I'm $200,000 In Debt and Unemployed

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 26 February 2025

⏱️ 8 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.
0:06.7	I am terrified, to be honest. I'm expecting my first trial soon.
0:14.8	Oh, congratulations. Thank you. I am in a very big hole. I'm considering filing bankruptcy, just because that's
0:24.9	kind of what's been recommended to me by a couple friends, but I'm just more so looking for
0:29.5	guidance because I don't really know where to start or what to do or if that's even the best
0:34.5	option for my situation. Yeah. Well, tell us more.
0:38.9	How much debt are you in?
0:41.0	A little over 200,000.
0:44.2	Oh, wow.
0:44.8	And what kind of debt is that?
0:47.1	So it's kind of a mix.
0:48.8	About 25,000 of it is strictly credit cards.
0:53.1	14,000 is from student loans.
0:56.9	And then the remainder is pretty much delinquent, like previous bills that I am behind on
1:04.3	or kind of got charged off or auto loans.
1:09.5	I have a...
1:09.8	Tell us about the auto loans.
1:12.1	Okay.
1:12.7	So I had a car rental business that started last year, but it's pretty much a failed business at this point because I'm not really making any revenue.
1:22.3	And I've considered and tried multiple times selling the vehicles and, you know, trying to trade them in.
1:30.5	How many?
1:30.9	But no one.
	...

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