Should I Take a Semester Off To Pay Off Debt?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 30 December 2021

⏱️ 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, Christy Wright, 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.
0:10.8	Joining me today is Ramsey personality, Rachel Cruz.
0:15.9	Eduardo is with us in Los Angeles to start off this hour.
0:19.6	Hey, Eduardo, how are you?
0:22.2	I'm saying great. What about you? Better than I deserve, sir. How can we help?
0:27.0	I knew you were going to say that. I'm so iconic. So, anyways, I don't know what to do. I'm
0:34.4	kind of stuck in the pickle right now. I'm debating on whether I should continue school or if I should take the upcoming semester
0:42.3	off just to dedicate my time to paying off my debt.
0:46.3	So I'm currently going to school and I'm double majoring in business administration
0:52.3	and transformational ministry.
1:00.5	And I have about, currently I've racked up about $11,000 in student loan debt.
1:03.1	And that's not even from the tuition.
1:07.4	It's just from dorming and housing and stuff like that.
1:09.7	Usually FASO just covers all my tuition.
1:14.4	And I have a $200 car payment right now.
1:17.3	That doesn't even include insurance.
1:19.4	On the insurance, I'm paying $200.
1:27.7	And it's just getting overwhelming because I'm only making like $700, $700 at most each two weeks.
1:31.0	And all my money is basically going to my car.
1:37.2	So I don't know if I should, you know, continue going to school and keep paying this off or just take out the next semester and dedicate that to just pay my debt.
1:43.3	And on top of that, I have $3,000, $3,700 in credit card debt.
1:53.1	Okay.
	...

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