Listeners of “The Ramsey Show” often find themselves nodding along to stories that could be their own. The stories feature all-too-common scenarios of financial distress with the teller seeking a glimmer of hope. In a particularly compelling segment, John from Texas shared his overwhelming battle against debt — a tale that resonates with many.
At age 28, with a wife, a 9-month-old daughter and working toward a doctorate, John’s financial load is crushing: $300,000 in student loans, $40,000 in personal loans, $26,000 in credit card debt and more.
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With an annual household income of $57,000, John, under advice from his parents, contemplated filing for Chapter 7 bankruptcy. His attorney suggested delaying the filing to see…
