Get Out of Debt Guy | Smart Debt Solutions for Your Financial Freedom

Steve Rhode
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Welcome to the Get Out of Debt Podcast with Steve Rhode, your trusted source for practical debt solutions, budgeting tips, and effective money management strategies. Join us for real-world discussions on overcoming financial challenges. https://www.pinterest.com/getoutofdebtguy/ https://www.instagram.com/thegetoutofdebtguy/ https://bsky.app/profile/getoutofdebtguy.bsky.social https://www.facebook.com/GetOutOfDebtGuy/ https://x.com/getoutofdebtguy

  1. 6d ago

    The $470K Romance Scam Her Family Doesn't Know About

    She sent $470,000 to someone she thought loved her, most of it from her 401(k) and an annuity, and her family doesn't know yet. Damon Day and I talk about how that happens to smart, careful people, why lonely isn't the same as stupid, and what to do before it happens in your family: a family safe word against AI voice clones, why "go to a Bitcoin ATM" is always a scam, what you can and can't get back, and how an irrevocable trust can protect a parent before they need it. Then the rest of this week's mailbag: a cosigner walkout, a widow's $30,000 surprise, gambling, memory care and a car title loan, and someone who is 65, $50,000 in debt and afraid of bankruptcy. No shame and no judgment in any of it. Chapters: 0:00 Intro: debt confessions from the Ask Steve chat 2:20 The $470,000 romance scam 5:24 AI voice clones and the family safe word 8:52 Card vs. cash: what you can get back 10:15 If anyone says "Bitcoin ATM" 12:18 Why lonely isn't stupid 14:48 Pig butchering: the long con 17:32 Sexually transmitted debt 20:45 The cosigner walkout 22:35 When your parent is being scammed 29:33 The state trooper's driving test 32:29 Irrevocable trust: set it up before you need it 33:47 The widow's $30,000 surprise 36:32 Gambling, memory care and a car title loan 39:35 No shame, no judgment 42:07 Student loans and survival jobs 45:34 65, $50,000 in debt, afraid of bankruptcy 50:16 No sense wasting a perfectly good mistake 51:34 Next on Gigalicious Watch the video version on YouTube: https://www.youtube.com/@GetOutOfDebtGuy Steve Rhode, Get Out of Debt Guy: https://getoutofdebt.org Ask Steve, my free, anonymous AI chat: https://getoutofdebt.org/ask-steve/ Talk to Damon Day (free appointment): https://damonday.com My free weekday email, Your Money Actually: https://yourmoneyactually.com A note on taxes: a 2025 IRS Chief Counsel memo (CCA 202511015) treats romance-scam losses as personal casualty losses, which aren't deductible for 2018 through 2025. Some investment-type scams may be treated differently, so ask a tax pro about your own situation.

  2. Oct 22

    Still Paying for Last Christmas? The Holiday Debt Trap

    Christmas is coming. Unfortunately, you may still be paying for the last one. And the one before that. Steve, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, tackle holiday spending, credit card debt, and why a debt consolidation loan can leave you with another payment and a fresh batch of credit card bills. Steve wants you to draw a line in the sand before buying another gift. Damon understands the “one last Christmas, then I’ll fix it” approach. We debate both, talk about making a realistic holiday budget, and revisit the year Steve gave people soup beans for Christmas. It tasted like affordability. Along the way, we get into: Why cash flow matters when trying to get out of debt, and why moving balances around doesn’t fix the underlying problem.Debt consolidation advertising, debt settlement sales pitches, and the appeal of being “one payment plan away from happiness.”Buy now, pay later plans, including Klarna and Affirm, and using installment payments for groceries.Planning ahead, buying gifts throughout the year, setting expectations, and the pressure to spend money you don’t have.AI financial advice, the Ask Steve chatbot, and Steve’s videos grading ChatGPT’s answers about credit repair and bankruptcy.An Apple iPhone class-action settlement discussion and Steve’s experience submitting a claim.Making extra money with gig apps and Damon’s Giggleicious show on the Penny Stupid YouTube channel.Why looking wealthy and building wealth can be two very different things, with a nod to The Millionaire Next Door.There are also Halloween candy stories, questionable dad jokes, and a rescue dog who may have already picked Steve. We even preview the conversation we keep meaning to have: helping adult children pay for college without sacrificing your own retirement. Maybe next time we’ll actually get to it. If you’re juggling minimum payments, holiday expectations, and the hope that January will somehow fix everything, you’ll recognize yourself in this one. Find more help and the Ask Steve chatbot at GetOutOfDebt.org. Damon can be reached at DamonDay.com, where you can schedule a free consultation.

