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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.


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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.



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Inflation Sucks. But Here is What You Need to Know About It.

Today Damon Day and Steve Rhode talk about the fincial pressures created by inflation and the consequences to your financial health and future. It is a surprising subject with a lot of layers.


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Break Free from Myths: The Truth About Credit Counseling!

Damon Day and Steve Rhode explore the myths and misperceptions about the charitable non-profit credit counseling industry. We are not suggesting you should avoid credit counseling but to better understand how this works to make better decisions about what is right for you or the people you care about.


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You Really Need to Know This About Credit Scores

In this episode, we discussed the importance of credit scores and how individuals often make emotional decisions based on fears surrounding their credit scores. We stressed the need to step back and analyze the practical aspects of credit scores, especially when faced with significant debt. We highlighted the misconception that a good credit score reflects intelligence in managing personal finances, emphasizing that lenders primarily use credit scores for risk assessment. The conversation delved into scenarios where preserving a high credit score may not align with financial priorities, such as paying off high-interest debt. We explored the nuances of different debt management options, such as bankruptcy, debt settlement, and credit counseling, debunking common myths and biases associated with each. The speakers shared anecdotes and experiences to illustrate how individuals can navigate financial challenges effectively without solely focusing on their credit scores. Furthermore, we discussed the importance of evaluating the monetary value of a good credit score in relation to one's financial goals and current circumstances. We encouraged listeners to seek independent financial advice and consider all available options tailored to their unique situations. The speakers emphasized the need to make informed decisions free from preconceived notions and societal pressures surrounding credit scores. Ultimately, the episode served as a reminder to approach financial decisions with logical reasoning, weighing the potential benefits of actions that may affect credit scores against the immediate financial relief they could provide. By looking beyond the emotional attachment to credit scores and considering the broader financial implications, individuals can make sound financial choices that align with their priorities and long-term goals.


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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 Link to CFPB story we talk about:


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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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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 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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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 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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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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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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Out With the Old and In With the New - Inflation Sucks - Making an Extra Grand

Today, Damon Day inherits the torch of being the New Get Out of Debt Guy as I slowly retire. We chat about that but also jump into the stupidity of student loan forgiveness programs, dealing with inflation, and how to cut costs while ending with how to make extra cash.


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A Little Chit, a Little Chat. From Side Hustle Money to Not Being a Sucker.

This time Damon Day and Steve Rhode decided to combine our two podcasts on debt and side hustles into one. I think people interested in side hustle extra money might also have some interest in financial topics as well. We shall see. Topics included Uber, Lyft, Amazon FBA, scams, legal threats, fake debt collectors, and more.


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We Rise From the Dead Yet Again

We are back. It's been a bunch of hot minutes since the last podcast. But Damon Day and myself, Steve Rhode, are huddled over an iPhone recording this podcast in a random hotel room someplace. Besides discussing the manufactured student loan fiasco with the off-again and soon-to-be-on-again student loan payments, we chat about the confusion created by the new SAVE program that might not go through even though millions are now enrolled. Damon from talks about how consumers call him in a panic over student loan payments starting soon. And in the years since student loan payments were put on pause, people's spending expanded to fill the void left by suspended student loan payments. What could go wrong? Whatever financial mess consumers face seems to be created more by emotional politics than a promise by the government to its citizens. We talk about why the financial mess created by higher education debt will not be resolved anytime soon. The podcast turns into a warning on how not to get taken by random letters in the mail. We give excellent advice on how not to get scammed. And we give you the fundamental lessons that need to be learned not to be a victim. Finally, we devolve into good advice on how to repair your credit for free.


