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Chapter 1: What is discussed at the start of this section?
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Chapter 2: How can I manage financial pressure from family?
From the Ramsey Network and the Fairwinds Credit Union Studio, this is The Ramsey Show. I'm George Camel, joined by Jade Warshaw this hour, and we're taking your calls for free. 888-825-5225. And as Dave says, some say the advice is worth what you paid for it. A lovely riddle. We'll see how it goes today. Jonathan kicks us off in Orlando. Jonathan, welcome to The Ramsey Show.
How you doing? Doing well. I have a question. I got myself in a big mess where I actually had to force, well, I actually forced a credit card company to sue me. You forced them to sue you?
By not paying?
No.
Not paying. Every time I signed the agreement and set up a payment plan, I changed my numbers and bank accounts and they never hear from me again.
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Chapter 3: Should I let my boyfriend pay off my debts?
Why were you scamming like that?
Well, it all started with American Express back in August 2023, where I paid off all my American Express cards and requested my, closed my account. And they did, all except for one card, they returned a payment. They kept the minimum payment, and they told me I was no longer eligible to pay that card off in full because they just jacked the interest rates up to 49% on them.
Okay, I'm struggling to find a question in here. How can we help today?
So my question would be, because I tried... different uh lawyers and whatnot and they all told me that chapter seven would probably be the best way out of it how much credit card debt do you have about 49 000. okay and i just want to make sure i understood i made sure i understood you did you say that american express would not allow you to pay the full balance is that what i heard you say Yes.
They told me that this was right after when they declared the pandemic over. And they jacked the interest up on all my cards to up above 49 percent. So I called them and I asked them why and see if I could get them back down to 19 percent where they was originally. And it was like they told me, no, that was a federal going rate.
OK. Right. OK. I understand they jacked the interest up, but I want clarity on the payment. You said that you couldn't pay it off. They would not allow you to pay it off. Is that simply because they made the interest so high you felt it was impossible? Or was there something somebody was restricting you on the phone from making a payment?
No, I sent them the payment. Twice. The first time they sent it back, they kept the minimum payment. And I had received the letters, and they said they could not validate where my funds came from.
So there is... One of the reasons that that might happen would be if your account's been frozen or closed or if you're under fraud or review or if there's suspicious activity. And if what you're saying is you were constantly changing your address and constantly – that might be a reason. I don't know.
This was after they returned my payments because it's been – Two years where the debt collector has been coming after me.
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Chapter 4: What steps should I take if my husband is deported?
So where are you at in the lawsuit? Has there been a judgment against you?
Not yet. They just filed, and the same debt collector just went and bought the other credit cards, and they're getting ready to file on the other seven.
Okay. How much money do you make?
I make roughly $70,000 a year.
And do you have any assets or money to your name right now?
Uh, no.
Is this the only debt? The $49,000?
No, I got a house. I got two cars.
Those both have loans on them? Yeah. What are the loans on the cars?
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Chapter 5: What financial advice is given for paying off a mortgage before adopting a child?
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And you can do that at ramseysolutions.com slash agent to connect with a local Ramsey Trusted real estate pro for free, or click the link in the description if you're on YouTube or podcast. Katie is in Sacramento. Up next, Katie, what's going on? Hi. So I had a question. I am getting an about $75,000 workers' comp settlement, and my parents want me to save all of it for a down payment on a house.
And I was wondering if it's valid to take $5,000 or $10,000 of that and spend it on my wedding for next year.
Chapter 6: How can emergency funds be used wisely during financial transitions?
Oh, okay. Okay. What happened with the workers' comp situation? I got injured and, yeah, I ended up getting an attorney and turned into this. Wow. So, yeah. Are you okay now? Are there any kind of ongoing health concerns? I'm getting better. Yeah. I have good private insurance. So, yeah, but I'm slowly getting better now. I'm just doing a lot of different treatments.
And you'll be able to work as you once did? Yeah.
Chapter 7: What are the implications of living with in-laws while planning for the future?
Yes, correct. I start nursing school in the fall, actually.
Okay, cool, cool, cool. So you're getting married. Are your parents helping fund the wedding at all, or it's just you and your fiancé fitting the bill?
So it's a little bit of both. So his parents are pitching in a little bit, mine are pitching in a little bit, and then we're also going to have to pay a little bit on our own.
What's the total budget?
I think we're looking at about $15,000 and I'm thinking we're going to be splitting it three ways. Okay. $15,000 you said? Yes. Okay. So you guys collectively as a couple would owe $5,000?
Yes.
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Chapter 8: How can young couples navigate financial discussions about credit and debt?
Okay. And you want to take $5,000 of the $75,000 and that be your cut?
Yes.
Yes, correct. I mean, I don't see why not. Is there anything else to the equation we need to know about? Do you have a bunch of debt laying around anywhere? It doesn't sound like you do.
No, we have no debt. We have paid off vehicles, and we currently are living in a trailer on my future in-laws' property to save money. I have my bachelor's degree, but I don't have any student loans. I have all of it paid off.
How are you paying for nursing school?
It's only about $5,000 because it's through a community college, so my parents are offering to pay for it.
They're paying for that. I mean, I think $5,000 of the $75,000 is a reasonable amount. I think the $15,000 wedding in full is a reasonable amount.
I'm honestly impressed you can do a wedding for that number in today's America. I agree. Yeah, definitely. I guess my second part to this question is what to do with the rest of the money to help it grow over time until I'm ready to buy a house. Yeah, how far away is that purchase, you think? Is it a year, two years, five years? About five years. Five years.
I'm 21 right now. The magic number. Ah, ding, ding, ding.
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