Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

Dave Says - Aug. 10, 2014

dave says1KENTUCKY (8/10/14) — This week Dave discusses freezing your credit report and keeping motivation up.

Dear Dave,

Do you recommend a credit freeze in order to protect against identity theft?

Eric

Dear Eric,

I absolutely recommend doing that, especially if you’re not borrowing money anymore. However, putting a freeze on your credit report only provides partial protection against identity theft.

Identity theft is where someone, for example, signs up for a credit card in your name. If Joe Crook signs an application with your name and address, and the credit card company issues the card without checking —they blind-issue cards about seven out of 10 times — then the card will be issued to the thief. Having your credit frozen does nothing to stop that from happening. Still, if they check your credit and it’s frozen, chances are they won’t issue the card.

I’d also recommend having a good identity theft protection program in place. I have it on myself and all my team members at the office. If you don’t have this, and someone gets a card in your name, the credit card company will demand that you pay the bill. You can insist it’s not you, but that won’t do much good. Then, you’ll have to go through the hassle of filling out affidavits and police reports.

You may get out of paying for it in the end, but you’ll still have to spend dozens, if not hundreds, of hours dealing with the credit card company trying to get the whole mess straightened out!

—Dave

Dear Dave,

I make $30,000 a year. I’ve just started Baby Step 2 of your plan, and I’m paying off my debts from smallest to largest. I have $55,000 in debt, including $15,000 on a car loan. I recently picked up a part-time job to help pay down the debt, but sometimes I’m working 70 hours a week. Do you have any recommendation for staying motivated during this process?

Brandon

Dear Brandon,

I understand, man. We can all get tired and run short on motivation from time to time. There’s an old saying that fatigue makes cowards of us all. I know sometimes, when I’m traveling a lot, I can lose some boldness, strength or compassion when I get tired. So fatigue is a real issue if you’re working long hours and facing additional pressure.

The balance on your car is awfully high. My general rule is that you don’t want to own vehicles equaling half or more of your annual income. If I’m in your shoes, I’d sell that car and move down to a little beater for a while. I’m not talking about a rattletrap piece of junk, just something lots less expensive. You can find a decent used car to fit the bill, and that would get rid of a big chunk of debt in a hurry.

At this point, I think you just need to feel like you’re making some measureable progress. Sometimes, that means throwing a stick of dynamite into the middle of your life. Also, try keeping your debt snowball list where you’ll see it on a regular basis. I knew one lady who kept in on the fridge, so she could look at all the little red lines drawn through things she had paid off. It was a visual reminder of the progress she had made, and it provided motivation to keep working hard and become debt-free!

—Dave

Dave Ramsey is America’s trusted voice on money and business. He has authored five New York Times best-selling books: "Financial Peace, More Than Enough," "The Total Money Makeover," "EntreLeadership and Smart Money Smart Kids." The Dave Ramsey Show is heard by more than 8 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.

© Copyright 2014 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 by using one of the social media links below.

Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013

In Other News...

Henderson County Police Reports

HENDERSON, Ky. (10/24/14) — The Henderson Police Department released the following reports. On Oct. 20, 2014 Lottie… Read More

High-Traction, Anti-Skid Coating Application Nearing Completion

MARSHALL COUNTY, Ky. (10/24/14) — A contractor for the Kentucky Transportation Cabinet is nearing completion on a… Read More
Started 11/8/2013
Started 11/8/2013

Most Read This Week

October 20, 2014 7216

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 19, 2014 4894

Kentucky Energy Department Releases Virtual Solar…

in General News For All Sites by Dick Brown
October 21, 2014 3520

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 22, 2014 3158

Hopkins County Grand Jury Indictments

in Hopkins News by Karen McKnight
October 21, 2014 3080

Madisonville Police Arrest Reports - Oct. 21, 2014

in Hopkins News by Madisonville Police Department
October 23, 2014 3006

Resident Returns Home to People Using Drugs,…

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 2934

Man Charged for Assaulting Pregnant Wife

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 2858

Hopkins County Sheriff's Arrest Reports Released

in Hopkins News by Sheila Hopper
October 22, 2014 2533

Convicted Felon Charged for Handgun Possession…

in Local (Muhlenberg) Top News by Trooper Stu Recke
October 22, 2014 2397

Failure to Signal Ends in Drug Arrest

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

October 24, 2014 1893

Central City Man Charged with Sexual Assault on…

in Local (Muhlenberg) Top News by Chris Cooper
October 23, 2014 1705

Don Everly to be Part of Rock and Roll Hall of…

in Top News For All Sites by Paul McRee, SurfKY News
October 24, 2014 1674

Woman Arrested for Allegedly Reporting Check…

in Local (Hopkins) Top News by Madisonville Police Department
October 24, 2014 1617

Miners Turn Out in Madisonville for…

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
October 24, 2014 1429

Madisonville Police Arrest Reports - Oct. 24, 2014

in Hopkins News by Madisonville Police Department
October 24, 2014 1309

Family Looking for 'Runner'

in Hopkins News by Lisa Crook
October 24, 2014 1201

County Renews Career Advancement Lease

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 24, 2014 1187

Baldwin, Crist and Saint Selected to 2014 Second…

in Hopkins Sports by Troy Crist
October 24, 2014 1123

Tail Light Out Traffic Stop Turns to Drug Arrest

in Local (Hopkins) Top News by Madisonville Police Department
October 23, 2014 876

Security Officer Offers Identity Theft Protection…

in Local (Hopkins) Top News by Amber Averitt, SurfKY News

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss