Couple Drowned By Debt On The Cusp Of Retirement: Live And Learn | CNBC

Sue and Rich Ramirez were in their 60s with $85,000 in debt. After one of them lost their job, the reality of an overwhelming mortgage and credit card debt set in. CNBC’s Live and Learn brings the story of a late in life financial recovery.
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Couple Drowned By Debt On The Cusp Of Retirement: Live And Learn | CNBC

[@johnnyjameson3641]

"We're not extravagant people" -Yes you are, you bought things you couldn't afford. That\s called extravagance.

[@ClearOutSamskaras]

People who are bad with money have incorrect ideas about what is appropriate to spend. Therefore, there's very little meaning when they self assess about whether they are extravagant or not. She mentioned they went on vacations in addition to the home improvements and yet, "they aren't extravagant."

[@nataliaperez9954]

That is exactly what I said.

[@DumbledoreMcCracken]

I almost married someone like that, but luckily she found someone like her.

[@ClickLikeAndSubscribe]

@@DumbledoreMcCracken lol

[@javiercontreras1521]

New flooring and vacation... you know, stuff we needed

[@eljefe1643]

A wise man once said: "He who buys what he does not need, will one day need what he cannot buy" Great motto to live by.

[@Essays4College]

A wise man once said, "If you're in the corporate world and you're over 50 every day at your job could be your last."

[@sherrieludwig508]

"it NEEDED a new floor? Not unless you fell through the old one.

[@Surrey360]

100%

[@thewhatsup]

😂🤣

[@bigalrambler7507]

Yeah, if you need a new floor, save money to pay for it.

[@johng9461]

They did all that before he lost his job I'd assume

[@sherrieludwig508]

@@johng9461 yes, and I cannot fault someone for buying a house, if it was within their budget, BUT save up for renovations and repairs that are not critical. I can live with peeling linoleum or ratty carpet until I can pay for it cash. Something new home buyers do not realize is that giving up the apartment also gives up the maintenance person AND the repairs being somebody else's expense. Especially when buying an older house have a few hundred to a couple grand set aside for repairs, renovation. If you skin your savings to the bare walls for the down payment you just bought too much house. Even with an emergency fund, when the furnace quits you may have to borrow to cover the rest, but it will be a smaller bite and you pay it off like the Devil himself were coming to collect the payments.

[@Peppermon22]

Growing up in the 2000’s constantly we are told “you are replaceable”. You better believe I have an emergency fund. I mean nothing to employers.

[@bobbywoods684]

My Mom and father in law were in cradle to grave oil and gas companies. I promise you they both were in the same boat as you by the 80's. They had some great years in the late 50's through 70's but it all ended abruptly for them. It was hard to watch. In the end both their retirements were a pittance and apparently assured healthcare evaporated. If any of that makes you feel better.

[@BearingMySeoul]

RIGHT! Anybody who saw what happened back in the 2008 recession should've gotten their house in order!

[@midlife_minimalist]

I started working in corporate America in 1989, my first layoff was in early 1992, the next around 1996. I’ve planned for losing my job my entire career. Surprisingly I made it through 2008 although I upped my savings rate substantially around that time because I thought it was coming.

[@Scott-by9ks]

I worked for the government and my dad though that was a save secure job, but you bet your ass I had a P.A.C.E plan!!! I learned early (2008)to take NOTHING for granted. I just turned 40. In 2015 after 11 years 2 months and 27 days the federal government decided it no longer needed my service.

[@chrisfajardo6222]

tear up the application except your name and address and put all that what you torn and your name and address part (untorn) in the prepaid envelope and mail it back, the credit card offers will cease. they will get the message and quit sending offers !

[@eleveneleven572]

We're not extravagant people..... $85,000 on credit cards!...and a mortgage. At 61... Come on...

[@jeffhynes6503]

...and stuff and vacations. @ 1:14

[@eleveneleven572]

@ymarrero23 Shouldn't have bought a house needing so much work. Its normal to factor that into affordability BEFORE you commit.

[@robertmaxa6631]

@ymarrero23 Having a mortgage or any finance payments, at retirement age, is bad planning. Personally, I believe, that If you can't afford a house, by the time you hit 40, you shouldn't be buying one. It blows my mind,when 50+, people, still have a mortgage. Home ownership, for me, isn't even a consideration.

[@bsolutions525]

@@robertmaxa6631 unless you are in your 20s and house hacking, then it's fine. My mortgage for 3 bedroom flat is $1114 per month, after renting out the spare bedroom me and my wife pay $200 nett for our mortgage

[@trancendental5373]

Mortgage is cheap money as long as you’re investing and getting a greater return mortgage at 60 is fine. They were ridiculous tho...

