Bruce Williams Has Some Choice Words About Clear Channel

[DXDXDX]

As many of you know, Bruce was and is the most knowledgable guy on radio regarding personal finance and business. Nobody ever comes close. And unlike the guy who claims to be such a good Christian, Bruce doesn't need to create a FAKE UNIVERSITY.

Bruce was dumped from XM several months ago. In a recent interview he has some choice words about that event, in which Clear Channel was responsible as well as his life in general and his new business venture. Click on the link below. If you wish to move right to his remarks about CC, it starts around 41:20 into the interview.

http://www.taeradio.com/episodes/archieve/1718/how-government-can-help-business/

 

[DXDXDX]

ADDITIONAL INFORMATION ON BRUCE WILLIAMS INTERVIEW...

If this link does not take you directly to the interview, scroll to November 26 where you'll see "Bruce Williams".

 

[quadraphonic]

And unlike the guy who claims to be such a good Christian, Bruce doesn't need to create a FAKE UNIVERSITY.

I guess there's "choice words" on here about Dave Ramsey too?
You know Bruce Williams sold books too right? Most of them have other gimmicks/revenue streams than just sitting and talking into a mic.

 

[DXDXDX]

Nothing wrong with writing books or having other sources of revenue. Bruce never did depend on broadcasting as his source of income. He was and still is a very experienced businessman who has a talent NOT shared with many others...he knows what he's talking about! He isn't and wasn't some has been, dried up, washed up disc jockey who can't get a job playing music but suddenly knows everything and becomes a talkshow host!

Ramsey's another matter. At first, he came thru as a semi-knowledgable and gracious guy. Today, his obvious attitude problem comes banging thru loud and clear. He appeals to the trailer park gang and I guarantee you professionals in finance and industry laugh at him but on the otherhand feel soory for those he has eating out of the palm of his hand.

 

[DonTheTrucker]

\He appeals to the trailer park gang\

Those are the people most likely to be in need of the fiscal discipline that he teaches. I really don't see how that's a bad thing. A guy telling people who can't afford to be in debt to not go in debt is a no-brainer to me. Someone needs to break the cycle of rent-to -own TV's and dinners at Applebee's paid for on 23% credit cards.

 

[quadraphonic]

Nothing wrong with writing books or having other sources of revenue. Bruce never did depend on broadcasting as his source of income. He was and still is a very experienced businessman who has a talent NOT shared with many others...he knows what he's talking about! He isn't and wasn't some has been, dried up, washed up disc jockey who can't get a job playing music but suddenly knows everything and becomes a talkshow host!

Ramsey's another matter. At first, he came thru as a semi-knowledgable and gracious guy. Today, his obvious attitude problem comes banging thru loud and clear. He appeals to the trailer park gang and I guarantee you professionals in finance and industry laugh at him but on the otherhand feel soory for those he has eating out of the palm of his hand.

What's the difference between Bruce Williams writing books and Dave Ramsey having more than just books?
Dave Ramsey's "attitude problem?" Whatever that might be? [What might it be, since it's "obvious?"]

I doubt even in the trailer park gang that many people are looking for transfer credit from FPU.
I also doubt that most finance and industry professionals would have a problem with people they advise getting out of debt. Maybe you have more insight than me to make that "guarantee," but I kinda doubt it.

 

[DonTheTrucker]

I also doubt that most finance and industry professionals would have a problem with people they advise getting out of debt.

I don't doubt that people who make a living off people buying stuff they can't afford despise Ramsey.

 

[quadraphonic]

I also doubt that most finance and industry professionals would have a problem with people they advise getting out of debt.

I don't doubt that people who make a living off people buying stuff they can't afford despise Ramsey.

That's true. I forgot about the "it's a documentation fee, we talked for over 1 hour, so that equals 2" aspect of the finance industry professionals there for a minute.

 

[DXDXDX]

Of course we should live BELOW our means and of course we should be stashing away money for a "rainy day". Guess what, we should be running up thousands and thousands of dollars on credit cards, either. Ramsey didn't invent those ideas.

