Over the top car debt

Question: Marie makes $3,500 a month, with $3,300 of that going towards their debt, which is about $140,000. They owe $59,000 on their house, $60,000 on their cars and have several loans with different banks. Dave gives Marie a financial plan that makes them both breathe a lot easier.

Dave Ramsey's advice: What were you guys smoking when you did this? sell the stupid cars! Get some garage sale cars and get this mess cleaned up. Your car payments are outrageous ... they are killing you! We're going to turn $60,000 in debt into $7,000 by downgrading. Sell the cars, and whatever you come up short, borrow that difference from a local bank or credit union.

Pay cash for these beater cars. You won't drive them for the rest of your life, but you need to get some traction here. If you free up that $60,000 that up, you'll breathe better. Then you can get rid of the credit card debt and you'll be debt free except the house. At that point, you'll be rich when compared with now. Never own motorized vehicles that equal more than half your annual income.

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