[@dialac1]

The beauty of this video is that they are still together and the hard times didn’t lead to divorce

[@Jordan-nj2ve]

The credit card offers just kept coming in the mail? You put them through the paper shredder!!!!

[@Rebekah_emeth]

Jordan F 💯💯

[@daleghim3234]

Even better, I use the blank side of the papers.

[@jcrowley1985]

I use the postage paid return envelopes to send their competition's blank applications back to them. If these credit card offers are as good as these companies say they are, I'm doing them a favor.

[@sandrasenner6456]

I send credit card offers back to the company already shredded and in THEIR envelope!

[@weareorigin]

The issue is it keeps coming. Two different offers from the SAME bank, in the same month.

[@JacobslifeinVegas]

2:10 "Stick to the plan. If I don't have money for this, I'm not going to buy it." WHAT A CONCEPT!

[@daveheel]

how many people actually pay attention to common sense though? this is why most americans are in cc debt. all it takes is someone to lose their jobs and things start falling apart fast.

[@workingshlub8861]

only about 30% of people even have an account with hard cash to pay 3 months of bills.

[@haroldbottom3474]

Working shlub: You really think almost one in three people in this country have 3 months of liquid savings? SMH

[@workingshlub8861]

meaning at least 70% do not..i agree probably more like 80-90%

[@notanomad9320]

daveheel, common sense isn't so common anymore. Sad

[@marcsherman6803]

' We were renting a home in Orange county..." It was over right there.

[@johnford5568]

nothing easier than borrowing, nothing harder than paying it back.

[@LinuxOs007]

real talk ! lol

[@MrJimmy3459]

And the credit card companies know this!

[@robertkelly9772]

The only thing harder than paying it back is trying to get that concept in most peoples empty heads.

[@67judson]

John Ford too true. What people tend to do is rationalize that $1000 TV and say "I CAN PAY IT OFF IN 3 MONTHS" Typically they will have the TV debt lingering for the next 7 years on a STUPID CC.

[@TehDutchStar]

If you can afford to borrow something, you can afford to save up the money and pay it in cash. Only exception being a mortgage for a house. There's no excuse to get in debt if you live within your means.

[@Mom_sBasement]

It was so easy to use credit cards sounds like something you would hear from teenagers, not 60 yr olds.

[@curiouscat3384]

I'm sure you're perfect.

[@donnadrane4977]

Ahh , you would be surprised.

[@sixbrigands]

I’ve only ever heard this from boomers. They act like credit cards are some sinister way of tricking you into spending.

[@abhi2010a]

I like the chemistry between the couple. They truly live the meaning of marriage. I will stand by you through rich and poor. Hats off.

[@SveikatosOaze50plus]

boom! I realised same. Together can overcome any obstacles

[@sniferlip]

Well, it is obvious they are truly on the same intellectual level and suited for each other.

[@aslscott78]

Do u think it’s an arranged marriage? Are cows 🐮 holy??

[@antoniochiappetta4833]

Well said, agree

[@aslscott78]

Gryazev-Shipunov lol freak go marry a non Indian u racist arranged marriage freak

[@jackryan2135]

You don't just rack up 85 G in debt "Before you know it"

[@hollyb6885]

Jack Ryan Geez if my monthly credit card bill is over 2500.00 I start to sweat. If I had balances totaling 85,000 I’d have a stroke!!!

[@wreckingopossum]

That's not true Many doctors rack up $85k in consumer debt and $300k in student loans "Before they know it" Good thing their $300k or $400 or sometimes $800k or more per year shovels are there to dig them out

[@prudhveenalluri]

@@hollyb6885 that stroke would add another $100,000, i'd rather not

[@hollyb6885]

@@prudhveenalluri Sad but true.

[@JohnDoe-zz7on]

When you buy the usual. fixer upper house, money flows out like water. And if your not handy, money floods out like water.

[@easterlake]

Sounds 100% self inflicted.

[@MiamiPush2theLimit]

I’m 32 and $10,000 in cc debt. I feel overwhelmed by it. I can’t imagine $85,000. I’m going to shred my last cc now. I can’t keep doing this.

[@jeffstuehling3510]

MiamiPush2theLimit just some encouragement. My wife and I are still working down student loans but once you make that decision to change the way you look at and handle money it starts getting easier.

[@joybrautigam9529]

I panicked when I had a debt of 5K.

