I Was Desperate And Got A Payday Loan

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5 • 839 Ratings

🗓️ 25 April 2026

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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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.
0:06.5	I know that you say bankruptcy is very, very bad, but I was wondering if there's any situations where it may be the only way out.
0:18.0	I am 34. I'm a single mom of two kids and I am over $90,000 in debt and I bring in about $64,000 a year working three jobs.
0:32.8	So I feel like I'm drowning and I've been doing the baby steps for like six months,
0:41.5	but really like going in deep with it seriously for about three months.
0:47.5	And I just don't see like a way out.
0:50.1	And I found out recently when I went to try and get out of my car loan that I'm $17,000 upside down.
0:58.2	So I just don't know what to do.
1:02.2	I'm sorry.
1:03.1	You're scared.
1:04.6	I'm very scared.
1:05.9	I have a 13-year-old and a 1-year-old.
1:08.0	Wow.
1:08.3	And my 1-year-old has very complex medical issues so the um
1:18.1	how much do you owe on your car 37,000 okay and so you bought a car that you can't afford
1:26.5	and it has made this whole thing happen.
1:29.0	Pretty much, yeah.
1:29.8	My car loan is $850 a month.
1:32.2	Good God.
1:33.7	And what is the rest of the debt, the other $50,000?
1:39.1	So I have 30,000 student loans, $13,000 medical, $6,500500 to my grandma, 2,200 in a payday loan when I was desperate, and I owed 2,300 to my lawyers.
1:52.8	For what?
	...

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