Get Out of Debt Guy: Recent Episodes
Steve Rhode
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.
AI is no longer a distant promise or threat—it is already transforming jobs, businesses, side hustles, and everyday life.
In this episode of the Get Out of Debt Guy podcast, Steve Rhode and Damon Day explain how they use AI for video editing, research, fact-checking, writing, thumbnails, publishing, and running small businesses. Work that recently required expensive editors, assistants, and specialists can now be completed faster and for a fraction of the cost.
They also discuss Damon’s real-world gig-work experiments, the Penny Stupid Project, autonomous Cybercabs, and why earning additional income can be just as important as cutting expenses. Steve explains why debt is “math wrapped in emotion,” and why protecting a credit score should never take priority over protecting your retirement or financial future.
Plus, they discuss the Payactiv data breach, the danger of earned-wage-access services, and why getting out of debt, building savings, developing new income streams, and learning to use AI may be the best ways to prepare for rapid economic change.
Get more debt help, consumer alerts, and practical financial guidance at https://getoutofdebt.org
Subscribe to Steve’s free Your Money newsletter at https://yourmoneysteve.substack.com
Follow the Penny Stupid Project on YouTube to see Damon’s real-world gig-work and side-hustle experiments.
Damon Day can be reached for debt coaching at https://damonday.com
This week, Steve Rhode and Damon Day pull back the curtain on the debt relief industry and explain why so many people end up paying thousands of dollars for programs that may not be in their best interest. They discuss what SEC filings from major lenders reveal about expected credit card defaults, why banks already price losses into their business model, and why consumers shouldn't feel guilty for exploring legitimate debt relief options.
The conversation also covers extended warranties, class action settlements, and practical ways to generate immediate extra income. Damon shares his recent experience earning over $120 in just a few hours using delivery apps and explains why gig work can be a powerful tool to accelerate your debt payoff plan—if you already have the right strategy.
If you're struggling with debt, considering debt settlement, or looking for ways to improve your financial situation, this episode offers practical advice backed by decades of experience.
Learn more and get free debt help at https://getoutofdebt.org
Need personalized debt guidance? Reach Damon Day at https://damonday.com
Debt problems rarely improve while you are avoiding them.
In this episode, Steve Rhode and Damon Day talk about the denial, fear, stress, and shame that keep people trapped in debt far longer than necessary. When you are overwhelmed, depressed, or emotionally exhausted, it becomes much harder to objectively compare debt settlement, bankruptcy, credit counseling, and other debt-relief options.
Steve and Damon explain why continuing to make minimum payments may only send tens of thousands of dollars to credit card companies without solving the underlying problem. They also discuss bankruptcy shame, the confusion surrounding FICO scores and credit reports, and why protecting a credit score should not become more important than rebuilding your financial life.
Sometimes the smartest next step is simply having an honest conversation with someone who can look at the situation from the outside and help you separate fear from facts.
Learn more about getting out of debt at https://getoutofdebt.org
Damon can be reached at https://damonday.com
In this episode of the Get Out of Debt Guy podcast, Steve Rhode and Damon Day dig into one of the biggest emotional traps people face when they are drowning in debt: the idea that bankruptcy is somehow a moral failure.
Steve and Damon talk about debt settlement sales tactics, why sales quotas can lead to bad advice, how shame keeps people from making smart financial decisions, and why bankruptcy may be a legal, practical, and sometimes life-changing option instead of a last-resort disaster.
They also cover tax debt in bankruptcy, the danger of relying on commissioned debt relief salespeople for “advice,” and why having a strategy matters just as much as choosing between debt settlement, bankruptcy, credit counseling, or trying to pay everything back.
You can find more debt help and consumer debt information at https://getoutofdebt.org
Damon Day can be reached at https://damonday.com
This week, Steve Rhode, the old original Get Out of Debt Guy, takes a solo run through the debt news that could actually matter to your wallet.
I cover consumer settlement claims involving Amazon Prime, Lemonade, GameTime, and missed claim deadlines that quietly pass people by. Steve also digs into why waiting for Federal Reserve rate cuts is not a debt strategy, how AI voice-cloning scams are getting dangerously convincing, and why some viral debt collector advice is half right and half financially dangerous.
You’ll also hear why ignoring court papers can lead to default judgments and wage garnishment, why a simple family code word can protect you from scam calls, and why fear is the fuel that keeps bad debt relief advice alive.
For more debt help, consumer alerts, and free resources, visit https://getoutofdebt.org.
Damon Day, the new Get Out of Debt Guy, can be reached at https://damonday.com.
In this episode of the Get Out of Debt Guy podcast, Steve Rhode and Damon Day talk about the messy real-life decisions people face when debt, savings, investing, home repair sales pitches, FICO fears, and bankruptcy all collide.
Steve and Damon wander through door-to-door roof and HVAC sales tactics, why “today only” pressure should make your wallet run for cover, and why trying to save or invest while drowning in high-interest debt can turn into financial mental gymnastics.
They also dig into the emotional side of debt relief: debt settlement regret, the fear of bankruptcy, moral obligations to repay debt, and how people decide where their personal line really is. As always, Damon brings the practical coaching view, Steve brings the old Get Out of Debt Guy perspective, and both try to keep you from living a needlessly shitty financial life.
Get more debt help, bankruptcy information, debt settlement warnings, credit advice, and real-world consumer debt guidance at https://getoutofdebt.org
You can reach Damon Day for a free debt coaching call at https://damonday.com
In this episode of the Get Out of Debt Guy podcast, Steve Rhode and Damon Day start with a little “other guy” nonsense, AI trading experiments, Robinhood, crypto, and the old LendingClub days before landing on the real meat of the show.
Damon shares a tough call with a 71-year-old woman living on Social Security who is carrying about $80,000 in debt, including credit card debt and IRS debt. From there, Steve and Damon walk through the uncomfortable but necessary reality of debt relief options, including bankruptcy, debt management plans, debt settlement, paying in full, credit score fears, retirement pressure, and why some people keep punishing themselves financially long after there may be a better way out.
This episode is really about the emotional side of debt. The math can be simple, but the feelings can make it brutal.
For more debt help, consumer debt advice, credit card debt information, bankruptcy insights, debt settlement warnings, and financial recovery articles, visit https://getoutofdebt.org
Damon Day can be reached at https://damonday.com
Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, dig into one of the biggest money mysteries out there: why do so many people with decent incomes still feel completely broke?
This episode starts with the honest truth that debt problems can feel like financial Groundhog Day. The details change, but the panic, pressure, and confusion are often the same. Steve and Damon talk about why people in debt crisis can get pushed into quick decisions, how debt relief companies and financial “solutions” may have their own agenda, and why it is so hard to know who to trust when you are scared and trying to survive.
They also get into the reality of rising costs, housing, food, transportation, kids’ activities, lifestyle expectations, budgeting, emergency savings, credit cards, debt settlement, bankruptcy, and the simple but painful rule of holes: when you are in one, stop digging.
The big takeaway is this: getting out of debt is not just about cutting expenses. It is about creating breathing room, understanding your real numbers, making better decisions, and finding a way to get on the asset train before it leaves the station.
You can find more debt help, articles, and resources at GetOutOfDebt.org
Damon Day offers free consultations and can be reached at DamonDay.com
Steve Rhode, the old original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, are back with a brutally honest conversation about what debt really does to your brain, your sleep, your family, and your future.
This episode is not another lecture about budgeting harder or feeling bad about money mistakes. Steve and Damon talk about the emotional side of debt—the shame, stress, panic, and mental overload that can make even smart people freeze, avoid decisions, or keep kicking the can down the road.
They dig into why debt is really just math wrapped in emotion, why bankruptcy has a terrible branding problem, how fear keeps people trapped, and why the scariest option is often doing nothing. Damon also walks through the idea of building a life without endless car payments and how getting out of consumer debt can open the door to saving, investing, helping your kids, and finally breathing again.
If you are overwhelmed by credit card debt, scared of making the wrong move, or just tired of pretending everything is fine because you are still making the minimum payments, this episode is your reminder that debt problems are survivable. You are not alone, and there are options.
Visit Steve at https://getoutofdebt.org for free articles, tools, and the Ask Steve chatbot.
You can reach Damon Day for a free consultation at https://damonday.com.
Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, are back with a blunt, unscripted conversation about why waiting to deal with debt can be the most expensive decision you ever make.
This episode starts with the bigger picture: American farmers are getting squeezed, food prices are not magically going back to 2019 levels, and the middle class is feeling the pressure from every direction. But the real message is personal. If you are carrying credit card debt month after month, paying 25% to 28% interest, and protecting your credit score while your future gets drained, it may be time to look at the math differently.
Steve and Damon talk about hyperbolic discounting, the real long-term cost of everyday spending, why minimum payments can quietly steal retirement money, and why not making a decision is still a decision. They also explain why debt settlement companies, credit counseling agencies, bankruptcy attorneys, and financial gurus often only show you the option they sell.
If you are stressed, stuck, or just tired of pretending the monthly minimum payment means everything is fine, this episode may be the flashlight in the dark cave.
Visit Steve at https://getoutofdebt.org for free tools, articles, and the Ask Steve chatbot.
You can reach Damon Day for a free consultation at https://damonday.com.
Rising prices, higher food costs, utility bills, and shrinking purchasing power are forcing a lot of households to make harder financial choices. In this episode of the Get Out of Debt Guy podcast, Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, talk about what happens when the old debt plan no longer works.
We cover inflation, credit card debt, changing spending habits, debt settlement, bankruptcy fears, fixed incomes, and why waiting too long can sometimes make the situation worse. Steve and Damon also dig into the emotional side of debt, including how to talk with your spouse, why shame does not help, and why getting honest advice early can make all the difference.
For more debt help, tools, and articles, visit https://getoutofdebt.org
You can reach Damon Day for a free consultation at https://damonday.com
Steve Rode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, record this episode from a Tesla in a Sonic parking lot while eating lunch. So yes, this is the kind of high-production financial podcast you have come to expect.
This week, Steve and Damon talk about the “E-shaped economy” and why everything can look fine on the surface while millions of Americans are quietly falling behind. Consumer sentiment is down, wages are barely keeping up, credit card debt is at record highs, and more people are using plastic just to cover groceries, gas, travel, and everyday life.
They also dig into the danger of staying trapped in debt just to protect a credit score, why continuing to make unaffordable payments can be riskier than bankruptcy or debt settlement, and how freeing up cash flow may be the first step toward getting back in front of the economy instead of being dragged behind it.
Along the way, there is also Sonic food criticism, Tesla browsing envy, Dave Ramsey frustration, and a Ring camera mistaking laundry for a bear.
For more debt help, tools, articles, and consumer finance updates, visit https://getoutofdebt.org.
Need to talk through your debt situation with a real human? Damon Day offers free consultations at https://damonday.com.
Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, dig into the financial warning signs that are already showing up in real life: college debt that may not pay off, AI layoffs hitting white-collar jobs, Social Security uncertainty, rising gas prices, higher foreclosure numbers, and why carrying credit card debt into this economy could be a dangerous gamble.
This episode is not about panic. It is about preparation. Steve and Damon talk about why college should be treated like an investment instead of an automatic next step, why trade jobs may deserve a second look, how artificial intelligence is already changing employment, and why getting out of consumer debt now may be one of the smartest financial moves you can make.
If you are juggling credit card debt, student loans, rising monthly bills, or wondering how your debt fits into retirement planning, this conversation is a wake-up call with practical direction.
You can find more debt help, consumer finance articles, and free tools at https://getoutofdebt.org.
Damon Day offers free consultations and can be reached at https://damonday.com.
Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, tackle a big uncomfortable truth: your FICO score is not your financial life. In this episode, Steve and Damon talk about rising fuel prices, shrinking credit limits, Jamie Dimon’s warning about a possible credit-led recession, and why clinging to a “good” credit score can sometimes keep people broke.
They dig into why banks can cut your credit lines even if you’ve never missed a payment, why available credit is not the same thing as emergency savings, and why the right debt solution may be the one that protects your cash, not your score. They also cover real-world debt settlement numbers, lawsuits from debt buyers, zombie second mortgages, and the hidden cash advance trap when using Venmo with a credit card.
The message is simple: don’t fear the FICO. Understand it. Use it when it helps. But don’t sacrifice your future, your savings, or your retirement just to keep a bank happy.
For more debt help, free tools, and consumer advice, visit https://getoutofdebt.org
You can reach Damon Day for a free consultation at https://damonday.com
In this episode of the Get Out of Debt Guy Show, Steve Rhode, the old or original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, cut through the noise and talk about what rising prices, shrinking credit access, and a shaky economy could mean for people already living on borrowed money.
They cover why relying on available credit is dangerous, how banks can reduce credit lines with little warning, why HELOCs are not a guaranteed safety net, and what recent warnings from major companies may be signaling about debt, inflation, housing, and consumer pressure. They also dig into the ugly truth about timeshares, timeshare exit companies, debt settlement, and why waiting too long to act can make a bad situation much worse.
This episode is a blunt, funny, real-world conversation about credit cards, emergency funds, cash flow problems, rising household costs, and how to protect yourself before your financial options disappear.
Get more help, articles, and tools at https://getoutofdebt.org
Talk to Damon directly at https://damonday.com
Spring cleaning is not just for closets. In this episode of the Get Out of Debt Guy podcast, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, dig into what it really means to clean up your financial life when gas prices are rising, debt is getting heavier, and cash flow is tighter than ever.
They talk about how higher gas prices squeeze already stressed budgets, why carrying debt makes every financial problem worse, and how people can take back control by tracking spending, reviewing credit reports, and making decisions based on math instead of fear or shame. The conversation also tackles bankruptcy myths, why waiting too long can make debt problems more expensive, and how to think clearly about your options before panic sets in.
You’ll also hear practical advice about credit reports, debt collectors, scams, budgeting apps, government benefits, and why protecting your checking account matters more than most people realize. This is a straight-talking episode about debt relief, personal finance, bankruptcy, credit, budgeting, and financial survival in an economy that keeps getting more expensive.
For more help, visit https://getoutofdebt.org and if you want to speak with Damon directly, reach him at https://damonday.com.
Dave Ramsey’s advice can help—until real life shows up.
In this episode of The Get Out of Debt Guy, Steve Rhode (the old, original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) scrap the planned outline and tackle what people actually struggle with: why Dave Ramsey’s “beans and rice” approach works for some…and flat-out fails for others.
They break down:
- What Dave Ramsey gets right (debt is serious, emergency funds matter, snowball wins can work)
- What he misses (depression, ADHD, stress, decision paralysis, and the reality that not everyone can grind for 5 years)
- Why automation beats budgeting for a lot of people (systems > willpower)
- How to pay off debt when you feel like you have no extra money
- When it makes sense to stop paying certain debts to protect cash and build a plan (including bankruptcy or settlement prep)
- The hidden “gotcha” of credit union cross-collateralization (yes—an “unsecured” credit union debt can put your car or even your house at risk)
They also touch on the social side nobody talks about: the embarrassment of being broke, avoiding friends, and how isolation fuels the debt-depression loop.
Get help and tools at https://getoutofdebt.org
Book a free call with Damon at https://damonday.com
Steve Rhode, the old original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, dig into a hard truth about tax refunds and debt: getting a refund feels good, but using it to make a small dent in credit card balances usually does not solve the bigger problem.
In this episode, Steve and Damon talk about why hoping for a windfall is not a real debt strategy, how to use a tax refund as a reset point, and why April is the perfect time to build a smarter plan for getting out of debt. They also cover how adjusting your tax withholding can help, why automating savings matters, and how high-yield savings accounts can keep your money working for you instead of giving the IRS an interest-free loan.
The conversation also dives into three important topics people struggling with debt need to understand right now: private student loan debt and bankruptcy options, ADHD and debt behavior, and how bankruptcy timing can make a huge difference depending on your income situation.
This episode is for anyone dealing with credit card debt, tax refund decisions, student loans, budgeting problems, financial stress, debt settlement questions, or bankruptcy concerns.
More help and articles: https://getoutofdebt.org
Reach Damon Day for a free consultation: https://damonday.com
What happens when a creditor forgives part of your debt? In this episode of the Get Out of Debt Guy Show, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, break down the tax consequences of debt forgiveness and explain what a 1099-C really means.
If you settle debt for less than you owe, the forgiven balance may be treated as taxable income by the IRS. Steve and Damon walk through how canceled debt works, when you may owe taxes, when the insolvency exception could help, and why so many people get blindsided because debt settlement companies never explained the full picture.
They also talk about why bankruptcy is often misunderstood, how debt can affect security clearances and professional licenses, the danger of hidden debt in marriage, and why shame should never drive your debt decisions. This is a practical, honest conversation about debt relief, debt settlement, bankruptcy options, tax liability, and how to make a smart plan before you act.
Read more and use the free tools at https://getoutofdebt.org
Reach Damon directly at https://damonday.com
If you are dealing with debt settlement, forgiven debt, IRS tax issues, or trying to understand your debt relief options, this episode will help you make sense of what happens next.
After filing your taxes, it can feel smart to wait for your refund before making a debt plan. But in this episode, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, explain why waiting could be costing you hundreds or even thousands of dollars in credit card interest, personal loan payments, and financial stress. They talk about the real cost of delaying action, how tax refunds are often used as a financial rescue parachute, why so many people procrastinate on debt relief, and when options like bankruptcy, debt settlement, or a smarter payoff strategy may make more sense than continuing to struggle.
This conversation also covers money and marriage, financial stress, bankruptcy myths, and why getting independent debt advice can help you make a better decision faster. If you are dealing with credit card debt, tax debt, debt stress, or wondering how to use your tax refund wisely, this episode will help you stop waiting and start taking control.
Learn more at https://getoutofdebt.org and reach Damon directly at https://damonday.com.
Got a tax refund coming and wondering whether to save it, use it to pay off credit cards, build an emergency fund, or settle debt? In this episode, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, break down the smartest ways to use a tax refund when you’re already struggling with debt.
They talk about why throwing a refund at credit card debt is not always the best move, how a refund can be used more strategically, when it makes sense to build a cash buffer first, and why every financial decision needs a real plan behind it. They also dig into debt settlement, debt consolidation loans, 1099-C tax issues, forgiven debt, insolvency, and how financial stress can wreck clear thinking.
