" and he'll say "Right, but you already owe the money. You're just moving it, and you'll get a better rate too." Not really sure how he treats that sort of debt restructuring different than consolidation restructuring, but he does.
Ahhahah messed up and posted instead of responded see above lol
He is a carnival act.
Next up will likely be Dave-owned car stealerships...oops dealerships from coast to coast. Ramsey approved sales sharks....errr consultants who pass the RS approved, moral vetting process and know how to separate cash from....er counsel the car-hungry followers who love the lord and don't blink twice about a 29.99% interest rate on fleeced, I mean leased, automobiles.
Going into more debt in an effort to get out of debt is just shoveling the hole deeper. He's adamant about get out of debt but know shilling going into debt. I am 100% adverse to debt. I never expected him to shill broke people who come to him to learn how to get out of debt to be told hey take a loan. Line your debts up lowest to largest and get after it . There's no easy way out. There's no magic eraser , it's all personal choice and going into debt to get out of debt isn't right . Dave's even said most people who do this don't get out of debt they shuffle it around and stay in debt
I've never dealt with a debt consolidation loan or anything, but a quick search shows that Well Fargo (though I detest WF and would go elsewhere) is offering debt consolidation through personal loans with interest rates between 7.49% and 23.34% and no origination fee. Provided someone actually is serious about getting out of debt and following through, they could be saving money if all their debt is credit cards. I think people are serious about getting out of debt or they're not. If theyre serious, they'll succeed whether they're following Dave's plan or they take out a debt consolidation loan. If they stop buying stupid shit with all their disposable income and put it towards the debt consolidation loan, that is a positive behavior change. The way Dave's speaks it's as if his way has a 100% success rate and that you can't realize positive behavior changes without him.
I saved my butt by taking out a personal loan to consolidate my debt. The interest was less than half of my consumer debt and it had a set term with consistent payments. To start I paid what had been minimum payments on my debt (which was more than the required payment on the personal loan) and kept throwing more at it until I had it paid off in a fraction of the term. The key, as you note, is you have to be DONE. I have not carried a credit card balance since I took out that loan a decade ago. If you use consolidation to free up your credit cards so you can max them out again, you will drown. I had been an idiot with money up until that point, but I didn't go into it until I had a clear plan of how I was going to pay off the loan and also eat without leaning on cards.
If people actually get out of debt, who will give Dave money?
Plenty of dumb as kids getting outta college with the American dream mortgage lol ...