Over $2K in Car Payments!

Next Steps:

Explore More Shows from Ramsey Network:

Ramsey Solutions Privacy Policy

Product Links:

[joelkaben]

Keep your life simple. Do not complicate things. Only buy things you need. Stress is a killer.

[JK-tdhi]

I have a friend just like this. Bought 2 brand new cars in 2021 that he’s very likely now underwater in. To add to it, he bought a house with his girlfriend. Not wife, girlfriend. This is why I never ever get jealous of anyone on social media. Nearly everyone I know that looks like they’re ’making it’ is living an exaggerated lifestyle and in massive debt.

[BrianW]

Ken said "It doesn't sound like he's got bad credit..." but the caller said a few minutes before that he has a credit card with $9K in collections.

[chrischristensen]

$2, 000 in car payments gave me anxiety, and it's not even mine!

[DaveCompton]

They guy said he had 9K of credit cards in way he can get a personal loan.

[TheDjcarter]

Probably 75% of America have their retirement and kids college fund sitting in their driveway.

[ramonalopez]

I appreciate his level of honesty. I wish him and her the best of luck.

[lkjg]

The $10k car isn't the problem. If it is a decent commuter, keep it and work on getting rid of the $40k car. What are you going to do, get a $5000 loan to cover the negative equity and then another $5000 loan to buy a replacement car? Sometimes, Ramsey's "solution" creates more problems. Also, insurance on three cars is probably at least $500 per month.

[jimmycrackcorn]

He doesn't need more jobs... $10k net is $14k gross = $165 gross. Having only $1k leftover after paying $2k in car payments means they're spending $7k on mortgage and discretionary stuff. TIGHTEN UP THE BUDGET!

[joycewright]

I always feel so good about my life by listening to these stories. Why would anyone get into that much debt for a car? And don’t even get me started on $40, 000 for solar panels.

[Kurtdog]

If you aim at nothing, you hit it every time. Started the snowball years ago, made the debt list smallest to largest, and posted it on my bathroom mirror where me AND my wife had to look at it EVERY MORNING. It gave us a TARGET to aim at. Took about 2 years to kill all of it except for a small, very manageable, house payment. Paid cash for last two vehicles we bought. Fully funded emergency savings account gives you an amazing piece of mind. Heat pump goes, transmission goes - no reaching for a credit card. The Dave Ramsey team is still making it happen. Thanks for sharing such great financial advice.

[alonabeck]

As a former bank manager, I can assure you that it is absolutely impossible to tell a manager that “their” loan is bad and they need to issue a personal loan instead when this loan is at Kia finance or ally or any other financial institution other than my own. Even if it was my own loan, the chances that I am issuing a new personal loan are pretty slim and it would have to be a super small bank/credit union that would agree to this. Even credit unions these days have dispersed authority across teams/departments, so most managers are no longer in the position to single-handedly make these kinds of decisions. This guy is likely best off just saving the money and selling cars starting with vehicle number 2.

[Aki_Lesbrinco]

$2k oncar payments, that's insane for a normal person. If you're a millionaire, it's not a big deal, but for regular people it's not sustainable.

[chookchack]

I like how honest he is to himself. This is acceptance to all stupid stuff you did in the past.

[bps]

How can anyone make so many horrible decisions is beyond me.

[BadMannerKorea]

People love their cars. I disagree on like 90% of what Dave says, but we agree on one thing---going in debt for a car, especially an expensive one, is absurd. People work like a week or even half a month just to pay for their car. Nobody cares you drive a BMW or a Porsche Cayenne.

[THECANDYISGONE]

Here come the I’ve had my 1999 Toyota Corolla paid off for 43 years now.

[Sizukun]

Every breath he takes on the phone I can feel the tightness in his chest, like he's on the edge of having a breakdown or worse.

[bigcahuna]

This is why buying brand new cars or even some higher priced used cars I can't pay cash for will never make sense to me because of negative equity and rapid depreciation. Haven't had a monthly car payment since April 2010 and I'm living the dream.

[JustinCase]

She's driving the "you owe it to me for what you did to me" car.