dave ramsey turq 300KENTUCKY (9/29/13) - This week Dave discusses 'Lumping It' and 'Cut the Health Insurance?'

Dear Dave,
I have $400 in debt on a credit card, and I haven’t made a payment on it in about two years. The debt has been sold several times, and now the amount they’re asking for is over $1,000. I’d like to work something out, but how do I know the collection company that is calling me now is legitimate? - Lorenzo

Dear Lorenzo,
It’s normal for a debt this old to have been sold a few times. My guess is the company that’s calling you is legit, and they probably bought the debt for pennies on the dollar.

Whatever you do, don’t set up a payment arrangement. They’re asking for over $1,000 because they’ve added stuff like late charges and interest. Let’s go back to the original amount of $400 and see if they’ll accept a one-time, cash payment to settle things. Make sure you get it in writing if they accept and don’t give them a dime until after you get the written agreement. Then, once you have the agreement, send them $400. Do not, under any circumstances, give them electronic access to your checking account.

You’ve waited a long time to take care of this, and in the process you’ve made things more difficult. I’m glad you’ve decided to clean up your mess, though. Late is better than never, Lorenzo. Just remember, you’re still responsible for debts you incur—even if the company you originally borrowed from has sold it to someone else! - Dave
 
Dear Dave,
Is it ever okay to stop paying or drop health insurance altogether in order to pay off debt? - Shauna

Dear Shauna,
No! The No. 1 cause of bankruptcy in America today is medical bills, and credit card debt is a close second. That doesn’t mean medical bills only of the uninsured. It also includes money from co-payments, deductibles and the fact that people didn’t have any savings. One accident or unexpected event can leave you with thousands of dollars in medical bills, and that’s even with a good health insurance policy.

I don’t want anyone walking around without health insurance. But I’m not talking about the Affordable Care Act and all the other mandated crap the government is trying to shove down our throats. I’m talking about a solid health insurance plan along with having some money saved. Do this first then you can have all the philosophical discussions you want about whether or not you’re supposed to pay for someone else’s healthcare and upkeep.

At the end of the day, it’s absolutely vital that you have your own health insurance. I hope I haven’t been unclear on this topic! - Dave

Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.
 

Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

In Other News...

One Health Welcomes Nurse Practitioner Regina Elder in Webster County

OWENSBORO, Ky. (8/28/15) – One Health has a new provider in western Kentucky, as Nurse Practitioner Regina Elder has… Read More

Kennedy Leads Lady Devils over Union County

OWENSBORO, Ky. (8/28/15) — Madison Kennedy scored a game-high five goals to lead Owensboro over Union County 10-1 in a… Read More
1 DOW 16,643.01
-11.76 (-0.07%)    
2 S&P 1,988.87
+1.21 (0.06%)    
3 NASDAQ 4,828.33
+15.62 (0.32%)    

Most Read This Week

August 24, 2015 10811

Teen Reports Slasher Attempted to Attack Him on…

by Doreen Dennis, SurfKY News
August 24, 2015 6031

Alleged Burglar Calls 911 to Report Fire

by SurfKY News
August 24, 2015 4965

UPDATE: Four Dead, Two Survive Boating Accident

by SurfKY News
August 27, 2015 4473

All is Well after MNHHS Lockdown

by Doreen Dennis, SurfKY News
August 24, 2015 4048

MPD Coducting Sobriety Checkpoints

by SurfKY News

Most Read This Month

August 06, 2015 15511

Muhlenberg Woman Reportedly Suffers Violent…

by SurfKY News
August 24, 2015 10811

Teen Reports Slasher Attempted to Attack Him on…

by Doreen Dennis, SurfKY News

Stories Trending Now

August 28, 2015 1281

Two Webster County Residents Injured in Hopkins…

by Doreen Dennis, SurfKY News
August 28, 2015 1152

Hopkins County Health Department Food Scores Thru…

by SurfKY News
August 28, 2015 919

Madisonville Police Arrest Reports Released -…

by SurfKY News
August 29, 2015 823

All Occasions Formals to Host Celebration to…

by Rita Dukes Smith, SurfKY News Director
August 28, 2015 693

Rep. Montell Proposes Bill to Stop Sweeping of…

by SurfKY News
August 28, 2015 571

Two-Vehicle Accident Results in Possible Injuries

by Doreen Dennis, SurfKY News
August 28, 2015 560

Rep. Gooch, Others Argue against Burden Caused by…

by SurfKY News
August 28, 2015 549

TVA Seeks Input on Study for Closing Coal Ash…

by SurfKY News
August 28, 2015 545

Kentucky High School Football Schedule

by Steve LeMaster
August 28, 2015 491

Alleged Passed out Parents Face Charges of…

by SurfKY News