If you’re dealing with credit card debt, tax refund decisions, debt payoff confusion, or just want practical debt relief advice without the shame and nonsense, this episode is for you.
You’ll also hear about helpful free tools at GetOutOfDebt.org, including the Your Brain on Debt quiz and the 1099-C calculator, designed to help you make smarter money decisions before panic takes over.
Get more help at https://getoutofdebt.org
Reach Damon directly at https://damonday.com
Your tax refund feels like a lifeline—until you do the math.
In this episode of The Get Out of Debt Guy, Steve Rhode (the original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) break down why a $3,000–$5,000 refund usually doesn’t “fix” the kind of credit card debt most listeners are carrying. If you’ve got $30,000 to $200,000 in debt, a refund can become a one-time emotional paymentthat barely dents the balance… and then gets charged right back up when life happens (tires, repairs, surprises).
They also dig into a problem almost nobody talks about: debt and depression. When you’re overwhelmed, follow-through becomes harder—so generic “grind it out” advice (budgets, five-year payoff plans) can fail even when you want it to work. Steve and Damon explain why this is common, why it’s not about shame, and why you need a strategy that matches your real life—not an internet template.
You’ll also hear a straight-shooting breakdown of credit counseling / debt management plans vs. debt settlement, why people confuse them, and why “one-size-fits-all” debt advice can cost you years (and even derail retirement savings).
Next week, they’ll cover the smart plays for using a refund when you’re in debt—so you can stop repeating this cycle every tax season.
Get help and tools at https://getoutofdebt.org
Talk to Damon directly at https://damonday.com
You’re smart. You’re successful. You’ve solved hard problems at work and in life. So why is debt the one problem that keeps looping?
In this episode, Steve Rhode (the old, original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) go after the “I’ll figure it out myself” trap — the mindset that helps you win everywhere… except when it comes to credit card debt, personal loans, and financial stress.
We break down the three big DIY “solutions” that look logical but often make things worse:
- Debt consolidation loans: the “lower rate” pitch that can wreck your cash flow and lead right back to credit cards
- Merchant Cash Advances (MCAs): the business version of a payday loan — daily/weekly withdrawals, brutal “factor rates,” and a stack that can end in bankruptcy
- Closing paid-off credit cards: feels responsible… but can hurt your credit score by raising utilization and shrinking account history
If you’ve been “researching” your way out of debt for months with no real progress, this is your sign: you don’t get extra points for suffering alone. Get a plan before you accidentally lock yourself into the wrong move.
✅ Learn more at https://getoutofdebt.org
📞 Damon can be reached at https://damonday.com (free consultation)
Next episode: why your tax refund won’t save you — and what to do before April hits.
Ever been carrying debt (or a money mess) your spouse doesn’t know about… and you can feel the secret eating you alive?
In this episode, Steve Rhode (the old, original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) lay out a practical roadmap for the hardest conversation most couples will ever have: telling your partner the truth about your debt—without turning it into a relationship-ending explosion.
You’ll learn:
- When NOT to do it (hint: not during a fight… and definitely not at the grocery store)
- How to open the conversation with responsibility instead of excuses
- Why you need to show up with a plan, not a dumpster fire
- What to say when they’re hurt, angry, or ice-cold for a while
- How to turn this from “your secret problem” into a shared solution
Steve also calls out a sneaky modern trap: “Forbes-style” articles-that-are-really-ads pushing debt relief companies—why they look legit, why they fool smart people, and how to spot the marketing game.
If this episode hits a little too close to home, don’t wait. The longer the secret lives, the bigger the blast radius.
Get help and resources at https://getoutofdebt.org
Book a free call with Damon at https://damonday.com
If you’ve run the numbers, know your options, and still haven’t taken action… this episode is for you.
Steve Rhode (the old, original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) get brutally honest about the real reason people stay stuck in debt: fear and shame—not math, not money, not even the solutions.
You’ll hear why so much credit card debt comes from essentials, why people only act once the “bucket of chaos” hits the fan, and why protecting a credit score can quietly cost you years (and a lot of money). They also break down what to do about collection calls, the truth about debt settlement vs. doing nothing, and why having a plan changes everything—especially if your spouse doesn’t know the full story yet.
✅ Your assignment at the end: identify the real fear keeping you up at night—and start taking its power away.
Explore free tools and subscribe to the newsletter at https://getoutofdebt.org
Reach Damon directly for a free strategy call at https://damonday.com
January resolutions are cute. February is where the real work starts.
In this episode of The Get Out of Debt Guy, Steve Rhode (the old, original Get Out of Debt Guy) and Damon Day(the new Get Out of Debt Guy) talk about how to restart your debt plan on February 5th—without guilt, shame, or fake “perfect budget” nonsense.
They break down why people stall (hint: it’s emotion, not math) and why financial literacy classes don’t fix debt behavior unless you understand your money personality and how your subconscious drives spending decisions.
Then they pivot to the ugly reality: scams are everywhere—IRS and “TurboTax” tax scams, Amazon-style texts, gift card scams, crypto scams, and even debt consolidation traps that leave you deeper in debt. With consumer protections weakening, the message is simple: nobody is coming to save you—so you have to become your own financial watchdog.
- How to restart your debt plan in February (even if January slipped away)
- Why tracking spending beats “making a budget”
- The #1 mistake behind debt consolidation loans (cash flow vs. debt balance)
- How scammers pressure smart people into fast decisions (and why it works)
- A practical “one action this week” challenge to build momentum
Tools mentioned on GetOutOfDebt.org
- Money Personality Test
- Contract Decoder (to translate confusing financial terms)
- Scam-o-meter (to help spot red flags)
Get weekly updates and scam alerts: https://getoutofdebt.org
Reach Damon for a free consultation: https://damonday.com
If you’ve been stuck, overwhelmed, or quietly panicking… this episode is your reset. February counts. Motion creates momentum—and momentum creates change.
What really happens when you stop juggling bills and start taking control? In this episode, Steve Rhode and Damon Day go a little off-script (in the best way) and pull back the curtain on what’s happening right now in the debt world—and what you should watch out for before you sign anything.
We dig into:
- Why debt collection lawsuits are climbing—and how collectors use the court system to flip the power dynamic fast
- The real danger of ignoring a lawsuit (default judgments, wage garnishments, bank levies… the whole mess)
- Student loan forgiveness confusion heading into 2026—and how taxes can turn “forgiveness” into a surprise bill
- The ugly truth behind debt settlement “legal protection” promises (and who gets hurt the most)
- A military-base credit card problem that can snowball fast because the “creditor” has extra powers
- Plus: GM/OnStar data sharing and why your insurance hikes might not be random
If you want the latest consumer debt news and Steve’s weekday updates, subscribe at https://getoutofdebt.org.
If you need to talk through your personal situation (even if you’ve already been sued or have a judgment), reach Damon at https://damonday.com.
And if you’ve ever wondered whether you’re being sold a “debt solution” or a sales pitch, Steve’s tools (like the Contract Decoder and the Scam-o-Meter) live on https://getoutofdebt.org.
If you’re making good money and still drowning in debt, this episode is for you.
Steve Rhode (the old, original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) flip the script on the shame that high earners carry. Because your salary isn’t why you’re stuck — it’s the reason you can get out faster than you think.
We dig into what’s driving debt right now (hint: it’s not “overspending” for most people), why minimum payments keep even high earners trapped, and why “I’ll deal with it next month” turns into years of treadmill living. Then we get practical: what options actually exist when you make too much for a clean Chapter 7, how debt settlement can work if you have a real plan, and why the goal isn’t a magic trick — it’s a strategy that resolves the entire situation.
You’ll also hear what’s happening with student loans, why creditors seem more aggressive lately, and how to stop letting fear of credit damage or lifestyle disruption keep you frozen.
This week’s exercise: add up what you’re spending on minimum payments every month. That number is your leverage — the money that could fund your escape.
Learn more at https://getoutofdebt.org
Reach Damon at https://damonday.com
How many times have you heard it: “Just pay more than the minimum and you’ll be fine.” Sure—if you’ve got a small balance. But if you’re sitting on $80,000+ in credit card debt, that advice can turn into a slow-motion financial disaster.
In this episode, Steve Rhode (the original Get Out of Debt Guy) and Damon Day break down the minimum payment trap with real numbers—how “doing the responsible thing” can still mean decades of payments, massive interest, and the kind of burnout that makes people quit right before progress shows up. We also dig into the high-income trap: when you can afford the payments, but they quietly destroy your future by stealing your cash flow, your investing years, and your peace of mind.
You’ll hear why conventional advice (beans, rice, and brute-force willpower) often collapses in real life… and why the smarter move is choosing the right tool for the job—whether that’s a better payoff strategy, a negotiated plan, or (yes) understanding when bankruptcy is a realistic option instead of a scary myth.
Want to keep up with the latest debt news Steve’s covering during the week? Subscribe at https://getoutofdebt.org.
Need a real plan for your specific situation? Damon offers a free conversation—reach him at https://damonday.com.
Next episode: we flip the script and show you why your income is your biggest asset in getting out of debt—and how to use it the right way.
New year, new you… and one number you’ve been dodging for way too long.
In this episode, Steve Rhode (the old/original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) walk you through the most important (and honestly, toughest) first step in getting out of debt: finding your real numbers—how much you owe, and how much cash you’re bleeding every month just to keep the debt treadmill moving.
No guilt. No shame. Just facts, clarity, and a plan.
You’ll learn:
- Why most people underestimate debt and overestimate income (your brain is “helpful” like that)
- How to use AnnualCreditReport.com as a starting point (and why you should pull all three reports)
- What to look for on your credit reports (errors, unknown accounts, possible identity theft)
- Why “fake budgets” and vague guesses create bad strategies that don’t work
- The difference between caring about a credit score and protecting your cash flow and future retirement
- Why high-income earners are getting crushed by inflation—and why it’s not just you
Your homework: Add it all up. Write down the total. Then take a photo of that number and keep it in your phone—your “before” picture. Next week, we’ll show you how to turn that number into a real strategy (and why “just pay more than the minimum” is terrible advice for most people).
More no-BS debt help and resources: https://getoutofdebt.org
Reach Damon directly: https://damonday.com
It’s the last day of the year…and we’re not doing the same tired “New Year’s resolution” routine. Steve Rhode (the old, original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) are laying out what actually works: a real strategy you can start today—and real progress you can make in the next 90 days.
In this episode, we dig into why debt “resolutions” fail (they’re emotional, not strategic), why budgets usually collapse by February, and how your money personality matters more than pretending you’re going to track every penny like a robot. If you’ve got big monthly payments, a decent income, and that constant 2 a.m. anxiety, this is your reset.
You’ll also hear a straight talk breakdown of the options most people are afraid to even discuss—debt settlement, strategic default, credit counseling, and bankruptcy—and why protecting your credit score at all costs can be an expensive mistake. Damon asks the question that changes everything: “How much is your credit score worth?” Then we kick off the January series with one simple, non-judgmental action: track what you actually spend—on paper—starting today.
This is the foundation for January 2026: the January Audit, your real numbers, and a plan you can follow—without shame, without gimmicks, and without “beans and rice” misery.
Get more help and resources at https://getoutofdebt.org
Reach Damon directly at https://damonday.com
Subscribe and show up every Thursday—because 2026 isn’t magic…your strategy is.
It’s Christmas Day… and if you’re lying awake at 2 a.m. staring at the ceiling thinking, “What am I going to do about my debt?” — this episode is for you.
Steve Rhode and Damon Day talk straight about the quiet moment nobody posts on social media: the holiday pressure, the shame spiral, the fear that you’re the only one struggling, and that awful feeling like everyone else is cheerful while you’re drowning in credit card payments.
No tough homework today. No “perfect budget” fantasy. Just permission to take the day off, breathe, and remember: debt is a problem with solutions — not a life sentence.
And when you’re ready (hello, January), we’ll help you shift from surviving to solving with a real strategy for getting out of debt.
More help and resources: https://getoutofdebt.org
Talk with Damon: https://damonday.com
Christmas is days away, and if your credit cards are already screaming… this episode is your permission slip to stop the shame-spiral, enjoy your people, and not make things worse. We talk holiday spending strategies that actually work—setting real limits, using cash, and choosing experiences over stuff—because the best “gift” is not waking up in January with a financial hangover.
We also get into the psychology behind why we overspend (yep, hyperbolic discounting), how to say no without feeling like the Grinch, and what to do when the invite is pricey, the gift exchange is ridiculous, or the “just put it on the card” crowd shows up.
Then we pivot to the comeback plan: what you can do in January to recover fast and set up next year so you’re not repeating the same cycle.
More help and resources:
- https://getoutofdebt.org
- Damon can be reached at https://damonday.com
It’s December… and if you’re staring down holiday spending while your credit card debt is already heavy, you’re not alone. In this episode, Steve Rhode and Damon Day talk about why so many people avoid looking at their balances during the holidays, what that avoidance really costs you, and how to enjoy the season without turning January into a financial disaster.
We dig into the pressure to “keep up,” the dopamine hit of giving, lifestyle inflation, and why high-income households can still be in a quiet financial crisis. You’ll walk away with practical ways to set boundaries, build a realistic holiday budget, and choose smarter spending that protects your future — without guilt, shame, or deprivation.
More help and resources: https://getoutofdebt.org
Reach Damon Day: https://damonday.com
Is your side hustle really helping you get out of debt—or quietly dragging you deeper in? In this episode, Steve Rhode, the old, original Get Out of Debt Guy, and the new Get Out of Debt Guy, Damon Day, break down the truth about side hustles, gig work, and those “make money from home” dreams that can turn into financial nightmares.
Steve and Damon talk about the two very different worlds of side hustles: simple, cash-flow gigs like Uber, Lyft, DoorDash, Instacart and Walmart Spark… and the “business opportunity” side hustles like Amazon FBA, drop shipping, and guru-led online courses that can leave you with more credit card debt than profit. Steve shares his real Amazon FBA experience (including starting with $20–25k in inventory and building it into a serious business), while Damon explains how he consistently earns around $40/hour in the gig economy by stacking apps, knowing his market, and refusing unprofitable rides.
They dig into:
- Why so many people go into debt “trying” to get out of debt with side hustles
- The danger of high-priced “done-for-you” websites and Amazon stores
- Profit vs. revenue (and why a $15, 30-mile ride can actually lose you money)
- How to think about car costs, IRS mileage, taxes, and 1099 contractor reality
- When it’s smarter to drive Lyft or do Instacart than to swipe a card for another course
- How to test your market for 60–90 days and know when it’s time to pivot
If you’re thinking about starting a side hustle to pay off credit cards, avoid bankruptcy, or just keep up with inflation, this episode will help you avoid the emotional traps, slick marketing, and bad math that can wreck your finances.
For more straight-talk on getting out of debt, visit GetOutOfDebt.org:
👉 https://getoutofdebt.org
To talk one-on-one with Damon about your specific situation or set up a free consult, you can reach him at:
👉 https://damonday.com
Every time you open TikTok, Instagram, or Facebook, there’s another slick “debt relief” ad chasing you around. Secret government programs. Guaranteed 80% reduction. Gurus in rented Lamborghinis who “paid off $80,000 in six months.” In this episode, Steve Rhode—the old, authentic, original Get Out of Debt Guy—and the new Get Out of Debt Guy, Damon Day, pull back the curtain on the hidden traps in debt relief marketing you’re being targeted with right now.
Steve and Damon deconstruct real-world tactics used in debt relief ads and social media videos: fake government program language, illegal upfront fees, emotional scare tactics about wage garnishment, phony “last chance” deadlines, and TikTok/Instagram influencers quietly getting paid to push risky debt settlement programs. You’ll hear how marketers weaponize fear, shame, and hope to sell credit card debt relief, student loan help, and consolidation plans that often leave people worse off.
You’ll also learn how to tell the difference between a legitimate option—like nonprofit credit counseling, real debt settlement, or bankruptcy—and a high-pressure sales funnel disguised as financial advice. If you’ve ever wondered whether that “new 2025 federal debt relief program” in your feed is real or just another scam, this episode will show you exactly what to look for before you click, call, or hand over your bank info.
For honest, no-BS help with debt, visit:
https://getoutofdebt.org
To talk with Damon directly about your specific situation, go to:
https://damonday.com
In this episode of The Get Out of Debt Guy Podcast, Steve Rhode — the original Get Out of Debt Guy — and co-host Damon Day dig into two big money topics you’ll want to hear. First, they tackle the controversial idea of a 50-year mortgage, explaining how a slightly smaller monthly payment could actually cost homeowners hundreds of thousands more over time — and why a 50-year adjustable-rate mortgage could be financial quicksand.
Then, they pivot from long-term debt to day-to-day savings, showing how you can use ChatGPT to shrink your grocery budget by turning what’s already in your kitchen into real meal plans. Plus, an entertaining Meaty Mamma update—because personal finance doesn’t always have to be serious to be smart.
Links:
💡 Read more at GetOutOfDebt.org
🎙 Connect with Damon at DamonDay.com
Steve Rhode — the old, original Get Out of Debt Guy — and the new Get Out of Debt Guy, Damon Day, break down the headlines behind AI, layoffs, and automation without the hype. If you’re worried about job security (especially in white-collar or repetitive roles) and you’re carrying debt, this episode gives you a calm, practical game plan: how to reskill, where to start with AI tools, and the exact money moves to protect your household if the pink slips start flying.
We cover:
• Why AI is a personal finance issue, not just a tech story
• What to do today to stay employable: upskilling, side income, networking
• Debt triage in an uncertain job market: cash buffer vs. extra payments, when consolidation, settlement, or bankruptcy makes sense
• Cutting burn rate fast, building an emergency fund, and avoiding 401(k) raids
• Real talk on gig work (short-term cushion), “safe jobs,” and becoming AI-augmented at work
Resources & help:
• Read more at GetOutOfDebt.org: https://getoutofdebt.org
• Get 1-on-1 coaching with Damon: DamonDay.com https://damonday.com
Steve Rhode — the original Get Out of Debt Guy — and Damon Day — the new Get Out of Debt Guy — break down the real-world pros and cons of accepting a credit-card debt settlement. We explain why banks won’t deal early but suddenly send settlement letters before charge-off, how “settled for less than full balance” impacts your credit report, and what the IRS does with forgiven debt (hello, 1099-C). We also demystify IRS Form 982 (insolvency) — when it can eliminate income taxes on canceled debt, and why you might owe taxes once you’re no longer insolvent. Plus: timing mistakes to avoid, when bankruptcy may be cleaner than multi-year settlements, and how to build a plan that wins the war—not just one battle.
