Money Troubles - $70,000 In Car Loans, Making $40,000 A Year

Tyler is with us in Orlando hi Tyler how are you good how are you better than I deserve man what's up alright so I am 22 newly married and I am about seven thousand dollars in credit card debts between me and my wife and we are trying to money starting to get a little tight between all these debts and we're trying to figure out a way to get it taken care of as soon as possible through the help of a friend I've started using the every dollar app and started creating a budget for myself and it's pretty shocking to see how little extra money I have every month and one thing that I was the main question I'm asking is my dad and my stepmom they recently did a debt consolidation to take care of all of their credit card debt that they had a little bit more than I and they were advising that it's something I should consider because of how it cut down the monthly and all their debt and had to go into one place and I got to paid off a lot quicker but I was was curious if that was something that would be advised either to do or against well it kind of sweeps it under the rug is what it does it keeps you in debt longer and and you know because there's only one way that that payment goes down and that's if you extend the length of the term because you're not going to reduce the interest rate substantially with a debt consolidation loan and so it's it's kind of an illusion is what it is what is your income between me and my wife it's about 40,000 mm-hmm and what other debt other than the 7,000 do you have we have two newer vehicles what do you own your cars between the both each one each one about 35 and $38,000 yes sir and you make 40,000 yes sir I think we found the problem your cars are insane dude absolutely completely nuts nowhere no wonder you can't breathe man you have caught you have $70,000 where the cars you make 40,000 you know what that means that means you have about six times as much to in vehicles as you need I mean like way out there in outer space yeah so uh I can think I can help you you need to sell both cars immediately and so even if I did that I mean I'd obviously go upside down quite a bit so I mean how would I take care of that dude you're so broke you can't breathe well you got you got $1,200 in car payments um we're almost at 1100 yeah dadgum man it's unbelievable yeah so even if you did that I mean even if you did that dude you have to do that you're gonna go bankrupt you're not gonna make it these cars are they're pounding your face in you have got to get rid of them like acid is in your dadgum hair man I mean you got to go nuts here so yeah you're gonna have to borrow the difference or whatever you've got to do to get them sold you're probably upside down in both of them but I would rather you be $10,000 in debt than $70,000 in debt and driving to burgers you'd get your life back right yeah you know I'll walk out in the driveway and don't don't get a spray can in your hand for real but in your mind I want you to spray paint across the side of those cars brain damage because that's what they represent dude it's absolutely nuts you are that's your problem paint your seven thousand dollars in credit card debt or a debt consolidation on that that's a one on a scale of 1 to 10 this is a 15 on a scale of 1 to 10 you need to go nuclear on these cars and get rid of them that's your only shot I don't know if you'll do it or not but that's what you should do if you don't in three years you're going to call me talking about the repos that you had and how you had to go bankrupt early in your marriage and I hope I don't get that call from you I'll help you either way but I want you to be smart not stupid hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the out you can do this you know that really is a message whether you've got two hundred seventy thousand dollars in student loan debt or twenty seven thousand well you've got a fifty thousand dollar income a five hundred thousand dollar income [Music]

Channel: The Dave Ramsey Show

Views: 329,738

Rating: 4.8622241 out of 5

Keywords: dave ramsey money troubles, money troubles, dave ramsey 70k, loans, dave ramsey auto loan, dave ramsey car debt, car payments dave ramsey, car debt, buying new cars, dave ramsey live, debt free scream, dave ramsey, dave ramsey debt free scream, dave ramsey live stream, dave ramsay, get out of debt, money problems, money help

Id: 3hPE_aRbpss

Length: 4min 46sec (286 seconds)

Published: Fri Sep 02 2016