A couple from Ohio, previously making $230,000 combined, now faces $628,000 in house debt and $500,000 to $600,000 in other debts. The husband lost his $120,000 job, they owe the IRS $56,000, and have trouble living within their means. Larissa’s $30,000 side business taxes were neglected, adding to their $1M+ debt.

To prevent financial crises, maintain an emergency fund, live within your means, and monitor taxes closely. Dave Ramsey advised the couple to negotiate a payment plan with the IRS and sell their expensive cars. With their high income potential, there is hope for a brighter financial future.

Read more at Yahoo Finance: Ohio woman admits to Ramsey she and hubby are over $1M in debt, including $56K to the IRS, and face a lien on their home