Explore more at https://getoutofdebt.org
Got questions or want a custom game plan? Damon can help: https://damonday.com
Is college still worth it — or are we all buying into one of the most expensive myths in America? In this episode, Steve Rhode — the old, original Get Out of Debt Guy — and Damon Day — the new Get Out of Debt Guy — break down what nobody tells you about college debt, trade schools, and real financial ROI.
They dig into:
🎓 The shocking truth about student-loan default rates
💸 Why a two-year trade or vocational program may beat a four-year degree
🚗 How Uber and other companies are now paying for college
🤖 The future of work in the age of AI
🧠 And how to make smarter money moves for your kids — and yourself
If you’ve ever wondered whether college is still a smart financial decision, this episode will open your eyes — and maybe save you decades of debt.
👉 Visit https://getoutofdebt.org for Steve’s full breakdown of college ROI and student-loan traps.
👉 Need personal help getting out of debt? Reach Damon at https://damonday.com.
In this heartfelt episode, Steve Rhode — the original Get Out of Debt Guy — and Damon Day — the new Get Out of Debt Guy — talk about The Meaty Mama, a hardworking YouTube creator juggling gig work, family, and $50,000 in debt. Steve and Damon explore the emotional and financial challenges she faces, including burnout, unstable gig income, and whether selling her condo is really the answer.
Together, they unpack what it means to rebuild your financial life without shame — highlighting compassion, smart strategy, and forgiveness over fear. This episode goes beyond quick-fix advice and looks at how personalized financial recovery can help you protect your assets, your health, and your hope.
Read more at https://getoutofdebt.org and connect with Damon for a free consultation at https://damonday.com.
In this heartfelt episode, Steve Rhode — the original Get Out of Debt Guy — and Damon Day — the new Get Out of Debt Guy — talk about The Meaty Mama, a hardworking YouTube creator juggling gig work, family, and $50,000 in debt.
Steve and Damon explore the emotional and financial challenges she faces, including burnout, unstable gig income, and whether selling her condo is really the answer.
Together, they unpack what it means to rebuild your financial life without shame — highlighting compassion, smart strategy, and forgiveness over fear. This episode goes beyond quick-fix advice and looks at how personalized financial recovery can help you protect your assets, your health, and your hope.
Read more at https://getoutofdebt.org and connect with Damon for a free consultation at https://damonday.com.
The post we talk about in the podcast is The Comprehensive Case Against “The Dave Ramsey Way Is The Only Way”
In this episode, Steve Rhode — the original Get Out of Debt Guy — and Damon Day — the new Get Out of Debt Guy — open up an honest, thoughtful conversation about debt, forgiveness, and financial recovery.
Inspired by Steve’s new article The Comprehensive Case Against the “Dave Ramsey Way is the Only Way”, this discussion isn’t about tearing anyone down. It’s about opening up the conversation. Dave Ramsey has helped millions of people, and his principles work for many — but as Steve and Damon explain, personal finance is never truly “one-size-fits-all.”
This show invites listeners to think critically, explore all their options, and make informed decisions that fit their unique lives and values. Whether you’re following the Ramsey plan, considering bankruptcy, or somewhere in between, this episode encourages healthy questioning and balanced perspective — because good financial advice should empower, not shame.
Visit https://getoutofdebt.org to read the full article and more debt-free resources.
Need personalized advice or a judgment-free conversation about your options? Damon offers free consultations at https://damonday.com.
In this episode, Steve Rhode (the old Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) dig into one of the most common fears people have about money: “If I stop paying my credit cards or personal loans, can I go to jail?”
We separate fact from fiction, explain why debt misfortune isn’t fraud, and share the real consequences of missed payments. Damon introduces his “shoot the hostage” analogy about credit scores, Steve recalls stories from bankruptcy courts, and together they tackle the mental health toll of financial anxiety.
We also expose how scammers pretend to be law enforcement to trick people into sending money, and why fear is the number one weapon used by both shady collectors and fraudsters.
If you’ve ever lost sleep worrying about debt collectors, credit scores, or the fear of arrest, this episode will give you clarity — and a plan forward.
👉 Learn more at https://getoutofdebt.org
👉 Talk directly with Damon at https://damonday.com
Is it worth pulling money from your 401(k) to wipe out credit card debt charging you 20% or more? In this episode of The Get Out of Debt Guy Podcast, Steve, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, break down the real trade-offs.
We tackle the emotional relief of paying off high-interest balances versus the cold math of lost compounding, penalties, and taxes when you tap into retirement savings. With credit card APRs climbing above 20%, and some people paying over $1,000 a month just in card payments, it’s no surprise more Americans are tempted to borrow from or cash out their 401(k).
Steve and Damon debate whether raiding retirement accounts to pay credit cards ever makes sense, share horror stories of people who never put the money back, and explain why a strategic plan—not a panic move—is the only way forward.
Learn about:
- Why a $10,000 401(k) loan today can cost you nearly $70,000 in lost growth over 20 years.
- What really happens if you lose your job while carrying a 401(k) loan.
- Smarter alternatives to tapping retirement funds, from side hustles to defensive debt strategies.
- When a 401(k) withdrawal might be the last option—and how to avoid disaster if you go that route.
Don’t make a decision based on fear or a sales pitch. Separate emotion from math and protect your financial future.
👉 Visit https://getoutofdebt.org for more insights from Steve.
👉 Work with Damon on a personalized plan at https://damonday.com
Losing your job can feel like the floor’s been pulled out from under you—but there are steps you can take right away to steady your finances and protect your future. In this episode of the Get Out of Debt Guy Show, Steve Rhode (the original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) break down what to do first when you’re laid off, terminated, or facing a sudden loss of income.
We also tackle a listener’s question: If your loan is sold to a collection agency, does that mean you don’t owe the debt anymore? Damon shares a wild personal story about fighting Citibank in court, and Steve explains why documentation and planning matter more than online myths.
From managing credit cards and unemployment benefits, to side hustles like DoorDash and Instacart, this conversation is packed with real-world strategies to avoid common mistakes when income stops.
💡 Want help with your unique situation? Damon can be reached directly at DamonDay.com.
📚 More resources and guides at GetOutOfDebt.org.
Prices are climbing faster than paychecks—and families feel the squeeze. In this episode, Steve Rhode (the old Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) break down the real-world cost pressures hitting households right now: cost of living vs. wages, shrinkflation at the grocery store, Instacart/app markups, rent and housing costs, electricity rising faster than inflation, insurance premiums, and high-interest credit card debt.
We keep it plain-English and practical: why this is happening, how it shows up in everyday budgets, and realistic steps to protect your cash flow (cutting debt, smarter shopping, avoiding app markups, and building savings so your future isn’t on a treadmill). Plus, a candid chat about retirement math—why “$7,000 a month” won’t buy in 10–20 years what it buys today—and how getting out of debt sooner can change your entire trajectory.
Helpful links:
• Get more free help and guides: GetOutOfDebt.org — https://getoutofdebt.org
• Talk with Damon one-on-one: DamonDay.com — https://damonday.com
Life’s more expensive than ever, and once you’ve cut back on extras, the only way forward is to earn more. In this episode of Get Out of Debt Guy, Steve Rhode talks with Damon Day—the new Get Out of Debt Guy—about how to turn evenings into real money using gig apps like DoorDash, Uber, Instacart, and Amazon Flex. Damon shares the playbook he personally uses to bring in serious side hustle income each month: multi-apping strategies, smart route planning, power blocks, and safety tips for working after dark. They also tackle common objections—from gas costs to burnout—and show how to make the gig economy work for your wallet instead of against it.
Visit https://getoutofdebt.org for more insights, and reach Damon directly at https://damonday.com.
Divorce isn’t just the end of a relationship — it’s often the start of a financial nightmare. In this episode, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, dive deep into the ugly mix of money, debt, and divorce. From the skyrocketing cost of contested cases to the fallout of hidden debt, blended families, child support battles, and credit destruction, Steve and Damon reveal how financial mistakes and emotional decisions can ruin lives long after the marriage ends.
You’ll hear real examples of how debt gets weaponized in divorce, why “you divorce your spouse, not your creditors” is a rule everyone should know, and what happens when loyalty to creditors costs families their future. Most importantly, you’ll get a path forward — how to treat divorce like dissolving a business, avoid the landmines, and protect yourself, your kids, and your future.
👉 Visit https://getoutofdebt.org for more resources.
👉 Reach Damon directly at https://damonday.com.
Debt relief shouldn’t feel like a trap—but for too many people, it is. In this episode of the Get Out of Debt Podcast, your trusted debt coach, Steve Rhode (the original Get Out of Debt Guy), and Damon Day (the new Get Out of Debt Guy), break down 20 manipulative sales techniques used by both for-profit and nonprofit debt relief companies. Discover how to get out of debt wisely by understanding these tactics that get you to sign up—whether it’s the right move or not.
From fear-based pressure, fake authority, and bait-and-switch loan offers to commission-driven scripts that play on your guilt and urgency, this deep dive will show you exactly how these tactics work—and how to protect yourself. Whether it’s a credit counselor, a debt settlement company, or a company claiming to be a “government program,” you’ll walk away from this episode armed with red flag indicators and smarter questions to ask.
This is not about being afraid; it’s about being informed. Tune in now to get expert debt advice and take control of your financial future!
👉 Learn more at https://getoutofdebt.org
📞 Want honest, expert help? Reach out to Damon directly at https://damonday.com
Debt isn’t just about numbers—it’s about the emotional, moral, and even spiritual weight it puts on your shoulders. In this episode of The Get Out of Debt Podcast, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, dive deep into the centuries-old struggle of the morality of debt and how to get out of debt when you’re stuck.
We tackle why guilt and shame can keep you trapped, why lenders share responsibility for the problem, and explore debt advice that redefines tools like bankruptcy and debt settlement. Discover that these are not moral failures—they’re legal, practical ways to protect your family and your future. From ancient biblical debt forgiveness to U.S. Constitutional rights, we’ll help you break free from the mindset that keeps you in financial chains and focus on how to achieve financial freedom.
If you’ve ever wondered whether you’re doing the “right” thing by paying a debt you can’t afford—or if there’s a smarter, more responsible path—the insights shared in this conversation will open your eyes to effective debt solutions.
Visit https://getoutofdebt.org for valuable resources. Damon can be reached at https://damonday.com for one-on-one guidance.
Are you ready to learn how to get out of debt while cutting expenses without hating your life? In this episode of the Get Out of Debt Guy Show, I’m joined by Damon Day to unpack simple, sustainable debt advice that makes saving money feel manageable. We explore realistic spending habits that can sabotage your financial goals—like trying to impress others—while providing smarter choices such as buying a used car at the right depreciation point and understanding how technology is transforming car ownership. Additionally, we delve into how leasing can actually make sense, how small thermostat tweaks can lead to significant savings, and how to stop wasting money on things that don’t contribute to your happiness. This episode is filled with real talk, effective strategies, and all the actionable advice you need to give your bank account a well-deserved breather without going full monk mode.
This one’s about real talk, real strategy, and giving your bank account a breather—without going full monk mode.
For more resources, visit https://getoutofdebt.org
Want help figuring out your next best step? Reach Damon at https://damonday.com
We kick things off by answering a listener’s question: How do I know if my interest rate is too high? Seems simple—until we dig into the loopholes big banks use to dodge state usury laws and how shady tribal loan scams worked… until they didn’t.
But buckle up—because what follows is the real headline: a massive, catastrophic overhaul of the federal student loan system that almost nobody is talking about. From new borrowing caps to hidden rule changes that could disqualify you from forgiveness after years of payments, this episode is a wake-up call. If you’re counting on PSLF, stuck with Parent PLUS loans, or have any kind of federal student loan, this could save you thousands—or decades of regret.
👉 Ask your question at https://getoutofdebt.org/podcast
🙋♂️ Want help from Damon? Go to https://damonday.com
Life doesn't wait — and when the unexpected hits, your finances can crumble fast if you're not ready. In this episode, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, dive into the real cost of living paycheck to paycheck, why guilt is keeping you broke, and what smarter financial choices look like when you're staring down layoffs, car trouble, or divorce.
This isn’t about judgment — it’s about giving you real options, real strategies, and a chance to breathe again. If your credit card balances are higher than your savings account, it’s time for a better plan.
Listen in and learn how to build a safety net, protect your future, and make hard decisions feel a little... less hard.
💻 More free help: https://getoutofdebt.org
🤝 Talk to Damon: https://damonday.com
Big changes are coming for Parent PLUS loans—and most families have no idea. In this episode of The Get Out of Debt Guy Show, Steve Rhode and Damon Day break down the hidden deadlines, confusing rule changes, and massive traps built into the new Parent PLUS system. If you’re planning to help your kid with college—or already have Parent PLUS loans—June 30, 2026 is the line in the sand. Miss it, and you may permanently lose access to income-driven repayment and Public Service Loan Forgiveness.
We’ll cover what’s changing, what’s still unclear, and what actions every parent needs to take now to avoid a costly mistake. This isn’t just a student loan episode—it’s your warning signal.
Get the full breakdown at https://getoutofdebt.org. Damon is available at https://damonday.com.
Today on The Get Out of Debt Guy Show, Steve and Damon are together in person for a rare live conversation—and they’re diving deep into a topic most people avoid: bankruptcy attorneys.
After a lunch with a bankruptcy lawyer, they share insider perspectives on why so many people avoid bankruptcy even when it might be the best option. From emotional roadblocks and bad first impressions to sales tactics from debt relief companies that push people into costly mistakes—this episode unpacks it all. You’ll hear why some attorneys lose clients even when they have the right solution, how fear is often weaponized to sell debt programs, and why being your own advocate is the smartest move you can make.
They also break down:
- The emotional gap most attorneys miss
- Why rebuilding credit after bankruptcy might be easier than you think
- What real debt relief looks like (and what’s just hype)
- The importance of shopping for the right person, not just the right solution
This is the episode for anyone feeling stuck, judged, or confused about their next move.
🔗 For real help and judgment-free advice, visit https://getoutofdebt.org
💬 Want a one-on-one with Damon? Head to https://damonday.com
In this eye-opening episode, I sit down with Damon Day to talk about the fast-moving threat of artificial intelligence replacing middle-class jobs. From customer service reps to financial analysts and marketing writers, AI isn’t just nibbling around the edges — it’s bulldozing through entire career paths. We talk about what jobs are most at risk, whether upper management is really safe, and how fast this change is coming. (Spoiler: faster than you think.) We’ll also lay out practical steps you can take right now if you’re carrying debt, juggling long-term financial obligations, or just trying to build a future that won’t be outsourced to a bot.
This is one of those episodes that’s equal parts wake-up call and survival guide.
🔗 Learn more and get free tools at https://getoutofdebt.org
💬 Talk to Damon at https://damonday.com
Debt and guilt go hand-in-hand—and not in a good way. In this episode of the Get Out of Debt Guy podcast, Steve (the original Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) dive into the toxic guilt that keeps people stuck in debt and making bad financial decisions.
From draining retirement accounts to hiding credit card debt with more debt, guilt can lead to a spiral of shame, silence, and survival-mode living.
Steve and Damon share their personal rock-bottom moments—from cold postal Jeeps to garage-office dryers —and explain why guilt is not a financial strategy.
You’ll hear real talk about what actually works to get out of debt, how to flip the mental switch, and why sometimes “so what?” is the smartest thing you can say.
Whether you’re dealing with credit card debt, feeling overwhelmed, or just tired of hiding your financial reality, this episode is your permission to stop beating yourself up and start doing something different.
Damon can help—visit https://damonday.com.
Is it more moral to protect your future—or to financially bleed yourself dry trying to pay everyone back? In this episode, Steve, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, unpack the emotional weight and moral confusion around debt, repayment, and financial survival. From the fear of bankruptcy to the guilt of walking away from a debt you can’t afford, we tackle the gray areas most people never talk about. We’ll explain why your sense of “doing the right thing” might actually be keeping you stuck, and how to find the balance between responsibility and self-preservation.
Visit https://getoutofdebt.org for more support and free resources. Damon can be reached at https://damonday.com.
Steve, the original Get Out of Debt Guy, and Damon, the new Get Out of Debt Guy, crack open the rolling doors of America's $44 billion self-storage obsession. From emotional clutter and forgotten bins to the sneaky subscriptions draining your wallet, this episode is a deep clean for your finances and your soul. Damon shares how he finally closed his last unit after 20 years—and what he found inside. Spoiler: it wasn’t gold. Plus, practical advice on investing the money you're wasting on space you’ll never visit.
If this hits a little too close to home, maybe it’s time to ask: are you storing stuff or stalling life?
Visit https://getoutofdebt.org for free resources and tips.
Want to talk with Damon? Reach out at https://damonday.com
Too many people waste thousands chasing the wrong debt solution. In this eye-opening episode, Steve Rhode—the original Get Out of Debt Guy—and Damon Day—the new Get Out of Debt Guy—pull back the curtain on the truth behind debt relief programs, credit counseling, debt settlement, Dave Ramsey plans, and even bankruptcy.
We break down:
- Why people fall for the wrong solution
- What debt relief companies don’t tell you
- How to weigh real options like credit counseling vs. bankruptcy
- The hidden cost of sticking with bad advice
- And why it’s not a failure to legally reset your finances
This episode covers it all, with honest, no-judgment advice and some laughs along the way.
Whether you're in Raleigh, Dallas, or Des Moines, this show is packed with insights for anyone feeling stuck in debt. We also talk about Damon’s custom strategy approach, how to avoid being sold a product instead of finding the right plan, and what Steve learned firsthand after his own bankruptcy.
👉 Visit https://getoutofdebt.org for free resources.
👉 Want personal help? Damon is available at https://damonday.com
In this episode of the Get Out of Debt Guy podcast, I answer a powerful listener question from a 71-year-old semi-retired filmmaker who’s buried in $30,000 of credit card debt. After losing income from DVD sales, he’s now fielding calls from debt relief companies offering to settle or consolidate his debt—but something doesn’t feel right.
