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Personal Finance 101
Saw a post a while back looking for information on how to get your money under control. These are Dave Ramsey's 7 baby steps to personal finance. Find out more here: http://www.daveramsey.com/new/baby-steps/
If you want proof that it works, go to YouTube and search "Debt Free Scream." Then watch all of them. and cry sometimes. you big sap.
There are a ton of tools on his site about how to budget, which most people say is the key to everything else (and makes you feel like you got a raise).
I've listened to the Dave Ramsey podcast for years (free, three hours per weekday) and I still learn new things/get inspired to manage my monies. If you need more, you can check out his blog, buy Total Money Makeover, or attend Financial Peace University in your area.
Step 1: Start an Emergency Fund
$1,000 keeps your head above water. Put it in a savings account or money market - not trying to build interest, but only for real emergencies.
Step 2: Pay off all your non-house debt
Debt snowball FTW. Minimum payments on everything, attack the smallest debt and once it's paid off, throw what you were paying on the next biggest one. Repeat.
Step 3: Complete your full Emergency Fund
Once your debts are paid off, 3-6 months worth of expenses gives you breathing room for major challenges, but there are definitely circumstances where you may want to save more (pregnancy, potential layoff expected, major medical expenses in the future).
Step 4: Start contributing to retirement
15% of your income into retirement - there are way more specifics on his website (Roth vs. traditional 401k/IRA, which types of funds, etc.). When asked to name the greatest invention in human history, Albert Einstein simply replied "compound interest."
Step 5: Start on kids' college fund
Lots of tips on how to plan for kids going to college if your kids are about to go to college in next year or 18 years out.
Step 6: Pay off your house early
'Once you pay off your house, the grass underneath your feet will feel different.' - Everyone who calls in to his show to say they paid off their house
Step 7: Increase generosity to ludicrous speed
Going plaid with charitable donations, yo.
[Starship Troopers] Do you want to know more? http://www.daveramsey.com/get-started/debt
What other resources are there to help people?
[Front Page Edit] First - thank you! Second, a few points based on the comments:
1: You need a budget and when you do it right, it will feel like you got a raise. Lots of free tools out there including Mint or he has an iOS app called EveryDollar (from his budgeting philosophy that you need to sit down at the start of each month and assign every dollar a name)
2: Paying down the smallest debt first doesn't make financial sense, but personal finance is all about personal behavior and he says its proven from all the people who have gotten out of debt on his show that the small initial wins give people the motivation to keep going because they see the light at the end of the tunnel.
Hope this helps! For more, check out his free podcast or go to Reddit r/personal finance for more discussion.
IndigoWendigo
Pro tip: being unemployed makes it harder.
volatiley
then you can not-spend 100% of your income! you're ahead of the game -- Double Speak
Novirtue
35 years old, just finished car and school loans, off to finish house in 4 years and live debt free, you can do it y'all !
RhymeRuin
Can vouch for this! This time 2 yrs ago hubs and I were ~10k I'm debt. Now were towards 10k in savings and living well within our means! Yay
badgerthewitness
Good work buddy!
TundraCotton
I'm at that stage where I have plenty to cover daily expenses and holidays, yet a galaxy away from being able to buy a flat :(
Vedar
Then decide if you want holidays and daily expenses, or a flat. Sounds like you don't have enough for both.
PrivateEntrance
Dave Ramsey is the shizzle. For sheezy. Double-plus-good.
Beans45
They should have classes starting in elementary school for this.
volatiley
they used to back when they also prayed and taught logic
Ladal1
Insert traditional joke about not having to save up for college in Europe for its completely free here:
strupberry
tbh none of the steps really apply, less worries about medical & education expenses, but buying a house is harder¬ even a goal for many
godmademedoit
Yeah I thought that, in the UK student loans are managed and healthcare is free.. but getting a mortgage? HAH.
xangie1
I had serious depts (over 30k) and managed to pay them off just recently. Now saving money to get married and start a future.
volatiley
HEY, you found the roll of money I lost, great
drunkill
You Need a Budget. YNAB. On steam, worthwile purchase to keep track of everything you spend money on. You'll see patterns emerge to help you
digitalmdsmooth
Been using YNAB for years. Love it.
r000t
I just started. Question: How do I budget for this month when half of the money for this month won't come in until the 15th?
digitalmdsmooth
You're only supposed to make a budget with the money you have on hand currently. So put whatever money you need to spend before the 15th 1/2
drunkill
Yep, although a good goal is to only use what you earned the previous month, if possible. And build up savings so you have a buffer.
digitalmdsmooth
in that category and leave the other categories empty until the rest of your money comes in after the 15th.
r000t
Don't get it on Steam, they literally JUST launched a subscription based webapp that even imports transactions from your bank.