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Get Out of Debt Guy Podcast - Reader Questions - AMEX Arrrgh

In this podcast, Damon Day ( and I talk about the problems people face with American Express cards closed without notice or because of a problematic customer service interaction. We also discuss the problems faced by people suffering from financial problems and answer reader questions. This is a new format, as a video podcast. Enjoy. Steve - You Get Out of Debt Guy


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Getting Out of Debt and Making Lots of Extra Money is Easy When You Do This One FREE Thing

Being in debt feels like a dark hole, a deep pit, without hope or any way out. Struggling to find ways to make extra money can feel impossible as well. But the secret is both situations benefit from the same free tip Damon Day, and I talk about on this podcast. You can follow our side-hustle testing at But if you have debt questions or need some free advice, I'm here for you. Steve Rhode - Your Get Out of Debt Guy from


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Is Your Debt Relief Company a Scam and How to Make an Extra $800 a Month to Make Ends Meet

Worrying about being scammed by a debt relief provider is a real fear. But what is a scam? That question is surprisingly more challenging than you might imagine. In this podcast, Damon Day and I discuss why calling any debt rescue company a scam is so tricky. For example, if a company provides you with bad advice but doesn't take your money, does that make them a scam? And then we start talking about how easy it can be for people of all incomes to make an extra $800 a month with some side gig or side hustle. We share an update about our efforts at Steve Rhode - Your Get Out of Debt Guy from


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Side Hustle Review - Is It Too Late To Make Money With A Helium Miner?

Here is the latest review from the Penny Stupid Project on mining Helium as a side hustle. Is it worth it? Here is what you need to know before you start. If you're thinking about investing in helium mining, then you might be wondering if it's too late. In this podcast, After learning about the helium mining industry, you'll be able to make an informed decision about whether or not it's worth investing in this exciting new industry. We'll also give you a glimpse at the helium HNT price prediction so you know exactly how much helium is worth right now. Stay up-to-date on the latest helium mining news and make the right decision for you! Important links from this review: Important links from this review:


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Update 2 On The Make Money With a Side Hustle Project. Lessons Learned. Cash Made.

We are checking in with you again to share this week's update on The Penny Stupid Project. This week we give you the latest on our testing of retail arbitrage, Amazon FBA, driving for Lyft, and a brief mention of mining Helium cryptocurrency. For more on the project, visit Subscribe to email updates here.


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First Night Driving for Lyft. A Side Hustle Initial Impressions. Cops Involved.

Damon shares his first night stories and impressions about the realities of driving for Lyft as a totally new driver learning the way. Each night is a new lesson learned. Towards the end of the video, Damon gives us his side hustle thumbs-up review regarding making decent quick money. Becoming a rideshare driver can be intimidating. Who will get in your car? Will you be safe? What might I expect? As part of our Penny Stupid Project, Damon is taking one for the team and actually getting in the seat to give you an inside look at what he experienced. Follow along Are there good things and bad things? Of course, there are, but that's the same with any side hustle opportunity. Your decision should be how much money you can expect to make in your extra hours and what the side hustle is like. If you live out in a rural area, you will probably not have the same results as Damon in Phoenix. However, I've met rideshare drivers who drive towards a busier area, spend the night doing rides, and then go home with heavier pockets. The flip side is if you are in a less busy area, there will be fewer drivers to compete against. Enjoy Damon's experience. He is a great storyteller. Important Penny Stupid Project Links Website - Facebook - All Our Lyft Details - Subscribe to Free Email Updates:


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Driving for Lyft, First Night Impressions - Video Podcast

Damon shares his first night stories and impressions about the realities of driving for Lyft as a totally new driver learning the way. Each night is a new lesson learned. Towards the end of the video, Damon gives us his side hustle thumbs-up review regarding making decent quick money. Becoming a rideshare driver can be intimidating. Who will get in your car? Will you be safe? What might I expect? As part of our Penny Stupid Project, Damon is taking one for the team and actually getting in...


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Get Out of Debt by Increasing Income With Side Hustles - The Introduction to the Penny Stupid Project

Getting out of debt can be tackled with several different approaches. One is reducing what you owe, but another is increasing income to help pay down the debt. Experience has taught me that a combination of both usually is the winning hand. But making extra money is problematic when trying to do it through desperation rather than inspiration. So we aim to change that for you by showing you the way. My friend debt coach Damon Day and I are working together to find side hustles you can explore to help make an extra $500 to $2,000 a month with your own side business or side hustle. We are not selling anything, so don't worry. The advice you will hear is unbiased. We're starting from scratch on the different side hustles, so we will find the potholes so you can avoid them. As Damon once said, Our side hustle is to try all the side hustles, so you don't have to. So true. Please join me on this journey and give me your feedback at or leave me an audio message at and I want to hear what you have to share and say. Steve Rhode - You Get Out of Debt Guy