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Originally Posted by jmjj215
He actually declared bankruptcy and didn't work is way out of a lot of the debts. He was in way over his head.
I totally respect DR for the energy he puts into his work. He has change hundreds of thousands of people's lives. Let's not forget Dealsaver, that he has counseled one-on-one an absolute enormous amount of people, and talked to thousands more on the radio. No offense, but I think he has a very good idea of what works for people and what doesn't based on his experience helping people. Can you say the same? If the other strategy worked for them, I'm sure he'd push that one. And you know he has no hidden agenda to make the CC companies more money.
I don't agree with his points on abstaining from CCs, I think there are some advantages and they can be managed quite easily. I also don't believe in 12%, as the OP mentioned.
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It would be very interesting to see a detailed analysis of how Dave has changed people's lives financially. Following his advice, many people would have foregone buying a house over the last number of years. For many people that's their greatest source of wealth. I think there's probably a good argument to be made that he's actually changed many people's lives for the worse. As far as knowing what works for people and what doesn't, I think he knows what works for him. He's good at playing the guru role and like most gurus, he gets paid for being believable. That doesn't mean that all his advice is worth following, particularly this Snowball nonsense(which if followed does make credit card companies more money than the more sensible alternative - paying off higher rate debt first). I'll never make as much money in my life as Dave because I'm just not as good as him at taking lies and making them seem like the truth. I'll settle for doing a heck of a lot better than those who are the target audience for his advice, though.