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Full Episode
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This is The Ramsey Show, where America hangs out to have a conversation about their money, their profession, and their relationships. The phone number to jump in today is 888-825-5225. 888-825-5225. Alongside the incomparable, the fabulous, the wonderful, Jade Warshaw. I'm Ken Coleman. And we're here for you. Jay's going to help you today on how to save that money, budget that money.
And I'm going to help you on how to make more of the money. And we weigh in. We always have a good time. You never know what we're going to agree on or disagree on. It's quite exciting. I love it. It's a bit of potpourri, I like to say. Okay. You never know. Just a wonderful little bowl. A mƩlange. That's right. We're going to start it off with George in Riverside, California today.
George, how can we help you today?
Hello. So I've been talking to my wife about whether we should pay off our vehicle or just save our money in the bank. We have about $32,000 in our savings account. And then we still owe about $35,000 into our CRV. We bought the vehicle because we wanted a bigger car because of our growing family. And the car that we had previously was just too small. That's where I'm currently at.
I don't know whether I should just pay it off in full or should I just keep on making my payment each and every month? Is that your only debt? That's my only, aside from my mortgage.
Okay. Yeah, you know, let me see if I can frame this in a different way. I mean, we're always going to tell you to pay off the debt, right? That's kind of what we're known for around here. Maybe the why behind the what will kind of help you get your head around it. Is that what it is? Like, why would I do this?
Yes.
So for me, whenever I'm looking at debt, I am viewing debt synonymously with risk, right? There's always this risk. As long as I have payments, as long as I have debt, there's always a risk hanging over my head and hanging over my shoulders. So in this case, it's $35,000 that you're sitting on.
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