In a recent episode of “The Ramsey Show,” a couple in their 70s shared how they went from being completely debt-free to falling back into financial chaos. After completing Dave Ramsey’s Financial Peace University in 2016, they had paid off all their debt by 2017 and even bought their mobile home in cash. But today, they owe $46,000.
13 Credit Cards and a $29,000 Loan Offer
“We were debt-free completely,” the wife, who called in, said. But since 2017, they opened 13 credit cards and took out three personal loans. Their current income is limited to Social Security: $1,600 a month from her, $1,500 from her husband. Her husband picks up odd handyman jobs, but it’s not enough to cover their expenses.
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