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The Ramsey Show
Deep Dive
Why did Miriam file for bankruptcy despite having manageable debt?
Miriam filed for bankruptcy because she discovered an unexpected $6,000-$7,000 medical bill added to her existing consumer debt of around $60,000, making her debt unmanageable. She also has $98,000 in student loans, which she initially didn’t consider as debt.
What advice was given to Miriam about taking out a loan for a car?
Miriam was advised not to take out a loan for a car, despite safety concerns, because she already has significant debt, including $98,000 in student loans and $19,000 owed on land. Instead, she was encouraged to save up for a $1,000 cash car to avoid further debt.
How did Nicole and her husband handle recurring medical expenses while following the Baby Steps?
Nicole and her husband kept falling back to Baby Step 1 due to recurring medical expenses. They were advised to view this as progress since they were able to fund emergencies without going into further debt. They were also encouraged to set up a sinking fund for future medical costs.
What financial challenges did Helen face as a single mom with four children?
Helen, a single mom with four children, one with special needs, has $23,000 in unsecured debt, $65,000 in student loans, and a $260,000 mortgage. She earns $58,000 annually and struggles to balance her need for a stable, remote job with the desire to increase her income without disrupting her children's lives.
What was the advice given to Jessica about settling her 13-year-old credit card debt?
Jessica was advised to contact the creditor, likely a debt collector, and negotiate a settlement for her 13-year-old credit card debt. She was told to offer a lump sum, such as $2,500, and ensure she gets written confirmation that the debt is fully paid off. She was also warned to be persistent and not give out her checking account details.
Why was Cain advised to keep his $140,000 in a high-yield savings account instead of investing it?
Cain was advised to keep his $140,000 in a high-yield savings account earning 3.8% because he plans to pay off his house in 18 months. Short-term investments are volatile, and the savings account provides a guaranteed return, making it the safer option for his timeline.
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