Dave Ramsey has expressed his shock at the extent at which a man “minimalised” his $750,000 (around £580,000) debt situation.
On the Ramsey Show Highlights YouTube channel, Daniel explained that his wife is about to graduate from university, however her student loans have put them in $750,000 (around £580,000) debt.
He said: “Her student loans are for dentistry. It’s a good school but it’s expensive.
“She’ll make good money, but I can’t see the light at the end of the world. How do we dig ourselves out of the hole?”
He explained that the starting salary for the field she’s looking at will bring in $175,000 (around £135,000) to $220,000 (around £170,350) each year, but he’s worried about how they will get through this.
In shock, Mr Ramsey said: “I can tell by the language you’re using that you guys have not grasped how devastating this situation that you’re in is.
“What a huge mistake this was. The language you’re using is minimising this like you owe $30 (around £20) to someone and it’s no big deal.
“It’s not a good school. She paid double what she should have paid for her degree. She got ripped off.
“You guys are up a creek. You’re in a real mess so if you will live like you’re poor and make $400,000 (£310,000) each year you can pay this off in three years and get your lives back.
“Or you can be a normal dentist and pay this off in decades, which is what normal dentists do.”
He claimed the pair need to take responsibility and admit they have a huge problem first, before they can get out of their mess.
Mr Ramsey suggested that to get out of debt, people need to ensure they have a budget and a plan.
Every pound made needs to have a plan, he said, adding it should only go on essentials.
“Get on a plan and make sure every dollar behaves.”
