Quote:
Originally Posted by Kevin
I'd also check out the Dave Ramsey route--a bit simplistic, but it works for a lot of folks.
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He gives good common sense advice, has a step-by-step plan, and encourages people to negotiate with creditors to settle bad debts for less than owed -- but ONLY IF you honestly can't pay what you owe. He never wants you to file bankruptcy unless yu are absolutely forced to do so, like if someone sued you and has attached your wages so badly that you can't buy bread. Dave hates debt, and he especially hates student loan debt.
FYI, some guy called in to his radio show the other day and said his wife has $160,000 in student load debt. He wanted to know how they can ever pay it back? Dave said, "Whoa! Who's the doctor?" The guy said it's all his new wife's debt -- $145,000 for a four-year
journalism degree, but then she decided that she wanted to cut hair instead, so she went back to cosmetology school with $15,000 more student loan debt. I think he said they make about $60,000 between the two of them. The debt is government guaranteed, so I guess we taxpayers will eventually pay it back to the lender. Ridiculous.
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