We talk about how to spot red flags in the debt relief industry, including fake law firm branding, misleading promises, and manipulated review sites like Trustpilot. If you're wondering whether you can trust a company to handle your debt—or if you’ve been targeted by companies offering to "erase your debt" with no mention of the risks—you'll want to hear this.
I share the key questions to ask before signing up for any debt solution, especially if you’re a senior on a fixed income. I also point you to my free resource, The Ultimate Consumer Guide to Checking Out a Debt Relief Company, and explain why sometimes the right path isn’t the most advertised one.
This episode covers:
- How debt settlement companies often market to seniors in financial crisis
- What those five-star reviews really mean (and how to spot fake patterns)
- Why declining income years demand a different financial strategy
- What options are actually available when you're over 70 and deep in debt
- Who I personally trust to help people find the right solution for them
👉 If this hits close to home—or you know someone who’s falling behind—share this episode and visit GetOutOfDebt.org/podcast to submit your own question.
Struggling to choose the right credit card? In this episode of the Get Out of Debt Guy podcast, Damon Day breaks down how to find a credit card that actually works for you—not against you. Learn why the interest rate doesn’t matter if you pay off your balance every month, which rewards are truly worth it, and why using a credit card is often safer than using a debit card. Damon also shares a real-life client story and gives you a simple checklist to make your next credit card decision smart, safe, and stress-free.
💡 Whether you’re looking for the best cash-back credit card, travel rewards, or just want to avoid hidden fees, this episode is packed with insights to help you stay in control and out of debt.
Have a question or want personalized advice? Reach out to Damon directly at https://DamonDay.com.
If this episode helped you out, boop that like button and subscribe—because smart money moves should never feel overwhelming.
Is college still the golden ticket—or just expensive boomer advice? In this episode of the Get Out of Debt Guy podcast, Steve and Damon unpack the myths, numbers, and alternatives to a traditional 4-year degree. They talk about community college, trades, side hustles like DoorDash, and why letting your kid live at home a little longer might be the smartest financial move you can make. If you're weighing student loans, career paths, or just trying to avoid a six-figure mistake, this one’s for you.
👉 More help and resources at https://getoutofdebt.org
💬 Damon can be reached at https://damonday.com
Money discussions should be simple—but they rarely are. Fear, anger, mistrust, and emotional baggage make even basic talks feel explosive. In this episode, Damon Day unpacks why money conversations are so hard, what’s really going on underneath, and how to finally talk about money without losing your mind (or your relationship). Need help sorting through your own money mess? Reach out at https://DamonDay.com — real advice, no judgment.
After three decades as a debt coach, I’ve held sobbing clients, watched others walk into disaster, and celebrated life-changing wins with those who were finally ready to act. In this heartfelt episode, I share the biggest lessons I’ve learned—about money, human nature, and what it really takes to change your life.
You’ll hear the surprising truth about bankruptcy, the emotional toll of letting people fall, and the joy of seeing my friend Damon Day carry this work forward.
If you're ready for change—or still gathering strength—this one’s for you.
Is missing one payment really the end of the world? Not even close. In this episode, Steve Rhode and Damon Day dig into the real fears around debt—like dodging debt collectors and panicking over late payments—and explain why most of that anxiety is based on myth, not reality. From hilarious behind-the-scenes stories to practical strategies, you’ll learn when missing a payment makes sense, how collectors actually operate, and why being afraid of them might be costing you more than you think.
👉 More help at https://getoutofdebt.org
👉 Talk with Damon at https://damonday.com
Easy access to credit can feel like a lifeline—but it’s often a trap that silently drains your future. In this episode, Damon breaks down why waiting to deal with your debt might feel safe, but actually costs you your best options. You’ll hear the story of someone who waited too long, why most people delay action until it’s almost too late, and what you can do right now to reclaim control and peace of mind. Don't wait until you're out of choices—choose happiness, not financial martyrdom.
📍 Need a plan? Talk to Damon at DamonDay.com
Ever felt like your brain just shuts down when bills pile up? That’s not weakness—it’s survival mode. In this episode, Steve shares the science behind debt panic, why even high earners like John can fall hard, and how shame, stress, and fear hijack your ability to make good decisions. You’ll hear real stories, practical advice, and why finding a real debt coach—not a salesperson—is the lifeline you might need. Featuring a shoutout to expert coach Damon Day and Steve’s own experience facing financial crisis.
You can find Damon at https://DamonDay.com
Everyone tells you to be debt-free—but what if that goal is a trap? Damon shares the story of Anthony, a man who paid everything off… and still ended up back in debt. In this eye-opening episode, Damon unpacks the real definition of debt (hint: it’s not just credit cards and loans) and explains why the fantasy of “zero balance” might actually cost you more than it saves. If you’ve ever chased the scoreboard or felt like you're falling behind—even after doing everything right—this one’s for you.
You can reach Damon at https://DamonDay.com
We all say we want to raise financially savvy kids—but what if we’re accidentally setting them up to fail? In this episode, Damon Day dives into why one-off financial literacy classes aren’t enough, how kids actually learn about money, and why giving them real experience (yes, even with a credit card) might be the smartest move you make as a parent.
You'll hear the story of Marcus, a teen who aced his finance class but still found himself drowning in debt—and what his journey reveals about the emotional side of money most lessons leave out. Damon also breaks down the science behind why short-term gains from finance education often fade, and how your own spending habits might be your child’s most powerful classroom.
This one’s part wake-up call, part practical guide—and it might just change how you think about teaching money forever.
🎧 Subscribe now and boop that like button if this hits home. For more free resources, visit GetOutOfDebt.org.
Struggling to save money—even when you know you should? In this powerful episode, Steve Rhode dives deep into the most effective saving techniques that actually work in real life. With over 30 years of experience helping people get out of debt, Steve shares unforgettable stories about emotional spending, budgeting breakdowns, and how small changes can lead to big savings. You'll learn why guilt fails, how to create better money habits, and how to stop fighting about finances with your partner. Whether you’re new to saving or trying to rebuild after setbacks, this episode offers real-world money advice, practical tools, and hope. Featuring smart saving strategies, Dollar Cost Averaging tips, and insights into financial wellness that go way beyond the numbers.
If you’ve ever felt like you’re drowning in debt, confused by the system, and overwhelmed by empty promises, this episode is for you. Damon Day, the new Get Out of Debt Guy, is rolling solo today to talk about what real debt help looks like — and why having the right debt coach by your side can change everything.
You’ll hear real stories of people like Mark and James, who escaped the trap of debt relief scams, avoided bad deals, and took smart steps like strategic bankruptcy to rebuild credit and reclaim their future. Damon breaks down why most "debt solutions" you find online are really just sales pitches—and what real financial advice should sound like: no pressure, no magic tricks, just clear options, honest answers, and a path forward.
If you're tired of guessing, stressing, and second-guessing, tune in for a heart-to-heart that could be your first real step toward financial freedom.
👉 Get free resources at GetOutOfDebt.org
👉 Connect with Damon directly at DamonDay.com
Your brighter financial future starts with real support—not empty promises.
You can share a bed, a future, and even a family—but if you can’t share your financial truth, the cracks will show. In this episode, Steve unpacks why financial intimacy is often harder than physical intimacy, how hidden money secrets can quietly destroy relationships, and what happens when one partner finally decides to come clean. Plus, you'll hear the powerful story of a man who waited too long to be honest—and lost the love of his life.
If you—or someone you know—is carrying a financial secret, don't wait. Get a plan in place with help from debt coach Damon Day at DamonDay.com.
When you're broke, being smart with money isn't enough. In this episode, Steve Rhode (the old Get Out of Debt Guy) and Damon Day (the new Get Out of Debt Guy) unpack the hidden costs of living in debt—how fees, interest, lost time, and limited options keep people stuck. From $14 billion in late fees to the myth of credit scores over freedom, this is the must-hear reality check about what debt is really costing you. And more importantly, what you can do about it.
💡 Free resources: https://getoutofdebt.org
💬 Talk to Damon: https://damonday.com
We reboot our phones, our routers, even our laptops when they freeze—without hesitation. But when our finances lock up? We stall. We panic. We wait. Why is that?
In this episode of The Get Out of Debt Guy podcast, Steve shares a powerful, immersive story about the hidden emotional roadblocks that keep people stuck—and the simple, life-changing power of a financial reboot.
If you’re ready to reset your money and reclaim your peace, visit GetOutOfDebt.org for real help.
Need someone to help you build a personalized plan? Talk to Damon at DamonDay.com—he’s still helping good people through tough times.
Feeling stuck in debt? Starting over might sound like failure, but it could be the smartest, most freeing move you’ll ever make. In this episode, Damon Day shares why hitting reset isn’t the end—it’s the exit. If you’re ready to breathe again, this one’s for you.
Want to talk to Damon? Visit https://damonday.com
Is fixing your credit really that hard—or are scammers just making a fortune convincing you it is? In this episode, Steve Rhode, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, break down the surprisingly simple truth about credit repair—and the dangerous line where it crosses into credit fraud. From bogus CPNs to sketchy piggybacking services, we’re calling out the tricks that cost people billions every year.
You’ll learn what actually works to improve your credit score, why your Credit Karma number might not matter, how to legally clean up errors, and why no one needs to spend a fortune to get their financial life back.
👀 Visit https://getoutofdebt.org for free resources and scam alerts.
📞 Need help with debt? Damon can help at https://damonday.com
If you’ve just hit rock bottom—or you're stuck in the guilt, fear, and shame of financial failure—this episode is for you.
In this raw and compassionate conversation, Steve shares what really keeps people from starting over, and why the problem isn’t your finances—it’s the weight you’re still carrying. You’ll hear powerful stories from his time as the debt coach on the reality show Starting Over, including one unforgettable moment with a woman buried in financial shame… and the two surprising lessons he walked away with.
We’ll talk about:
- Why advice like “just be grateful” doesn’t help when you’re grieving
- The real reason you can’t move forward yet—and how to know when you’re ready
- What a widower taught a doctor (and Steve) about starting over after deep loss
- How to shift from shame to forward motion—without pretending you're okay
This episode isn’t a lecture. It’s a light in the dark. And if you’re feeling stuck, scared, or lost... I promise, there’s a path forward—and it starts here.
Is it possible to make extra money without burning yourself out in a second job you hate? Damon Day says yes—and in this episode, he’s walking you through the side hustles that actually work.
Whether you're trying to avoid late bills, kill off debt, or just want a little breathing room in your budget, this episode breaks down exactly how to get started. Damon shares real results from testing side gigs like DoorDash, Uber Eats, Instacart, Lyft, Walmart Spark, and more—plus the truth about what works, what wastes your time, and how to know the difference.
💼 Here's what you'll learn:
- How Damon makes $2,000+ per month in his car with delivery apps
- Why Steve’s Amazon FBA business worked for him—and why it’s not for everyone
- The sneaky excuses that keep people from starting a side hustle
- Smart strategies to stack gigs, schedule wisely, and avoid burnout
- Why a side hustle could be your hidden path to building long-term wealth
- What nobody tells you about taxes, write-offs, and using your gig to fund a 401(k)
Whether you're brand new to gig work or looking to level up, this episode is your friendly, no-BS guide to getting out there and making extra money—on your terms.
You can find Damon at DamonDay.com
The market’s tanking. Your retirement account just took a nosedive. And TikTok says a magic letter can make your debt vanish. Deep breath.
In this episode of The Get Out of Debt Guy Podcast, I’m joined by Damon Day to unpack how fear—not numbers—is the real danger when it comes to both investing and debt. We’ve seen it all: folks yanking their retirement funds at the worst moment, others clinging to internet myths hoping a certified letter will scare off a debt collector. Spoiler alert: it won’t.
Here’s what we get into:
- What stock market crashes teach us about emotional money decisions
- Why selling in a panic locks in your losses
- How dollar cost averaging works—and why it might save your sanity
- The truth about debt validation letters and charge-offs
- The emotional toll of chasing bad advice disguised as “debt tips”
Whether your 401(k) is in free fall or you’re wondering if that letter to a collector really worked, this episode brings real talk with no scare tactics. Just insight, a little humor, and a reminder: you’re not alone, and you’re not doomed.
👉 Listen now and visit GetOutOfDebt.org for tools, truth, and a free show guide.
This is the debt validation post we talked about: https://getoutofdebt.org/175121/you-are-wrong-if-you-think-your-debt-disappears-if-collectors-dont-respond-in-30-days
Feel like you’ve failed at saving money? You’re not alone—and you’re not broken. In this episode, Steve, The Get Out of Debt Guy, shares how saving money has changed over the decades and how the system is wired to keep you spending. But here’s the good news: you can still build real savings—without pain, guilt, or spreadsheets.
👀 Inside this episode:
- Why you’re not bad at saving—the game is rigged
- Old-school saving methods that don’t work anymore (RIP coupon binders)
- How apps like Acorns make saving painless and automatic
- The danger of “false savings” that look smart but cost you
- Steve’s 60-second savings plan anyone can start today
- Why $500 in your emergency fund isn’t enough
- The power of compound interest and why your future self will thank you
📉 Did you know?
According to the U.S. Bureau of Economic Analysis, the average personal savings rate is now under 5%. That means most people aren’t even saving a nickel for every dollar they earn. You can flip that script.
Here are the two links I mention in the podcast:
Acorns app
This post
Millions swear by Dave Ramsey’s advice—but what if following it blindly is costing you more than you realize?
In this episode, Steve opens up a respectful but honest conversation about:
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Why Dave’s advice works for some… and hurts others.
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The hidden cost of the “pay it all off first” mindset.
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Why relying only on debit cards might be riskier than you think.
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What the U.S. Constitution says about bankruptcy (yes, really).
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How lost retirement time can quietly rob you of a million dollars.
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The moral guilt around debt—and whether it’s helping or harming you.
We’re not here to bash Dave—we’re here to question what’s right for you. Because financial freedom doesn’t come from one-size-fits-all advice. It comes from critical thinking, compassion, and math that actually works.
🧠 It’s not about rejecting everything Ramsey teaches—it’s about making room for options he often leaves out. Like legal bankruptcy relief, better credit habits, and protecting your future instead of punishing your past.
This isn’t a takedown. It’s a talk. And if you’ve ever felt overwhelmed trying to “do the right thing” financially, this might be the episode that finally sets you free.
🎧 Listen in and decide for yourself.
Here are the two links I mentioned in the podcast:
Those That File for Bankruptcy Do Better: https://getoutofdebt.org/86125/those-that-file-bankruptcy-do-better-than-those-that-dont
Pound Foolish: https://www.amazon.com/Pound-Foolish-Exposing-Personal-Industry/dp/159184679X/
Feeling overwhelmed by debt and not sure how to get debt free? You’re not alone—and the truth is, getting debt free isn’t a one-size-fits-all journey. In this episode, I break down why your path to becoming debt free should be based on your life, your goals, and your unique challenges—not some cookie-cutter plan.
We’ll talk about:
• Why becoming debt free is more emotional than mathematical
• The panic and fear that lead people to make poor choices
•Real stories of people who felt hopeless and found relief
• How talking to someone like me can uncover options you never knew you had
• The many different paths to getting debt free—some of which might surprise you
Steve always says, “Debt is nothing but math wrapped in emotion”—and once you understand that, everything changes. If you’re feeling stuck, ashamed, or unsure where to start, this episode is for you.
This isn’t about quick fixes or one-size-fits-all solutions. It’s about finding your way to a life that’s truly debt free—and emotionally free too.
You can reach Damon at DamonDay.com
Payday loans, overdraft fees, and financial protection—everything you thought was regulated just got turned upside down.
In this eye-opening episode, consumer debt experts Steve Rhode and Damon Day expose how Congress quietly revived a dangerous banking loophole, while the Consumer Financial Protection Bureau (CFPB) stripped away critical protections against unauthorized withdrawals from payday lenders, title loans, and high-interest installment loans.
If you've ever struggled with payday loans, overdraft charges, or found yourself trapped in high-interest debt, you can't afford to miss this. Steve and Damon break down exactly how these changes can impact your bank account, why overdraft fees are spiking from $5 to $35 or more, and what practical steps you can take right now to protect your money. Packed with clear financial advice, actionable debt solutions, and the truth banks don’t want you to know—this is the podcast episode your wallet needs.
The two posts referenced in this podcast are:
Congress Just Helped Big Banks Act Like Payday Lenders—Here’s What That Means for You - https://getoutofdebt.org/174351/congress-just-helped-big-banks-act-like-payday-lenders-heres-what-that-means-for-you
The CFPB Just Told Payday Lenders and Title Loan Companies: “Go Ahead—Take the Money and Run” - https://getoutofdebt.org/174207/the-cfpb-just-told-payday-lenders-and-title-loan-companies-go-ahead-take-the-money-and-run
When someone you care about is in a debt crisis, knowing how to help without making things worse is harder than it sounds. In this episode, I break down what to say (and what not to say) to someone going through a financial crisis—and how your support can be the thing that helps them find a way out.
We’ll talk about why a debt crisis isn’t just about money—it’s about fear, shame, and feeling stuck. And I’ll show you how to avoid the common emotional traps that lead to bad decisions and lasting regret.
If you’re facing a debt crisis yourself, or you’re trying to help someone else through it, this episode is for you.
👉 Need real tools and honest guidance? Visit GetOutOfDebt.org for free resources I’ve built from decades of experience helping good people through bad situations.
Struggling with a low credit score and don’t know where to start? In this episode of The Get Out of Debt Guy Podcast, Damon Day pulls back the curtain on the credit score improvement tips that actually work—no fluff, no gimmicks, and no shady “credit repair” schemes.
Whether you’re dealing with collections, maxed-out cards, or just trying to rebuild after a financial hit, this episode breaks down exactly how credit scores are calculated—and how to start improving yours today. You’ll hear real stories, like Carlos, who turned a 545 score into a 710 without falling for credit repair traps.
🎯 Inside This Episode:
- Why paying off collections might not raise your score
- How to master your credit utilization for fast results
- The truth about auto-pay, old credit cards, and hard inquiries
- The simple steps you can take TODAY to start improving your score
- A breakdown of the real credit score formula (and how to work it in your favor)
💡 Plus: Damon shares the emotional side of rebuilding credit—and why your score doesn’t define you.
