I'm $1,000,000 In Debt

The Ramsey Show Highlights

Ramsey Network

Business, Education, Investing, Self-improvement

4.5 • 839 Ratings

🗓️ 22 September 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by CHM, a biblically based alternative to health insurance.
0:06.3	Learn more at CH Ministries.org slash budget.
0:09.0	My wife and I, we got ourselves in a little bit of a mess.
0:13.1	We're looking at about a million dollars in debt at the moment.
0:18.2	On what?
0:28.4	Well, I just closed down my business uh in june and um so we we had taken out some sba loans um to keep the um to keep the business afloat and um then we also have our house
0:37.0	uh credit cards.
0:38.8	We have IRS taxes due and a couple other things.
0:44.7	How much is the SBA?
0:51.2	Right now I think there's about 250,000 left on them.
0:55.4	How much is on the IRS?
0:58.8	Uh, it's 350,000.
1:01.2	Okay.
1:02.4	And, um, how much on credit cards?
1:09.1	Uh, we actually just entered a consolidation loan and that we
1:12.4	weren't sure if that was the right thing to do or not but it dropped our
1:15.5	monthly payment significantly so right now we're at about a hundred I think
1:20.1	the total payoff was about 96 okay and so six seven what's the other three
1:27.2	the other three hundred is your mortgage?
1:29.9	Uh, 250,000 on the mortgage. Um, we have 8,000 left on a car. And then, um, just, um, repaying, um, uh, our accountants and attorneys.
1:41.7	Mm-hmm. Which amounts to what?
1:50.2	15,000 for an accountant, 8,000 for an attorney.
	...

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