One of Ramsey's more STUPID ideas is to pay off your credit cards, then cancel them so your credit score will eventually run down...and it will into subprime status. What he doesn't tell his worshippers is with a low credit score your insurance rates will rise, you may not get that promotion or job you wanted, you may need to settle for substandard rental property if you rent because to the owner you'll look like a sub-prime credit risk and without those credit cards you cancelled because you swallow hook, line and sinker what he says, if you ever need to rent a car...forget it...unless you want to rent some piece of junk and some sleazy independent rental place. I can go on and on. My point is financial pro's laugh at the guy and at other times feel very sorry for those eating out of the palm of his hand!!!

 

[DXDXDX]

Read the line as "...we SHOULDN'T be running up..."

 

[quadraphonic]

All those things aside, Ramsey is talking about things more from a Christian-living perspective than from a wholly financial-bottom line perspective.

I don't think Ramsey's claimed to have invented any of his ideas either. So that throw-in doesn't prove anything.

Is it really "stupid" to pay off your credit cards and cancel them to reduce the temptation to use them? Or is it just more "inconvenient?" If you don't want to go back into debt, not having those cards and accounts available would surely help you resist it. If you are an alcoholic, do you keep whiskey all year-round, just in case the boss comes over for the Christmas party every couple of years? Or do you find a way around that the other 364 days of the years?

Beyond that, mentioning "one of Ramsey's more STUPID ideas" and only mentioning that one, calling them "his worshippers" in a "trailer park gang" and saying that they "swallow it hook, line and sinker" doesn't really show you're doing anything but spouting venom.

Besides, what was the "attitude problem" you brought up? Is it not so "obvious" anymore? You still haven't covered that one in any detail.

 

[DonTheTrucker]

I'm not sure why this has gotten into Dave Ramsey bashing, but to say that his plan will run your credit score down so that you can't buy a car is totally misunderstanding his entire point of view.

Also, the ideas that having debt will somehow make your insurance rates lower is insanity. The only people who "laugh" at Dave Ramsey's plans are broke people and people who make a living making other people broke.

 

[Tom Wells]

Paying off and eliminating a card or more if you have multiples will NOT lower your credit score.
By all means keep one or maybe two, but showing you can use and pay off credit can only help.

Most people aren't willing to live in a way that minimizes credit, and too many fool themselves
regarding needs and wants.

Everything now gets in your credit rating, so bill paying is important, etc.
Most creditors would be pleased to see a person voluntarily paying off and servicing less debt.
That means they will more likely be be able meet other existing obligations.

 

[del_griffith]

One thing a lot of people forget is that most people will still have a mortgage long after their credit card balances are zeroed out. That mortgage will still be reported on a credit report. Timely payment of that mortgage alone will be enough to sustain a decent credit score. So even without cards, most people will be ok for the foreseeable future.

 

[DXDXDX]

Insanity? You don't understand finance, my friend. Exactly the kind of person who will swallow hook. line and sinker what DR says. When you cancel paid off credit cards your credit score will run down. Eventually it will run down to sub prime status, even though you aren't a deadbeat! One of the criterion of insurance risk rating is credit score, especially in car insurance. The insurance company doesn't care if you're a deadbeat or a blind DR follower, they see a subprime credit score and BINGO, you pay higher rates. DR won't tell you that, will he? I thought he was so-o-o skilled as a self styled financial guru. Same applies to apartment rental. If a person cannot have zero balance credit cards without them "burning a hole in their pocket" then they shouldn't have money, a car, scissors, knives, matches or water. (They might drown themselves.) If you suddenly have a bonifide need to rent a car, then you use one of those cards. Ever try renting a decent car without a credit card? You can have credit cards without a balance. Maybe you can't but many, many, many people do.

 

[DonTheTrucker]

Ever try renting a decent car without a credit card?

