Financial guru Dave Ramsey advised a 27-year-old caller struggling with debt and homelessness that bankruptcy would not solve his problems, emphasizing the importance of stability and personal responsibility first.
Caller Faces $14,000 Debt And Broken Car, Seeks Bankruptcy Advice
On Saturday, Toby, a young adult with $14,000 in debt, including a $6,500 car loan for a broken vehicle, called The Ramsey Show to ask if filing for bankruptcy was the right move.
He revealed he has been homeless for eight months, couch-surfing after a housing application fell through, and recently became unemployed.
Ramsey Highlights Life Instability As Root Cause Of Financial Struggles
Co-host Jade Warshaw asked how Toby became homeless, and he explained complications with his apartment application and financial strain from a DUI and related fees.
Ramsey emphasized that Toby's money problems are symptoms of larger life challenges.
"Financial problems are not the problem. They're the symptom of other things going on," he said.
"The problem with your money is the guy in your mirror." He urged Toby to find steady work, maintain sobriety, and seek mentorship or community support.
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Financial Crises And Addiction: Callers Reveal Debt And Gambling Struggles
Earlier this month, a 36-year-old caller told The Ramsey Show that despite earning nearly $2 million over 10 years, he had accumulated $800,000 in debt, including credit cards, loans, and two mortgaged homes.
The home remodeler said bad investments and business setbacks had left him broke. Dave Ramsey told him, "You haven’t figured out the problem yet."
The caller had overcome addiction in 2016 and rebuilt his life, but by 2022, bankrupt subcontractors and mounting expenses pushed him into debt.
A 25-year-old caller, James, reported losing $45,000–$55,000 in six weeks to a sudden gambling habit in Atlantic City. Starting with small bets, his losses quickly escalated to $2,000–$5,000 nightly.
Despite living sober, he experienced "blackouts" in casinos. Ramsey advised him to join Gamblers Anonymous, seek therapy, and connect with a supportive church network, warning, "100% of addicts eventually have financial troubles.
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