My Credit Cards Are Maxed Out And I Can't Get Ahead!
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âI donât have any other debt exceptâ is my favorite line.
I was 40k in debt start of 2020... debt free now
Well done!
Congrats!
Thank you Jesus
What's your family income?
well done Jesus
I paid off 27000 of CC debt today and I only have to pay off 10000 of school debt. Literally ate pasta everyday, one meal a day. Had to stop buying anything. Did my laundry in the sink. Quit smoking and drinking. Worked about a few hundred hours of overtime (possibly thousands). Havenât bought clothes in years. Quit drinking coffee. You have to cut back on everything and find a way to make more. As hard as it sounds it is possible.
Iâm currently doing this rn. Literally living like a brokie acting like a scrub and not going out w the friends
Great work!
A person can always make more money.
There is a lot of money to be made online, while being your own boss.
However, he or she cannot buy more time or go back in time for any amount of money.
Think about that the next time you are depleting yourself of life experiences, wants, and possibly putting your mental health in jeopardy just to pay off debt.
One can pay off debt, granted slower, and still enjoy life.
Time, not money, is the greatest asset we got.
Washing clothes in the sink is pathetic haha. It costs a few $ to run a washer, it would take you ages to hand wash a full load, time you could spend washing a neighbours car for $20, one of the worst cost saving tips ive ever heard. Well done on the rest though!
Your body can only take this for so long. Time to start taking care of yourself now.
Getting out of debt is like losing weight. Everyone knows deep down what they basically need to do. Having the self control and discipline to do those things is the hard part.
Losing weight is not that simple for people with hormonal issues. It is not always about what and how much you eat and how much you exercise.
@@yvonneachieng6742 people with imbalance issues are the exception
Youâre exactly right! Excuses.
@@yvonneachieng6742 Rarely is that ever the case. 90% of people don't eat well, don't exercise and choose not to do anything about it. Don't make excuses for the majority just because there is an extremely small minority.
It's nothing like losing weight at all.
Itâs sad that somebody this financially inept is appraising real estate
A ham sandwich? Nope, to expensive. A bowl of beans and rice.
nah just air and water lol. Gazelle intense!!!!
Im a regular hood dude doing food reviews on my CZcams channel đ
Too*
Bro, price of beans đ« keeps going up, too.
Get with it, Ken.
He wants to get help and is humble enough to ask for it. Praying for you!
Praying won't help. Paying will help.
@@matthewgardner2144 God can open the door to a great job opportunity for him. God can do unlimited things.
@@matthewgardner2144 I like that.
Yeah he was really honest too. Good luck to the caller!
@@matthewgardner2144 He needs to do both!
This caller really needed Dave Ramsey.
This guy will ALWAYS be in debt....he ain't ready
Itâs impossible to get debt free. I pay down one card and something happens in life where cash canât pay it and another credit card goes up. Constant cycle
Agreed. đźâđš
Iâm glad he called in, to hear about how to recover from a mountain of CC debt. Itâs so overwhelming!
Yes! And after looking at the Ramsey plan, he should start to tackle the CC with the smallest amount etc. Hopefully he will then start to feel some relief.
@@FTG2Eli He should pay off the highest interest card first, who cares about smallest balance. You need to get excited about doing the right thing, not some snowball gimmick.
I was 60k in CC debt it took me 4 years to pay it off through debt consolidation and I was working two jobs 70hrs a week living on bologna and cheese sandwiches. From 2019-2023 thank God I learned my lesson and I can have some peace now in my life.
Their is only so many lessons you can learn when youâve used your emergency fund and everything starts to break down in your house at around the same time! Now have to work hard to pay off our debt
This guy needs to stop his retirement temporarily. Even if the company is matching, he is losing. Those interest rates are killing his financial future.
Couldn't believe that wasn't the first thing George talked about. I feel like Dave would've zeroed in on that immediately.
Iâm surprised they didnât say to stop the Roth & 401k until the debt is gone
I think that's a given
AND George brought up refinancing the debt. I feel like I'm in bizarro world right now!
