Business Overview - A small business owner from Cleveland is facing financial difficulties due to her husband's undisclosed debt of $80,000, jeopardizing their furniture business [1] - The couple operates two separate businesses: a furniture store managed by the owner and a hardware store managed by her husband, but their finances are intertwined [2] Financial Situation - The furniture business has accumulated approximately $42,000 in high-interest credit card debt, with interest rates ranging from 27% to 30%, and an additional $40,000 in loans at 14% interest [3] - Revenue for the furniture business has significantly declined from $3 million at its peak to $1.5 million last year, attributed to a lack of focus on marketing and growth [4] Operational Challenges - The owner is currently the sole employee of the furniture business, handling all sales, estimates, and ordering after having to fire her only employee [5] - In contrast, the husband employs two staff members at the hardware store and is engaged in a land contract for a building, which has been criticized as a poor financial decision [5] Expert Commentary - Financial expert Dave Ramsey expressed concern over the couple's financial management, highlighting the confusion and lack of clarity in their financial situation [6]
After 7 Years In Business, She Discovered Her Husband Hid $80K In Debt. Dave Ramsey Says 'He May Take The Whole Family Down'
Yahoo Finance·2025-09-25 14:46