SuperKameDende
I wish I could teach my sister finances instead of her mooching off my parents.
badgerthewitness
You can lead a horse to water. Can't make them grow up. Just gotta love em as they are.
Corgibuttnubs
If I had an extra $1000 right now to stick in an emergency fund I wouldn't be having financial problems!!
dla34
That's exactly the point of baby step 1.
badgerthewitness
You'll never have it right now. You can get it five dollars at a time. 200 decisions to save $5 and you are there.
volatiley
How much more would you have this month downgrading your internets package? eliminating it? (too use free wifi offerings)
skelitor120
Step .5: Make enough that your entire paycheck isnt sunk into food, gas and shelter every payday.
Thisseemsreasonable
Instructions unclear, invested in the I.R.A.
Ariltongadottir
I hate when that happens :/
volatiley
no, invest in I.R.C.
yOuShOuLdPiCkAuNiQuEuSeRNaMe
Time for a joke: "Hey did anyone lose two thousand dollars rolled up in a rubber band? Because we found the rubber band."
SmegmaMilkshake
Yeah, ok Doc Ock
Maximumcarnage2
http://stream1.gifsoup.com/view6/4694475/doc-ock-grin-o.gif
TheManInBlack89
I lost $171 clipped with a binder clip the other night... I really liked that binder clip... Oh. And I wouldn't mind finding the cash too...
TheManInBlack89
In case anyone was wondering. Got the binder clip back!! Oh. And the cash too.
FuckingStupidBitches
condom band?
FieryFarts
Andy Griffith's boy would give it back!
FieryFarts
Griffin
mynameisfatmike
I've heard that one, can't recall the comedian though; Brian Regan?
SuperCynic
I think it was Moses.
yOuShOuLdPiCkAuNiQuEuSeRNaMe
I remember it from Spider man
IFuckingLoveGoldenRetrievers
Dont quit your day job
mortyrickson
What if his day job is a comedian?
flipjum
Then he probably needs these tips more than any of us
ICantBelieveIGotOutOfBedForThis
He can if he has saved up 3-6 months of expenses in savings.
IFuckingLoveGoldenRetrievers
Only then would it be advisable.
JamShady
Interesting point about Step #7, Prophet Muhammad said giving in charity does not decrease your wealth
volatiley
he also said to find jews hiding behind rocks and kill them
JamShady
I feel sorry for your pathetic existence if that's the thought at the forefront of your mind of all the things you could have picked from.
Flimsy
Step 1 make enough money to actually save.
Sionas
Financial planning is simple. Live below means. Save for future expenditures. Get rid of debt fast to not pay interest.
Upvoter2000x
Hard to believe Ramsy makes millions off of just repeating that one line over and over and over.
dla34
Source: http://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06
FUCKpeta
But I NEED a mobile phone with data, and hone internet, and a big tv, and a new phone every year, and a sports car, and pets
dla34
Financial planning is simple; executing on the plan isn't. "Approximately 62% of Americans have less than $1,000 in their savings accounts,"
Sionas
The thing is... is a savings account the best place to put your savings? if not then people just might not use it...
tanadarko
My god. That's so scary. I made minimum wage most of my life and it took 8 months of no job to get that low.
AbominableToaster
I literally have a dollar
BiteTheHandsThatThieve
Quit bragging about your fancy dollar filled savings account.
AbominableToaster
I apologize. Forgot to check my privilege
IATTM
This reminds me of the "how you compare to others" section of credit karma.
NerdyDirtyCurvy
This is useful. However, currently I owe 4000 dollars, and only make enough for rent, internet, phone, and food. >.>
volatiley
Have someone else examine your expenditures to find actual needs and cut everything else. Internet and phone are great places to cut or end
dogsi
I've heard many people say crap like this. However, I've earned minimum wage and still saved for stuff I wanted after I paid living expenses
tanadarko
Same here! I've had coworkers who make more than I do WITH lower cost of living complain that they're broke when I wasn't. Wants r not needs
mynamesbryson
I'd give my middle nut to only be 4000 in debt.
volatiley
You should sell the milk and keep the cow... if you have no moral quandries with illicit conception
DrChimRichulds
I wish I owed $4,000.