Refinancing in this case makes sense if possible, as the interest rates are too high and are part of the problem. Dave has coached some people on the air about getting a loan in one place to settle a debt somewhere else where time is of the essence or the interest is too high. But he is very clear in saying that you are just âmovingâ the debt, and once you get a little breathing room, get at it with a vengeance. He advises that the danger when moving a debt/refinancing is that you feel like you accomplished something and then get complacent.
@@masoquistaeo. Interest will kill you.
I wish they would have asked how he got that much CC debt. That seems like the first thing to solve.
I am sure like a lot of people with CC debt it was mostly just for everyday expenses. Food, gas, the unexpected bill, it adds up quick especially when you are getting hundreds of dollars in interest each month.
Overspending. That's how we went broke years ago. Never again!!
@@t206kid And eating out, partying with friends, etc.
I do uber eats every day after work and every weekend. I use that income strictly for debt. I owe about $2,800 to be free of debt.
My credit card minimums were rising so rapidly I couldn't keep up. I called my two banks and *begged* - "I want to pay these off! Can you help me?" One bank offered a smaller monthly rate with 1% interest for a year. The other offered a 4% interest rate for 18 months. I was able to make substantial dents in decreasing the balances so that when the offers were over, I had a toe-hold on paying down the rest. BTW: the cards were automatically closed, but I discovered I could make do without them anyway. Who knew?? :^)
The best the one card did was take off 40 a month in interest. Another one did nothing. American Express was the most helpful!
it sounded like he said he was still investing into retirement accounts I'm surprised the hosts didn't tell him to stop investing.
Yeah the caller didn't seem to connect the dots that "investing" also in includes retirement contributions so the panel was thrown off when the caller said he wasn't investing. Pretty sure he solves his problem by stopping IRA contributions and anything over his 401k match, with a tighter budget ofc.
He's not investing in retirement "except for his 401k and his IRA." Lol
Correct. Even with a company match, he is losing.
Work nights weekends at a restaurant with free food. No more buying food.
This guy is emblematic of the average American. Doesnât really understand his finances, and tbh, itâs not really his fault. He was never shown the importance of good personal finance and stewardship. Itâs so ironic considering he works in valuations. I hope he gets on track đ
At least he is trying to own it.
Great point
It's always nice to see how the people at the Ramsey show are able help people who are struggling with high amounts of debt. Wishing the person who called in the very best. I've found that usually there is always a spending area that can be cut back on and there are many ways to find extra income too.
Nice that they gave him educational freebies. Besides, how is this much help to say work more spend less?
It is a script dude. -_-
If your credit score is messed up u really can't be approved for balance transfers or to open new c/c...but Dave Ramsey & staff doesn't believe in this credit scoring though......
Hope he could get out of his predicament slowly...
It's so very stressful & overwhelming to have a lot of credit cards debt, etc....
But let's keep hanging on guys...
WE WILL BE OK...
These interest rates shouldnât even be legal
Isnât it fun racking up the debtâŠ.. the Piper always shows up. Iâve gone through my problems way in the past , never to that extent, now debt free and itâs wonderful
Actually the piper never shows up. No matter how much you go into debt you never have to pay it all back. Also if you die in debt it just goes away.
This guy can do it! I work an extra 20 hrs a week and make an extra $1200 a month doing uber eats
Dude just doordash. Easy 1,000 a month extra to throw at those cards. Payment will get lower too
I have about the same level of debt. My monthly minimums add up to just shy of $1100 a month. I'm working a ton of overtime at work and throwing all that extra income at the debt. It's exhausting, but if I can get just a couple of the cards paid off, that will eliminate a good amount of interest and free up those minimum payments to go towards the others. I find it easier to wrap my head around when I'm only focused on one card at a time.
Caller good news. There are plenty of jobs out there. Time to get a second job
I'm so glad that when I was in high school I was a minimalist and hated debt I could never overextend myself even on a high or low salary it's unnerving
Yeesss preach! When I was in high school, I too hated âowingâ someone⊠it didnât make sense. At my age, my only debt is my mortgage and it feels great. Iâm 2020 I paid off all my school loans! đ
Well congratulations. Yur so special
@@sneakerfreak2002 we are đ€Łâșïž becuz we decided to not be American FoolsâŠ
@@lexalee5795 right consumer debt is a trap only way I can see myself being in debt is to make more money otherwise you shouldn't take out debt
Lexa- still a fool
Money doesnât just âdisappearâ
banks make money appear out of thin air so why can't they make it disappear into thin air?
