Would The U.S. Economy Collapse If Everyone Followed Dave Ramsey’s Debt-Free Plan And Stopped Spending Like Congress? Here’s What He Says

Lately “Ramsey show”He had a question that many Americans from a caller in Chicago probably thought of. Man asked what would happen to the economy whether he had stopped using and followed a large number of people who stopped using credit cards. Dave RamseyBaby steps to be completely without debt.

Ramsey called the scenario as hypothetical, but said that if it took place gradually, the economy would not collapse. In fact, he argued that the economy could really benefit.

“[Spending] does not stop. Actually, it’s probably increasing, Ram Ramsey said. ” This is just responsible, because they actually have money. “

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He pointed to a real example: Following baby steps He paid their homes for six years and became a millionaire until the age of 37. Currently, pension accounts are $ 500,000 and no debt.

Ramsey, “100% debt -free and millionaires.” He said. And now, they can go out to eat, travel and buy a cash car. Now they spend more than they break.

Jade WarshawKim, who has the department, added the idea that people will only stop spending. Debt was avoided defective. Ramsey accepted, that expenditures could temporarily fall during the debt return stage, and eventually recovered without payments or interest burden.

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Ramsey was clear about who would lose: lenders. “The only person to be out of work would be debt people,” he said. “Automobile finance companies will be ruined.”

But this is not bad news for normal people. According to Warshaw, “the balance of power is changing. Now people take their power back because they have their own income.”

Ramsey rejected the idea that they should continue to borrow in order to function of the economy. “This banking convinced people that it is the only way to develop the economy, chasing the tail business to create expenditures that guide the economy. This is not true.” He said.

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Ramsey also stressed how financial peace increases generosity. “In a year, I give more than I did most years when I break,” he said. “If we could cut what we spend on pets in America by 10% to 20% and cut out what we spent on Halloween by 10% to 20%, and all of them would have allocated to hungry children, there would be no hungry children.”