Quick Read
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Kim’s husband secretly accumulated over $1,000,000 in gambling debt, drained her 401(k), and left only $152,000 in home equity against liabilities.
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Dr. John Deloney urged Kim to immediately open a sole-name account at a new bank and redirect her $215,000 salary’s direct deposit there.
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Debts signed by the gambler alone stay their liability, but any jointly signed account or co-signed loan makes the non-gambling spouse fully responsible.
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Read More: Avoid these 13 retirement mistakes before they derail your future (sponsor)
On a recent episode of The Ramsey Show, a caller named Kim from Las Vegas told the hosts her husband had racked up over $1,000,000 in gambling debt…