A WOMAN has shared that she is ‘terrified’ and considering filing for bankruptcy after getting into financial difficulty.
Seeking the advice of financial experts, she took her questions to The Dave Ramsey Show for help on some possible next steps.
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In a question of the day, a woman from Atlanta, Georgia, started her conversation with hosts Jade Warshaw and Rachel Cruze by sharing that she is ‘terrified.’
Mya shared that she is currently expecting her first child, to which the hosts congratulated her.
However, the mood soon shifted when the woman shared that she was in “a very big hole” and was considering filing for bankruptcy after the advice from friends.
BIG DEBTS
Mya went on to share that she is currently $200,000 in debt.
The hosts asked her to explain how she had accumulated this kind of debt.
The woman cited that $25,000 was exclusively credit card debt, $14,000 was down to student loans and the rest were ‘delinquent bills’ and auto loans.
Mya explained that she started a car rental business in 2024, but now it was pretty much a failed business.
The hosts then began to dig deep into her ‘other debts’ by finding out how many cars from her rental business she owed money on after resigning from her day job.
The woman went through five different vehicles and how much she owed on them, ranging from $27,000 to $42,000.
The hosts encouraged the woman to sell the cars through private sales opposed to car giants like CarMax.
THE ADVICE
It wasn’t all bad news.
The hosts remained confident that if the five cars were sold that the listener had a good chance of turning their situation around.
“I just added this up, that’s $171,000 in cars. Worst-case scenario you’re $156,000 upside down,” shared the hosts.
Both advisors were quick to share that they would make selling the cars a priority.
“There is a lot of hope in this situation.”
The hosts then asked the caller if she had any money saved, she responded with around $1,000.
Jade Warshaw then shared the advice that if she can offset the debt of the lowest amount quickly, this decision would “rock her world.”
Rachel also reminded her that anything she can do between now and when her baby arrives will also be extremely helpful.
The Dave Ramsey show has helped many Americans see their path out of debt.