If you’re tired of the confusion and ready for real answers, this episode is your roadmap to credit clarity.
📍 Need personalized help or want to build a custom strategy?
Visit DamonDay.com — Damon offers hands-on support to help good people through bad debt situations.
🧭 For more free resources, credit guides, and tools to take back control of your money, check out GetOutOfDebt.org.
📢 Don’t forget to subscribe, leave a review, and share this episode with someone who needs it.
What if everything you thought you knew about debt elimination was actually keeping you trapped?
In this eye-opening episode, Steve pulls back the curtain on the myths, half-truths, and hidden traps that keep millions stuck in the cycle of debt—even when they’re making every payment on time. You’ll hear the real options for getting out for good, from explosive resets like bankruptcy to powerful custom strategies that most people never hear about.
If this is already hitting home for you, boop that like button to give this a little love. It helps more people find this message.
👀 Ready to stop treading water and finally breathe again?
🎧 Hit play now—and don’t forget to subscribe so you never miss an episode.
Here are the two links Steve mentioned in the podcast.
The bankruptcy study - https://getoutofdebt.org/86125/those-that-file-bankruptcy-do-better-than-those-that-dont
How to easily save your spare change - https://getoutofdebt.org/go/acorns
My free newsletter - https://getoutofdebt.org/subscribe
In this episode, I dive deep into the overwhelming world of debt elimination and explore the often-unspoken truths about how debt elimination affects our lives. We uncover the emotional weight that comes with financial struggle and how even the most responsible individuals can feel like they’re in a never-ending cycle, working hard yet getting nowhere. I share the story of Jason, a relatable figure whose seemingly stable life is overshadowed by the silent battle of financial stress, reminding listeners that they’re not alone in this fight.
I introduce three distinct paths to achieving debt elimination so that you can take control of your financial future. First, I discuss the often-taboo topic of bankruptcy. While it may not be what many want to consider, I illuminate how filing for bankruptcy can actually serve as a significant reset, allowing individuals to stop the relentless cycle of payments and regain their financial footing. Studies suggesting that those who file for bankruptcy fare better financially in the long run lend credence to this route as one worth exploring.
Next, I detail the brick-by-brick method, also known as the snowball or avalanche approach. I explain how this method involves rolling up your sleeves to tackle debts systematically based on either balance or interest rate. While this process can be slower and may temporarily hinder retirement savings, the satisfaction of watching debts vanish creates an emotional momentum that can propel you forward. I also recommend practical tools like the Acorns app, which helps users save effortlessly while paying down debt, ensuring a brighter financial future.
The third path I examine is the negotiator's route, which includes settlements and debt coaching. I introduce my co-host, Damon Day, who specializes in helping individuals negotiate their debts and create personalized plans. Through our conversation, we address the prevalence of scams in the debt relief industry and emphasize the importance of seeking guidance from experienced professionals, especially when the process feels overwhelming.
Throughout the episode, I challenge harmful myths surrounding debt and advocate for a shift in mindset, asserting that a person's worth is not tied to their financial struggles. I provide actionable steps for listeners, such as listing their debts, exploring all options—including bankruptcy— and utilizing the wealth of resources available on my website, getoutofdebt.org.
As we wrap up our discussion, I reiterate that making minimum payments is not equivalent to a victory in the battle against debt. Real freedom lies in confronting and managing debt head-on. I encourage listeners to embrace their stories, take the first critical steps toward financial independence, and remind them that they hold more power than they might realize. The journey to debt relief is not a straight path, but with determination and the right knowledge, it’s entirely attainable.
Explore the financial implications of financing food. Steve and Damon unpack the true costs of using Klarna for deliveries.
In this episode of the Get Out of Debt Guy Podcast, Steve and Damon dive into the mind-boggling world of financing your fries. That’s right—DoorDash is now letting you pay for takeout in installments with Klarna. Sounds convenient… but is it a clever trick or a financial trap?
From missed payments tanking your credit score to racking up phantom debt for burgers and burritos, we unpack the real cost of this global trend. You’ll hear why Klarna loves your Big Mac more than you do, how impulse spending feels cheaper when it’s split into four payments, and why this isn’t all that different from charging beer emergencies in the '80s.
Plus, Damon shares a contrarian take no one else is talking about (yep, it involves tips, side hustles, and a woman who DoorDashed a $600 Target order), and we hit you with a dose of reality: just because you can finance fast food doesn't mean you should.
🍟 Fast food meets funny money—get ready to laugh, learn, and maybe rethink that late-night DoorDash.
If this hits close to home, boop that like button and don’t forget to subscribe. And if you’re drowning in Klarna payments or thinking about flipping the script and becoming a delivery driver, Damon’s got your back at DamonDay.com.
🚗💸 Final tip: Before you Klarna your cravings, consider delivering the fries instead of financing them.
Oh, and you can find Steve at GetOutOfDebt.org
Stop waiting to be debt-free—discover the strategies to start investing today!
The biggest lie keeping you broke? Waiting until you're debt-free to start building wealth. In this episode, we reveal why time—not debt—is your biggest asset and how you can start growing your money today with stupid simple strategies. From side hustles that create magical money to apps that invest your spare change, we break down how even $500 a month can turn into millions. Ready to ditch the excuses and start your millionaire journey? Hit play now!
Acorns link
My post comparing Acorns and Qapital
My online payment and savings calculator
The post we mention where I compared apps to think about.
The Penny Stupid Project YouTube channel
Don't let debt hold you back from investing. Here's how to start with ease.
Afraid to invest because you’re still in debt? In this episode of the Get Out of Debt Guy podcast, Damon Day and I break down why waiting until you’re debt-free might actually be costing you big time. We get into the mindset traps that keep people stuck, the simple ways to start investing without overcomplicating things, and how even small amounts can grow into something serious over time. We also spill the beans on easy, no-stress investing tools like Betterment, Acorns, and Bloom—because the goal isn’t to get rich overnight, it’s to build real wealth without wrecking your budget. If you’ve ever felt like investing is only for people with money, this episode will change the way you think. Here is the link to the post we talked about: https://getoutofdebt.org/172753/afraid-of-investing-this-is-the-best-way-to-start-even-if-youre-in-debt
Financial anxiety affects many—join Steve and Damon to learn how to regain control over your financial well-being.
Feeling like your finances are running the show while you’re barely hanging on? You’re not alone—financial anxiety is real, and it’s more than just numbers. In this episode, Steve and Damon dive into the sneaky ways debt messes with your mental health, the telltale signs of financial stress (spoiler: if you think you have a debt problem, you probably do), and why money struggles aren’t just about budgeting better. They’ll break down why even high earners feel the squeeze, the emotional rollercoaster of debt, and the surprising power of a simple mindset shift. Plus, you’ll hear wild true stories of how financial stress can push people to the brink—and how to stop that spiral in its tracks. If your bills are stacking up and your peace of mind is crumbling, this is the episode you need to hear. Tune in, breathe, and take back control—one step at a time.
Here is a link to the Money Personality Test - https://getoutofdebt.org/money-personality-quiz-what-are-your-spending-habits
Your wallet has been under attack, and the people behind it don’t want you to notice. Prices keep climbing, but your paycheck isn’t stretching any further—and while you’re struggling to keep up, someone else is cashing in big time. I just pulled back the curtain to show you who’s really profiting from these price hikes, and trust me, the truth might shock you. Read the full breakdown here: https://getoutofdebtguy.substack.com/p/wait-why-are-prices-going-up-the
You think Medicaid cuts won’t affect you? That's cute but think again. When hospitals lose funding, your bills skyrocket, your insurance premiums climb, and Grandma might be moving in. This isn’t just about “other people”—it’s about your wallet, whether you realize it or not. In this episode, I break down exactly how these cuts will body slam your finances and what you can do before it’s too late. Listen now, and check out the full post at https://getoutofdebt.org/172251/how-to-get-out-of-debt-on-a-low-income
Think credit cards are dangerous? Think again. Some personal finance gurus act like you’re holding a ticking time bomb, but the truth is—credit cards don’t get people into debt, bad decisions do. In this episode, I’ll break down the real way to win the credit game, why a 30-year mortgage might actually be the smartest move, and how store credit cards and “0% interest” deals are designed to sucker you into debt. Plus, I’ll tell you how to grab my FREE Ultimate Debt Repayment Plan to help you take control of your finances. Read more in my latest post: Understanding Types of Debt: Credit Cards, Loans, and Mortgages Explained 👉 https://getoutofdebt.org/172213/understanding-types-of-debt-credit-cards-loans-and-mortgages-explained
Most people think of debt as just money they owe, but what if I told you it’s actually a contract on your future? Every dollar borrowed is time you haven’t worked yet but are already committed to paying back—hours, days, even years of your life already promised away. In this episode, I uncover my recent post on the 7 sneaky debts that are secretly draining your wallet, the hidden financial traps that can cost you more than just money, and how to escape them before they control your future. If you want to keep more of your hard-earned cash and take back control of your life, this is the post you can’t afford to not read. Go to https://getoutofdebt.org/172204/what-is-consumer-debt-and-the-7-sneaky-debts-you-might-not-think-about
In this episode of the Get Out of Debt Guy Podcast, Steve Rhode and Damon Day expose the deceptive tactics some debt relief companies use to trap consumers. Discover how commission-driven salespeople prioritize profits over your financial well-being and learn how to spot the red flags before it’s too late. From the dangers of one-size-fits-all programs to the real risks behind debt settlement, bankruptcy, and credit counseling, this episode offers practical advice to protect yourself and your money. 🎧 Listen now on Apple Podcasts or Spotify.
In this episode of the Get Out of Debt Guy Podcast, Steve Rhode and Damon Day break down the art of prioritizing debt payments and demystifying the debt-to-income (DTI) ratio. Discover why focusing solely on interest rates can backfire and how understanding your DTI can open the door to better financial decisions. With real-world examples, practical strategies, and a healthy dose of humor, Steve and Damon share insights that empower you to take control of your money, reduce financial stress, and build a more secure financial future. Tune in and learn how to manage debt like a pro—without the guesswork.
Feeling trapped in an endless cycle of debt? You’re not alone. Debt burnout is real, and it’s draining more than just your bank account—it’s zapping your energy, wrecking your peace of mind, and making you feel stuck with no way out. In this episode, we’re breaking down the 5 major warning signs of debt burnout, why traditional budgeting might be setting you up for failure, and how to escape the stress without losing your sanity. Plus, I’ll share my own wake-up call moment and the real strategy that works—without burning yourself out even more. If you’re tired of feeling overwhelmed by money, this is the episode you can’t afford to miss. 🚀
In this episode ofGet Out of Debt Guy, I sit down withDamon Day to tackle some of the biggest misconceptions about debt—and trust me, there are plenty! We dive into why so many people struggle to face their financial reality (spoiler: your brain is working against you) and how stress messes with decision-making. We also break down the stigma around bankruptcy, clear up the myths about credit scores, and talk about smarter ways to take control of your debt. Through real-life stories and hard-earned insights, we’re here to help you shift your perspective, take charge, and make confident financial decisions.
Debt has a way of stealing more than just your money—it takes your joy, your peace, and sometimes, even your sense of humor. In this episode, we’re diving into why laughter is the best medicine, even when you’re drowning in bills. We’ll explore how laughter reduces stress, improves mental health, and helps you regain control, even when life feels like a financial disaster. I’ll even share a ridiculous personal story about the time I thought I was using a calculator… only to realize it was my TV remote. Because sometimes, all you can do is laugh. If debt feels too heavy right now, this episode is for you. Hit play, and let’s find a little lightness together. 🚀
🔗 For real strategies to get out of debt, visit: GetOutOfDebt.org.
In this episode, Steve Rhode discusses vital steps after overcoming financial difficulties with Damon Day. We focus on transitioning from escaping debt to ensuring lasting financial stability. Key topics include managing newfound cash flow, preventing emotional spending, and the essential role of a financial coach. Damon offers practical advice on building emergency funds, improving credit quickly, and developing good credit habits. We also explore long-term financial goals through side hustles and skill development, emphasizing that recovery is about sustainable financial health. This conversation is a roadmap for achieving lasting prosperity and accountability in your financial journey moving forward.
Struggling to stay positive when money is tight? Financial stress can feel overwhelming, making it hard to see a way forward. But here’s the truth—positivity isn’t about ignoring your situation, it’s about how you face it. In this video, we’ll share practical strategies to stay optimistic during financial struggles, how to reframe negative self-talk about money, and small mindset shifts that can help you feel more in control. Even when things feel uncertain, you can take small steps toward financial stability and peace of mind—and it all starts with how you think about your situation. Listen now and start building resilience, one positive step at a time. 💡💰 More resources here: 👉 https://oldguyinsights.me/1087/11-struggling-to-find-positivity-try-this-it-actually-works/
This podcast dives deep into the struggles of resilience, offering real-life strategies for bouncing back from failure, overcoming adversity, and developing mental toughness when life knocks you down. Through a raw and honest personal story, it explores the emotional exhaustion of setbacks, the fear of failing again, and the power of self-compassion in rebuilding confidence. Whether you're coping with stress, searching for practical exercises to strengthen emotional resilience, or learning how mindfulness enhances recovery, this script provides the guidance and motivation you need. Visit OldGuyInsights.me for more insights, free resources, and inspiration to help you keep moving forward—even when it feels impossible.
Struggling to stay optimistic when life keeps knocking you down? You’re not alone. Finding hope after unexpected life changes can feel impossible, but optimism isn’t about ignoring reality—it’s about learning how to handle disappointment and stay optimistic in a way that actually works.
In this podcast, I’ll share personal stories of resilience and optimism, including a moment as a search and rescue pilot that taught me a valuable lesson about overcoming setbacks with optimism. Plus, I’ll give you practical techniques for cultivating optimism in difficult situations, even when it feels out of reach.
If you’ve ever wondered how to move forward after failure, we’ll talk about steps to rebuild optimism after failure and what to do when positivity feels forced. Sometimes, the best way to embrace positivity amidst adversity isn’t forcing a smile—it’s knowing when to give yourself space to process emotions and then take action.
So, if you're feeling stuck and struggling to hold onto hope, let’s have a little chat. Your story isn’t over. Keep turning the page.
🔹 Watch now to learn:
✔️ How to handle disappointment and stay optimistic
✔️ The power of taking a “pity day” before moving forward
✔️ A real-life flying experience that proved why hope + action = resilience
✔️ The best strategies to stay positive when plans fail
💬 What’s one thing you’re holding onto hope for right now? Drop it in the comments—I’d love to hear from you.
🔔 Like, subscribe, and visit https://oldguyinsights.me/1019/9-optimism-hard-to-stay-positive-lets-have-a-little-chat/ for more free resources on staying resilient.
Failure feels like the end, but what if it’s actually the best education you’ll ever receive? In this powerful insight, we explore why setbacks are hidden blessings, how to learn from mistakes, and how resilience transforms failure into growth. From life-or-death lessons as a pilot and first responder to the wisdom of history’s greatest achievers, discover how to reframe failure and turn it into your greatest advantage. Visit https://oldguyinsights.me/980/8-failure-the-lesson-you-never-wanted-but-absolutely-need/ for more insights on overcoming obstacles, building resilience, and embracing the lessons failure has to offer.
I know that gratitude can feel like an impossible task when life is heavy, and it may seem like focusing on the good only makes the struggles feel bigger. But here's the thing: gratitude isn't about denying the hard parts of life—it's about finding the small moments of light that can guide you through the darkness. It might be as simple as appreciating the warmth of a cup of coffee or the fact that you made it through the day. Even in the toughest times, those tiny sparks of gratitude can build up and shift how you see your world. It's not about perfection—it's about progress, and with each step, you'll start to see the good that’s always been there, waiting for you to notice. You don’t have to do this alone; starting small is okay. The journey may feel slow, but with each moment of gratitude, you're already moving forward. For more, visit me at OldGuyInsights.me.
Are debt setbacks holding you back? In this podcast, we explore how to turn life’s challenges into opportunities for growth, success, and personal transformation. Learn actionable steps to reframe failures, build resilience, and embrace creativity. Featuring a powerful analogy, relatable stories, and motivational insights, this video will help you see setbacks as setups for a brighter future. Perfect for anyone seeking motivation, positivity, and hope to navigate life’s ups and downs. For more, visit me at OldGuyInsights.me
In this episode, Damon Day and I explore the complexities of borrowing from a 401(k) or home equity line of credit to repay debt. Damon shares insights from his experiences with clients, highlighting situations where utilizing these financial resources can be advantageous and those that may lead to greater challenges. Emphasizing the need for careful planning over impulsive decisions, we discuss common misconceptions regarding tapping into retirement accounts and home equity.
We also address the implications of cash flow, market timing, and penalties associated with 401(k) loans, urging listeners to assess their financial health before taking significant actions. Our conversation underscores the importance of long-term thinking and preparation in debt management, advocating for a strategic approach to minimize risks and maximize benefits.
This podcast, part of the Hope, Every Day 365 series, focuses on the transformative power of rewriting the negative narratives we often tell ourselves. By challenging critical self-talk and reframing our internal stories, we can unlock new perspectives, opportunities, and a sense of empowerment. If you’re ready to start editing the script of your life, visit https://oldguyinsights.me/702/5-rewriting-negative-narratives-transform-your-inner-story/ for more details, practical tips, and resources that can help you take the next step in rewriting your story.
Discover how small wins can lead to significant changes in your life by tuning into this motivational podcast. We share practical tips, inspiring stories, and actionable strategies to help you build momentum, stay motivated, and achieve your goals one step at a time. Whether you’re looking for personal growth, confidence building, or simple ways to create lasting success, this episode has you covered. Listen now to take the first step toward a better future, and visit OldGuyInsights.me for more insights and tools to keep you moving forward!
In this episode, Steve Rhode and Damon Day, explore the emotional challenges of making tough financial decisions. We discuss the pervasive nature of financial distress and how many individuals feel trapped by their choices. Through personal stories, I illustrate how emotional attachments can hinder decision-making, particularly in areas like debt management. We emphasize the importance of prioritizing actions, overcoming the paralysis of analysis, and the benefits of strategic decisions—such as declaring bankruptcy or selling assets. By sharing various client experiences, we highlight that proactive steps can lead to better financial health. Ultimately, we aim to empower listeners to confront their financial situations, clarify their priorities, and make informed choices that pave the way for stability and fulfillment. You can find Damon at DamonDay.com.
