Henry liquidated his retirement savings to maintain a $90,000 lifestyle after an AI-driven layoff cut his pay to $50,000, leaving him $45,000 in debt.
His $15,000 personal loan at 35% interest costs roughly $5,250 per year, far exceeding the record-high average credit card APR of 21%.
Ramsey Show hosts urged Henry to sell his car, eliminating a $620 monthly payment, stop all new borrowing, and pick up a side hustle.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
Henry, an HR technology worker from Oklahoma City, called The Ramsey Show and told hosts George Kamel and Jade Warshaw he had been laid off. He said he had been out of work two to three months and was now "making 90,000 and now I'm making 50,000 due to my field significantly shrinking due to automation and AI." Then he described the move that turned a pay cut into a crisis: "I fully liquidated my retirement and maintain the lifestyle I was living."
#henry
His $15,000 personal loan at 35% interest costs roughly $5,250 per year, far exceeding the record-high average credit card APR of 21%.
Ramsey Show hosts urged Henry to sell his car, eliminating a $620 monthly payment, stop all new borrowing, and pick up a side hustle.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
Henry, an HR technology worker from Oklahoma City, called The Ramsey Show and told hosts George Kamel and Jade Warshaw he had been laid off. He said he had been out of work two to three months and was now "making 90,000 and now I'm making 50,000 due to my field significantly shrinking due to automation and AI." Then he described the move that turned a pay cut into a crisis: "I fully liquidated my retirement and maintain the lifestyle I was living."
#henry
6 hours ago