It did for FTX investor's.
Consolidate it under a lower int rates. Pay it off. The end
Student loans are a big mistake. I knew that at 19 and so I joined the military to get on the GI bill for a free college education.
"I don't have retirement account except 401K and IRA accounts"?? You mean other than your primary retirement accounts?
I will never get the people that get themselves in such high consumer debt. It is common sense
1:44 The Supreme Court just struck down Biden's student loan forgiveness plan.
Thank you for the information!
It's so disgusting that the young kids don't even pay off their own student loans! Nahh just pass that off to the tax payer đĄ
Education should be free. High school is paid for and college should be no different. It doesn't cost taxpayers much. The current system profiteers.
Nothing that someone else provides should be free.
Regret and fear of failure is the main thing that blocks our brains from thinking how to tackle debt. If we can save a few dollars by managing our budget, that should start us seeing the light at the end of the tunnel (if we stop using CC and borrowing money). Make every little dollar count. If we try cutting back more, we could make a bigger dent on the debt. Don't give up.
The classic, I work 40 hours a week so Iâm already full time and wouldnât have any time to work more hours.........
Edit: Nobody likes working 12-16 hour days, itâs never a long-term plan. Itâs just what needs to be done for a year or two to get out of debt. Most of these callers already know the answer but they want to find some other magic solution to the major issue.
6-12 months of grdining and u can do this man
I got a second job working as a bouncer at a nightclub Friday/Saturday nights 9:30am-3am
I have a FT M-F 8am-5:30pm
Pays ok and I get cash tips ($100sh per night). Really helps. Good luck man
I assume 930pm!
Great when you can earn decent tips
Good job I have been cleaning a laundry place 3 times a week 2 times a month. I have been making an extra 270$ a month.
It doesnât seem like he wants to get a second job even though he badly needs to.
I noticed that too. Any work past 6pm would be cutting into his sleep apparently.
Been there. You can get through this
Me too. I did stupid but I worked hard and payed my debt off in 13 months and it felt good after
lol I'm still waiting for my student loans to be wiped out too!
And, he lives with his parents. Incredible! đ€Ł
He is full of excuses
I didnt hear him say that. When did he say that?
I canât believe that this person didnât consider getting another job already
IKR
He doesnât want to work. He wants someone else to wipe away his debt
@@RC94332 He's already working 50 hours a week. He's just underpaid for his labor. Pretty rude of you to claim he doesn't want to work when he HAS a full-time job.
@@rubyduby2656 ell Iâm surprised he never thought of getting another jobâŠif he is underpaid he should look for a new job. Duh. Maybe do a side hustle to earn some extra money. Just like you he is waiting for someone else to pay his billsâŠhe took out the loans, be man enough to pay back what you borrowed. Itâs not someone elseâs faultâŠ
Some people sound like judgmental jerks. If he doesnât wanna work a second job forever or declare bankruptcy I say itâs fine. Yes he should pay it back IF he can but at the same not everyone wants to work themselves to death. Itâs ok to demand a negotiation with a hard fight and work/life balance especially with prices nowadays.
Ask yourself this kids, if student loans are so bad and need to be forgiven, why have they not suspended handing out new ones?
I didn't catch how old he is, but he could look at joining a military reserve unit if he meets the qualifications. Look at bonuses available, and he would drill mostly on weekends. When on orders he would most likely make more in military pay due to housing and food allowances.
You got this, buddy.
Weekends yes. Do not tell people to lose sleep on a regular basis. It is Seriously unhealthy and could get more medical bills not to mention memory problems that will come too.
As long as it's for a limited time, a year or two, he'd be fine.
@@joelfenner9179 you would be surprised. I know this from personal experience
@@joelfenner9179 Yeah and what about accidents at or outside of work? I don't think people can take huge risk unless they want problems later.
Agreed. He should be looking for a higher paying job instead of extra gigs with no sleep or life. And, negotiate a consolidation loan for all of his cards. And/or negotiate with the card companies.
Then he needs to work 16 hours on Saturdays and Sundays. Debt this high is very stressful
Anyone who took out student loans and was âhoping theyâd disappear on their ownâ is a slimy weasel.
