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
Apparently a lot of adult thinking never crossed their minds.
“Get what we need. What’s the big deal?” Lmao.
It these 60 years to find out simple things about money. Damn
They have won the game… file for bankruptcy and live off SSI…
Great story.
Dumb people get no sympathy from me. And the older generation think the younger generation is foolish with money.
I really want a camper van so i will save for it. Bet they still have a massive income compared with many.
Im happy to see them learning this at 60. Its a nice story. Sadly In our country we normalize debt.
"SELL THE CAR!!"
No reference to the elephant in the room: What made them sign up credit cards with APRs around 15% and only go for minimum payments over years?
They may not have been financially savvy – but this is like running every red traffic light on your path…
It's called bankruptcy. Something that student loan borrowers can do.
Most people live far beyond their means. People don’t think. Know your finances.
CNBC bringing you: Boomer Money.
@Graham Stephan If you see this..
Call Dave Ramsey
61 and thinking CC spending is free.
Credit card companies are charitable institutions, didn't you know? And getting 5 cards is just multiplying your smarts by 5.
They can do DoorDash, Turo and become Notaries in the state of California and do Loan Signings these are all the income streams I do and I live very comfortable and self employed thank you Jesus.
Shoot when those credit cards ? offers comes I tear those Devil ? papers up I don’t need it.
Oh to have a wife like this. I can only wish. Someone who will actually stick by you through this kind of thing.
All they needed was some Dave Ramsey
You can’t buy whatever you want if you have you to put everything on credit
Wow, mature adult people. Who don’t know, about basic finance.
Don’t let this happen to your kids.