JustSomeEnglishGuy
You can owe me $4000...
damadamagoyolur
This is so easy to say and not do, but you cannot afford internet and a phone. Need to figure out a way so that you can.
MelisandresNips
Internet and phone are great but if you went without them for 1 to 2 years you could easily pay that off
Carmichael106
My friends were really annoyed with me, but I had a 6 year gap without a phone. Textfree has free WiFi calls and texts.
Natsumori
If you can't lower your floor then raise your ceiling. Put in 1-2 job applications/day off until you find something that better suits you.
joppetie
I'm saving this one.
Jasperman62
Internet at library or restaurant.. Basic phone not smartphone.. Probably save over $100 right there.. Cable or sat TV? Don't need it..
KingoftheIntroverts
This. People think they need so much connectivity. Most of it's available for free anyway, just go to the library!
Buddha7
Unless internet/phone are being used for work (could be freelance), then 100% this. Those taxes you pay support the library you're not using
volatiley
unfortunately most ever large meteo library I've tried blocks VPN
Carmichael106
Put forth your best effort at your place of employment. If there's no opportunity for advancement, build your resume and look elsewhere!
CGWN
Most of the time there's room to tighten the belt on at least one of those.
NerdyDirtyCurvy
Oh trust me, I've tried. I even quit drinking and smoking to help. I still only end up with like, a 20$ leave. :/
zagibu
You are debt free in 16 years and 8 months.
rebeccaisafish
$20 is still something though
HighOnModelPaint
If your phone I'd a data phone then drop to a basic. Drop your Internet to the slowest and cheapest package available.
NerdyDirtyCurvy
I did! :(
HighOnModelPaint
Then nose to the grindstone with that $20. We all start somewhere. It was hard for me at first but the financial freedom is amazing.
BiteTheHandsThatThieve
Right? I'm living paycheck to paycheck. Honestly if you can afford to do this stuff you're doing damn good compared to a lit of folks.
NerdyDirtyCurvy
It's true. But still, with the interest on the debt, I'm getting no closer. :/
BiteTheHandsThatThieve
Debt and poverty is pretty hellish to escape. I like how people are like "oh just do this It's so easy" if it were easy we wouldn't be here.
zagibu
If you have problems with interest, might be worth it to get another credit with low interest and use it to pay off the expensive one.
zagibu
Talk to your family/friends they might be able to help you.
BiteTheHandsThatThieve
A lot. Don't lit folks. I don't know what it means but it sounds bad.
TheLivinLegend
Well it's like they say, if you built a person fire they'd be warm for a day, but if you lit a person on fire they'd be warm for life
Carmichael106
Yeah! Don't lit people on fire.
DarkUranium
TheSevvy
You need a sugar daddy? Because if you find one, let me know. I need one, too. o_O
mastatikle
I'll sponsor you.
NerdyDirtyCurvy
Oh god I wish. Hahah!
TheSevvy
Actually, I just snooped your profile. I will be your sugar daddy. Thanks.
NerdyDirtyCurvy
Lol! Aww :D
smwht
Can you cook?
TheSevvy
I can, actually! :D
killthebaddies
I'm British. What's "medical expenses"?
FuckingStupidBitches
VAT
rotzverpopelt
I'm German. What's non-house debt? What's a college fund?
CGWN
Dave Ramsey is really helpful when you need the motivation to get out of debt. Avoid his "endorsed local providers" like the plague though.
mayc0
So true
[deleted]
[deleted]
MsGenericEnough
Darn it. Now I have "Twat-waffle, Twat-waffle" going through my head to the Spider Man theme. *sighs* YOU GET AN UPVOTE.
1976Hoosiers
twat-waffle +10 well played sir well played
GrogCritter
I've dealt with both his insurance and investing ELP's in the past and in my area both were fantastic.
CGWN
That would make you one of the exceptions. Especially on the investing end his ELPs are known to put their own profit (and Dave's) first
altonbrowndeserveshisownmemefuckyouifyoudisagree
We have been meeting with one for about a year now, and i have had nothing but great experiences.
Katzenrubbler
As a german apprentice, I don't need either college or medical savings and already save a lot of money each month. :)
Ringshadow
"Pay off all non house debt" yes that's easy when you have tens of thousands in student debt. Pft.
badgerthewitness
If it was easy it wouldn't be a problem. Work hard now, save hard now, live frugally now, pay off big later.
