In the early years of the Great Depression, socialite Carol Morgan finds her extravagant lifestyle abruptly interrupted when she loses her entire fortune. Forced to navigate an unfamiliar world of hardship, she rejects her wealthy suitor in favor of her love for Bill Wade, a charming but struggling advertising executive. Despite their genuine affection for each other, Bill's job also becomes a casualty of the economic downturn, leaving the couple to face dire financial challenges. With mounting pressure from poverty and a society that once celebrated them, Bill is left fighting to maintain his integrity and sanity. He takes various odd jobs to make ends meet while Carol has to confront the harsh realities of the working class.

As their relationship is tested by adversity, both Carol and Bill witness the reshaping of their dreams and values. They wade through difficult situations, attempting to keep their love alive amid the prevailing despair of the era. As the burdens grow heavier, questions about loyalty and sacrifice arise. Carol's determination and resilience are put to the test as she struggles not just with poverty but with her identity and the choices she has made. Meanwhile, Bill's journey becomes a story of survival and grappling with the loss of former comforts. Their poignant saga unfolds against a backdrop of societal change, posing existential questions about honor, love, and personal redemption during times of widespread financial ruin.