Young woman advised to embrace debt-free living after mother racks up $186k in credit card debt

From Yahoo Finance: 2025-06-28 13:00:00

Jessica from South Carolina discovered her mom racked up $186,000 in credit-card debt using her Social Security number. Despite having her credit wiped clean, Jessica struggles to get a credit card or buy a car. Financial advisors suggested marriage, but co-host Ken Coleman disagreed.

Living debt-free is a paradigm shift for Jessica. Americans owe $1.18 trillion in credit-card debt, and high APRs make it hard to escape. Forbes Advisor found that card payments lead to higher spending and impulse purchases. Ramsey Solutions recommends living within your means and saving for big expenses.

Without a credit card, Jessica needs a side gig to save for a car. Forbes Advisor’s survey shows card payments lead to higher spending and impulse purchases. Ramsey Solutions advocates for debt-free living and using cash instead of cards. Budgeting and reducing unnecessary expenses are key to financial stability.



Read more at Yahoo Finance: Ramsey Show hosts urge young woman whose mom racked up $186K of debt in her name to embrace a ‘paradigm shift’