[@SveikatosOaze50plus]

hello MiamiPush2the Limit I just curious do you keep your options opened to make some extra money?

[@JayJay-ue3xy]

I feel bad for Americans with student loans. Education in the US is for the rich. Glad Im studying in Australia because the government puts between 10-15k AUD into your degree each year.

[@LarsonFamilyFarm-LLC]

I'm 56 now...but when i was 24 my brother gave me a valuable piece of advice...that is....You GOT to pay off your credit card bill each month in full...No matter HOW HARD IT HURTS. "NO MARK, ARE YOU LISTENING YOU HAVE TO PAY OFF YOU CC EVERY MONTH IN FULL!" I did just that, kept his advice and over the years and there were a hand-full of months that were $3,300 to $4,400. dollars (no lie!) super painful HIT....but i did it...never spend a dime in interest payments. Best advice from my brother ever as i'm wealthy now...my brother on the other hand.....settled bankruptcy too much debt. Your 10k is not bad....anythign under 20k is workable. Just pay that off...and you will need ONE Credit card during your life, accept that....but this next time...pay it off each month no matter HOW PAINFUL....and it gets painful...trust me.

[@petersachs764]

Unless you are in actual danger of falling through your floor, you don't "need" new floors on credit. 😆

[@joesmith942]

I am glad they eventually figured out that you can't spend more than you make - even if it took them over six decades.

[@mattdathew2794]

times 2, is 12 decades

[@robertkelly9772]

I guess they figured that if it works for their government, it might just work for them too.

[@LarsonFamilyFarm-LLC]

Yeah really....and who buys their first house in their mid 50's and rebuilds-refurnishes it.....and who doesn't take into consideration a loss of a job or health issues from 55 to 65. They set themselves up for disaster. Normally you buy your first home from 25 to 35 and by age 50 you become an "investor" with your excess funds. What were they doing from age 20 to 45?....they must have been in an apartment raising kids and spending like crazy.

[@jj7958]

what a concept.

[@hayprofilms]

If people did not use credit then the banks would be in big poo poo.

[@PositiveMommaLife]

So glad I found Dave Ramsey at 41. Debt free and house almost paid off. Live beneath your means and pay yourself (saving and invest) first.

[@LGnLA]

❤

[@maffamily1126]

So how old are you now?

[@joeyo3386]

M Detlef Im sure you have no debt huh

[@joeyo3386]

M Detlef “the mortgage” aww how cute. Try owning 300 units at age 35.

[@louisw4390]

If this Ramsey stooge is so profound, why doesn't he talk to Congress? He's just another shill to distract you serfs from the fact that the 1% and their minions in Congress are robbing you blind.

[@gn6300]

I'm glad they had a happy ending. I'm tired of feeling depressed over situations from people I don't know.

[@mandysimmons2769]

You may be a dear heart and on the sensitive side. That is not a put down I'm a sensitive soul and yes...I have to not watch too many of these type of sad downer things. It is hard to be a sensitive male. I'm in a support group on faceB to learn how to cope. I just read ur profile page...Oh dear, I hope things are better for ya!

[@adrijdin]

AMEN!

[@RM-eg1ed]

My whole married life, my main goal was to prepare for my retirement. We did without for many years, kept our debt to minimums. We sold our house and moved out of the city to the country. We bought our final house outright and we did it at the age of 52. Never try to keep up with the Jones’, live within your means.

[@TerraAcox]

I'm really proud of the lengths this couple went to in order to get out of debt.

[@Smileyyy21]

Thanks to Dave Ramsey I'm done with my credit cards and I'm now attacking my $7,000 dollar student loan.

[@camman6912]

Smileyyy21 good for you Wish I had access to Dave Ramsey videos when I was young

[@aeromedical6750]

Great job. Best of luck to you. I cut up my credit cards 6 years ago and haven’t looked back. One of the best feelings you will ever have is never seeing another credit card statement in the mail again.

[@WhatsUpWithSheila]

I love Dave Ramsey !!.. Even though I had already started my own plan three years ago and I'm now OK .. between my own results and his teachings.. I feel VALIDATED ... because God knows my family & potential dates, looked at me like I was poor when I started cutting things back.

[@JAYNEmM1962]

That's the plan I did back 10 yrs ago I doubled our mortgage and car pmts, paid everything off and all we have now is insurance, utilities. save save save

[@marytami3256]

Love Dave Ramsey! I'm in baby step 2 now.

[@frankish5314]

Lessons that should have been learned by 18 are learned in your 60's.. Wow!.. just wow!

