A caller to The Ramsey Show on Monday revealed he and his wife are drowning in nearly $1 million of debt, prompting financial expert Dave Ramsey to offer tough but compassionate guidance.
Caller Reveals Massive Debt From Failed Business, IRS Bills
John, a 33-year-old father of three, told Financial guru Dave Ramsey and co-host Rachel Cruze that after his business failed, he was left owing about $250,000 in SBA loans, $350,000 in IRS taxes, $96,000 in credit cards and a $250,000 mortgage, along with smaller attorney and accountant fees.
His income recently dropped from $260,000 to $140,000, while his wife earns $20,000 a year.
Dave Ramsey Guides Couple Facing $1 Million Crisis Through Business Failure, IRS Threats, Bankruptcy Decisions
