A $60,000 Mistake Turned Into a Wake-Up Call

The Ramsey Show

Ramsey Network

Business, Education, Investing, Self-improvement

4.6 • 36.7K Ratings

🗓️ 3 November 2025

⏱️ 128 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:13.1	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.
0:23.6	This is the Ramsey show alongside the fabulous Jade Warshaw.
0:28.1	I'm Ken Coleman.
0:28.9	The phone number is AAA 825-225-2-25-Tripple-8-2-25-2-25.
0:36.5	All right, we're going to get to your call.
0:55.5	So coming up very soon. Really fun story for my colleague here. You may know her journey. She and Sam, her hubs, paid off half a million dollars in debt. She gets you, folks. If you're in debt, she gets you. She really does. Fun story I asked her to share. I've gotten to know her and Sam very well and so that's coming up you don't want to miss that those of you who are kind of on that
0:59.0	edge today you're going can i do this can i make it you can you can make it she's going to tell you
1:04.4	how it's going to be fun but first jack is up in indianapolis indiana jack how can we help today
1:10.4	hey guys uh thank you so much for taking my call.
1:13.6	I bought a RV for 60,000 on a 15-year loan at 18% interest.
1:25.6	Wow, why'd you do that?
1:31.3	I'm realizing how bad of a decision it was.
1:34.3	It was to live in, to save up eventually for a house.
1:39.3	And I'm realizing, like, the interest is 800 a month on just interest.
1:50.9	My goodness.
1:52.5	Only 50 bucks goes to the principal, and I'm realizing it'll be like 16 months before I even scratched the surface under what I borrowed.
2:02.4	So I was wondering, because obviously I want to get out of it now, I started the baby steps.
2:11.4	All I had was like a thousand personal loan, 2,000 personal loan.
2:16.6	I had some student loans. I had some credit
2:19.5	cards, but I only made 2000 a month when I bought it, so I don't even know how I got approved
2:28.0	for it. Right. But I went one by one and I got rid of everything except for the camper.
	...

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