[@tibsyy895]

LOLL

[@CarlosMartinez-fv7dk]

So true

[@jeanlenor1858]

He was too busy riding his bicycle when he was young. Now, he s back to it.

[@jeanlenor1858]

@Wonder Boy loll

[@aeonlives]

He can't even wear a damn helmet properly.

[@ed5308]

Before Dave Ramsey there always was live below your means. I am 71 years old and drive a 98 honda accord with 170,000 miles on it. Changed the oil and changed the brake pads got major services at dealer. I had friends bought new cars every three years. Lets do the math. One car paid cash for $ 17,000 divided by 20 years equals $ 850 dollars per year. This is how you can retire debt free. Its not that hard.

[@acrobizer1238]

Agreed..new cars keep you poor!

[@jdl9623]

2:11 "If I don't have the money for this, I'm not going to buy it" I didn't know you need to take classes to figure that out. I thought it was just common sense.

[@razorramoang5947]

i have lots of credit cards and i pay them off regularly , most times they are all at zero , i buy things i dont have immediate money for , so not sure what everyone is talking about . Cards come in the mail some go into shredder some get added to my collection . big deal . Just have to be able to control them . Credit cards have saved my butt many times , just got stranded in a foreign country and my one card was up to $12,000 in cancelled flights , returned home and got it all back because of my credit card company , try that with cash or bank card .

[@iceman2921]

No one forced you to take the cc's. You chose to spend more money than you bring in each month. I will never understand why people do this stuff to themselves. It's a very simple concept.

[@camman6912]

Cut up your credit cards Make a budget Stick to it

[@darod850]

My grandmother was approved for a $15K limit credit card and she doesn't even work. Made her pay off the small balance and made her close the account. My parents are in their 50's and have been working since their teens and have absolutely nothing to show for it except a wallet full of credit cards. This country basically runs by keeping people in debt for life. Not even mentioning student loans.

[@sengyang6780]

That's why I quit the rat race more than a year ago after working for 27 years.

[@ariefraiser140]

@@possiblyinsane6995 the older retired people I know who are the most happy are those that are living debt free. And you are encouraging an elderly woman who is most likely on social security to bring in more debt to her life and risk getting her checks garnished.

[@Lawliet734]

@@sengyang6780 Quitting the rat race = no more debt? Perhaps no more _new_ debt, since one can't get a loan without income, but one doesn't need debt by being in the rat race!

[@pearlytakeda2136]

@@possiblyinsane6995 she will likely pay it back. The point of these credit cards is so the elderly rack up a balance that grows at 27% interest while they pay the minimum. When they die the credit card comes after their estate.

[@howtocossackdance]

BlackBronco1972 People who are to further their education, so they don’t grow up blind like yourself, have to take loans to pay for college.

[@devnerdgirl4638]

Dang, these comments are so harsh. The important thing is that they learned to live within their means. There is probably more to the story than the 5 minutes we saw.

[@tammyg8031]

Exactly!!!!.. People are so damn cruel

[@DP-jy2ge]

Are these people 6 years old? You did not NEED new bathroomS, plural, nor new floors, and you did not NEED vacays. Put up with your crappy bathroom/s and floors until you can pay for them in cash. Or give em a lick of paint and a new shower curtain and be done with it. Unbelievably juvenile humans.

[@europanzz]

Im 66 and have never had a credit card. I own my own house.If I dont have cash for something I dont buy it.

[@jean-claudelol563]

Moral of the story: Live within your means.

[@sherrithorne5634]

They are a lovely couple. Ian happy that everything worked out for them.

[@timothyrichardson7751]

don't buy crap

[@sharinglungs3226]

World economy runs on people buying crap. If people stopped there would be massive unemployment including your job. What people need are extra income streams to pay for it all.

[@berksarioz969]

That's like saying "put the fork down" to someone that's overweight. Thanks for the obvious 🤣

[@JustineCarissa]

I like how they still held hands even though things were happening to them.

[@mmp495]

I love the part where he's putting on his bike helmet😄 🚲🚲🚲

[@howlbigbadwolf]

"Rice and beans, beans and rice" - Dave Ramsey

[@bobbiclinger7500]

It's such a shame that it took this couple so long to learn those valuable financial lessons.

[@pleasuretokill]

I became debt free at age 40 last yeat. Total bills per month $600 as I rent and have a phone bill and have a roommate. I could get my own place, but living cheap is Paramount to me. I have become almost addicted to cutting costs and becoming a minimalist and saving/ investing. It's just so freeing to have money in the bank and very little bills. Debt is the devil 😁 I will never go back to the life of credit. From here on out the game is how much cash can I stuff in my pockets!

