I Asked More People How Much Debt They Have - George Kamel

Summary6 min read

Episode Overview

In this candid episode of George Kamel's podcast on the Ramsey Network, titled “I Asked More People How Much Debt They Have” (September 10, 2025), George takes to the streets of downtown Nashville to ask everyday people a simple but rarely answered question: How much debt do you have? The goal is to break the stigma around debt by sparking honest conversations, sharing diverse stories, and offering practical advice for getting out from under financial burdens. Full of pop culture, humor, and a touch of snark, the episode aims to demystify American debt habits and encourage listeners to seek freedom through budgeting and the tried-and-true Ramsey Debt Snowball plan.

Key Discussion Points and Insights

The Reluctance to Disclose Debt

George opens with humor and a hard truth:

“Most people would rather tell you their weight, who they voted for, and how often they use the bathroom without washing their hands before admitting how much debt they have. But I’m going to ask them anyway…”
(00:05)
Social stigma is real: Most interviewees hesitate, laugh, or give ballpark numbers rather than precise figures, showing just how taboo the topic is.

Real People, Real Debt Numbers

Young Couples and Car Loans

A college student and her partner:
- Combined debts: Around $50,000–$54,000, including credit card, student loans, and car payments.
- The couple approach debt as a team:
  
  “If one of us is up and the other one’s down, we build each other back to the middle.” (01:45)
Car payment specifics:
- Tesla Model Y (used): $400/mo
- Kia K4 (brand new): $630/mo
- Both acknowledge the hefty payments are stressful and not worth the peace of mind sacrificed.

Home Mortgages and Renovation Loans

Homeowner with kitchen remodel:
- Total non-mortgage debt: ~$24,000 for the remodel, plus similar on a personal loan.
- Hopes to pay off in a year, admits they could likely have cash-flowed it with better planning:
  
  “Hindsight’s 20/20. Always.” (04:25)

Consumer Debt Snapshot

Anonymous respondent:
- Total debt: ~$700,000 including mortgage; $50k–$60k in consumer debt (credit cards, vacations, cars).
- Credits Dave Ramsey’s advice but admits:
  
  “The balances aren’t terrible, but you’re right, dude—the snowball. I’m just saying that’s what Dave would say.” (06:20)

International Perspective

Interviewees from Scotland and England:
- Both have zero debt, attributing this to guidance from parents:
  
  “Probably my dad. Your dad was like, ‘Don’t go into debt. Have money in the bank. Don’t owe people money.’” (09:12)
  “Yeah, my mom taught me. Mom said, ‘Debt is bad.’ Pretty much.” (09:40)
Contrast with American norms:

“You guys seem much more peaceful, living a much more simple financial life. What do you think about that compared to the American way…?”
“Just sounds like a lot of effort. Sounds very tired. A lot of brain calories.” (10:20)

The Zero-Interest Dilemma

Dennis:
- Currently owes $3,000 on a line of credit, down from $7,000.
- Has $7,000 in his emergency fund but won’t use it to pay off debt because it’s “zero-interest.”
- George jokes:
  
  “They’re losing money on Dennis. Yes. That, FYI, was sarcasm.” (13:35)

Young People and Costly Car Mistakes

Infiniti Q50 owner:
- $8,000 left on car loan, 14% APR, financed at age 20, still paying after five years.
- Realizes the total interest paid so far is nearly equivalent to buying another used car:
  
  “How much interest do you think you’ve paid so far?”
  “Disgusting amount. Probably nine, ten grand. That could have, like, bought you a car for 10 grand.” (15:20)

Good Mortgages and ‘Status Symbol’ Quotes

Homeowner:
- Mortgage: $250,000, paying extra monthly to reduce principal faster.
- George references the Ramsey mantra:
  
  “Debt is dumb, cash is king. And the paid-off home mortgage is now the status symbol.” (16:30)

Fresh Grad Ready to Attack Debt

Recent radiography grad:
- $15,000 in student loans, secured a job, plans to pay it off in one year:
  
  “Yeah, the interest kills you. So get it done with right away. She gets it.” (19:18)

‘Adult Money’ and Parental Guidance

23-year-old homeowner & truck owner:
- Debt: ~$250,000 ($24k truck, $215k house), recognizing the truck was a mistake and planning to sell based on dad’s advice.
- George:
  
  “You could live in the truck. Worst comes to worst, that’s pretty serious. This is adult money. This guy’s dealing with it, just got real.” (21:15)

