I Can't Pay My Payday Loans

thank you for joining us America we're so glad you're here Natalia is with us in Nashville hey Natalia how are you I'm Morley Natalija okay sorry about that I said it wrong how can I help you pay day long and I'm not able to pay them back right now and they keep calling me and telling me they're gonna drive my paycheck and I'm unsure what to do okay how much how much do you make about twenty two thousand a year okay and how much in payday loans do you have out about five thousand good lord okay and how much do you owe on your car I'm not always paid for it was a gift from my dad that's awesome what's it worth about four thousand I believe very cool you're single yes okay and you're working forty hours yes okay and what other debt do you have other than the five thousand payday loans I'm gonna win school so I have to mount it but I don't I'm not paying it just because I'm still in school yeah and how much do you owe on that about twenty nine thousand okay any other debt of any kind no okay all right well first we need to be real clear to understand payday loan people are legalized loan sharks you know that right I do now well you're paying like eight hundred percent interest yeah so they're getting you're just just getting your face slammed they're just they're just beating the snot out of you and so the first thing you have to do when you wake up in a situation like this is you have to say I am never going in one of those places again for any reason no matter what happens ever you agree with that yeah never set foot in one of them if you're hungry go see your pastor don't go in there again you cannot ever do this again agreed I agree okay good that's the first step the second step is they are going to come after you because they are in the business of ripping off broke people and they are guess what broke people oftentimes don't pay them so they have a real system for coming for your throat as you have already noticed right yeah okay so it's going to get nasty sooner than rather than later so what we need to do is we need to come up with five thousand bucks as fast as we possibly can there's only two places to do that one is out of your existing income by cutting your expenses down to nothing I mean nothing how much is your rent my dad that's awesome you have no rent mm-hmm so where does your paycheck go you don't have a car payment Oh shopping mmm not good with money okay where else does it go that gas to get to work right yes you have insurance on your car I do how old are you I'm 21 okay and you're paying the gas and the insurance cuz you got a free car right yes and you don't have any costs to live there no okay all right so would you agree with me that your plan I listen pronounce your name one more time for me it's Natalia Natalia so I have done a lot of stupid things in my life and when it when they cost me money and I get my self into a mess like you're in I've tried to figure out because it sucks I mean it's no fun where you alright knows no fun agreed right and so you got to learn something from this and take a lesson from it and say okay things are going to be different or I'm gonna be right back here again if you keep living like you've been living right yeah so are you ready to change everything about the way you handle money I'll help you I'll help you if you're ready are you ready I am okay all right so what is your take home pay about 17,000 a year no about how much when do you get paid once a month twice a month two weeks what twice a month of life that a month in the 15th okay and how much is your take-home pay each check uh it's about eight I believe about eight hundred dollars a check did you get a big tax refund um I have not received Texas yet because of I didn't recess so I have to get my identity verified and I've been doing it the process of doing that now okay but have you filed your tax return I have and what is your refund going to be uh 36:82 okay you need to change your withholding at work because $3,600 is $300 a month coming out of your check too much mm-hmm so we need to bring home $300 a month so have you got a pencil handy okay write down step 1 go to payroll and change your withholding to bring home 300 a month more hmm all right we need to get more money coming home because right now you're just sending too much to the government and then they're sending it back to you in April does that make sense yeah okay now you got to get this I step to get the identity theft thing verify get your identity verified and get that refund and give that to these blood sucking leeches that you gave money to called payday lenders thirty-six hundred of your five thousand is gone you got it right but you got to do that fast because they're coming after you the second thing is you have $800 a month I mean $800 twice a month right now when you change it you're going to have a little bit more than that but eight or nine hundred dollars and all you have to buy is gas and insurance so you should be able to give these payday people five hundred bucks a month five hundred bucks a check mm-hmm all right five hundred bucks a check plus your thirty six hundred gets these people gone in three checks a month and a half they're gone okay and you won't get garnished but you ain't going shopping you heard me yes I understand you're not going into a restaurant to eat you heard me can there is no partying you hear me I heard because you're you know you got your button slinging although I get it out is get this stuff straightened out you're gonna have to lean into this and fix it now do you want to break this forever and learn how to be great at handling money I do I will give you the class Financial Peace University my 9 week class to go through if you will go to the class okay but you have to learn to do the stuff in the class and you can't miss a single class if I give it to you free oh but you go in there and you learn how to handle bunny and then someday when you're like old like 30 years old or something you can give the class to some scared 21 year old okay you can pay for it when you got some money some day pay a full pay it forward you know what I'm saying if you promise to go to class I'll give it to you but so you got to get your ID theft thing straightened out so you can get your refund to give it to these blood sucking leeches you never go in those places again you immediately put yourself on a very tight budget you give them $500 a check which in three checks is 1,500 plus 3600 makes $5,000 go away mm-hmm you what you follow my mouth here yeah but you're gonna have to lean in no screwing around okay if you need some help you call me back and I'll walk you the rest the way through it but you just if they call you just tell them jump in the creek you're bringing money and and just bring them money over there just bring them wheelbarrows and money is what we're talking about and you make these people get out of your life by paying them off as fast as you can and then you never set foot in those places again this is why I can't stand payday lenders they feed on people like her they feed on their blood sucking leeches I don't know if I like you saying that I'm a payday lender well then you ought to get a job you could be proud of your blood sucking leech you take an advantage of the very people that cannot afford to pay your interest and you're ripping them off and you know you are get out of that business go find something to do with your life where you're not destroying young woman's life like that right there yeah she walked in there yeah of her own free will she did stupid we've all done stupid of our own free will I'm glad everything I did at 21 years old is not broadcast for 10 million people to hear it good lord can you imagine so yeah just just in case you thought you were cool because you all got stuff like that in your closet don't you don't want it coming out you don't want people to know everything she was brave to call in here but she got some help too and that's what we do here I tell you the truth but we'll walk you out of it and you know most the time the problem with our money whether you're 21 or whether you're 61 you know the problem with my money the problem with your money guy the gal in your mirror ladies it's a lady you put on makeup with man it's that guy you shave with he's your problem you get those people to behave then you'll have plenty of money she's no different you're no different and I'm no different this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show and so you have to break the cycle you have to flip this thing on its head and make it behave you've got to get so fired up and wired up that you're broke friends think you've lost your mind

Channel: The Dave Ramsey Show

Views: 304,774

Rating: 4.8610129 out of 5

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Id: u8ttxDPU2Wk

Length: 10min 5sec (605 seconds)

Published: Sat Mar 19 2016