💳 Share your thoughts and you could WIN a $500 Gift Card! 💸 Start taking control of your money in 2025 at our free livestream George Kamel & Ken Coleman answer your questions and discuss: "I'm $68k in credit card debt, should I file bankruptcy?" "Can I go back into debt to upgrade our house?" "How do I figure out what a "fair" salary is?" "Is it too late for me to start investing at 65?" Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY 💸 Learn more about opening a high-yield savings account with Laurel Road 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📱 Listen to the full episode for free in the Ramsey Network app. 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 💪 Invest with confidence! Get tickets to Investing Essentials ☂️ Get trusted insurance coverage that fits your budget 💵 Start your free budget today. Download the EveryDollar app! 💰Watch 90-Day Money Makeover 🏘️ Free Tools & Resources to Reach Your Home Goals Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy
Full Episode
Live from Ramsey Network, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by my good friend, Mr. Ken Coleman, and we're here to serve you in whatever's going on in your life. Maybe it's the job that you want to quit. Maybe it's that side hustle thing that you want to go do.
Maybe it's how do I move up in my career. Maybe it's the job that you want to quit. How do I get out of debt? We're here to answer those questions and help you take the right next step. The number to call is 888-825-5225. Dante is going to kick us off in Chicago. What's going on, Dante?
Hey, guys. I just have a quick question. So I'm $68,000 in debt, credit cards and loans. 50 of it has already been charged off from the bank. The other 18 I'm still currently paying off. So my question to you is what do I do with the 50 grand that's been charged off? I don't know if I should do bankruptcy or like debt relief program or what are my other options?
None of that. And here's why. Number one, you're not actually going to change any of the habits that got you here. So we got to dig into that part of what caused me to go $68,000 into debt with money I don't have. And the other piece is it will destroy your financial life for the foreseeable future.
So what I'd rather see you do is go, what do I need to do with my income and my spending in order to climb out of this thing in the next 18 to 24 months? If that was the only option, then you'd start getting creative. You'd go, all right, what can I do with my work? You know, what are you making right now, Dante?
I do landscaping. So all this debt came... I bought a landscape business and I bought a bunch of equipment. So all this debt is mostly used equipment. And so we do landscaping. But the last year or so, we went kind of down. And then winter, we do snow removal. And when there's no snow removal, we went down even some more. So that's what ended up... getting us into debt with work expenses.
How much value does landscaping equipment hold? In other words, let's say you paid X amount of dollars for the equipment, how much can you get for it now?
I could get maybe $20, $25. They're all used, and then the other one was just running expenses. Half of it was used equipment, half of it was running expenses.
How much equipment could you get away with not having? In other words, if you sold it, it wouldn't put you in a tough spot given your current business load.
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