‘I’d rather you eat than the dog’ – Show host Ramsey tells 86-year-old Broke to get a job and rehome his pet instead of selling the house

Joan, 86, is at a difficult financial crossroads. Despite owning her home and car, she is saddled with nearly $30,000 in credit card debt. Living on a fixed income from Social Security, Joan struggles to make ends meet, often relying on her credit card to cover essential expenses.

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“I have help from my daughter and ex-husband,” Joan said. “But it’s embarrassing to ask for more.” Joan was left with about $200 a month after paying her bills, which barely covered groceries and gas. Selling her car, a 17-year-old Crown Victoria, seemed like an option, but Joan realized it wouldn’t significantly reduce her debt. “I’d rather keep the car to get around,” she admitted.

Looking for advice, Joan turned to the Ramsey Show, where George Kamel provided much-needed clarity. “Selling your car won’t affect your debt,” Kamel advised. “You better save it for transport.” The suggestion of selling his house was also considered, but Kamel warned against it. “Right now, you have a fixed expense with the house paid off. If you sell it to pay off your debt, you’ll be left with ongoing rent expenses that could be even harder for Social Security to handle.”

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Joan’s house is worth between $195,000 and $250,000, much less than neighboring properties that have been updated. “It’s old and we haven’t done any updates,” she explained. Kamel pointed out that while selling her home could erase her debt, it would leave her with the challenge of finding affordable housing, especially given the rising cost of living. “It doesn’t make sense to sell your house if you’re going to struggle with the rent,” he said.

One of the hardest parts of Joan’s situation is that her income is not enough to cover her monthly expenses. “I always need about $200 extra and that’s where the credit card comes in,” explained Joan. Kamel highlighted the cycle of debt this creates. “Even if I could snap my fingers and wipe out the debt today, you’d be back in the same place because your expenses exceed your income.”

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Kamel suggested that Joan explore the possibility of increasing her income. He suggested to the 86-year-old: “I think we might need to get a part-time job to clear this debt and increase our income.” He continued, explaining, “It’s not fun, but this could be. your only option other than selling your house and downgrading to an apartment.” Joan, who has been living with leukemia for 21 years, acknowledged her health challenges. “I don’t really have high energy levels,” she said. Despite this, Kamel pointed out that finding even a small source of additional income could make a significant difference.

Joan also discussed her expenses, including taking care of her dog. “This month, we spent $181 per dog,” she noted. Kamel empathized but emphasized the importance of prioritizing one’s own needs. “You have to make sure you take care of yourself first,” he advised. Then he held it out, “I’d rather you eat before the dog.”

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Finally, Kamel offered a hard but necessary truth: “Joan, you’ve worked hard all your life, and now you’re in a tough spot. It’s not easy, but you have to consider all your options. Whether it’s asking your daughter for more help, finding a way to earn a little extra, or even rehoming the dog, these decisions will help you get through it.”

Although Joan may not have the physical ability to work part-time, many people in their 80s still work. According to the Los Angeles Daily News, 650,000 Americans age 80 and older are still in the workforce, based on data from the US Census Bureau. The Pew Research Center also found that nearly one in five Americans age 65 and older were employed in 2023 — nearly double the number 35 years ago.

For many seniors, work isn’t just about staying active; is necessary. A study by the National Council on Aging found that 80 percent of older Americans do not have the resources to pay for long-term care or cope with another financial shock. With rising living costs and limited incomes, seniors are often faced with difficult choices and must carefully consider all their options.

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This article ‘I’d Rather Eat Before Dog’ – Show Host Ramsey Tells 86-Year-Old Broke to Get a Job and Rehome His Pet Instead of Selling His House originally appeared on Benzinga.com

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