Reduce Debt Faster

Hundreds of thousands of people around the world struggle with credit card debt and are trying to find a path to become debt free.  While some have the ability to pay off debt on their own, many others understandably need a little bit of help in the form of some type of debt reduction programs.  According to personal finance “expert” Dave Ramsey, people who seek debt reduction help are wrong and lazy!

When I first read Ramsey’s comments, I was furious.  In my opinion, his remarks were offensive, belittling, and even ignorant.  Ramsey’s commentary likely discourages many people who do need help from ever seeking it, perhaps causing many to give up and continue living the debt trap.

The “Truth” About Debt Reduction

In an article on his website titled “The Truth about Debt Reduction,” Dave Ramsey warns us to beware of quick fixes when it comes to our finances, and real debt help is neither quick nor easy.  So far so good, and I agree with him on this point 100 percent.

But Ramsey goes on to say that “people who look for a quick fix, such as debt consolidation options or debt management” are “lazy” and have “a character flaw.” Of course these statements are absolutely ridiculous. The fact is, many people have a legitimate need for help in finding credit card relief.

If You Need Help Getting Out of Debt, Get Help!

Mr. Ramsey does make a good point in that there is no quick and easy way to reduce your debt. Often, spending habits and attitudes about money must first be changed before a debt reduction plan can be effective.

However, when you consolidate debt or enroll in a debt management plan, you are still working to pay off your debt over time.  These options are not “quick and easy” debt reduction strategies, but they are quicker and easier than struggling on your own to pay credit cards with sky high interest rates.

There is absolutely nothing wrong with consolidating unsecured debt to get a lower interest rate and save your money.  If you are struggling and need help, there is nothing wrong or lazy about seeking help from a qualified credit counselor or enrolling in a debt management plan if it provides the help that you need.

Of course, I doubt that even Mr. Ramsey truly believes that debt consolidation and debt management are “lazy” or “wrong.”  The fact is that Dave Ramsey has his own product and brand to sell, and his marketing position is smart business.  His inflammatory statements work to get him attention and followers and make him money, but it is bad advice for those who truly need help with debt reduction.