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The Ramsey Show Highlights

My Car Payment Is Standing Between Me And My Life

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5840 Ratings

🗓️ 27 March 2026

⏱️ 10 minutes

🧾️ Download transcript

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.

0:06.6

Two of a half years ago, I bought a car, and it's a good car to 2018 Corolla. But I have a 16.5% interest on it,

0:19.1

and over half of my payments go only to interest. I'm actually the

0:25.3

co-signer on the car. And my mother is the main signer on the car. And I have had job instability

0:34.4

housing instability over the years. And I'm just not putting my life together.

0:39.2

But currently, I haven't even been able to make my February car payment, so I also rely on

0:45.4

this car as a source of income. So what is your advice on the car? I would look for a different,

0:53.3

I would start looking for a different source of income that's

0:55.8

not tied to this car. My guess is you're doing some of the, one of the delivery apps. Yeah, I'm

1:01.3

actually a lift driver. I had a dead end job that I quit that, but I got a new job that is a

1:09.7

really good job, but it just, it doesn't start for a couple more weeks.

1:13.3

Yeah.

1:14.3

What is, how much are you going to be making at the new good job?

1:18.3

About three to four thousand a year.

1:20.5

You mean a month?

1:21.7

Or months, I mean, sorry.

1:23.4

Month, I am a swim instructor, and I'm contracting with a pool that pays very well for their lesson.

1:33.0

Okay. And then what's, what do you owe? What's the total amount owed on this car?

1:38.3

I owe 16,200 and I originally paid 18,500. Have you looked to see what it's worth?

1:45.0

If you looked on Kelly Blue Book, have you looked to see what it's worth private sale? Yes, it's worth $7,500. Oh boy, what happened to it? She's been driving Uber. Oh, yeah, that's true. Yeah. Destroyed the car. Okay, well then your only choice here, I mean, you're going to have to pay it off because

2:01.6

it's such a low value.

2:04.0

And you're going to have to work quickly to do it.

...

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