104 episodes

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.

Get Out of Debt Guy Steve Rhode

    • Education
    • 4.0 • 21 Ratings

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.

    Debt Relief Company and Credit Card Debt Explodes and Then Implodes

    Debt Relief Company and Credit Card Debt Explodes and Then Implodes

    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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    • 40 min
    Go to College and Retire Wealthy Using DoorDash and Uber Eats

    Go to College and Retire Wealthy Using DoorDash and Uber Eats

    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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    • 22 min
    These Emotions Stop You From Getting Out of Debt

    These Emotions Stop You From Getting Out of Debt

    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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    • 43 min
    16 Most Misunderstood Myths About Getting Out of Debt

    16 Most Misunderstood Myths About Getting Out of Debt

    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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    • 53 min
    Easy Ways to Make Your Money Grow When You Are Just Getting By

    Easy Ways to Make Your Money Grow When You Are Just Getting By

    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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    • 27 min
    I'm So Embarrassed About My Debt

    I'm So Embarrassed About My Debt

    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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    • 30 min

Customer Reviews

4.0 out of 5
21 Ratings

21 Ratings

sjskelton04 ,

Set Apart

I listen to a lot of podcasts and lean in closer to advice like this from people who understand that nothing in life should be one-size-fits-all. There’s so many variables to consider. They help do that. I’ve binged the show and they know their stuff inside out. Their knowledge coupled with a right perspective— taking a person or family’s whole, unique situation into account to consider what’s best, not just concerning their past, but their future— sets them apart. Thank y’all!

Jeff Rose, CFP ,

Steve Knows Debt

When I think of "Debt Experts", Steve is the first guy that comes to mind. This is a great resource for anyone looking to a new chapter in their life and becoming debt free.

ecsmith ,

Great information from a man in the know

Steve Rhode is ground zero for everything get-out-of-debt related. He has his finger on the pulse of the industry and tells you who and what to trust and when to run. Great information from an industry leader.

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