[@crispappletart]

Simple life is best.

[@frankyu6984]

I'm glad to see the story wasn't going to where it usually goes...people feeling sorry for themselves and not taking responsibility for being broke and being in debt.

[@andhisband]

Not to mention continuing to do the stupid thing that got them into trouble in the first place.

[@yaminatoday1151]

I love that he got rid of one car and bought a bicycle instead. That was kinda cute. He will save money and get some exercise at the same time.

[@PebbleBeachLife]

I live every months as if it's going to be my last paycheck. I save 63% of my salary, trying to push for more. I am a minimalist living on only what I need.

[@michaeledwards7967]

Message to all young people....do not get into debt!!!

[@petermartin9494]

They thought they were "home owners", but in fact owed more than the home was really worth. I don't know if i should laugh or cry.

[@buffymcmuffin5361]

They spent money fixing up the house and vacations and now they're complaining?!!

[@alicesais770]

I didn't hear them complaining, I heard them explain their bad choices, and how they have now changed their choices, by hard lessons that a lot of people have learned late in life.....

[@Milton754]

Stop judging and hope that you are never in their situation. They never thought there would be a minus in income in their home.

[@gerardinecizmar]

Unless you're wealthy,never take anything for granted. Vacations charged to a credit card? Just plain stupid. You have to enjoy life but you have to be practical.

[@markjackson3894]

No. They didn't complain and then you lied and said they did. See how that's different?

[@Username-ze1ux]

Yeah that’s kinda extravagant

[@joelvaldez5577]

them: our house sold for 320k, we owed 350k, the bank took the short sale and lost 30k. the bank never looses, never lost, and never will. mortgages are so inflated that they can take what seem to be a loss to them, but still profit from it.

[@dw309]

“Get what we need. What’s the big deal?” Lmao.

[@James-mw7zv]

No substitute for frugal living, no matter how much comes in always live simply and invest maximally.

[@workingshlub8861]

next time someone asks why i only use cash....i say go on youtube and type in bankruptcy.

[@topcomment3816]

working shlub Quite possibly the dumbest comment I have ever read on KZbin. Here is your award🥇

[@sharinglungs3226]

Cash makes me nervous. Always feel like I might lose a bill or coins. I much rather use credit cards to track my spending and collect points that I can redeem.

[@workingshlub8861]

@@sharinglungs3226 those points are costing you thousands...

[@112428]

@@workingshlub8861 Not if you pay everything off that same month so you don't pay interest. CC companies expect most people don't pay them off every month. The card I use gives me 5% cashback, so it's like I get a 5% discount on almost everything I buy. I put the cashback towards a statement credit.

[@ucbre]

Good for you two. Through the difficult times, you managed to stay together and ride it through. Nice!

[@poodlegirl55]

They one day suddenly discovered that they owed 85K? They bought their first house when they were in their 50's? That is when we paid off our house, so we could concentrate on saving for retirement.

[@zeppelin0110]

Can't believe there are still people who don't understand that a credit card allows you to spend MONEY THAT YOU DON'T HAVE.

[@Plumber1111]

They need to really educate high schoolers on money management. I was lucky enough to have a grandpa that owned his own plumbing company back in the day and a dad who was a regional banker manager.

[@heusniet]

'If I don't have the money for this I'm not gonna buy it'. And it took you 6 decades to figure this out? Jeez.

[@ddellwo]

I guess it’s always shocking to me how people well into middle age can be so unbelievably financially illiterate....???

[@donniemoder1466]

Glad there was a reasonably happy ending to this story. They faced their issues, got advice, executed their plan and now are financially solvent. It must be a relief.

[@jeffc1347]

Let this be a lesson for every young person. Put 15% of your income into retirement index fund, buy a house when your young, take out a 15 year mortgage, pay off your mortgage ASAP, never borrow money to buy a car, and build wealth.

[@mariaalano3077]

it's not the high cost of living, it's the cost of living high.

[@ThrifterGuy]

Oh to have a wife like this. I can only wish. Someone who will actually stick by you through this kind of thing.

[@misspriss2482]

No offense, but at her age, it's easier to stay than to start over. Just being realistic.

[@ThrifterGuy]

@@misspriss2482 I can't argue with that. However it's still surprising in this day and age.

[@catherinep2034]

Not all husbands appreciate when their wife sticks by them. My ex-husband created debts, I helped clean them up. He resented me for it.

[@ThrifterGuy]

@@catherinep2034 I understand and there are always exceptions. I just like when people stick together. It just doesn't happen much any more. So it's nice to see in any context.

