21 And Ashamed About How Much Debt I Have

Summary of 21 And Ashamed About How Much Debt I Have

by Ramsey Network

5m•November 5, 2026
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Overview of 21 And Ashamed About How Much Debt I Have

This Ramsey Network clip is a call-in financial coaching conversation with a 21-year-old woman who feels ashamed about her debt despite earning a high income. She and her boyfriend together make about $200,000 a year, but they’re carrying debt on an RV and a car. The advice centers on selling unnecessary assets, cutting payments fast, and using their income gap to build real wealth.

Main Financial Situation

  • The caller is 21 and says this is her first year making six figures.
  • She and her boyfriend each make about $100,000, for a combined household income of roughly $200,000.
  • They split most bills 50/50, including debt payments tied to shared assets.
  • She has:
    • an RV loan with about $30,000 left
    • a car loan on a newer vehicle purchased recently
  • The RV is worth about $28,000, and she received an offer at that amount.
  • The car is valued at about $27,000, and she wants to pay it off quickly.

Key Advice Given

1. Sell the RV immediately

  • The host strongly advises selling the RV since it is a large, unnecessary payment.
  • Since an offer already exists, the recommendation is to take it and eliminate the loan.
  • This removes a major monthly burden and frees up cash flow.

2. Live below their income

  • The caller is encouraged to act like she makes much less than she does.
  • The goal is to put the “extra” income toward debt payoff, savings, and future investing instead of lifestyle inflation.

3. Pay off the car as fast as possible

  • With the RV gone, the car should be the next focus.
  • The host pushes for an aggressive payoff plan, ideally within months.

4. Build financial margin

  • Once debts are gone, she should:
    • build an emergency fund
    • avoid future debt
    • start investing for the future
  • The core principle emphasized is: “live on less than you make.”

Notable Takeaways

  • High income does not equal financial freedom if spending and debt are still outpacing discipline.
  • The caller is actually in a strong position because she’s young and catching these mistakes early.
  • The host frames this as a positive turning point: she has the income, the awareness, and the opportunity to fix things quickly.

Recommended Next Steps

  • Sell the RV
  • Apply the freed-up money toward the car debt
  • Tighten spending and budget as if income were much lower
  • Focus on debt elimination before lifestyle upgrades
  • Continue reading/listening to personal finance education to stay on track