Discover more insights and resources to brighten your path at https://OldGuyInsights.me. Whether you're navigating life’s challenges, seeking motivation, or looking for practical advice, you’ll find tools and guidance to help you move forward with hope and confidence. Visit today for free resources and uplifting perspectives tailored to help you rediscover the light inside you. Let’s take this journey together—because you don’t have to do it alone.
Feeling stuck or overwhelmed? In this heartwarming episode, Steve from Old Guy Insights dives into why hope is more than just wishful thinking—it’s a powerful tool that can light your way forward. Through relatable stories and simple steps, Steve shows you how to nurture hope even in life’s darkest moments. Whether it’s finding strength in small joys or taking the first step toward change, this episode will leave you inspired to keep moving forward. Don’t miss this uplifting message—because no matter how cloudy today feels, hope can help you find the sun again. For more on this show, visit https://oldguyinsights.me
Recovering from a wildfire is overwhelming, but you don’t have to face it alone. I’ve shared everything I know in this video, and I’ve created a free Disaster Recovery Cheat Sheet to guide you step-by-step. You can download it at OldGuyInsights.me.
n this episode, we dive deep into the housing market to uncover why homeownership feels increasingly out of reach for so many. From rising investor activity and rental-focused construction to the challenges of labor shortages and zoning regulations, we explore how these factors shape the current landscape. Want even more insights, data, and resources? Head over to OldGuyInsights.me for detailed show notes and additional information not covered in the episode. Don’t miss it—it’s your go-to source for everything you need to know about navigating today’s housing market!
In this engaging podcast, Steve and Damon tackle the tough topic of rising living costs and stagnant wages, offering relatable anecdotes and practical advice. They explore how societal changes and inflation make it harder to get ahead, touching on everything from skyrocketing housing prices to the hidden costs of eating out. With humor and insight, they provide actionable tips, such as leveraging side hustles and cutting debt, to help listeners regain financial control. Tune in for honest conversations, real-world solutions, and a refreshing take on navigating today’s economic challenges. You can find Damon at DamonDay.com.
In this episode, we take a deep dive into the evolution of the American Dream, from its humble beginnings with Ezekiel Harper in 1776 to the modern-day struggles of Emma Davis in 2025. Is the dream slipping out of reach, or are we simply chasing a new vision? We’ll uncover the hidden forces shaping our lives, debunk myths about blame, and explore whether the challenges we face are uniquely American or part of a global shift. You won’t want to miss this eye-opening journey through history and the future of opportunity. Got questions or thoughts? Submit them at OldGuyInsights.me—That’s me! Let’s navigate these big topics together.
Struggling with credit card debt? You're not alone. In this eye-opening episode, Steve Rode and Damon Day break down the alarming $1.2 trillion credit card debt crisis, discuss why people feel stuck, and share actionable solutions. From the truth about bankruptcy to breaking free from financial shame, this podcast is packed with insights you won’t hear anywhere else.
💡 Resources Mentioned:
- Connect with Damon Day for personalized debt advice: www.DamonDay.com
- Steve Rode’s insights and resources: www.OldGuyInsights.me
🎧 Listen for:
- Why Congress might be the real problem
- The emotional trap of debt
- The smartest way to get back on your feet
- Why it’s time to stop worrying about your credit score
Don't forget to like, comment, and subscribe for more financial freedom tips!
In this episode of the Podcast, we explore the shifting landscape of tipping for gig workers, particularly rideshare drivers and food service employees. We discuss "tip fatigue," with 74% of people overwhelmed by constant tipping requests, and highlight declines in tips for rideshare services. The conversation questions whether tipping should compensate for low wages or be a reward for service, while addressing the psychological pressures of electronic tip prompts. We urge listeners to reevaluate their tipping habits and advocate for fair wages in the gig economy.
In this episode of the Get Out of Debt Podcast, I speak with Damon Day about the intricacies of car repossessions, sparked by a listener's question regarding the voluntary surrender of a used vehicle with transmission problems. We emphasize the necessity for personalized financial strategies, highlighting the importance of open communication with lenders, who often prefer collaboration over repossession. Cautioning against immediate voluntary repossession, we explore alternative solutions like repair options and reassessing financial priorities. We also discuss the risks of deficiency judgments and the value of considering loan modifications or private sales. Personal anecdotes provide real-world context, empowering listeners to face their financial challenges head-on and emphasizing the importance of seeking help and staying informed.
If you want to get in touch with Steve, you can find him here.
In this episode, Steve Rhode and Damon Day tackle financial infidelity and the concept of sexually transmitted debt, where one partner unknowingly assumes the other's financial burdens. We share real-life examples highlighting the emotional strain of hidden financial issues and the trust breakdown they can cause. The discussion reveals alarming statistics about financial secrecy in relationships and advocates for open communication and strategic planning to address these challenges. We emphasize that honesty about finances, even when difficult, is essential for fostering trust and strengthening partnerships.
This podcast by Steve addresses Generation X's brewing financial crisis as they juggle child care and rising elder care costs. With assisted living averaging $4,500 per month and child care over $10,000 annually, families are increasingly burdened. The discussion highlights projected cost increases and systemic issues such as stagnant wages and demographic shifts that threaten financial security.
Proposed solutions from political candidates are explored, contrasting Kamala Harris's Medicare expansion with Donald Trump's emphasis on tax cuts and privatization. The lecture concludes with a call to action for families to develop strategies to ensure financial stability amid these challenges.
You can watch the video on YouTube. You can subscribe to Steve's channel here.
Here is part 2 of what you need to know about why debit cards are a bad deal. Interestingly, people can't seem to wrap their heads around this information because they've heard it repeatedly.
All I can do is try to help educate.
Contact Damon Day for exceptional assistance if you have any concerns or debt questions.
In this episode of the Get Out of Debt podcast, we address the deceptive practices of debt settlement companies that mislead financially distressed individuals. We highlight a recent client case to illustrate ongoing bait-and-switch tactics and emphasize the importance of seeking genuine assistance from reputable professionals rather than commission-driven salespeople. By sharing personal experiences, we stress the need for consumers to fully understand their financial situations before committing to agreements. We caution listeners against offers that seem too good to be true, reminding them that authentic support is available in their journey towards financial relief.
You can reach Damon at DamonDay.com
In this episode of the Get Out of Debt podcast, we address the deceptive practices of debt settlement companies that mislead financially distressed individuals. We highlight a recent client case to illustrate ongoing bait-and-switch tactics and emphasize the importance of seeking genuine assistance from reputable professionals rather than commission-driven salespeople. By sharing personal experiences, we stress the need for consumers to fully understand their financial situations before committing to agreements. We caution listeners against offers that seem too good to be true, reminding them that authentic support is available in their journey towards financial relief.
You can reach Damon at DamonDay.com
Steve addresses the hidden risks of using debit cards, often perceived as a safe payment option. It highlights how debit cards create financial vulnerabilities through transaction and overdraft fees, benefiting banks at consumers’ expense. Specific scenarios reveal complications in transactions, such as gas station holds and car rentals, and contrast the weaker fraud protections of debit cards with those of credit cards. The discussion emphasizes the financial pitfalls of overdraft fees and the challenges of using debit cards while traveling. Ultimately, it advocates for the more responsible use of credit cards as a better financial tool for building credit and protecting against risks.
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In this episode, Damon Day and Steve Rhode, tackle the crucial question of what comes after achieving debt freedom. We clarify that being debt-free marks the beginning of a new financial chapter rather than the end. Our discussion includes personalized strategies for preventing backsliding into debt, the importance of setting actionable financial goals, and the necessity of starting an emergency fund early.
We explore practical savings strategies and emphasize the significance of retirement planning and maintaining a positive credit profile to access better financial opportunities. Finally, we warn against lifestyle inflation and highlight the need for structured financial planning to ensure sustained growth and security. This episode empowers listeners with insights to confidently navigate their post-debt financial journey.
In this video I tell the story of my personal journey focused on resilience, loss, and the importance of starting over. Key lessons include embracing humility during transitions, recognizing progress as incremental, and maintaining integrity in all roles. The discussion addresses how to overcome criticism and negativity by emphasizing compassion and constructive actions. Ultimately, we talk about true success is defined by the positive impact on others, reinforcing the ideals of perseverance and integrity in facing life's challenges.
In this episode, I delve into the intricate world of decision-making under pressure, sharing insights from my experience as a retired search and rescue pilot. You can find me here. I introduce the DECIDE model, a structured approach designed to streamline your choices in high-stress scenarios, allowing for clarity and focus. We explore each component of the model: Detect, Estimate, Choose, Identify, Do, and Evaluate, emphasizing their importance in overcoming decision paralysis.
Real-life examples illustrate how to utilize this model effectively, whether at work or in daily life. Additionally, I touch on potential psychological barriers that could affect decision-making, stressing the importance of seeking professional help if such challenges persist. Ultimately, I encourage listeners to cultivate their decision-making skills over time, just as pilots refine their abilities. Join me as we embark on a journey toward more confident and empowered decision-making.
Are online arguments and angry posts costing you more than you realize? In this video, I break down why your social media habits might be holding you back—affecting your career, reputation, and even your future opportunities. We’ll explore why certain people profit by stirring up online hate, how employers can monitor your online activity (even if you’re using a fake name), and most importantly, how to handle negativity with grace, humor, and strength.
Plus, I’ll share some practical steps to help you avoid reacting in anger and even a few jokes you can use to defuse tense situations online. Whether it’s you or someone you know who tends to get caught up in online drama, this is the one video you need to watch before your next social media rant.
You can easily subscribe here https://www.youtube.com/@oldguyinsights?sub_confirmation=1
Ever wonder why some people are so easily deceived? In this video, we break down the Proven Deception Formula—a simple yet powerful method used to mislead and manipulate. From historical examples like the Gleiwitz Incident to modern-day scams and misinformation, we’ll explore how deceptive tactics have been used throughout history and why they’re still effective today. You'll learn how emotions, repetition, and social proof can make falsehoods seem true, and discover practical tips to help you recognize and avoid falling for these tricks.
Don’t let yourself be fooled by misleading information! Join us as we uncover the secrets of the Deception Formula and teach you how to see through the lies. Whether it’s a get-rich-quick scheme or sensational news story, understanding these tactics will empower you to think critically and make informed decisions. Hit play and equip yourself with the knowledge to stay one step ahead of deception!
Subscribe to my Old Guy Insights YouTube channel.
In this podcast, I dive into the big question about YouTube monetization: Should YouTube creators focus on income or creating impactful content? Whether you’re a creator wondering how to balance passion with profit, or a viewer curious about the motivations behind your favorite channels, this video offers insights to help you reflect. I’ll explore how to make money on YouTube, the emotional conflict between impact vs. monetization, and provide you with questions to help clarify your true goals. Plus, I want to hear from YOU! Share your thoughts in the comments—are you more driven by making a difference or making money?
Want to watch the video? You can subscribe here to my Old Guy Insights channel.
Have you ever wondered why prices are rising on everyday items like food, cars, and household appliances? It could be due to tariffs! In this video, I break down how tariffs really work, who actually pays them, and why they might not be helping Americans as much as you think. As a business owner who imports goods, I’ve experienced firsthand the impact tariffs have on prices and consumers.
Learn how tariffs affect the U.S. economy, increase prices, and sometimes cost more jobs than they save. I’ll also show you how to tackle common misconceptions about tariffs and explain them clearly when you hear people talking about them.
By the end of this podcast, you’ll understand:
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Who really pays for tariffs (Hint: it’s not the foreign country)
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How tariffs raise prices on food, cars, electronics, and more
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Why 93% of economists agree tariffs hurt U.S. consumers
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Real examples of how tariffs affect American jobs and industries
If you’ve heard politicians claim tariffs are a great way to protect American jobs, this video will give you the facts you need to question those claims.
Subscribe to my Old Guy Insights channel for more insights on economics, trade policies, and how they affect your everyday life!
In this episode of the Get Out of Debt Guy podcast, Steve Rhode and Damon Day tackle some common misconceptions about bankruptcy. They discuss a listener's concerns regarding life after filing for bankruptcy, especially the challenges of rebuilding credit and accessing necessary resources like a car or a credit card. Damon shares his own experiences with bankruptcy, emphasizing that while it's not an easy decision, it can provide a fresh start and isn't as daunting as many people think.
Steve and Damon also explain the importance of considering all options when facing financial difficulties, highlighting that bankruptcy is just one of several paths available. They debunk myths about bankruptcy being a financial death sentence and discuss practical steps for rebuilding credit post-bankruptcy. Their goal is to educate listeners about the realities of debt management and to encourage informed decisions that best suit individual circumstances.
In this episode of the "Get Out of Debt Guy" podcast, hosts Steve Rhode and Damon Day delve into the world of side hustles, specifically focusing on gig economy apps like Uber, DoorDash, Lyft, Instacart, and Amazon Flex. They discuss how these side hustles can provide a substantial income boost for individuals struggling to make ends meet. Damon, who has tested various gig apps for nearly two years as part of their Penny Stupid Project YouTube channel, shares valuable insights and strategies for maximizing earnings. He emphasizes that with the right approach, even part-time drivers can earn significant extra income, potentially making an additional $1,000 to $2,000 per month.
The hosts also address common concerns and excuses people have about starting gig work, such as time constraints, safety issues, and lack of confidence. They encourage listeners to overcome these barriers by giving gig apps a try, highlighting the flexibility and earning potential they offer. Damon and Steve's advice is clear: learning the ropes of these apps can transform financial situations, making them an effective strategy for debt reduction and financial improvement. With detailed tips and real-life experiences, this episode aims to empower listeners to explore new avenues for financial stability through the gig economy.
n this episode, Steve Rhode and Damon Day discuss the surprising financial progress of millennials, a generation once mocked for living with their parents and struggling with basic expenses. They highlight that many millennials have outpaced Gen Xers and boomers in wealth accumulation, largely due to strategic decisions like buying homes before 2019 and contributing early to retirement plans. Despite this progress, they acknowledge that not all millennials have benefited equally, with some still struggling financially. The hosts emphasize that it’s never too late to start making smart financial moves, whether that means saving, investing, or getting out of debt.
The conversation also delves into the importance of having a financial plan, especially for those feeling left behind. Damon stresses that without a plan, people tend to react rather than act strategically, which can lead to financial stagnation. They discuss the benefits of buying homes further from city centers as a way to enter the real estate market and build equity. The episode wraps up with the hosts inviting listeners to suggest topics for future discussions, underlining that while financial advice may seem repetitive, its consistent application is key to long-term success.
In this engaging discussion, Steve Rhode and Damon Day dive deep into the misconceptions surrounding economic fears and personal finance decisions. They emphasize how media hype and preconceived notions often lead people to make poor financial choices, like liquidating retirement funds or hoarding gold in fear of market crashes. Through a historical comparison, Steve reveals the surprising results of investing $1,000 in stocks, gold, and silver since 1970, illustrating that stocks have consistently outperformed other investments over the long term. The key takeaway is that while markets fluctuate, the overall trend has been upward, underscoring the importance of a long-term perspective in financial planning.
The conversation then shifts to the psychological traps people fall into when managing debt, particularly the obsession with maintaining a high credit score at the expense of financial security. Damon shares a poignant story of a client who, despite being deep in debt, prioritized his credit score over building savings, leading to years of financial strain. This story serves as a cautionary tale about the dangers of letting a credit score dictate financial decisions. Damon suggests that sometimes it might be wiser to sacrifice credit temporarily to secure immediate financial stability, such as having a cash reserve.
Finally, the duo explores broader economic issues, like inflation and wage stagnation, and how they affect personal finances. They discuss how rising costs in housing, education, and healthcare are squeezing budgets, and the role of government policies in exacerbating these issues. They wrap up by urging listeners to gather reliable information and make informed decisions, rather than reacting impulsively to headlines or societal pressures. This conversation is a call to rethink financial priorities and take control of your economic future.
On today's podcast, we're exploring Zelle and why this seemingly simple app has stirred up quite a storm in the financial world. We’ll chat about how Zelle works, why it's so popular, and, most importantly, why it's leaving so many users high and dry when it comes to fraud protection. We'll also explore how other P2P platforms like Venmo and PayPal stack up in keeping your hard-earned cash safe.
We'll break down the findings of a recent Senate report that paints a less-than-pretty picture of Zelle’s consumer protections—or lack thereof. From shocking stats about unreimbursed scams to the surprising risks for younger users, we’re going to cover it all. Plus, we’ll discuss what you can do to protect yourself and whether Zelle is really the best choice for your money transfers. So grab your headphones and let’s get into it!
n this episode of the Get Out of Debt Guy podcast, Steve Rhode and Damon Day dive into the persistent and evolving issue of federal student loans. They highlight the cyclical nature of personal finance topics, emphasizing the unchanged fundamentals of money management. The discussion pivots to the Biden administration's SAVE program and its current limbo status, shedding light on the instability of federal student loan policies. Steve and Damon underscore the systemic flaws in the education financing system, advocating for smarter, debt-free alternatives for prospective students. They criticize the government's role in inflating college costs through guaranteed loans and propose a radical solution: making colleges guarantee the loans themselves. With personal anecdotes and a dose of humor, they offer practical advice for avoiding the pitfalls of student debt, stressing the importance of financial planning and vocational education as viable paths to a stable financial future.
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.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/get-out-of-debt-guy/message
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.
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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
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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.
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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.
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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.
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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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People with financial challenges have always felt their situation was horrible and worried about what people would think about them. In this podcast, Damon Day and I discuss this subject and why that should be the last thing on your mind when getting out of debt.
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Today, Damon Day inherits the torch of being the New Get Out of Debt Guy as I slowly retire. We chat about that but also jump into the stupidity of student loan forgiveness programs, dealing with inflation, and how to cut costs while ending with how to make extra cash.
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This time Damon Day and Steve Rhode decided to combine our two podcasts on debt and side hustles into one. I think people interested in side hustle extra money might also have some interest in financial topics as well. We shall see.