IrisWolfe
Listen to the debt free screams. Some of those people have gotten through a 100k debt, with kids! It takes time, and effort, but it's doable
Ringshadow
I'm finally under 50K in student debt. Frankly I'm proud of myself.
IrisWolfe
Isorikk
Step 0: Make a livable wage.
FUCKpeta
Step -1 learn skills that provide value to employer
volatiley
effort?!
willowtree2
Well he usually aims his talks at people who have poor spending habits. Being poor in general is a different mountain to climb.
brainstrain
Ramsey's advice is aimed at married couples who own a home. His baby steps fall apart very quickly for the rest of us.
Waganga
Look for a better job. You have to be part of your own rescue.
cpnbeeb
Step -2: Wake up and embrace dystopia. Step -1: Dehumanize yourself and face to bloodshed.
jazzmanati
damn, looking through my favorites and I see this. a lot different 8 years later. not for the better
Fredbearr
Perhaps seek other opportunities if you feel you cant succeed?
tanadarko
As somebody who's been poor most of my life - when u make shit wages you have to change what's "livable" and sort out needs vs wants (1
tanadarko
Roommates. No eating/drinking out. Wait for movies. Use electronics/clothes until they DIE. Then when u make more, living simple is easy. :)
HauldrenCollider
virtually everyone can afford to spend less than they are in this country.
Elkarlo77
Sorry Bullshit: i lived for 3 years on Germany's Wellfare money (around 500$ a month). Depositin 120$ for retirement extra, and 2)
Elkarlo77
to watch not to save to much money (i wasn't allowed to have savings over 5000$ when living on wellfare! ) did microjobs etc. 2)
Elkarlo77
But i handled everything with care. My Car, my Computers, my Electronics, Cloth etc..
Elkarlo77
Now with proper Job i don't know where to spend money, because i learned how to live from few. A lot of poeple complain that Wellfare
Elkarlo77
isn't enough here in Germany, but i know lot of poeple which life from it, and some of them can't keep money and die in the loan trap...
Challengedimgurian
Agreed, I'm super broke: haven't even been able to eat this weekend...:( started this year pretty bad. And I hate asking anyone for anything
flattoppancake
Do you have a Paypal account?
Challengedimgurian
Yes I do it's pmarisol08@gmail.com
FUCKpeta
updates?
Challengedimgurian
I ate chips for lunch, and I'm gonna have a good time getting to work this week, expecting rain all week and I take the train from LA to OC
AriBerri55
Same here. Family of 3 making 20k/yr. $1000 in savings is a laughable dream...
Challengedimgurian
I jokingly asked my friends to deliver me a pizza, and they laughed,been in bed since Wednesday, first check will be next Friday sigh
Challengedimgurian
Omg where do you live?
AriBerri55
Houston, TX. Do we know each other irl? >.>.
Challengedimgurian
I'm in California
Challengedimgurian
No we don't? I was asking because of the income
raisinsforever
Favoriting for when I decide to adult
altonbrowndeserveshisownmemefuckyouifyoudisagree
Did you do anything with this post?
raisinsforever
It’s gonna be a no from me dawg
altonbrowndeserveshisownmemefuckyouifyoudisagree
Dang! It changed my life! We are debt free now. We even went on the Dave Ramsey show last month
papadezelda
I'm on step 6. It took me a long ass time to get here. Good luck to you all.
JenkinsLeroyM
If you don't mind me asking, how much debt did you pay off?
papadezelda
In CC alone it was a little over $30k. My car was $50k, and my current home was $180k. I owe $50k on my house and I'll be debt free.
JenkinsLeroyM
Wow, that is impressive! Nice work! Still on Baby Step 2 myself, $24k to go!
papadezelda
Most people never even start step 2. Good for you. They just pay minimum and/or get another card.
JenkinsLeroyM
Listening to those Debt-Free screams help keep me motivated!
dla34
What are your tips on how you got there?
papadezelda
It took a while but once I was able to get rid of them I could finally get cable again and put money away.
papadezelda
I was young and stupid with CC's. I just said screw it one day and started putting as much as I could to pay them off.
papadezelda
I can now put 25% of my salary towards my 401k and have enough to put 2x my mortgage. I should be done with it in 3 years.
dla34
That is awesome. Aspirational for those of us earlier in the journey.
papadezelda
It sucked man. I just got sick of giving $300+ monthly on interests. I didn't go on any vacations, limit fast food, no more strippers. Lol
Maggiemypet
Tell us more? We've been struggling to stick to a budget and snowball. Classic married, kids, mortgage, car note and student loan scenario
papadezelda
I was in your situation. Thankfully I never had student loans. I did have tons of CC debt though. I was overwhelmed for a while.
