Podcast Summary: “I Asked Music City How Much Debt They Have”

Podcast: George Kamel (Ramsey Network)
Episode Air Date: January 19, 2026

Episode Overview

In this lively, street-interview-style episode, personal finance expert George Kamel hits the streets of Nashville, Tennessee (aka "Music City") to ask everyday people a probing question: “How much debt do you have?” The episode spotlights a broad range of financial stories — from those burdened by student loans and credit card bills, to individuals living completely debt-free. Through candid, often humorous and heartfelt conversations, George uncovers common mistakes, the psychology of debt, and practical advice for financial freedom.

Key Discussion Points & Insights

1. Student Loan Struggles and Attitudes

• Jewelry Sales Consultant (00:22–02:33)

  • Carries $28,000 in student debt from double-majoring in political science and English, but now works in jewelry — her true passion.
  • Admits to having “no plan” for repayment, letting loans “flow” and relying on “faith that things will work out.”
  • Memorable Moment:
    • Interviewer: “So no plan is what I’m hearing.”
      Interviewee, laughing: “No plan.” (01:40)
  • Georges drives home the seriousness: “You can’t bankrupt on student loans, and even when you die, they’ll probably come after your family.” (02:23)

• Musician with Student Loans (04:39–06:25)

  • Owes about $32,000 in student loans for a music degree, admits: “100%, I could’ve been as successful or even more successful without going [to college].” (04:58)
  • Is passively repaying on a 10-year plan, but payments are mostly deferred due to current government policies.
  • Debt was consolidated for easier management, but without a proactive repayment strategy.

2. Credit Card & Consumer Debt

• Tennessee Resident (with a lawn mower loan) (02:48–04:19)
  • $200,000 in total debt (mostly mortgage), with $15,000 in consumer debt (credit cards, medical bills, a $2,000 lawn mower).
  • No clear plan for repayment, and not fully aware of interest rates (“24.5%” on credit cards, causing pain).
  • George introduces EveryDollar app as a solution and provokes hope: “What if by your next birthday you were debt free?” (04:03)

3. Debt-Free Lifestyles and Practical Lessons

• Debt-Free Nashville Musician (06:35–08:27)

  • Never went to college, avoids all debt, pays off credit card each month.
  • Drives a hand-me-down car, lives simply, full-time professional musician.
  • Advice: “Be ready to not be making money… have a savings. Just don’t spend on dumb things you don’t need.” (07:44)
  • Impressive savings for age and profession: “I’m at probably about 20 grand right now.” (08:12)

• International Perspectives

  • Oliver, UK Quantity Surveyor (08:34–10:31)

    • Zero debt; completed a “degree apprenticeship” paid for by employer (no student loans).
    • Credits debt aversion to upbringing and UK’s low-interest, government-financed loans: “No one has medical debt. Some people might have that on houses, but nothing else.” (10:20)

  • Young UK Mechanic / Boxer (10:56–13:06)

    • Zero debt; didn’t go to university, works as a mechanic and part-time boxer.
    • Emphasizes the benefits of trades: “People go to university, come out with high end degrees, but they got no jobs, no experience... They’re good on paper, but not in real life.” (11:38)
    • Notes the simplicity of his lifestyle: “I don’t need to impress anyone.” (11:59)

4. Married Couple from Miami

• Perspective on Housing Debt vs. Consumer Debt (13:11–15:40)
  • Owe about $800,000 — all mortgage, pay off credit cards monthly.
  • Emphasize that Miami’s cost of living puts many people in debt to maintain appearances.
  • Financial advice: “If you have a job or if you’re making any type of income, just put away as much as you can. Invest… just keep putting money in there.” (14:45)
  • Worst financial mistake: Getting scammed for $2,000 due to poor vetting.

5. Debt-Free Artists’ Strategies

• Struggling, Yet Motivated, Nashville Musician (16:19–17:29)
  • Proudly debt-free: “I don’t have a credit card. I don’t really buy anything that I don’t need.”
  • Living as a “starving artist” encouraged survival mode and strict budgeting.
  • Saving steadily: Around $5,000–$6,000 cash, says, “I had to figure that out. That’s why I’m trying to build it still.” (17:17)

Notable Quotes & Memorable Moments

• On Avoidance vs. Attack:

  • "I’m kind of just letting it flow." – Jewelry Sales Consultant (00:59)
  • "So no plan is what I’m hearing." – Interviewer (01:40)
  • "I have faith that things will work out." – Jewelry Sales Consultant (02:06)

• On Student Loans:

  • "100%, yeah. I could’ve just not gone to college and been as successful or even more successful." – Musician (04:58)
  • "I consolidated [loans], but I haven’t really been paying into them that long, to be honest." – Musician (06:14)

• On Frugality and Simplicity:

  • "If you don't have money, don't buy it." – Debt-free Musician (08:09)
  • "You gotta be ready to not be making money... have a savings if you can." – Debt-free Musician (07:44)
  • "I don’t drive a flash car… I don’t need to impress anyone. I just..." – Mechanic/Boxer (11:59)

• International Perspective:

  • "In the UK... nobody has medical debt." – Oliver, UK Quantity Surveyor (10:20)
  • "We invented it!" – Oliver on UK construction (09:22)

• On Advice:

  • "Just keep putting money in there. But don't forget about it.” – Married Couple Spokesperson (14:55)
  • "Debt doesn’t have to be normal. I talked to lots of people today who said, no, I don’t have any debt. I just live on less than I make. I live below my means." – George Kamel (18:27)

Timestamps for Key Segments

• 00:05–02:33: Student loan debtor with no plan, jewelry career
• 02:48–04:19: Consumer debt breakdown (lawn mower and credit cards), no payment plan
• 04:39–06:25: Musician with student loans, consolidation, education value discussion
• 06:35–08:27: Debt-free musician: strategies, advice, $20k savings
• 08:34–10:31: UK Quantity Surveyor Oliver; employer-paid education, UK-US debt differences
• 10:56–13:06: Mechanic/boxer, no debt, the value of trades, contrasts with US debt norms
• 13:11–15:40: Miami married couple, housing debt, avoiding consumer debt, worst mistake (scam), advice
• 16:19–17:29: Debt-free artist, starving artist mindset, building savings
• 18:27 (and close): George’s takeaway: Debt doesn’t have to be normal; live below your means.

Main Takeaways

• Debt is a spectrum: Some interviewees are overwhelmed by student loans and/or consumer debt with no plan, while others (often musicians or tradespeople) are living entirely debt-free.
• Planning matters: The difference between feeling “hopeless” and “hopeful” often comes down to having a concrete repayment strategy.
• Cultural and systemic differences: UK participants report less consumer and education debt, due to public policies and cultural norms.
• Frugality and living within means: Many of those debt-free did so via frugality, handiwork, or entering trades, not high income.
• Financial habits trump income: Avoiding “dumb purchases” and preparing for lean times is essential, especially for those with variable incomes.

Final Note

George closes with a powerful reminder: debt isn’t inevitable. Living with intention, below your means, and with clear planning, can create margin, flexibility, and options in life. For those needing help, resources like the debt snowball or budgeting apps (“EveryDollar”) are highlighted as tangible first steps.