Posted on 2/2/14
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

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. 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.

3/13 - 16
3/13 - 16

Most Read This Week

October 10, 2015 6806

25-Mile Car Chase on Pennyrile Ends in Two Arrests

by SurfKY News
October 07, 2015 5159

Alleged Attempt to Hide Meth in Doughnuts Results…

by SurfKY News
October 07, 2015 3534

3 From Greenville Indicted On Drug Charges

by SurfKY News
October 07, 2015 3465

Vehicle Overturns during Two-Car Collision

by Rita Dukes Smith, SurfKY News Director
October 12, 2015 3452

Crime Stoppers Top Most Wanted - October 12, 2015

by SurfKY News

Most Read This Month

September 16, 2015 14007

Mining Accident Fatality - Update

by Doreen Dennis, SurfKY News
September 30, 2015 12092

Dawson Woman Dead After Princeton Factory…

by SurfKY News

Stories Trending Now

October 12, 2015 3452

Crime Stoppers Top Most Wanted - October 12, 2015

by SurfKY News
October 12, 2015 2299

Two-Vehicle Collision Results in One Driver…

by SurfKY News
October 12, 2015 2233

Four Injured after Vehicle Careens down…

by SurfKY News
October 12, 2015 2219

MPD Foot Patrol Charges Man with Trafficking in…

by SurfKY News
October 13, 2015 1855

Man Accused of Pretending to Hold Gun on Police

by SurfKY News
October 12, 2015 1675

Kentucky Health Co-op Closing Due to Congress…

by SurfKY News
October 12, 2015 1578

Driver Dies after Single-Vehicle Collision on…

by SurfKY News
October 13, 2015 1454

BBQ Champs Chosen during Hanson Lions Blast-off

by Tammy Holloway, SurfKY News
October 12, 2015 1436

UPDATE: KSP Captures Escapee

by SurfKY News
October 12, 2015 1225

Madisonville Police Arrest Reports Released -…

by SurfKY News