In a clip posted to TikTok this week, a 29-year-old woman revealed her debt to Dave Ramsey.
She took out nearly $760,000 in mortgages, credit cards, student debt and car loans.
Viewers couldn’t believe it made them feel better about their own financial situation.
Viewers couldn’t believe the story of a woman named Channing who said she and her husband had accumulated $760,000 in debt and called on Dave Ramsey’s radio show for help.
In a clip posted to TikTok this week, Seth Channing, a 29-year-old woman from Washington, D.C., laid out the debt she and her partner have, including student loans and credit card debt.
The exchange It was actually from 2018But thanks to Ramsey’s repost, it reached a large new audience.
Channing revealed that she had been married three months prior to the call and that they “were less than a million dollars in debt.”
“We want to figure out how to get debt free without filing for bankruptcy,” she says.
She then spread debts of about $760,000 between the two.
The clip is collected More than 11 million views on TikTok.
Ramsey is a well-known American radio host and evangelical Christian. Financial advice for him. He has faced some controversies during his time as a public figure, including allegations that his company had a policy in 2021. Firing workers for premarital sex.
Some people too Doubtful of the legitimacy of a financial advisorHe likens him to a preacher rather than a financier.
However, with his 2.6 million subscribers on his YouTube channel, “The Ramsey Show,” and 464,000 Tik Tok followers, Ramsey is still a personality they rely on to help them financially.
In the comments on a recent clip, people were amazed at how two people could accumulate so much debt at such a young age, Ramsey responded.
Some said they were having “terror attacks” on their own debt, a fraction of what Channing owed.
“I have 3,000 in credit card debt and I’m pissed off,” said one person. Another said: “And here I lose sleep over my 7 kilo debt!”
Some people couldn’t believe that banks would lend such huge amounts of money to people.
“How do people get into 6 figures in credit card debt?” someone asked. “I once borrowed about $200 and it was almost impossible to get another.”
Channing explained in the clip that she and her 32-year-old husband had about $335,000 in student loan debt, $210,000 in mortgages, $136,000 in credit cards (mostly his), $44,000 in personal loans and $35,000 in cars. Loan.
These numbers add up to $760,000.
She said Channing and her husband worked for the government, and their combined income was about $230,000.
“What in the world?” Ramsay said. “Are you both into this or is just one of you out of your mind?”
Channing both realize that the situation is stressful, and they want to solve things.
“You’re scared and you should be, you’re disgusted and you should be, you’re in the early stages of pain and exhaustion and you should be,” Ramsey said. He said the couple were living a lifestyle 10 times their means.
“I am preparing to destroy your lives, as you know, because your lifestyle is far greater than your income,” he said. “You’re used to spending like you are in Congress. This is going to be very emotional for all of you.”
Ramsey advises the couple to stop worrying about what other people think, as they won’t spend “any money on anything” for three years. Instead of living within their means, he said, they had to live on less than $30,000.
“You don’t see the restaurant room unless it’s your extra job.” “How humiliating would that be.”
The biggest adjustment for the couple has been the lifestyle change, says Ramsey, because they live on “beans and rice.”
At the end of the clip, Ramsey puts down $90,000 worth of the debt, saying that Channing should sell the condo she’s renting.
“It’s gone now. You need 90 grand to jump on the rest of this,” he said. “So that just cleared a third of your deal. So here we go.”
In the years that followed, it was unclear what happened to the couple or whether they were able to get rid of the debt as Ramsey advised.
Read the original article on Insider