Side Hustle Warriors

Respondent hustling Instacart jobs, around $20,000 in debt, struggling with motivation and budgeting.
George offers a practical solution:

“The debt snowball method. I’m gonna put you onto that list…What if I said this app will walk you through the whole process…It’s called EveryDollar.” (24:30)

Notable Quotes & Memorable Moments

On American debt convolutions:

“Let’s make a complicated system to justify our debt? Just sounds like a lot of effort. Sounds very tired. A lot of brain calories.”
— Interviewee from Scotland/England (10:20)
On expert advice and family wisdom:

“Debt is dumb, cash is king. And the paid-off home mortgage is now the status symbol.”
— George Kamel, referencing Dave Ramsey (16:30)
On zero-debt lifestyles:

“Have money in the bank. Don’t owe people money.”
— Scottish interviewee’s father (09:15)
On budgeting and hope:

“EveryDollar is going to be your ticket out of this debt. Telling you.”
— George Kamel (25:16)
Episode’s optimistic close:

“Debt is not a death sentence. You can get out in just 18 to 24 months if you follow this plan. I believe in you.”
— George Kamel (29:25)

Important Segment Timestamps

00:05 – Opening monologue and mission of the episode
01:45 – Young couple explains their debt-sharing philosophy
04:25 – Home remodel & “hindsight is 20/20” moment
06:20 – $700k in debt, Dave Ramsey’s snowball method referenced
09:12 – International zero-debt stories
13:35 – The “zero-interest” balance transfer dilemma
15:20 – Reality check for high-APR young car buyers
16:30 – Mortgage payoff as the new “status symbol”
19:18 – Recent grad’s fast-tracked student loan payoff plan
21:15 – “Adult money” on a truck purchase and dad’s lesson
24:30 – EveryDollar app and debt snowball coaching
29:25 – Encouraging sign-off: “Debt is not a death sentence…”

Episode Tone & Language

Throughout, George takes a conversational, witty, and relatable approach—never shaming interviewees but often using humor and quick wit to highlight the pitfalls and pains of debt. The tone remains upbeat and encouraging, seeking to empower listeners to take control and make smarter financial choices.

Conclusion

This episode offers a sincere, sometimes sobering window into the prevalence and breadth of debt in American life, contrasted with alternative (often overseas) perspectives. With stories ranging from “zero debt” success to six-figure obligations, George not only reveals the common struggles but provides practical pathways out—chief among them, budgeting, teamwork, and the debt snowball method. The episode makes the case: Debt doesn’t have to define you, and with the right plan and support, you can change your story.