    Still Paying for Last Christmas? The Holiday Debt Trap

  3. Oct 16

    The 10 Things You Must Do After Bankruptcy

    "It's been 20 years since my bankruptcy and I still can't let go of the shame." A reader sent Steve that note, and it's why step one on today's list is to take a breath and let go of the shame. Filing isn't the end of the story. It's the day your comeback starts. Steve, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, walk through ten things to do after you file, in roughly the order you'll face them, plus one Bonus Tip they couldn't leave out. The 10 steps: 1. Take a breath and let go of the shame. 2. Finish the second course, the debtor education class you take after filing. 3. Keep your discharge order and case papers forever. 4. Pull all three credit reports at AnnualCreditReport.com and fix the mistakes. Bonus Tip: Feel like you should repay a discharged debt? Pay it forward to your own retirement instead. 5. Know what to do if a collector calls about a discharged debt. 6. Keep paying on what you kept, and know whether you signed a reaffirmation agreement. 7. Build a real budget and a cushion, even though budgets suck. 8. Step back into the credit game to rebuild your credit, slowly and on purpose. 9. Watch out for the post-bankruptcy predators. 10. Restart your retirement savings, because time is the thing that makes it grow. Plus: a mortgage broker who shrugged at a bankruptcy a year later, a credit union trick for building credit with a small amount of cash, and why paying back creditors instead of saving for retirement can leave the burden on your kids later. A note on the Bonus Tip: the law lets you repay a discharged debt voluntarily if you choose to (11 U.S.C. 524(f)), but the creditor can't pursue or collect it, and many won't accept the payment. When Steve tried, his creditors refused. You don't owe it, so put that money toward your own future first. Steve is not an attorney. Ask your bankruptcy attorney about anything specific to your case. Find more debt help and the free Ask Steve chat at GetOutOfDebt.org Get Steve's free weekday email at YourMoneyActually.com Talk with Damon Day about your situation at DamonDay.com Watch the video version on YouTube: Get Out of Debt Guy, the Penny Stupid Project and Old Guy Insights.

    The 10 Things You Must Do After Bankruptcy

  4. Oct 8

    Credit Card Debt, Hospital Bills & the “Just Get a Loan” Trap

    “If I could just get a loan, everything would be fine.” Sound familiar? Before you drain your 401(k) or sign up for another debt consolidation loan, let’s talk about what actually changes—and what could leave you right back in debt. Steve, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, tackle credit card debt, medical bills, and the expensive decisions people make when financial stress takes over. No lectures about being a bad person because you owe money. Just an honest conversation about getting out of debt without making your next problem bigger. In this episode, we discuss: Whether a parent’s nursing home bill could become your responsibility and what to watch for in admission paperwork.Hospital financial assistance and questions to ask before paying a medical bill.Class action settlement payments, refund scams, and finding unclaimed money.Old Military STAR Card debt and how it can come back to haunt your Social Security benefits.Why using retirement savings to pay off credit cards can create bigger problems.Living paycheck to paycheck on a six-figure income, lifestyle creep, and the rising cost of raising a family.Plus, a $30,000 hospital bill, expensive burritos, and the ongoing challenge of enjoying your life without financing all of it. Find more stories and debt help at GetOutOfDebt.org. Reach Damon at DamonDay.com.

    Credit Card Debt, Hospital Bills & the “Just Get a Loan” Trap

  5. Oct 1

    Look Broke for a Year or Stay Broke for 10? The Credit Card Debt Trap

    Would you rather look broke for a year or stay broke for the next decade? Before you answer, think about whose opinion you’re paying for with that car payment, those credit card bills, and the retirement savings you keep putting off. Steve, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, tackle the uncomfortable connection between keeping up appearances and staying in debt. We talk about why protecting your credit score can become more important than protecting your future, how minimum payments keep you stuck, and why dealing with financial trouble doesn’t make you a failure. We also get into spending plans, subscription creep, keeping a paid-off car, high-yield savings accounts, and taking an honest look at debt relief options, including bankruptcy and debt settlement. Plus, a conversation about refund scams and the devastating cost of fraud targeting older adults. Debt is math wrapped in emotion. You can’t change yesterday’s decisions, but you can stop letting them eat tomorrow’s retirement. Find Steve at GetOutOfDebt.org. Reach Damon for help with your financial situation at DamonDay.com. Get Steve's free weekday email at YourMoneyActually.com.

