Ryan called into The Dave Ramsey Show seeking advice for his crushing debt of $181,000 on credit cards, personal loan, car loan, and student loans, in addition to his $767,000 mortgage. Despite making $140,000-$220,000 per year, Ramsey urged him to sell his home, car, and cut spending to pay off debt.

Ramsey criticized Ryan’s debt of $947,000, far above the average American’s $105,056. Despite his high income, Ryan struggles financially, prompting Ramsey to suggest aggressive debt payoff methods to become debt-free.

Ramsey advised Ryan to make drastic lifestyle changes, sell assets, and live frugally to pay off debt. The caller was reluctant to follow these suggestions, insisting on a consolidation loan. Ramsey emphasized the importance of sacrificing luxuries to achieve financial freedom.

Ramsey highlighted the necessity of setting financial goals, tracking progress, and living within one’s means to overcome debt. He stressed the importance of creating an emergency fund and rebuilding finances after becoming debt-free to achieve financial stability.

Read more at Yahoo Finance: Dave Ramsey says ‘it’s stupid’ that Seattle man has $180K in debt despite making more than six figures a year