There's your average American. I saw this 40 years ago. Nothing has changed.
I agree
There are millions of slimy weasel`s in the USA.
đŻ
@@karlabritfeld7104 And 40 years later, nothing will change.
He can get a debt consolidation loan and they can settle for less than the amount also I will look into getting another job or a part time job on weekends because his job isnât paying enough for the hours he is doing
He cant, noone will give him one as am in exact same situation, bank said maybe if can get the total amount lower.
@@CanadianASMR1 well turnbull can help they help me,
Instacart at opening time for a Costco on Saturday and Sunday and the rest of the day doing food apps or rideshare. Also a few hours of his evening doing the same.
How would he get this much in debt. People in America really are dumb. My guess he was trying to impress a girl
You feel the full wrath of Interest based system like this poor guy. Realtor-Investor-Banker-Builder industrial complex is creating this problem and are peddling Interest-based banking.
I would negotiate to lower the interest rates. There is no reason to make debt payments if all you can do is to pay the interest.
What are some ways to avoid a cc getting cc interest before the promotional period ends?
Student loans are the worst. They follow you forever until they are payed off.
how is it young people don't realize how dangerous high interest debt is?
Interest steals your future...TODAY
That's because they know everything and you're completely wrong, LOL... Can't tell the youth nothing.
Sad how people are just relying on student loan forgiveness. Wake up
Billions have been forgiven so far....
Follow the baby steps to the letter. They work.
It's all, "work for Uber" or " eat rice and beans." They never addressed how he got into such debt in the first place!
Finally somebody thats relatebale lit ep
Time to drive Uber, Lyft and deliver food.
Im curious how this guy got to 40k in debt with a 45k income?
10 cards at 4k ea
Easy: trips, consumer goods, too many meals out.
Iâm surprised they didnât question him about that. Dave would have not let that slide đ
This call should have been Dave. He needed to be smacked. He didnât need a little advice, he needed to get MAD at how irresponsible heâd been and how wish wasnât he was being about it. He âthought aboutâ refinancing but got âdiscouraged.â He could work at night, he guesses. He needs to get his act together, not get a little strategy.
I owed 25K in CC...I am all paid off now...what blows my mind is that this guy owes 40K and a second job/part-time never entered his mind. The other thing is he could open up a new CC with a lower APR and transfer the balance. Sometimes in order to work smarter, you have to work harder.
The hours and the cuts will be miserable, but I can see some light at the end of the tunnel for this guy. I hope between the extra $1000 he mentioned and putting together a budget he can give himself enough of a toe hold to start tackling this debt. If he's already on a budget, I hope he has some dead weight to cut out.
Not shocked at all to learn he's in real estate
Call us back when your debt freeđ€Łđ€Łđ€Ł
What about his 401K? And the debt snowball with smallest first?
You are witnessing Financial Collapse in real time.
A very slow process then?
What are people thinking when they are charging up all this money with no way to pay this off. This guy needs a second job at Starbucks or target real bad.
Love how when the mentioned second job his voice cracks.
Thinking it would "disappear" just like his student loan
Caller: I'm in financial trouble. Host: Stay on the line. We want to enroll you in Financial Peace University for free.
That's what I do. I work full time job and then come right home after work to shower and eat and then I go right back out and deliver for DD and UE. You can do it. One full time job isn't full time. I can't believe I used to only work 40 hours. Lol
I can't say I miss anything about UE myself as I just wasted too much time and gas. However, being successful definitely doesn't stop at 40 hours! I work full-time for a financial technology company, I also run a small game stream channel and nature sounds channel. Also working on personal projects to advance my skills in tech, it's so much more than 40. lol
Working 40 hours is just "enough" to stay in the rat race.
@TheSoulCrisis I'm making 30 an hour almost everyday delivering in Pittsburgh. I added 30k this year to my income. I haven't done taxes yet but its my understanding you can deduct 31 cents per mile plus they give you money off with a card.
40 hours per week should be plenty to pay one's bills and save for retirement. We should want people to enjoy their lives, family, etc.
@@dank6514 It's not how much you make, it's how much you keep in your pocket.
He needs something that pays him high commissions so he can apply that to his debt. Working for salary it will be hard .
Itâs beyond my understanding how anyone can spend more than they have.