[@happygayconservative4737]

It's hard to feel sorry for people that age, doing that to themselves. I'm old too, and I use cash and "no cash, no buy."

[@Melly16yr10]

That's how I am if I can't buy something in Cash I don't buy it either.

[@sahilmishra11111]

"If id dont have money for it, I wont buy it" WEELLLL DDUUUHHHH!!!!!!!!

[@rickuyeda4818]

Wow! How stupid. I've only had one gas card and one credit card. Each month the balance was paid off. I've never taken equity out of my house. I'm retired now, the house and car are paid off and living on my pension. I have one new car which is paid off but my daily driver is a 2000 Saturn. My truck is a 96 Dodge and I have 2 hobby cars. A 52 Chevy and a 63 Pontiac. I haven't ever drawn social security yet because I don't need it. I was in the bank when I overheard an older gentleman trying to get help because he was losing his house. He had taken equity out of his house every time the market went up. They had used the money for expensive vacations and now he couldn't afford the payments. His house was worth less than he owed. I didn't feel sorry for him at all. I never took vacations, instead I took the cash to help pay off my house.

[@DP-jy2ge]

Rick Uyeda And that's how it's done.

[@LGnLA]

Tfs!! I have to FOCUS!!!❤😊

[@ferdhinico.3402]

They are lucky they were able to sell their home. If not they would be screwed

[@purpletree8965]

They sold their home for 30,000 less than they owed.

[@andhisband]

@@purpletree8965 And the bank ate that shortfall.

[@eldermillennial2000]

The bank sold their home for $320k. That house would be worth over $700k now.

[@MeZzZzZzZzZzZzZzZzZ]

Dont make this like "oh this unfortunate thing happened to us" YOU did it! You made stupid decisions. Forgive me I don't have pity for stupid people.

[@LinuxOs007]

Stay away from credit cards !

[@LinuxOs007]

Use debit cards......... spend only what you have OR ask for handouts instead of asking to borrow.

[@hollyb6885]

Pharaoh Dumbledore If you aren't disciplined enough to only charge what you can pay off each month, the don't use credit cards. I use a credit card for everything and pay it off each month. There's no fee to use it and the cash back helps pay for vacation.

[@Milton754]

I have too many and I agree totally.

[@CasiodorusRex]

Nonsense, use your credit cards responsibly is a better statement.

[@gaybama5957]

Nothing wrong with CC's, they helped me out of a jam...you just have to be responsible with it.

[@dgerdi]

I am so glad you two finally understand it and got the chance to handle the debt! God bless you and your retirement periode of Life.

[@suraj22ish]

In 4 minutes i lived an altreality of myself at 61 , these kind of videos are actually giving second chance for many.

[@estellethresher8993]

How lucky are you to be living in a country where you get social security! In my country there is no assistance at all which in a way is a good thing. If we can't afford a vacation we don't go on one. It teaches us to be more responsible with money from the start.

[@lindamitchell-fox1926]

Social Security is something we pay into our entire working life. We don’t get out nearly what we pay into it so it’s not an ASSISTANCE, it’s what the government forces us to pay into. We aren’t lucky and after paying into this since I was 16 I’m now 55 I’ll be lucky if I get my money when I’m of age.

[@ERIN_198]

Credit card offers kept coming in the mail? What the?! So throw them in the bin. Sheesh

[@ChrisLitton]

Never live beyond your means. Also never just rely on your job. Anything can change, try to always stay debt free if possible.

[@Essays4College]

You’re over 50 in Corporate America and you never thought about losing your job? That has to be the funniest thing I’ve ever heard in my life!

[@ButcherBird-FW190D]

Yes, he wasn't really thinking.

[@hmmichael438]

“Credit isn’t real money” yeah I could have stopped the tape right there.

[@Goldi3loxrox]

Money is not even real money.

[@tpowell3776]

I have been called a "Cheap Skate" throughout my adult years by numerous friends, who didn't like that I always wanted to pay only my part of the dinner bill and NOT the entire amount, or that I wasn't out spending $$$ on new outfits every weekend to go partying....Instead, Im not in debt, save my money, live within my means, paid my house off within five years of purchase, invested in another one that is a rental....I don't feel deprived, I prefer the simple, non-material life with financial security..

[@jeisselima]

T Powell Word! Me and my husband decided to have a small wedding and buy a house and have 1 year worth of the mortgage and bills saved. A life investment is definitely better than one day thing.

[@raiden031]

I had friends who were cheap skates that basically paid their portion of the dinner bill, which is fine, but then they would skimp on tip so I have to leave extra tip so that the wait staff isn't being exploited by my cheap friend.

