A Nashville man called into “The Ramsey Show” hoping to get some guidance on how to turn his financial life around. What he got was a reality check from hosts George Kamel and Ken Coleman.

Steve shared that he and his wife are carrying a total of $434,368 in debt, including a $268,000 mortgage and $166,000 in non-mortgage obligations. That includes two car loans, credit card balances, and personal loans.

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Despite working a full-time job and running a side business, Steve said he only cleared about $37,000 last year from the business, with an additional $80,000 coming from his job. His wife brings in around $30,000. That puts their total household income at roughly $147,000 before taxes.

But the real gut-punch came when Steve revealed their car payments: $1,752 per month.  “Goodness gracious,” Kamel said.

Steve admitted he felt completely overextended. “It’s more about how can I get this cleared up and start actually putting money toward our retirement,” he said.

That’s when Kamel delivered the tough love. “Well, the answer is simple. You’re driving your retirement right now,” he said. “Those cars were your retirement fund, but you decided, I want a nice car instead.”

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Steve owns a Jeep with a $56,000 balance and a Honda with $23,000 left to pay. Combined, he’s sitting on roughly $80,000 worth of vehicles. Kamel and Coleman urged him to sell both cars immediately, even if it means taking a hit on value, as more than half their annual income is tied up with “things of wheels and motors.”

“You don’t need a $56,000 Jeep right now to live your life, do you?” Kamel asked. Steve admitted, “No.”

With his wife on board, Steve said they’re ready to make a change. Kamel told him to get serious: sell the cars, buy cheap used ones, and aggressively pay down debt using the snowball method. Retirement planning, he said, comes after cleaning up the mess.

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