We all are close to someone who has a nightmare debt story. Maybe you've even run through $30,000 in unnecessary credit card purchases. But this story will blow any of the stories you've heard away.
On Tuesday, a viral video on Twitter featured a 29-year-old caller sharing the excessive amount of debt that she and her husband had incurred with personal finance expert Dave Ramsey during his radio show.
During the radio show, the caller asserted that she and her 32-year-old spouse had accumulated nearly $1,000,000 in debt and were seeking a solution that did not involve declaring bankruptcy. Dave Ramsey, a renowned personal finance expert, appeared perplexed as he delved into how a couple in their twenties could find themselves in what could be described as one of the most unbelievable financial predicaments ever.
Out of the total debt of the caller, just $210,000 was connected to her mortgage, while the remaining $600,000 was divided among various sources. The couple had amassed $335,000 in student loans from their advanced degrees, while the rest was made up of $136,000 in credit card debt, $44,000 in personal loans, and $35,000 in car loans.
“So, what in the world?” Ramsey questioned, with a corned look on his face. “Are you both on this, or is this just one of you that’s completely lost your mind?”
This is absolutely INSANE holy mother of god pic.twitter.com/HskGvE3qex
— ACE CRISTIAN JAVIER 🇵🇷 (@sportynory) April 11, 2023
The woman said that a majority of the student loans were hers, and her husband makes up a bulk of the credit card debt. “I think it’s one of those things where just making really poor financial decisions, thinking you’ll be able to pay it down as you go. And it doesn’t happen,” the caller explained to Ramsey.
Upon learning that both the caller and her husband were employed in the government sector, Ramsey's reaction was a deep sigh, as the situation seemed even more challenging. The couple's combined annual income was approximately $230,000, which was not sufficient to cover their mounting debts.
The caller admitted that they were aware of the gravity of their financial predicament. Given the ongoing economic crisis, it was unreasonable for a couple in their twenties to live so extravagantly beyond their means and expect things to improve on their own.
In my view, although the couple who sought Ramsey's advice may not have been aware of their own financial recklessness, the banks undoubtedly took advantage of their lack of financial education. Unfortunately, this is a common problem in households across the country, and it is essential to recognize the need to take control of one's personal finances and brace for the challenges ahead. It's unrealistic to expect anyone else to intervene and help in these situations.
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