Her Husband Refinanced Their Car And Now They're Stuck With A Terrible APR. 'The Dealership Will Always Be Happy To Refinance At 25% APR'

A Minneapolis mother of two thought her family was making steady progress, until a single financial decision quietly blew a hole in their budget. Her husband refinanced their car to pull out $3,000 in cash and the move left them stuck with a crushing 25% annual percentage rate. The caller, Cathy, shared her story on “The Ramsey Show” with hosts George Kamel and Ken Coleman. What started as an attempt to cover short-term expenses quickly turned into a long-term financial problem that now threatens to snowb ...