The Ramsey Show “We’re in Way Over Our Heads With $1.5 Million in Debt”
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Nov 26, 2025 Join the conversation as Dave Ramsey and Jade Warshaw tackle the weighty topic of managing a staggering $1.5 million in debt. They explore options like bankruptcy and short sales while highlighting the risks of heavy borrowing. Learn why avoiding new car loans can be crucial, and discover strategies for helping loved ones without enabling poor financial habits. The hosts also discuss the importance of transparency in relationships and the emotional toll of financial decisions. It's an insightful and candid discussion on practical debt relief tactics.
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Young Couple Buried By $1.2M SBA Loan
- Heather and her husband, both 28, accumulated about $1.3M, largely from a $1.2M SBA loan for a failing rentals/events business they overpaid for.
- Dave Ramsey recounts similar past bankruptcy experience and urges emotional acceptance of worst-case outcome before tactical steps.
Short Sell The Business Or Cut A Deal
- If you can't sell the business for enough, pursue a short sale with the SBA and hire an attorney to negotiate the deficiency.
- If short sale fails, sign a reasonable note for the difference and claw through other debts while cutting costs aggressively.
Moment Of Sanity Means Stop
- Debt creates severe leverage and often feels like slavery when income can't service obligations.
- A moment of sanity during deals often signals you should stop; pushing past it leads to regret and disaster.