Topics included Uber, Lyft, Amazon FBA, scams, legal threats, fake debt collectors, and more.
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We are back. It's been a bunch of hot minutes since the last podcast. But Damon Day and myself, Steve Rhode, are huddled over an iPhone recording this podcast in a random hotel room someplace.
Besides discussing the manufactured student loan fiasco with the off-again and soon-to-be-on-again student loan payments, we chat about the confusion created by the new SAVE program that might not go through even though millions are now enrolled.
Damon from DamonDay.com talks about how consumers call him in a panic over student loan payments starting soon.
And in the years since student loan payments were put on pause, people's spending expanded to fill the void left by suspended student loan payments. What could go wrong?
Whatever financial mess consumers face seems to be created more by emotional politics than a promise by the government to its citizens.
We talk about why the financial mess created by higher education debt will not be resolved anytime soon.
The podcast turns into a warning on how not to get taken by random letters in the mail. We give excellent advice on how not to get scammed.
And we give you the fundamental lessons that need to be learned not to be a victim.
Finally, we devolve into good advice on how to repair your credit for free.
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In this podcast, Damon Day (DamonDay.com) and I talk about the problems people face with American Express cards closed without notice or because of a problematic customer service interaction.
We also discuss the problems faced by people suffering from financial problems and answer reader questions.
This is a new format, as a video podcast.
Enjoy.
Steve - You Get Out of Debt Guy https://getoutofdebt.org
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Being in debt feels like a dark hole, a deep pit, without hope or any way out. Struggling to find ways to make extra money can feel impossible as well.
But the secret is both situations benefit from the same free tip Damon Day, and I talk about on this podcast.
You can follow our side-hustle testing at PennyStupid.com
But if you have debt questions or need some free advice, I'm here for you.
Steve Rhode - Your Get Out of Debt Guy from GetOutofDebt.org
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Worrying about being scammed by a debt relief provider is a real fear. But what is a scam? That question is surprisingly more challenging than you might imagine.
In this podcast, Damon Day and I discuss why calling any debt rescue company a scam is so tricky. For example, if a company provides you with bad advice but doesn't take your money, does that make them a scam?
And then we start talking about how easy it can be for people of all incomes to make an extra $800 a month with some side gig or side hustle. We share an update about our efforts at PennyStupid.com
Steve Rhode - Your Get Out of Debt Guy from GetOutofDebt.org
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Here is the latest review from the Penny Stupid Project on mining Helium as a side hustle. Is it worth it?
Here is what you need to know before you start. If you're thinking about investing in helium mining, then you might be wondering if it's too late. In this podcast,
After learning about the helium mining industry, you'll be able to make an informed decision about whether or not it's worth investing in this exciting new industry. We'll also give you a glimpse at the helium HNT price prediction so you know exactly how much helium is worth right now.
Stay up-to-date on the latest helium mining news and make the right decision for you! Important links from this review: https://pennystupid.com/can-you-still-make-money-with-a-helium-miner/ https://explorer.helium.com/
Important links from this review:
https://pennystupid.com/can-you-still-make-money-with-a-helium-miner/
https://explorer.helium.com/
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We are checking in with you again to share this week's update on The Penny Stupid Project.
This week we give you the latest on our testing of retail arbitrage, Amazon FBA, driving for Lyft, and a brief mention of mining Helium cryptocurrency.
For more on the project, visit PennyStupid.com.
Subscribe to email updates here.
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Damon shares his first night stories and impressions about the realities of driving for Lyft as a totally new driver learning the way. Each night is a new lesson learned. Towards the end of the video, Damon gives us his side hustle thumbs-up review regarding making decent quick money.
Becoming a rideshare driver can be intimidating. Who will get in your car? Will you be safe? What might I expect?
As part of our Penny Stupid Project, Damon is taking one for the team and actually getting in the seat to give you an inside look at what he experienced. Follow along https://pennystupid.com/subscribe-to-penny-stupid/
Are there good things and bad things? Of course, there are, but that's the same with any side hustle opportunity. Your decision should be how much money you can expect to make in your extra hours and what the side hustle is like.
If you live out in a rural area, you will probably not have the same results as Damon in Phoenix. However, I've met rideshare drivers who drive towards a busier area, spend the night doing rides, and then go home with heavier pockets.
The flip side is if you are in a less busy area, there will be fewer drivers to compete against.
Enjoy Damon's experience. He is a great storyteller.
Important Penny Stupid Project Links Website - https://PennyStupid.com Facebook - https://facebook.com/PennyStupid All Our Lyft Details - https://pennystupid.com/dive-for-lyft-and-all-the-other-scoop/ Subscribe to Free Email Updates: https://pennystupid.com/subscribe-to-penny-stupid/
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Getting out of debt can be tackled with several different approaches. One is reducing what you owe, but another is increasing income to help pay down the debt. Experience has taught me that a combination of both usually is the winning hand.
But making extra money is problematic when trying to do it through desperation rather than inspiration. So we aim to change that for you by showing you the way.
My friend debt coach Damon Day and I are working together to find side hustles you can explore to help make an extra $500 to $2,000 a month with your own side business or side hustle.
We are not selling anything, so don't worry. The advice you will hear is unbiased. We're starting from scratch on the different side hustles, so we will find the potholes so you can avoid them.
As Damon once said, Our side hustle is to try all the side hustles, so you don't have to. So true.
Please join me on this journey and give me your feedback at PennyStupid.com or leave me an audio message at https://getoutofdebt.org/message and I want to hear what you have to share and say.
Steve Rhode - You Get Out of Debt Guy
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Give me five minutes, and I'll help you to understand the complexities of the housing crisis we face in 2022 and why both home buyers and renters are finding it difficult to move ahead. It's complicated.
If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message. Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org.
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Getting out of debt is about either reducing expenses or increasing income, so Damon and I decided to start a new site all about side jobs from home to help make money. The PennyStupid website gives you the scoop and inside experience on side hustling. You can learn by watching us on YouTube or listening to our podcast to know which side jobs from home can be successful.
This new gig project aims to provide you with tested and tried actionable information to help you start making an extra $500 to $2,000 a month. Use some of your gig and side job money to reduce your debt but be sure to use some for fun.
It's one thing to research side hustle ideas, but Damon and I are putting them to the test and sharing the real-life results and lessons learned with you.
So come along on the Penny Stupid journey and listen to our successes and failures. I'm sure we will sometimes fall flat on our faces, but you can't have great success without making mistakes and learning painful lessons.
For more information, visit the PennyStupid site or drop in on the Facebook page to get info and subscribe.
Steve - Get Out of Debt Guy
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The word inflation is used all the time, but what does it really mean, how do we measure it, and what happens when we try to reduce it? Let's talk about it in today's shortcast.
If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
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In this Debt Free Dudes podcast, Damon Day and Steve Rhode talk about preparing for a recession, inflation, worsening economic chances, saving money, and an update on the side hustle project.
Additional information for the facts behind this podcast is below.
There is a 50-50 chance of a mild recession late in 2022 or 2023.
The U.S. is not in a recession yet. However, we find that most indicators—particularly those measuring labor markets—provide strong evidence that the U.S. economy did not fall into a recession in the first quarter.
The U.S. economy continues to face economic risks. Labor markets remain tight, which is fueling wage growth and in turn inflation. This raises concerns that interest rates will have to rise to the point of increasing unemployment to bring inflation back down. Rising interest rates can also strengthen the dollar, making American agricultural exports less competitive in foreign markets.
The Conference Board said - "Notwithstanding two consecutive quarters of negative GDP growth, we do not believe the US economy is currently in a recession given strength across several sectors and the extremely tight labor market."
Bank of America has just released information estimating the unemployment rate will rise to 5% by the end of 2023 because of increased interest rates to curb inflation.
An average score of 716 by FICO measurements means most lenders will consider your creditworthiness "good" and are more likely to extend lower rates.
Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when foreclosures sharply increased. They steadily ticked higher until the pandemic, when government stimulus programs and a spike in household savings helped scores jump to a historical high of 713.
British households borrowed on their credit cards last month at the fastest annual rate in over 17 years, a potential reflection of consumers struggling to make ends meet as the cost of living crisis intensifies.
The inflation rate in the UK is predicted to be 22% in January, primarily due to energy prices.
According to data from the Bank of England, the annual rate of credit card borrowing in July was 13% higher than a year earlier, the biggest annual increase since 2005.
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This podcast is chapter three of my book, The Path to Happiness and Wealth. In this chapter, "Take a Lap on the Gerbil Wheel of Debt," we take a look at the reality that most of us keep circling the same debt cycle, never getting ahead.
For more about this book, visit this page. If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
If you enjoyed this podcast, be sure to subscribe so you can be sure to listen to the next chapter.
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Debt settlement is not a monolithic debt relief solution. I like to say debt settlement is like an onion. It has layers.
There are several forms of tackling your debt using settlement. All are distinctly different, and understanding the differences is important to make the best choices for you and your situation.
For example, you could listen to someone on Facebook tell you what you should do to settle your debt. You might buy a book and try to learn how to do it yourself, or you might contact a mass market debt settlement company and get pitched some one-size-fits-none product. There are more variations.
In this Debt Free Dudes podcast, Damon Day and I discuss how each option has traps or advantages.
If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
If you enjoyed this podcast, be sure to subscribe so you can be sure to listen to the next one.
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Chapter two of my book, The Path to Happiness and Wealth. In this chapter, we take a more introspective look at the factors that drive money troubles and what prevents us from making ends meet.
The chapter has plenty of client examples that help to fill your quota of debt voyeurism and the ability to learn from situations others have faced.
I wrote this book in 2002, and it's funny to look back and witness the death of the mall. Maybe they will make a comeback. We shall see. So forgive my focus on brick-and-mortar shopping in this age of point-and-click. Still, the features that shopping creates still apply to online shopping.
For more about this book, visit this page. If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
If you enjoyed this podcast, be sure to subscribe so you can be sure to listen to the next one.
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Good people dealing with money troubles and debt worries make this same mistake over and over. Unfortunately, it can cost millions of lost dollars in retirement savings. In this podcast, Steve Rhode from https://getoutofdebt.org and Damon Day from https://damonday.com talk about how to avoid this simple, crushing mistake that can ruin a future financial life.
We also discuss the best approach and mindset to putting financial problems behind you and expect the best outcome with less stress.
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I wrote this book in 2002, but the lessons and insights included are just as relevant today as they were then. I was awarded the Washington Post personal finance book of the month award for this book. It is a holistic look at the secrets to overcoming debt and finding a balance with money in your life. It’s a good book for people to read that might be having issues with shopping issues, compulsive spending, overspending, hidden debt, etc.
For more about this book, visit this page. If you have a question you'd like to ask, go to https://getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to https://getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
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For many years I've written about the tactic some debt relief companies use to trick consumers into signing up for some form of debt relief.
Consumers receive offers in the mail for a personal or debt consolidation loan and are told they don't qualify, but "we have a better program."
Damon Day and I discuss the issues raised in I Was a Bait and Switch Debt Relief Sales Person in this podcast.
Here is a list of some past links on this subject.
I Was a Bait and Switch Debt Relief Sales Person
WSJ Article Slays Debt Settlement Companies Using Personal Loan Offers to Bait and Switch
New Rescue One Financial Loan Offer Letter Still Raises Concerns
Rescue One Financial Still Sending Disturbing Mailer
Look at Mailers From My I Buy Junk Mail Program
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
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A frequent question I get is from people upset with the performance of some company they hired to help them.
When they reach out to me for answers, they are pissed off and angry. That is understandable.
There is a healthy and helpful way to resolve such company complaints without raising your blood pressure or being victimized.
Today I want to share the secrets I've learned over the years on how to best deal with any company you have a problem or disagreement with regarding a product or service.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
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I want to share some truths about financial fear and anxiety in this episode. I'll also share info on how to get a substantial government-guaranteed return on your savings, or is that statement a scam? Let's find out. I then want to share information about review terrorists and finish with a personal story and a debt life lesson. But first, I wanted to share this saying which applies to dealing with money problems, Don't Believe Everything You Think.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
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Today I wanted to share some life-altering low-stress advice on how to best deal with debt collectors. I think what I'm going to share will surprise you and be a big help if you or someone you know is getting calls from a debt collection agency. When it comes to debt collectors, not everything you believe is true. So let's put all the assumptions aside for this podcast.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
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This week on the Get Out of Debt Guy podcast, I want to talk with you about time running out, buying stuff for less than it costs, car payments over a cliff, and Baaaad people.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org
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In this special podcast about debt and the economy in the UK, Jon Emgee from GetOutOfDebt.org.uk and I discuss many issues like why people have to put money in their gas and electric meters, the grocery walk of shame, UK inflation, petrol prices, healthcare, and much more.
This show is part information and education and part telling stories.
If you have a UK debt-related question, you can ask Jon by visiting GetOutOfDebt.org.uk
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In this podcast, I want to share the following stories that may surprise you.
We will start with a loan advertisement that might appear in your mailbox and why you need to watch out.
Then we will chat about what will happen with home prices in this uncertain economy. Will they crash? Let's take a look.
Next, I want to discuss how you might be inadvertently hurting people that help you.
Finally, I want to wind up with a controversial topic with significant economic unintended consequences for both men and women. I bet this is going to give you information most have not considered.
If you have a question you'd like to ask, go to getoutofdebt.org/question, or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message
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One of the most dreaded words in the English language is budgets.
So today, I want to share some unspoken truths about budgets and make a confession to you as well.
The thought of a traditional or typical budget can create fear, shame, and stress for many. And that's just the tip of the iceberg. Budgets can also lead to fights, marital distress, and the absolute end of some relationships. It doesn't have to be that way.
But, when it comes to finding the person you love, opposites attract. For example, a fundamental law of love and money is whether spenders attract savers or are savers attract spenders. I don't know. It's a chicken and egg problem. But I know that people with very different beliefs about money are drawn to each other.
There is more to being a budget planner than you would expect. Let's dive in and eliminate all your stress and guilt.
If you have a question you'd like to ask, go to getoutofdebt.org/question , or if you want to leave a question for an upcoming podcast, go to getoutofdebt.org/message. Until next time, this is Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org.
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Today, we're going to be talking about credit repair, how to improve your credit score, scams to avoid, and what you should and should not do to help make your credit score as shiny as it should be.
If you have a question you'd like to ask on the Debt Free Dudes podcast, go to GetOutOfDebt.org/message or if someone wants to send in a question you can go to GetOutOfDebt.org/question.
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You will not believe the craziness the Department of Education is undertaking to forgive student loans for many while punishing the folks that are in the most financial need. In today's podcast, I talk about how insane this is.
If you owe Parent PLUS loans, you can forget about reasonable forgiveness of student loan debt. Parents are being left out in the cold.
Speaking of folks left out in the cold, mobile homeowners are looking at exploding rents while the top 5 percent of income earners are living paycheck-to-paycheck.
Steve Rhode - Your Get Out of Debt Guy
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Today Damon and I talk about how to boost your income with side hustles. But, it does not have to be a painful experience. Success is a mindset, and the opportunity to make more money is as close as your smartphone.
There is no shortage of apps and things you can do to raise money. From selling stuff to offering a service, there is a little something for everyone.
This podcast is unusual since it starts with some behind-the-scenes audio that usually gets cut and vanishes forever.
If you have feedback you'd like to share with us, go to GetOutOfDebt.org/message, and if you have a question you'd like to ask, go to GetOutOfDebt.org/question.
Enjoy the podcast.
Damon Day & Steve Rhode - Your Get Out of Debt Guy
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Today we need to have an honest discussion about the largest growing scam category. Once you finish learning about it in this podcast, you will have to help spread the word to friends, family, and people you know. Don’t let them become a victim.
Although cryptocurrency has yet to become a mainstream payment method, reports to the Federal Trade Commission show it’s an alarmingly common method for scammers to get peoples’ money.
Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost. That’s more than any other payment method. The median individual reported loss? A whopping $2,600. Bitcoin was the most prevalent requested cryptocurrency by scammers. Seven out of ten requests were for Bitcoin, 10 percent were for Tether and 9% were Ether.
As big as those numbers are, they still don’t give us a complete picture of the scam losses with crypto. The vast majority of frauds are never reported so if we are just looking at reported numbers, it is a small percentage of total losses.
Crypto has several features that are attractive to scammers, which may help to explain why the reported losses in 2021 were nearly sixty times what they were in 2018.
Losses continue to accelerate. In the first quarter of 2022, crypto scam reported losses are almost $330 million. If it continues at this rate 2022 should end with about $1.5 billion in reported losses.
There’s no bank or other centralized authority to flag suspicious transactions and attempt to stop fraud before it happens.
Crypto transfers can’t be reversed – once the money’s gone, there’s no getting it back. And most people are still unfamiliar with how crypto works. These considerations are not unique to crypto transactions, but they all play into the hands of scammers.
Reports point to social media and crypto as a combustible combination for fraud. Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post, or message on a social media platform.
During this period, nearly four out of every ten dollars reported lost to a fraud originating on social media was lost in crypto, far more than any other payment method.
The top platforms identified in these reports were Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%).
Of the reported crypto fraud losses that began on social media, most are investment scams.
Indeed, since 2021, $575 million of all crypto fraud losses reported to the FTC were about bogus investment opportunities, far more than any other fraud type.
The stories people share about these scams describe a perfect storm: false promises of easy money paired with people’s limited crypto understanding and experience.
Investment scammers claim they can quickly and easily get huge returns for investors. But those crypto “investments” go straight to a scammer’s wallet. People report that investment websites and apps let them track the growth of their crypto, but it’s all fake. Some people report making a small “test” withdrawal – just enough to convince them it’s safe to go all in.
When they really try to cash out, they’re told to send more crypto for (fake) fees, and they don’t get any of their money back.
Romance scams are a distant second to investment scams, with $185 million in reported cryptocurrency losses since 2021 – that’s nearly one in every three dollars reported lost to a romance scam during this period.
And many have an investment twist too. These keyboard Casanovas reportedly dazzle people with their supposed wealth and sophistication.
This strategy is called “pig slaughtering.”
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This story caught my attention and the ability to attend any state college or university and get free child care is a major policy change that can help lift people up without going into massive debt. For people that are looking to have a chance at a better future by attending vocational training, technical schools, or higher education, this state might be your new home.
