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

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.

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

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

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.

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.

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.

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.

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.

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

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

Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org