A MARRIED woman in a tough spot received some advice on how to climb out of the couple’s hole.
She called upon financial experts for the best course of action.
GettyThe couple has over $200,000 in student loan debt in their 60s[/caption]A woman under substantial debt is looking for answers as she and her husband approach retirement age.
“I’m 63, my husband is 60, we’ve been married 36 years,” the caller from Phoenix, Arizona said.
“And most of our marriage has been full of debt.”
The woman called into The Ramsey Show – a debt management advice show hosted by finance expert Dave Ramsey.
The woman claimed that she and her husband have amassed hundreds of thousands of dollars in debt across their decades of marriage.
“Right now, we have about 44,000 in credit card debt, we have an $800 truck payment, 200,000 between the two of us in student loans,” she told Ramsey.
“We have no retirement whatsoever except our home.”
Ramsey seemed incredulous that two near-senior citizens could have such high student debts.
“Help me with how you have 200,000 in student loans at 64 years old,” he said.
“We’re late bloomers,” the caller answered.
The woman claimed that her husband had received two master’s degrees later in life, resulting in the late-stage loan debts.
Between the two of them, their take-home income was $5,635 a month, according to the caller.
Ramsey was surprised that the couple, who are both teachers, were making as little as they were.
“Teachers that have two master’s degrees should each be making [$60,000].”
The caller claimed that they owe around $30,000 on her husband’s truck – approximately the value of the truck itself.
Both Ramsey and co-host Jade Warshaw suggested that they sell the truck “today.”
However, the woman claimed that her husband was not willing to part with the truck.
“Then I don’t think I can help you.”
Ultimately, Ramsey laid the blame on the caller’s husband and said that it was his responsibility to take care of their debt by selling the truck.
“It was his choice to buy a truck, it was his choice to go to school and get degrees that have not monetized,” Ramsey said.
“These were his choices. And so now, at 60 years old, he gets to be a man, and own his choices and go, ‘My family is in jeopardy, I’ve gotta sell my truck.”
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