Child care is so expensive and a roadblock for many people trying to make the leap from welfare to work. State-paid childcare can help many working families get ahead.
If you have a question or comment you would like to include in an upcoming podcast, you can leave your message here.
Steve Rhode - Your Get Out of Debt Guy.
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Vickie wrote to me about her experience with ClearOne Advantage. She was concerned she had made a mistake with ClearOne Advantage and they had let her down.
Debt situations are complicated, and so much can influence how we deal with our debts. Part of the hidden influencers might be logic, but in Vickie's case, part of the decision-making process was stress, fear, and shame.
I'd love to hear what you think Vickie should do after listening to her question. You can record and share your response at GetOutOfDebt.org/message.
In this podcast, I share some points Vickie should consider when thinking about how to tackle her situation at this point.
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Michelle wrote to me at GetOutOfDebt.org with a difficult financial situation. She had used all of her available cash to purchase a house to fix and sell and then was hit with COVID. After being in the hospital for six weeks and not getting paid, her finances are crumbling and she is looking for solutions.
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The ability for people to make the jump from public benefits to living without the need for benefits is much more complicated than the average person realizes. In this podcast, Damon Day and I talk about the hurdles people face. We also divulge the actual demographic profile of the person most like to commit benefit fraud. The answer will surprise you.
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Well, the lessons have been learned about being a crypto trading whiz. I talk about what I learned and have come to conclude. I also answer CM's question about IADT for-profit student loan forgiveness options, and how creditors now have to be able to support automated credit denials.
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Tina wanted to know if she should deal with her debt using debt settlement or bankruptcy.
It is interesting how a seemingly simple question can have a complicated answer. I decided to make your question the subject of a Debt Free Dudes podcast with Damon Day.
Damon and I role-play what a lot of debt relief salespeople might say to you when you can for advice. This podcast contains examples of what you might hear from credit counseling, debt settlement, consolidation loan offers, and bankruptcy.
Steve Rhode - Your Get Out of Debt Guy from GetOutOfDebt.org.
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Ryan wrote to me through my site at GetOutOfDebt.org. He wanted to know what he could do to get his AMEX cards back. He said, "I've been an Amex customer for ten years and have five accounts. I spend over $1M each year, closer to $2M on average, and out of the blue, all accounts closed. No missed payments or anything like that. I pay the balances in full each month."
In this podcast, I give Ryan facts about why this happened and what he can do about it.
Steve Rhode - Your Get Out Of Debt Guy
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Arianna wrote to me through my website at GetOutOfDebt.org and said she was living on disability income. She wanted to know if the nonprofit credit counseling group American Consumer Credit Counseling was a reputable company to go with to deal with her debt since she was struggling to make minimum payments only.
In this podcast, I give Arianna a lot to think about and consider. She might not have to repay her creditors at all.
Her situation is an interesting look at how multifaceted debt problems can be. What would you do in Arianna's situation?
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A recent reader question dragged me down a long dark tunnel to research if you can have your federal student loans forgiven if you are in jail. You can read my full post here.
The technical answer is it appears some people can have their loans written off. But there is so much more to this than you can even imagine assuming.
Listen to this podcast to be amazed by this impossible program.
Steve Rhode - Your Get Out of Debt Guy - GetOutOfDebt.org
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This time Damon Day and Steve talk about debt settlement. Or at least that's what the podcast was supposed to focus on. It didn't take long before it ran off the rails.
But the show covers:
- What is debt settlement?
- What debt settlement is not.
- Is debt settlement always the best solution?
- Does debt settlement impact my credit?
- What are the facts about debt settlement?
- How do my debts get settled?
- Do creditors participate in debt settlement programs?
- What will my debt settlement payment be?
- Why debt settlement is like jumping out of an airplane.
- Does a debt settlement salesperson consider my financial situation?
- What is the debt settlement representative really doing when I call?
- Who decides if debt settlement is right for me?
- What should you consider to solve your money troubles?
- How can someone in debt make a smart and intelligent decision about how to deal with their debt?
- What happens when you call a debt settlement company, credit counseling group, and a bankruptcy attorney?
- What is the right solution for my debt situation?
- A bankruptcy confession. What it was really like.
- Tax consequences of debt settlement.
- When is debt settlement a great option?
- What if I want to repay my creditors as promised?
- The best process for deciding how to tackle your debt problem.
- What are debt settlement, debt negotiations, debt intervention, and debt validation?
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The topic of if student loans should be forgiven is a hot topic right now. On one side people are demanding some level of forgiveness. On the other side, student loan forgiveness should not happen because it is not fair to truck drivers.
But what is the truth? In this Debt Free Dudes podcast, Damon Day ( DamonDay.com ) and Steve Rhode ( GetOutOfDebt.org ) talk about the real issues surrounding student loan debt and why the positions most have are nonsensical and won't fix the real problems.
In this podcast, we talk about real solutions to student loan debt and what should really be done to make the future better for the next generation of students that might take out loans to pay for higher education.
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No question has been asked more often over my decades of helping people with money, credit, and debt issues than is it is better to rent or buy.
The best answer to that question is yes because arguments can be made on both sides of that issue. So, let's talk about it and help you to see the situation in a way you might not have before.
In this podcast, I talk about the Money Personality test on my site. Here is the link.
If you have money, credit, or debt questions you'd like to ask, drop by GetOutOfDebt.org and ask me for free.
Steve Rhode - Your Get Out of Debt Guy
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Alan asked me a question at GetOutOfDebt.org about how much his credit card balances should be and what percentage he should maintain to improve his credit score. Alan made some moves that seemed like commonsense but the reality is those assumed smart moves actually hurt his credit score.
On this podcast, I also answer Alan's question and give you some tips on how to aim for the best credit score available.
Steve Rhode - Your Get Out of Debt Guy
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Today, my concern for your finances is over credit card balances and interest rates rising. People are not prepared for what is coming, and I want you to be ready.
The latest figures are out from the Federal Reserve report on consumer credit. The G19 information looks at what types of debts are rising and which are falling.
If you have a credit or debt question you'd like to ask, visit me at GetOutOfDebt.org.
Steve
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Julie dropped by GetOutOfDebt.org and left me a question about consolidating private student loans. So before just leaping at advertising offers arriving in your mailbox, here are some points to consider.
Be an intelligent consumer because otherwise, it can cost you a lot of wasted money. But you can save money and lower the cost of consolidating your private student loans with these simple tips.
Visit me at GetOutOfDebt.org and ask me your credit or debt question just like Julie did. I'm here to help.
Steve
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Over on the Debt Free Dudes podcast, Damon Day and I talk about the confusion, complexities, and misinformation about the announcements that Navient forgiveness of student loans.
There are so many important details the headlines can't give you. Debtors will be confused and may wind up angry if they think some or all of their student loans are going to be forgiven as the result of the settlement I wrote about at https://getoutofdebt.org/167223/
In this podcast, Damon and I talk about how confusing this process has been and why many Navient student loan debtors will not turn out to be winners.
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Company Illegally Charged Consumers for Credit Advice, Filed False ID Theft Reports, and Pitched Them on Fake Business Opportunity.
You can read the full post and download the lawsuit and restraining order by visiting the original post at https://getoutofdebt.org/168047/
This Federal Trade Commission suit is yet another example of how consumers can be the victims of illegal services promising to improve credit using dubious techniques.
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Well, federal student loans have been put on hold until January 31, 2022, and while that sounds like a fantastic way to deal with people struggling to pay student loans, it has good points and some not-so-great features.
In this podcast, Damon Day and I talk about how not all "federal" student loans are included and the new Republican no-interest student loan act put forward in Congress.
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There is so much misinformation floating about when it comes to dealing with debt. Far too many people tell you bankruptcy is a last resort or you should avoid bankruptcy. But here is the ironic thing, that is often the worst advice possible.
In this podcast, Damon Day and I talk about bankruptcy, myths and assumptions about bankruptcy, and how to deal with the debt collector if you fall behind on payments.
The big lesson here is not to believe everything you think but to do your homework and find out what the facts are so you can make the best decision for yourself or a friend that is facing money troubles.
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The issue today is that there seem to be so many conflicting stories and so much misinformation about student loans, people have become frustrated.
Student loans are a major problem for most of our listeners and the nation. Not only are they unaffordable but they are also dragging down all consumers with higher prices, and they have created a large number of borrowers who have no choice but to stay in limbo, not knowing whether to pay their loans or how to do so when penalties and other roadblocks are built into the system.
People just want to know how they can know what their options are without being scammed or sold something.
Let's dive right in.
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Today Damon Day and I talk about three quick topics. The first is a reader comment from our last podcast on debt validation. Danny sure is irritated by the podcast. Next, we talk about the termination of financing agreements for student loan assistance services. Finally, we discuss how the FTC is sending refund checks to people that were suckered into a business opportunity.
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Today Damon Day and I get stupidly silly laughing and complaining about the ridiculousness of the Public Service Loan Forgiveness program that was intended to forgive student loans for firefighters, police officers, teachers, low-income lawyers, military service members, and more.
The PSLF program has turned into a disgrace with more than 98% of people apply for forgiveness being rejected.
But wait, there's more.
To read the show transcript, click here.
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In this podcast, Damon Day and I talk about why debt validation isn't really the magic solution some companies try to sell to consumers. There is much more to know about debt validation before you just leap at the incredible sales pitch.
If you think debt validation is the way you'd like to take care of your debt, that's great. But before you leap at the sales pitch, at least understand the pros and cons of debt validation so you can make the best and most informed decision to feel confident debt validation is right for you and or your family.
If you want to read the full show transcript, click here.
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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.
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On the show today Damon Day and I focused on reduced mortgage payments for people behind on their federally backed mortgage loans after Covid forbearance ends, why it is so easy to make bad emotional decisions, and adios to FedLoan Servicing.
Steve Rhode
Get Out of Debt Guy
GetOutOfDebt.org
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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.
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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.
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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.
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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
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This week Damon Day (DamonDay.com) and Steve Rhode (GetOutOfDebt.org) spend far too much time laughing and joking about nonsensical stuff while they deal with some serious debt subjects. When it comes to debt there is no sense dying all tensed up. They introduce the new call-in line where you can leave your question on voicemail - 919-391-7976.
They also cover a couple of scary telephone message scams that are making people nervous and trying to make sure Damon survives the Bomb Cyclone he is sitting in the middle of.
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This week Damon Day and I talk about a wide variety of topics. Everything from why big TRS refunds spell trouble to what you really need to know about credit cards and debit cards. The advice is what you would least expect. As usual, the commentary is irreverent at times and we certainly don't take much very seriously. Enjoy the podcast. Oh, and if you want to find Steve, go to GetOutOfDebt.org and you can find Damon over at DamonDay.com. Do you have a question you'd like for us to answer? Leave your question on voicemail by calling 919-391-7976.
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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.
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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.
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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.
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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.
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Chinese Smartphone App to Find Debtors
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There Are No Solutions For Us to Get Out of Debt That We Can Afford
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Government Workers Should Just Go Get Loans
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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.
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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
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In this show I share some critical information and advice with you on how not to become a victim or get scammed when you are searching for debt relief help. Having financial problems can be scary enough but who can you trust and who should you turn to when you are looking for good options […] The post How to Get the Right Help for Debt Problems – Get Out of Debt Guy Show appeared first on Get Out of Debt Guy - Steve Rhode.
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Budgets can be an exercise in pain for many people. The sad part is it doesn’t have to be like that, at all. Building a great budget is simple when you understand what not to do. And what you shouldn’t do first is sit down and make a budget from memory. That just sets you […] The post Here’s How to Build the Best Budget – Get Out of Debt Guy Show appeared first on Get Out of Debt Guy - Steve Rhode.
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The latest Get Out of Debt Guy show. Damon Day and I talk about the big changes in the debt relief world over the past year. We talk about about how many debt relief companies have failed and how new rules from the FTC have altered the way the debt relief world works. We talk […] The post Debt Relief Recap and What Consumers Do Wrong When Seeking Help – Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is this weeks podcast where Damon Day, from DamonDay.com, and I talk about a number of debt industry issues including: If it is possible to settle your own debt. How to begin to approach do it yourself debt settlement. Hiring a debt settlement company is a smart thing to do if someone does not […] The post DIY Debt Settlement for Those Interested in Do It Yourself Debt Settlement – Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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In this show I talk with Dr. Louis Hyman, a consumer credit historian. We talk about the history of debt relief. He points out that the process of intervening in the debt of consumer began way back after World War I with the advent of new consumer debt opportunities. It does not matter if it […] The post The History of Getting Out of Debt This Week on the Get Out of Debt Guy Show appeared first on Get Out of Debt Guy - Steve Rhode.
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Revelations in debt settlement tops today’s show. Alex Viecco from New Era Debt Solutions openly talks about his disgust with the current state of debt settlement and why his company boldly and publicly resigned in disgust from The Association of Settlement Companies (TASC). In this show Alex is followed by some exceptional good financial advice […] The post “We Quit” in Debt Settlement and Making Your Finances More Friendly – The Get Out of Debt Guy Show appeared first on Get Out of Debt Guy - Steve Rhode.
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On today’s show I talk with Dr. Louis Hyman, an expert in the history of debt. Not only was it great talking with him but we chatted just as long off the air. This is one guy you’ll be hearing more from in the future on this show. We talked about the history of debt, […] The post Debtors’ Prison, Why Creditors Don’t Care if You Repay Your Debt, and Bankruptcy – The Get Out Of Debt Guy Show appeared first on Get Out of Debt Guy - Steve Rhode.
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Today we’ll be also talking about the impact the new fee ban for debt settlement services is going to have. We’ll also talk about changes that are impacting credit counseling and why people need to address their problem debt now before the economy improves too much. All that and a caller question on today’s show. […] The post Debt Settlement Fee Ban, Credit Counseling Wounded, Caller Question – The Get Out of Debt Guy Show appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is this weeks podcast where Damon Day and I talk about a number of debt industry issues including: Personal attacks against articles and stories written. Why some people don’t want consumers to get honest or independent advice. The reason why personal attacks are simply meant to misdirect consumers from hearing a message others don’t […] The post Personal Attacks, Debt Relief Marketing, How to Separate People From Money and More Stuff – Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is this weeks podcast where Damon Day and I talk about a number of debt industry issues including: Debt settlement companies settling up offshore enterprises to sell services back to U.S. residents. The odd statements made in the recent Morgan Drexen press release. You can watch video from the release here. What is the […] The post Offshore Debt Settlement, Morgan Drexen, Badges, Elizabeth Warren, Bed Intruder, CROA, and More – Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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This week Damon Day and I talk about the new debt settlement rules that were announced by the Federal Trade Commission, the need for them, the impact on debt settlement companies, why some debt settlement companies will fail and others thrive, and more about the attorney model of debt settlement that is being promoted as […] The post New Debt Settlement Rules – Get Out of Debt Radio Show appeared first on Get Out of Debt Guy - Steve Rhode.
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Yesterday I appeared as a guest on the Money America radio show that is heard in Massachusetts. Here is the broadcast and as you will hear it focused on recent changes in the rules from the Federal Trade Commission regarding debt settlement. You can listen to the show below. Money America Radio Show With Steve […] The post Money America Radio Show With Steve Rhode, August 5, 2010 appeared first on Get Out of Debt Guy - Steve Rhode.
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This week the podcast with Damon Day focused primarily on the attorney model in debt settlement and the problems associated with that. Here are some of the articles that relate to issues we talked about in the podcast. The Critical Flaw in The Attorney Model for Debt Settlement Mosler Law Firm and SFC State Capital […] The post The Debt Settlement Attorney Model Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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I had a very interesting conversation with a debt settlement insider that mentioned how many debt settlement companies he talks to that hate me for what I write. Yea, I’m not losing sleep over that. I made the following podcast of this article so you could enjoy it with background music. Debt Settlement Does Not […] The post Debt Settlement Does Not Need to Be Closed Down. It Needs to Be Cleaned Up. – Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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This week Damon and I talk about debt buyers, companies that purchased charged off debt and attempt to collect them, the problem with the proof that debt buyers have to collect the debt, and the wave of lawsuits and judgments from debts buyers. We talk about what happens when you are sued by a creditor […] The post Debt Buyers, Getting Sued by a Creditor, and Debt Relief Scams to Avoid – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Today Damon Day and I got together and picked a topic in the debt relief world and discussed it at length to give you insight into the inside information on this topic. We hope to do this on a regular basis to share with you […] The post Damon & Steve Talk About Debt Settlement Bullshit – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt podcast. I had the opportunity to sit down with Jeff Jackson, a bankruptcy attorney from Ohio and talked about many different aspects of bankruptcy including: The fear of approaching a bankruptcy attorney. Common questions and concerns when people are considering bankruptcy The benefits of bankruptcy to stop […] The post I Sit Down With a Bankruptcy Attorney and Talk About Filing Bankruptcy – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post James the Police Officer Calls in For Help to Avoid a Repo – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Allegro Law and Ripping Off Customers – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Jim, Charles and Cheryl Get Their Questions Answered on This Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Candy Has Concerns About Creditor Interchange and the Settlement Offer – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Daisy Calls Again. Uncertain if Debt Settlement or Debt Management is Right for Her. – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Daisy Calls In And Wonders How to Get an Allegro Law Refund – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post An Interview With Dan Stermer, the Court Appointed Receiver for the Hess Kennedy Debt Settlement Law Firm in Florida – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Question From James About an Allegro Law Client Refund – Get Out of Debt Podcast appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Get Out of Debt Podcast – More Answers for Angela Concerning Picking a Bankruptcy Attorney appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Get Out of Debt Podcast – Answers for Deborah Who Was in an Auto Accident appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Get Out of Debt Podcast – Answers for Angela and Her Concerns About Allegro Law appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, […] The post Get Out of Debt Podcast – Answers for Peggy About Allegro Law appeared first on Get Out of Debt Guy - Steve Rhode.
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Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? Get Out of Debt Guy – Twitter, G+, Facebook Questions Included in This Show: Question From James My wife and i live in las vegas where property values have drastically decreased. We both have had financial […] The post Get Out of Debt Podcast – Answers for James, Charlene, and Duff appeared first on Get Out of Debt Guy - Steve Rhode.
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