Fertilizer Prices Skyrocket And A 22-Year-Old Farmer Is Out Of Business. But Dave Ramsey Takes Issue With Something Else—The $178K Loan

A 22-year-old farmer is on the brink of losing everything after a business bet tied to fertilizer didn't work out.

Leland, from Oklahoma City, called into “The Ramsey Show” as he faced the likely repossession of a $178,000 piece of farm equipment used in his custom fertilizer spreading business.

“I'm sitting here staring down the barrel of a gun where they're basically probably going to have to come repossess it,” he said.

He had taken on the debt expecting steady demand from farmers. Instead, the market shifted.

“The farm economy the way it is, fertilizer prices is high and there's not a lot of people doing dry,” he said. “They're all going different routes.”

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The pressures Leland described are playing out across the agriculture sector. Fertilizer prices are surging, and for many farmers, the timing couldn't be worse. As tensions around the Strait of Hormuz disrupt global supply, prices for key inputs like urea and ammonia have jumped sharply since the start of the Iran war.

For farmers already dealing with shrinking margins, falling crop prices and lingering tariff effects, this is another blow.

The Strait of Hormuz disruption is already reshaping decisions on the ground. Fortune reports that fertilizer-heavy crops like corn are becoming harder to justify, while alternatives like soybeans are gaining attention because they require fewer inputs.

With annual payments of about $40,000 and limited income, Leland now expects the equipment to be repossessed.

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While the fertilizer market played a role in his downfall, personal finance expert Dave Ramsey focused on something else entirely—the loan.

“This was straight up stupid,” he said, referring to the decision to take on the debt. He was equally critical of the lender, adding, “The guy that loaned you the money deserves to lose [it].”

His main argument was that borrowing large amounts of money to start a business is a dangerous move, especially when the business depends on volatile factors like commodity prices.

“We don't borrow money to start businesses because things never turn out exactly the way they're supposed to in business,” Ramsey said.

He expects the equipment will be repossessed, then sold at auction, leaving Leland responsible for the remaining balance. But Ramsey also outlined a path forward.

Instead of filing for bankruptcy immediately, he advised saving aggressively and negotiating a settlement later.

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If Leland offers $25,000, they’ll probably take it, Ramsey said, explaining how lenders often accept partial repayment because they expect to recover nothing.

For Leland, the next step is rebuilding from scratch, working farm jobs while keeping expenses low and saving cash.

Ramsey framed the experience as a hard but valuable lesson.

“The only good news is you learned it at 22,” he said.

At a time when fertilizer costs are climbing fast and margins are razor-thin, Leland's story shows how quickly things can unravel. But it also highlights a broader truth: when high debt meets an unpredictable market, the downside can come just as fast as the opportunity.

Leland's experience highlights how quickly high debt can become unmanageable, especially in volatile markets. Platforms like Money Pickle help individuals get a clear view of their finances, plan responsibly, and make informed decisions to protect themselves—so they're better prepared when unexpected challenges arise. Learning to manage money effectively early can make all the difference when navigating risky ventures or unpredictable costs.

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This article Fertilizer Prices Skyrocket And A 22-Year-Old Farmer Is Out Of Business. But Dave Ramsey Takes Issue With Something Else—The $178K Loan originally appeared on Benzinga.com

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