It seems so obvious, but I think it's a cultural issue. Debt is portrayed as being normal and inevitable. Young people seem to be taught how to juggle debt, but not how to avoid it in the first place.
@@JasonSmith-ee7zq Totally because Iâm from Europe and literally no one in my country does something like that. At least no one that I know, maybe some low lifes but not your regular people, everyone has savings.
Yeah, it blows my mind also lol. Iâm also foreign, however
@@JasonSmith-ee7zqtheir is only so much savings you can do when you need to fix your electric in your house. A water heater etc around the same time
Stop 401 k contributions, stop Roth and do a budget and oh yeah work 40 more hours somewhere
I was in the same boat 70k in debt.. got my real estate license.. sold 7 homes in 3 years and paid it all off.. all while working my 9-5. Find a new skill and use it to your advantage.
Iâm surprised how many people have never considered getting a second job for extra cash flow. I was a normal practice in my parentâs generation but people now hear the advice and you can hear the novelty of it ringing in their mind.
Where is 40k CC debt from is the real question. Same formula every time: make more money and cut every expense possible.
How do you make it in Denver on 45k bring home? Sheesh.
How is that possible I'm make way less than this person and I could not imagine using all my credit. Plus bills? How are they surviving?? Housing? This is a personal problem
He needs to cash out his Roth IRA to pay off debt. You can cash out Roth IRA Contributions (not earnings or rollovers) at ANY time, for ANY reason, tax-free and penalty-free. It's amazing how many people don't know this. Of course it's a crummy time to cash out after a -20% year but I would do that.
Agree and agree on timing. But it gives him a fresh start.
lets go brandon
I think I need to do a CZcams channel. I feel for these people. I really do and i love yâallâs channel but just a call in and 20-30 min conversation is not enough to make a change. My wife was just like this dude and I got her mental look on spending and debt to become much more healthy and I can do the same for others I believe.
Do it!!!
@@machinesnmetal Iâve been following Caleb for a few months. He does a great job. I got an idea to take it even deeper than Caleb does.
@@machinesnmetal thanks!!! Building ideas at the moment.
If I would have saved my money since I was 15 I could have been a millionare
â@@leadnsteel1428I understand you.
45K? In Denver? You don't have a debt problem. You have an income problem, that caused your debt problem.
The $45K is after taxes, which still isn't spectacular for his area. I highly doubt $40K in debt came from anything other than improper spending habits.
Sell the Bronco and Nugget tickets!
Look into debt management program
"Just disappears on its own."
I am interested to know where all that debt came from
I wish they would have added for him to stop contributing to 401k. Even if its match or roth. I think the best xtra cash plus a second job he could chip away at this pretty quickly.
Congratulations! Get more
How did he dig this hole. Finding out how to cut on spending addiction is the main thing.
I thought minimum payments have to more than cover the interest by law or something so they actually make progress in paying off the card?
Not with Wells Fargo. My card is maxed, and they charge me the same amount in interest every monthâŠ
@@Amandabrightwell and the interest is more than the minimum payment?
@@HummBabyBaseball they are the same.
@@Amandabrightwell That sucks; I Guess you have to make sure to pay plenty more than the minimum payment every month.
How do people get this deep in the whole WHILE not having many responsibilities⊠live below your means people, nobody cares about your luxurious car/clothes.
I would like to know what is going on in peoples heads as they are racking up debt on nonsense.
After this episode, the new SAVE plan took effect, which does student loan forgiveness after 10 years.
I pulled my money out of a J.D.Roth and all I could afford was a funhouse.
This was a weird one I have to say. George bringing up refinancing? Not a word about stopping retirement contributions? Don't get me wrong, those are two things about the DR plan I disagree with, I'm just surprised they didn't stick to the old script on this one. Has Ramsey Solutions finally seen the light on these issues?
Cut up the cards, live beneath your means, start a business.
Just look at the interest you are paying every month. You are flushing that down the toilet.
25% on $40k is $833 a month in just interest. ALMOST A FIFTH OF HIS INCOME.
That's enough to buy a good car in 18 months for cash.
It's possibly equal to his rent.
And it is just getting flushed down the toilet.
Guess he will be waiting until retirement to cash out his 401k and Roth IRA to pay his debt off