A 20-year-old truck driver from Indianapolis shared his financial nightmare on “The Ramsey Show” – a $60,000 RV loan with sky-high interest costing him hundreds in wasted payments monthly. He owes $48,000, but a trade-in would only fetch $31,000, leaving a $10,000 gap. Hosts advised selling the RV and taking a smaller loan to cover the difference to reduce debt.

The caller, Jack, bought the RV on a 15-year loan at 18% interest while earning $2,000 monthly. Now earning $4,000 as a truck driver, he’s realizing the loan’s detrimental impact. With $800 going towards interest monthly, it’ll take 16 months before he even makes a dent in the principal amount.

Hosts advised Jack to sell the RV to minimize the debt, emphasizing that time was working against him as the RV’s value was depreciating. They suggested taking a smaller loan to get out of debt, not to add to it. Jack reflected on his mistake, cautioning against dealership markups and unnecessary warranties, urging others to seek advice before making big financial decisions.

Read more at Yahoo Finance: Dave Ramsey Caller Says He’s Paying $800 A Month In Interest On A $60,000 RV Loan At 18% For 15 Years. ‘Wow. Why’d You Do That?’