The Ramsey Show Highlights I Just Discovered We're $172,000 In Debt!
Sep 23, 2025
A shocking revelation of $62,000 in credit debt leads to deep discussions about the impact of car loans totaling $110,000. The host and a caller explore how their expensive vehicles not only drained their finances but also caused them to resort to credit card use. Key insights include diagnosing the depreciation of a Honda Prologue as a pivotal issue and emphasizing the urgency to sell to recover financially. Listeners are left inspired to take action and regain control of their budgets.
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Surprise Debt Reveal
- Michelle discovered $62,000 of combined credit and personal loan debt after joining finances with her husband.
- She had recently started listening to Dave Ramsey and they were previously managing money separately.
Income Is Strong, But Debt Structure Hurts
- Combined household income of $122,000 gives them capacity to fix finances if they act decisively.
- Dave highlights that income is solid but existing debts (especially cars) create the real problem.
Upside-Down Car Loans
- The couple has two cars with $110,000 owed and both are upside down.
- They also owe $315,000 on their mortgage and carry substantial credit card balances.