I Took Out $90,000 In Business Debt And It Didn't Work Out

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5 • 840 Ratings

🗓️ 26 March 2026

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

⁠💵 Start your free budget today. Download the EveryDollar app!⁠⁠ Next Steps: 📞 Have a question for the show? Call 888-825-5225 weekdays from 2–5 p.m. ET or⁠⁠ send us an email⁠⁠. Connect with our Sponsors: Get 10% off your first month of ⁠⁠BetterHelp⁠⁠. Go to ⁠⁠Boost Mobile⁠⁠ to switch today! If you want your car to keep going and going, trust ⁠⁠Christian Brothers Automotive⁠⁠. Find a local shop and get an exclusive Ramsey discount of 10% (up to $250) off. Learn more about⁠⁠ Christian Healthcare Ministries⁠⁠ Get started today with ⁠⁠Churchill Mortgage⁠⁠. Get 20% off when you join ⁠⁠DeleteMe⁠⁠. Get started with ⁠⁠YRefy⁠⁠ or call 844-2-RAMSEY Visit⁠⁠ Zander Insurance⁠⁠ or call 1-800-356-4282 for your free instant quote today! Explore more from Ramsey Network: 🎙️ ⁠⁠The Ramsey Show⁠⁠ 🧠 ⁠⁠The Dr. John Delony Show⁠⁠ 🍸 ⁠⁠Smart Money Happy Hour⁠⁠ 💡⁠⁠ The Rachel Cruze Show⁠⁠ 💰 ⁠⁠George Kamel⁠⁠ ⁠⁠🪑 Front Row Seat with Ken Coleman⁠⁠ 📈 ⁠⁠EntreLeadership⁠⁠ ⁠⁠Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:08.4	I took out some loans for my business last year, total in about $90,000,
0:14.9	and I am unable to afford the payments now, of course.
0:19.5	I went through the slow season being that we are in the deck and carpentry business.
0:26.4	And so that was pre-taxing on funds.
0:30.8	And so I'm looking to join a debt consolidation program here that will reduce my weekly payments
0:36.7	$2,400 down to $1,200.
0:39.3	I'd like to do that, but my wife asked me to call you.
0:43.5	Oh, man.
0:44.3	What a motivation to call, Steve.
0:46.4	Yeah.
0:46.7	So you borrowed $90,000 for what?
0:52.3	The deck business.
0:53.5	I was looking to scale it.
0:55.3	And you didn't?
0:57.8	No, going into the slow season here, we did not.
1:01.0	Well, I mean, you knew it was a slow season when you borrowed the $90,000.
1:05.2	Yes, that's correct.
1:07.6	I intended to spend that money on marketing, doing some home shows, upping our marketing budget
1:13.6	through that time, bringing on a salesperson, just ramping up the sales and kind of muscling
1:21.6	through the slow season with still bringing in revenue, but the weekly payments were just more than what we could handle.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.