Man with $12,000 credit card debt advised to cut up all cards by financial advisor.

From Yahoo Finance: 2025-04-12 10:31:00

A 52-year-old man called into “The Ramsey Show” with $12,000 in credit card debt spread across 27 cards. Dave Ramsey advised him to take drastic action and cut up all his credit cards to focus on getting out of debt. Ramsey suggested stopping card usage, creating a detailed budget, and eliminating financial support for his ex. With a $200,000 annual salary, the caller can pay off the debt quickly by minimizing expenses. Ramsey emphasized the importance of knowing where money goes and building savings to secure a stable financial future, especially for retirement.



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