‘I Don’t Know If I’m Cursed’: Single Mom, 46, Struggles With $177K Debt After Income Drop
A steep pay cut left a barber struggling under six-figure debt and mounting bills.
Nicole, from Memphis, Tennessee, told “The Ramsey Show” she needed help untangling a financial crisis after losing a higher-paying job and watching her monthly income fall by $3,800.
“I don’t know if I’m cursed or what,” Nicole said. “I’m in a lot of debt and I’m a single mom … I just don’t know what to do.”
When The Math Turned Against Her
Nicole told hosts Ken Coleman and Jade Warshaw that she previously worked at another barbershop with steady client traffic and stronger earnings. Losing that position forced her to start over at a different shop that relies largely on walk-in customers.
The change quickly reduced her income. Nicole said she now averages between $1,200 and $1,400 a month.
However, her expenses did not shrink with her paycheck. She said her rent is $980 a month and she has already fallen behind, leaving her facing eviction with roughly $2,700 owed plus attorney fees.
At the same time, large debts continue to hang over her finances. Nicole said she carries an $88,000 signature loan, about $60,000 in federal student loans and a small credit card balance.
When The Paychecks Stopped Coming
“The glaring issue here is the income,” Warshaw said, focusing on the sharp drop in Nicole’s earnings.
Nicole said her barber job pays either 50% commission or $12 an hour, whichever is higher. The problem, she said, is the lack of customers. Without enough people walking in, she often spends long stretches waiting for clients and leaves with very little pay.
To close the gap, Nicole said she tried driving for rideshare services. That effort stalled when her car began having mechanical problems, cutting off another source of income.
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At the same time, her schedule is limited by family responsibilities. Nicole said she needs to remain close to home for her younger daughter, who is still dealing with trauma after the loss of a sibling several years ago.
“I want you to get a full-time day job … Target, Walmart, Wendy’s, Chick-fil-A, anything today,” Warshaw said. “Barbering can be your side hustle.”
The $615 Bill She Can’t Ignore
Nicole said she owes about $29,000 on a 2022 Volkswagen Tiguan after refinancing the loan, with a monthly payment of $615. Warshaw said the $615 payment was too high for Nicole’s income and that selling the vehicle might be necessary.
“You’ve got to get a community around you,” Coleman said. “This takes a village.”
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