[@tpowell3776]

raiden031 ...As a responsible person I wouldnt consider that behavior to be acceptable from a "Friend" or anyone I went out to a meal with..Tipping is part of paying for your time going out...If you can't afford to tip, You can't afford to go out and need to stay home....Part of my "Minimalism" and moving toward financial freedom is to respect others financial journeys a well..

[@ryang3627]

It's so easy to justify an expense saying you need it. Needing work in the bathroom doesn't require a full reno, you can fix what you have. Especially if you don't have any money.

[@viviendanskin4554]

pleased there story had a happy ending. Its very easy to fall into debt no matter what your age.

[@stvdmc2011]

it is easy because you are greedy. Thinking you are spending other people's money. Think about it...........if you are not greedy, you wouldn't care how good of a deal is?

[@scottireland5414]

Live below your means, save, invest your money wisely, and don't get divorced. It's not rocket science.

[@ndukulusudikucho_]

I feel so sorry, may God be with you in every step you move

[@paresaalizadeh2423]

Thank you for sharing your story.. it really made me rethink some things

[@tomwebber9377]

Dave Ramsey makes a lot of sense. However, for those of us who are late to the 'awakening' it's new territory for us all. I'm 53, single, no kids and about $60k in debt between bad financial choices in the past, and a have it now lifestyle. I'm working solely on paying off my debt. I have a three year plan that I may be able to manage in 18-months with a new job opportunity that was just handed to me by the grace of God. With my current situation, I am able to redirect funds once used for housing and living expenses (now paid by my employer) toward my debt for the next several months. A large end of cycle bonus will enable me, all things being equal, to eliminate all of my debt for the first time in 30 yrs. I curse the day I fell into the credit card trap. It's a painful lesson to learn, but once you embrace it, face it and tackle it head-on, you'll be on the road to peace of mind.

[@garryharriman7349]

Tom Smith Maye 'God' could be graceful again and pay off your debt? Maybe this God that is so graceful can put an end to all the problems that blight the world that he supposedly crrated.

[@garryharriman7349]

Mark Delfigalo Not really. If people come out with statements like that, they deserve to be challenged, don't they?

[@BigRed2]

Garry Harriman Maybe if you read the Bible you would know god said debt is bad, so by getting into debt you didn’t listen

[@user-tm4my4jb6d]

40 and six pay checks from being finished. Don't worry. You can do it.

[@philipbrown2225]

I guess you have never heard of bankruptcy bro, thats what I did. as long as its not student loan debt you can wipe that 60k away and get a fresh start. cc offers will still come in the mail and over they years you will build your credit. but personally I am 58 and have never needed good credit

[@landlord5552]

Renovating home with credit card loan...common sense right

[@ALEXFVHS]

Didn't realize this was an ad for credit consolidation company lol

[@roxannegordon6162]

"I could buy whatever I needed." No you couldn't. You had no idea what you owned, so you were dreaming. "If I don't have the money I won't buy it." What a concept.

[@psyche100]

Will some one PLEASE explain to me the this obsession with 'owning a home'? This couple sounded like they were fine before they had to make this purchase that made them 'so proud'. Also, if you have a mortgage then you don't own the home.

[@anna_m59]

psyche100 because it's yours. You don't have to worry about where you put a nail into wall etc...

[@MsMesem]

Also because renters can always be asked to leave...

[@Kevin_Roche]

You can also be asked to leave if you are unable to keep up with your mortgage payments. That's called foreclosure.

[@georgievvladimir]

Exactly! We have same words in Bulgarian like put a nail into the wall.....

[@UnoriginallyInclined]

Right. At 29 years old I don't get it. You have to pay for maintenance and home owner's tax. I can rent and leave all that to the landlord, then use the difference to invest in the stock market. Instead of a mortgage for ten years I have an investment that has no overheads and just grows in value and even pays me cash money. I can get out of it any time I want with no repurcussions. And when it's big enough, I can use the dividends to pay cash for a house anyway. Seems like a no brainer.

[@domjervis]

WOW! Kudos to that couple for such an amazing turnaround!

[@tibsyy895]

I will never understand this way of American thinking. You just buy whatever you wanted to you go to holiday wherever you want to and you don't think about tomorrow. It is just shocking!

[@WhatsUpWithSheila]

That "homeowner" dream.. has become the bane of a lot of people's existence 😔.. I am so happy for the two of you I almost want to cry 😅😅😅

[@berksarioz969]

CNBC bringing you: Boomer Money. @Graham Stephan If you see this..