Debit cards work just fine. There is absolutely no need to have a credit card just to rent a car or rent an apartment. The scare tactics of the FICO folks are just that, scare tactics. Even if the boogeyman stories about higher insurance rates were true, it would still be cheaper than paying interest or yearly fees on credit cards.

Now, to try to get this back on track, has anyone been able to get the Bruce Williams audio to work? I really would like to hear what he had to say. The guy is a legend.

 

[quadraphonic]

Probably one of the credit reporting bureaus was put in charge of linking to his audio?

 

[del_griffith]

Insanity? You don't understand finance, my friend. Exactly the kind of person who will swallow hook. line and sinker what DR says. When you cancel paid off credit cards your credit score will run down. Eventually it will run down to sub prime status, even though you aren't a deadbeat! One of the criterion of insurance risk rating is credit score, especially in car insurance. The insurance company doesn't care if you're a deadbeat or a blind DR follower, they see a subprime credit score and BINGO, you pay higher rates. DR won't tell you that, will he? I thought he was so-o-o skilled as a self styled financial guru. Same applies to apartment rental. If a person cannot have zero balance credit cards without them "burning a hole in their pocket" then they shouldn't have money, a car, scissors, knives, matches or water. (They might drown themselves.) If you suddenly have a bonifide need to rent a car, then you use one of those cards. Ever try renting a decent car without a credit card? You can have credit cards without a balance. Maybe you can't but many, many, many people do.

I have to say that's not correct. I've had no credit card debt (or for that matter consumer debt) since summer 2006. My FICO score is just fine. 800+. Last checked this past summer by my CU. I do have a mortgage. Paid on time every month. Never late. Once that is paid off, then yes, my FICO score may begin to atrophy. I suppose if I were worried about insurance rates or employment, then I could use a CC and pay it off every month. But for the foreseeable future, I have a mortgage that seems to treat me well with regard to FICO.

I do follow Ramsey. But I am not one of his jack booted thug followers. There are some people like that. I do have disagreements with some of the stuff he advocates or more likely some of the details he leaves out. And yes, some of his left out stuff on FICO is one of those areas. But dumping consumer debt is a key to the average person getting ahead financially. Paying 9, 12, 18, 24 or more % takes it's toll on too many people.

I did read recently that FICO is in the process of adjusting their debt scoring equation to include wealth and/or money in the bank as a factor. That may allow for an offset to needing a CC should you have no other institution reporting loan activity.

Finally, if you're a person who can use a CC, control your spend (people as a general rule spend less when it's cash) and pay off the balance every month, then I'm ok with that. That's cool. It's just sad that too many people don't have that control and learn it too late.

I'm not trying to come across being snooty. I know I've been blessed to have had a job through the various economic cycles we've been through since the mid 70's.

 

[MikefromDelaware]

Enterprise car Rentals does require you to have a Credit care beyond your Debit/Credit card. Some of the other national companies do not require that.

I think the point Dave Ramsey is making in terms of Credit Cards is many people can't seem to resist using them and getting way into debt. I'd agree that it probably isn't a bad idea to have on credit card with no balance on it, but IF you don't have the discipline to NOT run up that card again, then it probably would be better for you to cut up the card rather than get yourself back into that deep debt problem again. Actually if you keep your card with no purchases on it they'll eventually cancel your card. So it probably is a good idea, if you can control yourself to use the card once or twice a year to get a small purchase and pay off that balance that same month so you accrue no interest rates, but show use of the card so it doesn't get canceled.

Part of what's gotten our nation into such financial problems is we, as a nation, have too much debt, as individual, and as a nation - in terms of the government.

I'm not a regular listener to his show, but from what I've have heard, he seems solid and offering reasonable advice.

 

[del_griffith]

Some Enterprise locations do require a CC. Some don't. My local one doesn't. I do, when booking cars or hotel rooms have to confirm that they will take a debit card. I do sometimes run into a problem. But it has been less and less. In Financial Peace, Dave does mention that some places like car rental do pose that problem, but check ahead. He does not seem to mention it elsewhere.