I’m Graduating With $482K in Debt

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 1 July 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, and George Kamel. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.7	Well, Rusty is kicking us off. He's in Mansfield, Ohio.
0:14.2	Rusty, welcome to the Ramsey Show.
0:16.9	Hi, thanks for having me.
0:18.3	Thanks for taking my call.
0:19.5	Absolutely.
0:19.8	And so I'm getting ready to graduate college here in May, and I'll be a pharmacist once I pass my boards.
0:29.7	I'm 36. My wife's 32. I have a whole bunch of student loan debt, about $342,000 in student loan debt.
0:38.5	Whoa.
0:39.4	I have about $9,000 in credit cards.
0:43.6	We have about $34,000 tied up in cars.
0:46.7	And then I have a personal loan from a family member, which kind of includes a house that
0:53.1	put down their house as collateral with a balloon loan. So we've just been paying the interest to kind of includes a house that put down their house is collateral with
0:55.3	a balloon loan, so we've just been paying the interest to kind of live here.
0:59.2	Oh, geez.
1:00.9	How much is that?
1:04.3	The house is only $51,000, but in total with other money, Iowa, it's about $97, $98,000.
1:10.5	So what's the total debt that you owe?
1:14.6	$482,000.
1:18.1	Rusty. How are you feeling? Are you okay?
1:22.4	Yeah, I'm all right. I'm more worried than you are.
1:25.6	I listened to a show about a year ago, and I felt like I needed to pursue the pretty big shovel because I was almost done with school.
	...

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