$126,000 in Credit Card Debt?

[Music] brought to you by the every dooll app start budgeting for free today we're going to go to the phone lines where there's Tony in Rochester New York what's going on Tony hi hey um so um I'm calling because uh I I am quite a bit in debt um it's gotten to a point where after I pay my bills and subscriptions and things that I got going on um it's the the amount of credit card that I got is pretty much over the rest of the paycheck and um we're trying to manage it um I'm looking at options I consider you know sold the car considering maybe selling a house a house do you have more than one no the the house the house the house okay yep selling the house um and uh maybe using that to bring them down I owe I I make about a 100,000 a year and uh is that including your wife about what that is the 100,000 including your wife no it's just me just you does she work outside the house well that that's the our household I'm she's she's at home okay and um I'm the one that's working outside how much credit card debt do you guys have we got about 126 126,000 in credit card debt yeah Tony so yeah no you it's okay I I can hear it in your voice Tony I mean it's um that's hard that's really hard what caused what what was the the reason for that well um I was out of work for for a year TR to figure out different things I attempted uh some things on my own as well I weren't wasn't able to make enough uh to to get us uh out of you know to be able to sustain us for a long time start getting thatt getting credit cards to be able to manage the U you know until I finally got a job and then it's grown because once once I guess there's a point of you have enough that the payment get it to get you to a point where you can't make it's it's what's left is not enough so you you got to continue getting more and Deb more and more and more we haven't been able to manage reducing the expenditures enough yeah to um so how long have you been in this in this job that you're in now how long has it been about about about a year okay so when did you decide when was the point for you that you were like I I got to do something different this isn't this isn't working well as soon as I'm looking at the numbers I mean two years ago year well for a while we've been wanting to do something but it's uh it's become quite urgent now so we trying to figure out how much are you paying every month how much are you paying every month towards these credit cards probably 1,500 a little more 1,500 three 3,500 oh 3,500 okay and is that minimum payments that's the minimum payments wow yeah and you mentioned a car um is it tell me about the car situation so we had two cars um one of them I ended up having to spend quite a bit in repairs and things like that and I said well you know what um I got it really nice but um I didn't want to continue and and so I have another car that's uh newer and it's in good shape I I I don't I mean I I own loans on them so um can I sorry just to clarify car right now at this point I so there's one car the the car that you said you didn't want to you know continue with what did you do with it do you still own it does it just need the repairs sold it you sold it sold it okay so now you're a onecar family there's one car family for now yeah okay and the car that you have what do you owe on it and what's it worth it's it's uh I owe about 30,000 on it it's probably worth the same amount maybe a little more it's fairly newer so it's kind of okay the loan is a little over what the that car is worth so if I were to sell it don't know that I'll get my money back but yeah you'd be underwater in it and there's no you have no savings I'm assuming nothing saved anywhere not well just a little bit and I and one keep very little okay that's off limits what I want to ask about um sorry I'm gonna pry like I'm putting my crowbar in and I'm prying out um your wife's a stay-at-home mom yeah how many kids too she she's hearing hearing us just hey girl hi um hi hi hey so you're staying at home you're doing you know you're doing some heavy lifting um how many kids are you watching and and taking care of three three and what's their ages we're uh already the our oldest one is 11 Andrea is eight and the the youngest one is six okay so when I'm listening to that I'm hearing school-aged kids which is great because that daycare you know Bill is not a thing so my question is and you know I'm I'm I'm going around this delicately but I think there's room that you can work as well because right now the most money that you can bring in is what's going to break this cycle yes yes yes I'm just trying to to make smart choices uh like I was telling him it's just difficult to to sit down sorry and like a search you know like a search for a job that uh it's prudent in terms of uh knowing the the hours minimum per hour and yeah just with one car right now we uh are managing so he takes the car for the most part right now or or if not the bus it it is a bit difficult but yeah that that is my main goal well I always say get I always say get a job until you get the job cuz right now literally anything you do is going to help you guys out yeah if you drop the at a bakery whatever it like go yeah doing something because um and what's your name can I ask we have Tony and and okay yeah um it's not that I haven't tried I I've actually sure sure come up like with uh on the side job like staging U because here's the deal you guys I I I know Tony had mentioned or at least it's here on our screen um one of your biggest questions was debt consolidation and here's what here's what I want so so here's the deal you guys what's going to fix this issue is you guys it's not rearranging this credit card debt and trying to find a lower interest rate that's not your problem the problem is is that you guys lived a cycle with your money that got you in this problem and in this mess but the beautiful thing is yes you were the ones that got yourselves in this mess but you're the ones that's going to get yourselves out of it okay and so listen to each other because this is the stress point cuz you're starting to make that turn of saying we're going to do something differently she's looking for a job you've sold a car I mean you guys are feeling this tension you're starting to make these choices you're getting in the right direction so stay on the same team because Tony's not feeling great about himself and when I heard you when when you I heard your voice immediately Tony I thought he's caring so much there's a lot of Shame yes there's a lot of guilt that you feel Tony like this was my responsibility I tried taking care of my family and this is what I got us in she is supportive she sounds ful you and she's want to help but but you guys together you have to work as a team and stay on the line cuz Austin's going to pick up and we're going to give you Financial Peace University and every dollar premium which is our budgeting app and you guys sit down together go through these lessons learn the basics because debt consolidation that's not going to be your answer not the option you are your answer you guys can do this we take these calls every day and hear people that do their debt free screams I mean Jade is a living testimony of this of you guys can do this it's going to take a long time it's a lot of sacrifice but it is possible so I'm so glad you guys called today and we we wish you nothing but the best you guys can do this create your free every dooll budget today the simplest way to budget for your life

Channel: The Ramsey Show Highlights

Views: 109,252

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball

Id: 6rvF8IN4StM

Length: 8min 13sec (493 seconds)

Published: Wed Feb 28 2024