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The Ramsey Show Highlights

They Were Debt-Free Then Ran Up $20,000 In Credit Card Debt

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 15 October 2024

⏱️ 6 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.

0:06.5

So me and my wife are actually in about 20K worth of debt, and we weren't in this shape last year,

0:15.1

but circumstances kind of changed for us, and we've got three credit cards, two have pretty high interest on them. And

0:24.2

we have a car that we bought when we actually had a little bit of money. We paid cash for. And my

0:31.1

question was, do we sell the car to pay off those two high interest rates, cards, and then turn around and then throw

0:40.2

everything extra at that other card. It has no interest on it and it's a loan payment.

0:44.6

Okay, so I meant you were debt free and then you ran up $20,000 on credit cards.

0:51.4

Yes, sir. And now you want to sell the car that's paid for that has no payment in order to knock

0:56.5

out some of the cards?

0:58.4

Yes, sir.

0:59.1

Okay.

1:00.0

Why do we, why do you believe the stupid has left your house?

1:05.2

Well, I'll put it this way.

1:07.4

I'm a Christian born again, and I had to repent of my money mismanagement, along with some other things,

1:16.4

loving my wife, like Christ was the dirt being one of the others.

1:20.2

I've kind of got a hold on that one, or at least I'm putting forth the effort, not just saying I'm trying now,

1:25.7

and I truly in my heart do not want to go back to where we were last year.

1:31.9

What did you spend this money on, man?

1:35.2

Well, we sold our house.

1:37.6

We had got it under a previous administration for a very low price.

1:40.9

Obviously, administration changed.

1:42.4

And we were able to make a profit after the mortgage

...

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