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The Ramsey Show Highlights

We're Drowning In $1.4 Million Of Debt

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 19 June 2025

⏱️ 8 minutes

🧾️ Download transcript

Summary

💵 Start your free budget today. Download the EveryDollar app!⁠ Did you miss the latest episode of The Ramsey Show? Don’t worry—we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch entertaining calls, Dave Rants, guest interviews and more! Next Steps: 📞 Have a question for the show? Call 888-825-5225 weekdays from 2–5 p.m. ET or⁠ send us an email⁠. Connect with our Sponsors: Learn more about ⁠Christian Healthcare Ministries⁠ Get 20% off when you join ⁠DeleteMe⁠ Use promo code RAMSEY for 18% off at ⁠The Nokbox⁠ Get started with ⁠YRefy⁠ or call 844-2-RAMSEY Visit⁠ Zander Insurance⁠ for your free instant quote today!  Explore more from Ramsey Network: 🎙️ ⁠The Ramsey Show⁠   🧠 ⁠The Dr. John Delony Show⁠ 🍸 ⁠Smart Money Happy Hour⁠ 💡⁠ The Rachel Cruze Show⁠ 💰 ⁠George Kamel⁠ ⁠🪑 Front Row Seat with Ken Coleman⁠ 📈 ⁠EntreLeadership⁠ ⁠Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.7

Hi, I'm calling because in October of last year, my husband and I made the dumb,

0:12.6

dumb, dumb decision of taking out a bridge loan to purchase a property.

0:18.8

And it was with the idea that we would sell our previous property and pay off

0:25.5

the loan, restructure the loan, and everything would be great. But we haven't been able to sell

0:31.6

our old property and the loan is due on June 1st. Interest has accrued, like nobody's business.

0:38.4

Oh, man.

0:39.3

What was the interest rate?

0:40.4

And then what was the amount?

0:42.2

So the total, they combined both properties, came out to 1.437 at 10.99.

0:50.6

So we're looking at 13.

0:52.0

10.99?

0:53.2

Yeah.

0:53.9

So apparently bridge loans, they explained to us, are always high interest like this.

0:59.4

They're anywhere between 8 and 12.

1:02.7

Man.

1:03.4

They even explained it to you and you guys said, sign us up.

1:06.4

Let's do it.

1:07.2

Well, that's how confident we were that we could sell our old house. Why isn't it

1:12.3

selling? That's the million dollar question. We've knocked it, you know, the price down a couple

1:19.2

times now. We are technically under contract, but our buyers cannot seem to lock in a buyer

1:25.5

themselves. And when they keep telling us, the market is just

...

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