‘Broke’ couple spent $30,000 on solar panels and don’t know what to do next – here’s advice from Dave Ramsey

Financial expert Dave Ramsey offered vital advice to a couple struggling with serious financial problems, an article shows Youtube video titled “We’re so broke we don’t know what to do!” »

Jessica from Dallas, Texas, called into the show, explaining that she and her husband, who make “maybe $3,100 a month after taxes,” were overwhelmed by their financial situation. They had incurred significant debt from installing solar panels on their home, adding to their mortgage and credit card debts. According to Jessica, the solar panels were installed last year and still owe about $30,000.

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Ramsey stressed the need for responsible spending, urging the couple to stop making impulse purchases, which he identified as a major factor in their financial problems. “You need to bite the bullet and write a promise in blood that says I’m going to stop buying crap I can’t afford,” he advised.

He suggested they pay only in cash and avoid using credit cards. Jessica agreed, but Ramsey emphasized the magnitude of the situation, adding: “You’ve put yourself in a bind.”

He stressed the importance of setting a strict budget and using one’s financial education resources to control their spending. Ramsey also suggested increasing their income and planning their careers strategically.

A key part of Ramsey’s advice was to prepare for worst-case scenarios. He suggested that confronting and emotionally processing this scenario could help them create a proactive plan. Ramsey mentioned the possibility of selling his home, valued at about $300,000 with a $197,000 mortgage, as a last resort to eliminate his debts. However, he preferred that they focus on increasing their income and managing their debts without selling their property.

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Ramsey reassured the couple by suggesting there was a way out even in the worst case scenario, saying: “I know I would cry a little, but I could sell the house and all this would be over.” This commentary was intended to help them visualize the worst-case scenario and realize that they could still overcome their financial challenges.

Jessica and her husband’s fight reflects a broader trend in the United States, where many households are heavily in credit card debt. According to recent statistics, the national average credit card debt among U.S. households is $10,848, with total U.S. credit card debt reaching an all-time high of $1.13 trillion in 2024. Additionally, approximately 47% of adult credit card holders have retained a balance on their credit card for at least one month during the year. last year, illustrating the widespread challenge of debt management.

The couple’s decision to invest $30,000 in solar panels, driven by a desire for sustainable energy, highlights the difficulty of balancing financial obligations…

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