Maggiemypet
We have one card, that gets paid down regularly, most of the balance was due to a family emergency.
papadezelda
Said no to vacations. No to any trips at all. I paid minimum on all but one card. I paid whatever I could on one of them to get it paid off.
papadezelda
I cut the card as soon as I did. I would just follow the pattern one by one until I was finished. Took me 6 years. It was painful.
mandieboob
How old are you now? I'm 20 and got my first cc and I'm so scared of bad credit I pay off everything as soon as the charge goes through lol
Maggiemypet
6 years is doable tho. Our dream is to be completely debt free in 10 years.
mandieboob
And I can't wait to start being able to save money now, due to asshats I had to move 5 times the first year after I lived on my own,
papadezelda
Oh, also, I don't have a new car. I am driving my car until it just can't go anymore. I can probably afford a bad ass vehicle but why?
RageCuddles
My 91 accord finally gave us the ghost. Bought for 6k 10 yrs ago, was a fantastic deal. Coworkers made fun, but no car debt is awesome.
papadezelda
Yeah. I learned my lesson. Bought a fully loaded SUV and to only depreciate 40k since I bought it. Haha Basically threw that money away.
TheLivinLegend
It amazes me how uncommon this is. So many people I know with money troubles jump into new car notes, usually before the previous is paid.
papadezelda
Yeah. I bought a Kia Soul for my kids mom and it cost me 14k. I wasn't spending more than that for a new car. Haha
TheLivinLegend
My civic died after ten years last year and I splurged on a 2015 model. I know a lot more about vehicles now so my goal is to dive it for 15
papadezelda
I think it's just part of being young and stupid. Nice car is for showing off only. I'm not like that so I just use it for transportation.
TheLivinLegend
A good number of those people I know are well into their fifties. I guess it all comes down to developing habits early on
altonbrowndeserveshisownmemefuckyouifyoudisagree
STEP 5 Protip: Don't have kids.
Spisepinden
Or live outside of America.
spudpicker
Don't know why, but I became a lot more focused and successful after kids. Just got headhunted for my dream job and I love my daughters. 1/2
spudpicker
I didn't see the point in having kids before, but my overall happiness is way higher now that I'm not just focused on myself all the time.
visualvendetta
If they would only repeal child labor laws, having kids would be profitable again.
MrPredator
https://www.youtube.com/watch?v=HIEWgwRrY9s
ThisIsSpaceballsTheUsername
With a new family with dual incomes: 1 kid, viable , 2 kids, manageable, 3 + kids, you're courageous af. Bless my mom single with 3 kids
WithPride
Well, having kids is a beautiful thing. If everyone doesn't have kids, you end up like Japan and their crisis they are going through.
altonbrowndeserveshisownmemefuckyouifyoudisagree
Living in Japan currently. It ain't bad.
WithPride
Well, they say that your population will reduce by half in a few decades due to such a low birthrate and low immigration rate. Then again,
WithPride
that may be a good thing for such a small country. Property would be cheaper to buy and it wouldn't be so crowded. .
dogsi
Having kids gave me the motivation it took to pursue a better income. When I was single and childless, I just played video games all day.
visualvendetta
Having a kid seemed to give me strength where I didn't have any before.
ThatsNotMickeyMouseThatsJustTitDirt
Fuck. I don't have kids and all I do is work, get drunk, and play games.
imshibagel
Please...I give my parents more in support than they've ever spent on me. Lucky bastards...
Zalomy
I feel for you, same boat here.
Skeetskeetnojustkiddingthatsgross
Seconded. I'm the best thing that ever happened to my mom lol
Jetg10
Are you up for adoption? Then again I'm probably younger than you, but you know, we can work something out.
Skeetskeetnojustkiddingthatsgross
Haha anything is possible
FreudIsMe
Well, in Belgium we get € 800/mnth for our 4 kids and I pay almost no personal taxes because of them. (On my companies I pay full tax ofc)
volatiley
get? or tax credit?
