The Ramsey Show Highlights He's Made Over $100,000 This Year And Still Can't Pay Off Debt?
Dec 4, 2025
Caller Lance shares his financial struggles after moving to Ohio, revealing he earns $100,000 but is $65,000 in debt. He owns a $30,000 Harley and a $25,000 truck, but can't seem to pay off his liabilities. The hosts dive into his spending habits and suggest selling both vehicles to drastically reduce his debt. They explain how to assess vehicle value and clear titles, emphasizing the importance of budgeting with the EveryDollar app. Tune in for practical advice and insights into tackling financial hurdles head-on!
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High Income, No Progress
- Lance moved to Ohio a year ago making about $100,000 but remained roughly the same $65,000 debt level.
- He tightened spending mid-year but couldn't explain where thousands of dollars were disappearing each month.
Debt Driven By Depreciating Vehicles
- Most of Lance's $65,000 debt is vehicle loans: $30k Harley and $25k truck plus smaller loans.
- Large depreciating assets caused most of his balance and explain why income alone didn't reduce debt.
Sell Vehicles To Cut Debt Fast
- Sell the Harley and truck privately to cut your debt roughly in half and eliminate their monthly payments.
- Clear titles by covering the negative equity with saved cash or a credit-union payoff loan before completing sales.