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[00:06]
A
Most people would rather tell you their weight, who they voted for, and how often they use the bathroom without washing their hands before admitting how much debt they have. But I'm going to ask them anyways, because I found out over half of millennials have more debt than they do in retirement savings, and that's scary. So today, I'm in downtown Nashville to ask people one simple question. All right, tell us, how much debt do you have? That face was telling. I don't know exactly, but I'm a college student, so there's debt there. Okay. Credit card debt, student loan debt, Credit card debt. Do you have a car payment? Yes. Okay, what's the total balance? If you had to ballpark it, 50 grand. 50? Just an even 50. No more, no less. Is it more like 54? Probably. Okay, probably. He'll help you figure it out. How much debt do you have? With my car payment, I'd say probably around 16, 17,000. Okay. What are you driving these days? Tesla Model Y. About you. What are you driving? A Kia K4. You sound disappointed. You're like, is it because of the debt? It's expensive, yeah. Yeah. What did that cost? Well, my car payment's like 630amonth. Wow. Yeah. That's hefty. What's your car payment? I'm doing 400amonth right now. 400? Was your Tesla used? New? Used. Was yours brand new? Yeah. He has to have it crispy. That new leather smell? Exactly. Please, it's not worth it. Are you guys an item? Does that mean one day, if and when you guys are married, would he then be helping you pay off. Pay off Yalls debt? We do it all together. If one of us is up and the other one's down, we build each other back to the middle. Whoever's high, if the other one's low, we help each other out at that point. That's romantic. I see why you fell for this guy, not for his good looks. How much debt do you have? Basically, we have our home mortgage, and we owe a little bit on a kitchen remodel. Ooh. Okay. What does it cost in today's economy to do a full kitchen remodel? Can I have 24? Okay, and how much was the personal lo? Right around the same amount. Close to that. What's your plan to pay it off? Hopefully get all of that done within the year. Oh, wow. So you're going to knock out 24,000 in one year? That's the goal. In hindsight, could you have saved up 24,000 in one year? And Cash flowed it. We probably could have. Yes, yes. Okay. Hindsight's 20 20. Always. Well, how much debt do you have right now? Including home, probably around $700,000, including the house. Okay, what about without the house? How much consumer debt? 50 to 60,000. Okay, what kind of debt is the 50? Some credit cards, some vacations, a little bit of cars, little potpourri. Little bit. Okay, which one are you stressed out about the most? You know, all of it. I. I listen to Dave Ramsey. I think being out of debt is good. So I would like to get the higher interest credit card debt down sooner than anything else. Oh, so you're not listening to Dave that much because he says lowest balance first ignore the interest rate. The balances aren't terrible, but you're. You're right, dude. The snowball. I'm just saying that's what Dave would say. And you look awfully like him. You could be his son. His young son, I might add. They look exactly the same. Right. How much debt do you have? Non mortgage debt. Yeah. What's the balance of all the car loan? Student. Okay, under 12. Yeah. What makes up the 12? I have a zero balance credit card and a personal loan that's holding a car of mine. That feels complicated. No, because it's an older car. I don't buy new cars. So I just needed a small amount of cash to be able to get that because my other cash flow was going into my businesses. So whenever I just needed that smaller older car, I grabbed that at a lower interest trade enough for what I needed. So that's holding six. And then the credit card I think has eight that I'm taking down. Carry the four. I'm trying to do the math in my head. It's very. You. You figured it out? Yeah, I'm at like 15. 14. Okay, 14 or 15. Can you tell me how much debt you have? Zero debt. Zero. Wait, where are you from? Scotland. That's pretty rock and roll right there. Is it normal in Scotland to have no debt? Fairly normal, yeah. Okay, how about you? How much debt do you have? 0. 0. Where are you from? England. How'd you guys meet? Some account. Actually, that's pretty romantic. What caused you to have no debt? What do you attribute that to? Good savings, I guess. And who taught you about that? Probably my dad. Okay, your dad was like, don't go into debt. Have money in the bank. Don't owe people money? No, don't owe people money. That's it. That's always the best one. How about you? Yeah, my mom Taught me. Mom said debt is bad. Pretty much. So I just talked to a guy who was explaining how he's, like, finessing the financial system with a 0% and the transfer balance, and I'm gonna do personal loan here. You guys seem much more peaceful, living a much more simple financial life. What do you think about that compared to the American way, which is let's make a complicated system to justify our debt? Just sounds like a lot of effort. Sounds very tired. A lot of brain calories. Yeah. Too much energy. How much debt do you currently have? I'm pretty good at. I'm pretty good. Maybe $3,000, honestly. Really? That's my house. Yes. No. Okay. What kind of debt's the three grand? I have a line of credit. I'm just working, paying it off, but, like, a line of credit with the bank. With my own bank. What are you putting on it? I did a balance transfer, so I paid off. But I'm almost there, though. I'm done. Okay. How much did you have? Like, you've been working your way through this? Yeah, yeah, yeah. Seven thousand. But I'm almost there. Do you have an emergency fund? Yes. How much is in the emergency fund? I got right now $7,000 in it. So you could pay off the debt today? Yes, I can. And still have four grand left over? Yes. Would you do it right here, live? I don't want to because I have zero interest on the 3,000. Oh, my goodness. I forgot about the. They're losing money on Dennis. Yes. That, FYI, was sarcasm. Let's start with you. How much debt do you have? About $8,000. Eight? Okay, that's not bad. What kind of debt is that? Car loan. Okay. What kind of car? It's an Infiniti Q50, 2017. That's a nice ride. That's premium gas, though. That's 380 a gallon, bro. Yeah, I bought it when I was 20, so I had gotten my first job. Probably had a little too much money. 