[@catherinesteph]

😂 I was thinking the same. Need to see a reaction for this one

[@6663000]

They act like they were diagnosed with cancer or something.... this didn't "just happen"... you made a series of poor decisions.

[@rozitamb594]

thanks for sharing..that was a brave thing to do, step up & make the “change”..! Live debt free life..

[@johnford5568]

Next time somebody says what's the use of math, never needed it, I'm saying bs.

[@yellowbird5411]

People don't plan for tomorrow. They want to have a good time today. Saving for some is boring, boring, boring, and they justify spending every dime by saying, "Hey, I could die tomorrow." People know how to save, they just don't want to. They also know how not to use credit cards, but that's no fun, either. They figure tomorrow will take care of itself. Many just claim bankruptcy, and get rid of all their debt. Others simply stop paying on their credit cards and waltz off into the sunset. I know two people, and each of them did exactly this with about $20,000 in debt each. After awhile the bills stop coming, and since they have enough money to live on, they just walk away. I, too, had $20,000 in debt, but I had three houses. I sold one and paid off all of it. I was lucky. I never abused the cards. They were there for emergencies and property repairs. But money can be wasted on small things as well as big things, and at the end of the day, it is all just debt.

[@joybrautigam9529]

Lynn Proctor People used to consider their home equity as safe money until the recession.

[@keegan773]

Bin the credit card if you find you aren't able to clear it EVERY month. Once the banks have you hooked they won't let go.

[@sharoncrawford3042]

Thank God, we got out of debt when we were in our mid forties. Have been a one income family for years. We keep our cars for many years. We have a home worth over 250,000 and it is paid for. We have some savings, and my husband has a small retirement fund through his job. We have really tried to stay debt free. We are both in our early 60s. My husband uses credit cards to order things we need sometimes. We pay them off each month in full. Credit cards are bad news when you keep a balance and have to pay all that interest. People use them for whatever they want, and live above their means. Also, people buy new cars and make payments. We bought a new car in 2004. Paid cash and still drive it. We wont buy cars if we have to make payments. My husband has an older truck. He bought a small new car in 2016 to drive for work. Paid 16,000 in cash. We are not wealthy by any means. We use to be middle class when my husband had his own business in Florida. Then we moved back up north where we are now. He lays brick and works union now. But we live very modestly. But one reason we are debt free is because we always lived in or below are means, and have stayed out of debt. When you consider all the interest you pay on credit that keeps you in poverty. Or puts you there sooner or later. People just barely keeping their heads above water. Im talking about people who have a good income. So, no matter how you have to live do it debt free. You dont need the new cars. You dont need expensive cell phones and cable tv. And if you smoke cigarettes , think about how much that cost you. You dont need vacations. My husband and I dont do any of these things. People dont want to deny themselves of these things. And many are barely paying their bills. You will not be happier just because you have whatever you want. But you will be happier being debt free. If my husband doesnt have a job, we dont have to worry that we wont have a roof over our heads. We dont have anything the bank can repossess. Its not that hard to do.

[@benden5095]

That's the financial woes of America, credit card debt.

[@dpolitoaaa]

the bathrooms in the new house 'had to be redone...'???

[@DP-jy2ge]

dpolitoaaa Yes ... that was ridiculous, no? I have vastly more money than these idiots, and still have crappy bathrooms.

[@signalfire6]

Yup. Stop watching HGTV, idiots. Unless the toilet doesn't flush, you don't need a new bathroom or new floors.

[@chieftp]

the floors were probably rotted from leaking plumbing. they never said the house was new.

[@desertguy1362]

New to them probably not brand new construction

[@User84030]

dan cussin Yes many homes need pretty serious repair when they are purchased. If there is plumbing issues, broken toilet or shower it does HAVE to be redone. Easier to repair before you move in than when you’re already living there

[@KingHarambe_RIP]

It’s easy to fault the couple for their old habits but choose to see this as a story of hope. Many debt situations can be overcome if we have the humility to cut out nonessentials and the discipline to stick to a plan. In a world filled with horror stories about debt, I like to think of stories like this.

[@johnbrown7858]

Ultimately, this is a success story!

[@elsaruiz8792]

I used to work at a mortgage servicer & unfortunately would find that people close or already in retirement could no longer pay their mortgage it was sad because they were losing their homes. It's always recommended to pay extra towards your principal balance anytime you can to pay off your home sooner. I hope I can pay off my home before I am 50 & before I need to send my kids off to college.

[@bonnieingram5916]

prayers never give up