  6. Sep 24

    Budgets Suck: Debt Traps, Emergency Savings, and Keeping Up Appearances

    Budgets suck—and they usually don’t work. Steve Rhode and Damon Day discuss what matters more: cash flow, money left at the end of the month, and a realistic plan for saving and handling debt. They examine how debt settlement and credit counseling can hurt people living on Social Security or another fixed income, especially when monthly payments leave too little for food, medication, and other essentials. They also explore spending to impress people, predictable “emergencies” such as tires and home repairs, rising living costs, subscription creep, and whether gig work offers a dependable financial future. The bottom line is simple: stop living for other people’s approval, build protective savings, prepare for change, and make decisions based on your actual financial life. Find more practical debt help at GetOutOfDebt.org. To subscribe to Steve's free weekday email visit YourMoneyActually.com. To speak with Damon Day about your debt and financial options, visit DamonDay.com.

  7. Sep 17

    Are You Helping Your Kids—or Hurting Your Retirement? – The Money Choices That Cost Millions

    What if the everyday money decisions that feel completely normal are quietly costing you hundreds of thousands—or even millions—over your lifetime? You can get Steve's free weekday money email at YourMoneyActually.com Steve Rhode and Damon Day tackle the financial assumptions we rarely question: always having a car payment, buying more car than we need, co-signing for our kids, paying their expenses, and trying to make everything “fair” between siblings. They dig into the staggering long-term opportunity cost of car payments, why keeping a reliable older vehicle can dramatically change your financial future, and how seemingly small spending decisions compound over decades. Then things get personal. When should parents help their adult children—and when does helping become financially destructive? Should you pay for a car? Cover gas? Co-sign a loan? What happens when one child constantly needs financial help while the others don't? And is treating your children fairly really the same thing as treating them equally? Steve and Damon also explain why co-signing can be one of the most dangerous forms of financial help a parent can offer. Along the way, there are stories about cars, teenagers, expensive tires, credit, retirement, motorcycles, and the financial lessons Steve and Damon learned raising their own kids. The takeaway isn't that you should never spend money on your children or enjoy a nice car. It's that every dollar has more than one price: what you spend today and what that money could have become tomorrow. Before you automatically make the next car payment, co-sign the next loan, or reach for your wallet to rescue an adult child, this episode may give you a completely different way to think about the decision. Need help with your debt? Steve Rhode, The Get Out of Debt Guy:https://GetOutOfDebt.org Damon Day:https://DamonDay.com 🎙️ Get Out of Debt Guy with Steve Rhode and Damon Day — no shame, no fear, just real help.

  8. Sep 9

    Should Adult Kids Pay Rent—or Are You Sacrificing Your Retirement?

    Should adult children living at home pay rent? And if they do, should parents use that money for household expenses or quietly save it to help them later? Steve Rhode and Damon Day discuss the financial tightrope between helping grown children get ahead and protecting your own retirement savings. They tackle rising housing costs, family debt, the sandwich generation, and why parents must put on their own financial oxygen mask first. They also compare the real cost of owning a Tesla Model Y and Chevy Bolt, including repairs, charging costs, warranties, maintenance, and total cost of ownership. Plus, they touch on payday advance loans, gig work for quick income, college costs, and the risks of student loan debt. Find more practical debt help at https://getoutofdebt.org or free weekday newsletter https://yourmoneyactually.com Damon can be reached at https://damonday.com

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Welcome to the Get Out of Debt Podcast with Steve Rhode, your trusted source for practical debt solutions, budgeting tips, and effective money management strategies. Join us for real-world discussions on overcoming financial challenges. https://www.pinterest.com/getoutofdebtguy/ https://www.instagram.com/thegetoutofdebtguy/ https://bsky.app/profile/getoutofdebtguy.bsky.social https://www.facebook.com/GetOutOfDebtGuy/ https://x.com/getoutofdebtguy

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