14% APR, and you're still paying it off. How long ago was that? Five years. Okay, so five years ago you were 20? Yep. And now you're still paying off this car loan. How much interest do you think you've paid so far? Disgusting amount. Probably nine, ten grand. That could have, like, bought you a car for 10 grand. Oh, my God. Sorry. I hate to be the bearer of facts. How much debt do you have, sir? Just the mortgage. All right. What's left on it? 250,000. Okay. Are you going to knock it out or are you Going to be like this guy and just let it ride for until retirement. Oh, I do have a good interest rate, but I am hammering it away extra each month trying to get it knocked out. Love it. What advice would you give to a young fellow who's in car loan debt? Debt is dumb, cash is king. And the paid off home mortgage is now the status symbol. Close. I'll take it. If this was jeopardy, it would have been a hard out. But I'll give you credit. Partial credit. All right, let's take a quick breather and talk about how to breathe easier in this Tennessee heat. All right. Tennessee summer is 10 months long and your boy does not like to sweat. And that's why I love Cozy Earth. All of their products are cozy and keep me cool. You know why? Because they're made of premium viscose. From bamboo. From their bedding to their athleisure to their all day tees. I like to stay cool all summer long. So if you want to check them out, they're giving you a sweet promo code that gives you 40% off. Promo code George at checkout or go to cozyearth.com George. Use the link in description. Make it easier on your. All right, let's get back to the streets. How much debt do you currently have? Walking out of college with 15 grand. You're graduating? I graduated two weeks ago. From college? From college. What was your degree in? Radiography. So X ray. Nice. Okay, there's a definite job on the other side of that. You already secured a job? Yep. Feeling good? Yep. Start on the 18th. How quickly are you gonna pay off that 15 grand in student loans? I'm hoping to get it done within a year, so. Okay, that's reasonable. I don't. Yeah, I don't want to make 60. You could pay off 15 in a year. Yeah, the interest kills you. So get it done with right away. She gets it. How much debt do you have? Well, I own a house and a truck, so probably around like $250,000 in debt. Okay. Separate the mortgage out. What's the balances? About 24 left on my truck and 215 left on my house. Okay. Somewhere on there maybe a little less than 250. What kind of truck is this? Just a regular 1500. What's the total payment per month? 860. Woo. That's like some people's rent. Yeah. Yeah, I guess. You could live in the truck. Worst comes to worse, that's pretty serious. How old are you? 23. This is adult money. This guy's Dealing with it just got real. It's for sale right now. It's for sale? Yeah. What are you doing selling it? I've come to find out that I could put my money elsewhere. I got a dad that mentors me pretty well. So dad got into your head, and now you're like, yeah, maybe that truck was a mistake. He's proud of me with the investment I made with the house, and he's like, well, you can go use that monthly payment on your truck elsewhere and set you up for success in the long run. All right. How much would you ballpark if you've been total debt? Around a 20. About 20,000. 20,000. Okay. What's your plan to pay it off right now? I've been just doing. I'm trying to do insta. Insta work. Like instacart. Side hustles. Yeah. How long is it going to take you to pay off the debt at this rate? No telling. If, you know, if I get more motivated and I start accepting more jobs, I can pay it off sooner than later. How do we get you more motivated? Give me a job opportunity, I guess. So that once you have the money, you'll be more motivated to pay it off. Yes, sir. Are you working full time right now? No. Are you doing side hustles? Side hustles right now. Okay. Do you want a plan to pay it off? We can help. Yes, sir. Okay. The debt snowball method. I'm gonna put you onto that list. The debt, smallest to largest, balance. Okay. And get on a budget. You ever done a budget before? I'm not good with budgeting. I got you. What if I said this app will walk you through the whole process and make you feel like I'm budgeting master? No time. Well, I'd be interested in it. Okay. It's called EveryDollar. You got a smartphone? Every dollar. Yeah. Okay. I'm gonna. One year. So you don't have to pay for it this year. You do this, sign up for it, and we'll see where you are a year from now. Okay. Budgeting. Yeah. We out here on a budget. These people love budgeting. Yeah, I can tell. I love it. Okay, there it is. Every dollar is going to be your ticket out of this debt. Telling you. All right. We just heard some pretty wild stories about how much debt people have and if they're worried about it, what their plan is to pay it off. But here's the deal. If you're watching this, I don't want that to be you. No matter how much debt you have. 40,000 or 400, I believe you can overcome it. You can get out of that debt by following a plan that millions have followed. It's called the Debt Snowball. And if you want to learn more about it, I'll drop a link right here to watch it. You can click that or to use the link in the description. So hear me say this debt is not a death sentence. You can get out in just 18 to 24 months if you follow this plan. I believe in you. So if you enjoyed this video, hit the like button. Hit the subscribe button if you want more content like this and we'll see you soon.