A Fire Destroyed His Uninsured Warehouse And Left Him Owing $130K. 'Ramsey Show' Host Says Don't Hand Over Your Checking Accounts

A New Jersey small business owner watched his livelihood go up in flames on Jan. 1. A warehouse fire destroyed his merchandise and machinery, wiping out his distribution and honey-packing operation overnight. He had no insurance. Now he owes about $130,000 – $70,000 on credit cards and roughly $60,000 on an SBA loan through Chase – with no operating business bringing in income. Focus On Income First, Not The Debt The situation came up on “The Ramsey Show,” where hosts Ken Coleman and Rachel Cruze urged ...