Dave Ramsey Slams Amex, Citibank Over Widow's $45K Credit Card Debt

On the June 10, 2026 episode of The Ramsey Show, a caller named Michelle from New York revealed that her 85-year-old widowed mother had accumulated approximately $45,000 in credit card debt across an American Express card, a Citi Mastercard, and a Citi Visa. Michelle stated that her mother owns no assets, including the house.

Details

According to the show, Michelle discovered the debt after her father's death in July. Her mother had been using the credit cards excessively. Dave Ramsey, the well-known financial advisor, strongly criticized the banks, saying, "Citibank and Amex have screwed an 85-year-old widow." He argued that continuing to issue credit to an elderly person with no income or assets is irresponsible.

Context

This incident comes amid growing discussions about responsible lending practices, especially toward the elderly. Neither American Express nor Citigroup has issued an official comment on the matter as of now.

What This Means for Investors

This story highlights the reputational risks that major banks like American Express and Citigroup may face when instances of irresponsible lending emerge. While the incident does not directly impact the companies' financials, it could lead to regulatory scrutiny or calls for tighter lending standards.