A high-income caller shocked Dave Ramsey co-hosts when he revealed he was considering bankruptcy over debts they argued could be paid off quickly with proper budgeting.
Caller With $130,000 Income Reveals Disorganized Finances And Hidden Debts
The caller on The Ramsey Show, identified as Peter, told co-hosts Jade Warshaw and George Kamel he was "stressed about bills" and thinking about filing for bankruptcy.
When asked about his debt, he initially estimated a little over $25,000.
As the hosts probed deeper, he disclosed additional obligations, including a car loan, personal loan, pension loan, and a $6,000 credit card balance, bringing his total debt closer to $56,000.
Kamel reacted bluntly, telling him, "America just lost all empathy here. You make $130,000, and you're calling in trying to file bankruptcy over 20."
Hosts Say Overspending, Not Income, Is the Real Problem
Warshaw pushed back on the caller's assumption that his income wasn't enough, noting the absence of any budgeting.
"It’s not the kids. It sounds like you’re overspending in other areas," she said after he admitted he had "no“ budget and often forgot major expenses like his pension loan.
Kamel urged him to take responsibility for his financial picture.
"Are you ready to like take control of this as a grown man with three grown kids?" he asked, warning that bankruptcy would "implode" his life for seven years.
Ramsey Highlighted Financial Red Flags, Personal Responsibility
Dave Ramsey recently addressed two callers on "The Ramsey Show," using their situations to highlight the dangers of co-signing loans and the deeper life issues that often fuel financial crises.
In one call, Jessica from Illinois asked if she should include her 22-year-old daughter's $12,000 co-signed car loan in her debt snowball while carrying $20,000 in credit-card debt.
Ramsey told her to pay off her credit cards first, then the car loan, warning that co-signing was "biblically stupid" and noting she remained fully liable because lenders would not finance her daughter independently.
In another call, Ramsey advised a 27-year-old named Toby, who had $14,000 in debt, was homeless for eight months and recently unemployed, that bankruptcy would not fix his situation.
He told Toby his financial issues were symptoms of larger personal challenges, stressing stability, accountability and community support.
Ramsey urged him to find steady work, stay sober and build structure, saying, "Financial problems were the symptom… the problem is the guy in your mirror."
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