FreudIsMe
We receive (get) child support: 800 for all 4. Oldest is 10. Also, we pay € 300/yr for healthcare for us 6. I wonder how long it'l last
Fatherdoodle
OR get married
maetryx
That way you can spend all your money for yourself and having fun can be your highest value and priority. Such a noble cause.
pippen1001
Or live in a country where University doesn't cost
altonbrowndeserveshisownmemefuckyouifyoudisagree
Is food and diapers and a billion clothes free too?
dune17
Or go to one that doesn't cost more than you will ever make. Return on investment seems to be overlooked when selecting a college. Why?
LondonRainfall
B/c kids usually don't look to ROI for a degree. I would blame the parents for the most part. I did look at it b/c of not wanting to be them
visualvendetta
Right. The income difference between colleges dwindles to a negligible amount 10 years after graduation.A B.S. can still be cheap/profitable
Flollop
Who actually has the money available to pay off debt but chooses not to. Is this a thing that happens?
zagibu
Yep, a lot of people don't feel big responsibilities to their debtors. I know one. He has debts with interests, but first pays back friends.
zagibu
Despite they telling him he should pay off the other debts first. He's just a moron.
peelmynakedassoffthischair
Hell yeah, prime example myself.
peelmynakedassoffthischair
I a sizeable interest free overdraft which I am well stuck into though i could pay it off with ease. Invested that money making interest
Vedar
I do it all the time. I like to spend money. The debt is manageable.
tanadarko
A lot of people just don't REALIZE all the ways they spend their money. They get nickle-and-dimed.
badgerthewitness
Oh yeah. People who think cable, a new car and a big TV are necessities.
Upvoter2000x
cable (internet) and a new car may very well be a necessity. We were able to get by with shit cars for years until the brutal commute
AtalanBeardy
When he says new car, he means buying a 2016 now, instead of a 2013 coming off a lease or a 2010 with 1 previous owner and 60-80k miles.
badgerthewitness
I started with a bicycle. Free 25 year old pickup truck. $1500 Mazda stick shift. Picked up a VW GTI which was a terrible idea.
badgerthewitness
Sold it to get out from under the loan, rolled that money into a used pickup truck in cash...which dropped a tranny.
djmaskell
"Pay off the smallest debt first" is fucking terrible advice. You should pay off the one with the highest interest first, as delaying >>
[deleted]
[deleted]
godmademedoit
If I'm not mistaken paying off a debt entirely has a more positive effect on your credit rating too.
Lukapaka
It's more about setting attainable goals and providing some feeling of accomplishment. You're right though, high rate loans cost the most.
shelbabers
I thought so too but I had more success paying off my smaller debt then my high interest.
djmaskell
>> delaying payment on a higher interest loan will cost you more in the long run. The lower interest loans can wait.
godmademedoit
Then transfer all higher interest balances to lower interest or 0% balance transfers where possible. Depends on the type of debt I guess tho
Chols
Exactly. Setup a model spreadsheet and see for yourself!!
GreedyWildcard
Agreed - it's more about being able to "see" and "feel" debts going away. Some quickly lose steam without that.
IrisWolfe
Some people work better with the psychology method of getting out of debt. The math method does work, but to some it feels like nothing.
PrivateEntrance
It's about changing behavior. And snowballing your payments to pay debt down most Riki-tik. Quibble about math all you want. It works.
Vedar
The maths is pretty clear... this method will cost you more.
willowtree2
Not if people get discouraged and stop making payments.
Vedar
Well you won't clear any debt if you stop making payments...
Caddy15
I'd normally agree, but some studies have shown the psychological effect of paying small loans off brings more long term success.
Vedar
my bank does not accept psychological effects as payment...
AtalanBeardy
This is about where you're putting the more than minimum payments. Not which one you make the minimum payments on and don't pay on others.
DarkUranium
No, but you can use that for withdrawals. It wouldn't be inaccurate to assume that it may or may not be highly illegal, though.
FunctioningWorkaholic
As a European: Why is everyone having debt in the first place?
willowtree2
America loves debt
badgerthewitness
We have easy access to credit and we are a nation of workaholics who want the best toys. We don't share much and public transport sucks so..
badgerthewitness
We get a car loan. We don't think carrying a balance on a credit card is a bad idea as long as you can make the minimum payment...
badgerthewitness
I didn't catch on until I read Dave Ramsey and figured out that it would take me three years to pay off my credit card.