Updated
Updated · Benzinga · May 31
Ramsey Show Urges North Carolina Man to Dump $40,000 Truck Over $880 Monthly Payment
Updated
Updated · Benzinga · May 31

Ramsey Show Urges North Carolina Man to Dump $40,000 Truck Over $880 Monthly Payment

1 articles · Updated · Benzinga · May 31

Summary

  • $880 a month on a Chevrolet Silverado was the main obstacle keeping Austin and his wife from building even a $1,000 emergency fund, Ramsey Show hosts said.
  • Austin earns about $65,000 a year and still owes just under $40,000 on the truck, which he estimates is worth about $33,000, leaving him roughly $7,000 underwater if sold.
  • The truck was bought after his previous work vehicle "blew up," but co-hosts George Kamel and Jade Warshaw said the family should consider becoming a one-car household despite the inconvenience.
  • About $55,000 in total debt — including the truck, credit cards and medical bills — led the hosts to recommend a short-term sprint of extra income, selling items and bare-bones spending before tackling remaining balances.

Insights

When trapped by a $40,000 truck loan, is taking on more debt the only way out?
Are expensive truck payments a personal finance failure or a symptom of a larger American debt culture?