Change Your Habits, Change Your Life
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Why is Sarah calling about her mounting credit‑card debt and missed payments?
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Normal is broke and common sense is weird. So we're here to help you transform your life. From the Ramsey Network in the Fairwinds Credit Union studio, this is the Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Taking your calls for the next couple hours at 888-825-5225. Sarah joins us in Cleveland to kick it off. What's going on, Sarah?
Hi. Um, I was calling I just have a ton of debt and I've honestly I've made the payments and everything for the last year and a half. But it's gotten to the point now where all my interest rates have uh went up to where my p payments have doubled. And I'm basically I made all my payments every month except for after I make all my payments, I tend to live off of my credit cards 'cause I don't have any cash left. on everything. And I just I don't know how to get out from under my credit cards. I this is the first time I missed three credit card payments this month that Um, I didn't get paid and I just I don't know how to get out from underneath them.
Why didn't you get paid?
No, I got paid. They didn't get paid.
Oh, they didn't get paid, okay.
They yeah, like this is the first time that three of my credit cards didn't get payments.
Gotcha. Are you talking about minimum payments?
Yes, just the minimum payments.
Okay. Well let me tell you, if you just make minimum payments, the debt will swallow you whole. That APR of twenty nine percent while you're making a payment of fifty to a hundred bucks a month is not gonna touch the balance. So what you need to do is just lay 'em all out and attack the smallest one and just make the minimums on the rest. Now it sounds like you were trying to do that, but you're also still using the cards. And that's part of the problem.
Well, one of my credit cards, the payment's six hundred and seventy nine dollars a month.
Goodness. How much credit card debt is this altogether?
all together credit card. That one there is just uh tw that one there I owe twenty one thousand on one hundred and fifty seven dollars. What's the total total total?
Give me everything in one bucket. How much is that?
Twenty one thousand, eight hundred, twelve thousand, six thousand, and seventeen thousand eighteen hundred. Those are all my credit cards. Do
you have other cards?
I do, I have like um I buy had to get siding on my house, I owe fourteen thousand for that. And I have a personal loan that was seventy three hundred. I have a mortgage and a car payment.
Wow. Are you single?
Yeah, my I am.
Okay. How much do you make uh annually?
About a hundred and three thousand.
Okay.
Wow, well you're calling us because you're you're at the end of the rope here. You're going, I can't I'm starting to miss payments. You weren't making progress before, you were just barely staying afloat, it sounds like.
Yes.
All
right, Sarah, I wanna tell you this, okay? Number one, I'm glad you called. And number two, um, this is really scary and we're gonna give you a plan that will work a hundred percent of the time if you'll if you'll just work it, okay? But you have to decide I'm done with this this way of doing life.
Oh I I I am done. I I I want to just
There you go, sister. That's that's it. But would feel like, how much peace you would have, how much laughter you would have, like just how well you'd be able to sleep if you didn't have this, because you're working your butt off all week, all month, all year, and then you find yourself getting further and further behind. But it it can't be And again, this is thirty plus years of doing this. You it can't be it with with the hole you've dug, you have a big shovel, which is great, but you can't partly get out. You have to decide I'm all in, or we'll love you and we'll just say best of luck to you and we'll still be friends and all that. But you have to make the choice and and I'm calling you out, make the choice today.
I'm gonna be done with doing life this way, and that means I'm gonna have to be radical and my friends are gonna think I'm weird and I'm gonna do something completely different so that I can make this great six figure salary doing what I'm good at and what I love.
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Chapters
8 chapters
1
Why is Sarah calling about her mounting credit‑card debt and missed payments?
0:05–5:58
2
How do George and Dr. John suggest using the debt‑snowball method to tackle multiple high‑interest balances?
5:58–22:37
3
What strategies are recommended for a family of six to fund college without taking on new student‑loan debt?
22:37–42:56
4
How can a couple with a small business and a mortgage plan retirement savings and diversify their investments?
42:56–1:05:16
5
Should Kayla sell her rental property to eliminate debt or keep it for cash flow?
1:05:16–1:12:35
6
How can Lee, a single dad going through divorce, create a plan to get out of debt and stop living paycheck‑to‑paycheck?
1:12:35–1:21:53
7
What amount of life‑insurance coverage does a stay‑at‑home mom actually need?
1:21:53–1:26:18
8
Why is talking to a therapist through BetterHelp recommended for overwhelmed parents?
1:26:18–2:08:12