“I’m getting ready to destroy your life as you know it”

Many people in their 20s struggle with credit card or student loan debt, sometimes thinking they’ll figure it out later. But what happens when that debt adds up to nearly a million dollars? This is the reality that a 29-year-old man named Channing from Washington DC faced during an episode of The Dave Ramsey Show.

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Channing and her husband were facing nearly $1 million in debt, a number that quickly sent Ramsey into tough love mode. Sure, he’s seen scenarios where people are in over their head with debt, but at just 29 years old, this was particularly alarming for Ramsey.

Channing, who recently married, explained, “My husband and I are probably just under a million dollars in debt and we want to know how to get out of debt without filing for bankruptcy.” The breakdown included $335,000 in student loans, $136,000 in credit cards and $44,000 in personal loans. Their combined household income was about $230,000 a year.

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Ramsey didn’t hold back. After calculating the staggering numbers, he no doubt addressed the couple’s situation. “You guys have lived about 10 times where you’re going to live in the next three years,” Ramsey said. “I’m getting ready to destroy your life as you know it.”

“You’re used to spending like you’re in Congress,” he scolded. It was clear that their lifestyle needed a complete overhaul. Ramsey stressed that their financial habits would have to change drastically, stating, “You won’t see the inside of a restaurant unless it’s your extra job or you’re waiting on someone you work with during the day.” He added, “You’re going to live on beans and rice, rice and beans.”

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Ramsey went on to point out the emotional and spiritual challenges ahead. “Your friends will think you’re out of your mind and your mom will think you need counseling,” he warned, adding that both Channing and her husband should stop caring what other people think if they wanted to to settle his debt. successfully.

He also shared a personal connection to their situation, saying, “This is exactly what I’ve been doing for 20 years. I bought and acquired a lifestyle that was 5x to 10x what I had. It was all because of the stupidity inside me that caused me. to do this”.

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Ramsey’s advice wasn’t just about cutting back, but about confronting the mindset that led to their financial mistakes. “The problem is what’s going on inside you guys,” Ramsey said. “You’re on a suicide mission right now.”

The tough conversation ended on a hopeful note, however. Ramsey assured Channing that while the journey would be difficult, it was possible. “You can do it, though,” he said. – I know. I will help you.

Channing and her husband are now facing a major lifestyle change to get out of nearly $1 million in debt, with Dave Ramsey’s guidance guiding them toward a more financially stable future. Sometimes debt happens, but at least they are taking steps to address the problem and make changes before they are left to resort to more extreme options like bankruptcy.

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This article Dave Ramsey Tells 29-Year-Old $1 Million in Debt and Spending Like He’s in Congress: ‘I’m Getting Ready to Destroy Your Life as You Know It’ originally appeared on Benzinga.com

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