We Owe $85,000 In Credit Card Debt!

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 26 September 2024

⏱️ 9 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.
0:06.4	Yeah, I'm contemplating bankruptcy, and I wanted to call you guys and see if that's something
0:11.6	that you guys would recommend. Oh, gosh, Cameron. What's going on? Well, I stopped paying my credit
0:17.7	cards probably about seven, eight months ago, and when I stopped paying my credit cards probably about seven to eight months ago. And when I stopped paying,
0:25.3	I was at approximately $85,000 in credit card debt. What caused you to stop paying? So I started a business
0:33.7	about three years ago, and we just had a hard year.
0:39.8	And I'm on and off working with my brother-in-law who owns his own business as well.
0:44.3	So when I get slow, I call him work for him if he has the work.
0:48.4	But it was just a very slow year last year.
0:52.1	And so we kind of had to live off credit cards.
0:55.3	Is there other debt or just the $85,000?
0:58.8	I have a mortgage, but no car or anything else like that.
1:03.0	Okay. And was this $85,000 for business expenses that you're trying to keep a float
1:08.2	when you were slow or was this was this lifestyle that you were,
1:12.1	this was all personal?
1:15.5	I'd say probably 20 to 30,000 of it was business.
1:20.1	And the rest was just paying bills and any cash that I came in, but, you know, mortgage doesn't
1:26.4	take a credit card.
1:27.4	So yeah, I would go to the mortgage. Are you married? Mortgage and in, but, you know, mortgage doesn't take a credit card. So, yeah.
1:28.2	You got the mortgage. Are you married?
1:29.6	Mortgage.
1:30.5	Yes, I am.
	...

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