Adapted from Mildred Cram's novel, a young woman loses her wealth and her fiancé; but they marry while poor and struggle to survive.
In 1932 spoiled Carol Morgan (Tallulah Bankhead) goes out with advertising man Bill Wade (Robert Montgomery); but he is lacking sleep and doesn't hear her marriage proposal, though he wakes and agrees. Reporters ask Bill if he is going to live off her money, and he denies it. Carol presents Bill to her friends. She wants to go to Monte Carlo, but he intends to work. Bill tells Carol she is going to live on his $400 a week; but she insists on keeping her house and servants. They make up and then argue again. Carol is told that she is broke, must sell her house, and work. Carol meets Bill's brother Tony Wade (Maurice Murphy). Carol tells Bill that she is broke; Bill says the firm went under, and he has no job. Carol says she can wait; but Bill invites her to go to Chicago. After she refuses, Tony tells Bill she is mercenary.
Carol visits friends in Palm Beach and the Blaineys in Chicago. She borrows money from Peter Blainey (Hugh Herbert) and loses gambling. Mrs. Blainey asks Carol to leave, but Peter stops her. He asks her to teach him to be a gentleman and gives her $1,000. Peter kisses Carol, and they get drunk. He invites her to Monte Carlo; she laughs, and he carries her out. Bill comes to see Carol and meets Peter. Bill leaves, and later she gets dressed and leaves too. Carol looks for a job, has no food, and is told to get out of her room; but she sells her $55 shoes to her landlady for rent and a dollar to get a meal.
Bill finds Carol and embraces her. Bill says he got a job and asks her to marry with a fresh start. Bill lost his job and brings home milk he stole. Bill gets a job, and two men ask him not to work because of their strike for decent pay. Bill says he is desperate and has to work, and a truck crashes into his truck. Bill comes homes to Carol hurt with $5. Carol begs for work and tells Bill she won't let him die. Carol puts on make-up, and landlady Mrs. Mandel (Anna Appel) says she'll take care of Bill. Carol comes back with packages. She asks Bill if she has changed. On the street Carol tries to pick up Tony, who says he doesn't want to know. A policeman arrests Carol, who explains. He makes her swear not to do it again and gets her a job as a waitress. Tony calls on Bill and says Carol is a tramp. Carol comes in and says she was going to tell Bill when he got a job and then leave. Bill tells Carol he can't live without her and that he got a job in advertising.
This realistic drama portrays the extreme change of fortune some suffered during the Depression. Ironically Bill and Carol could not agree when both had money; but their love brought them close when they were poor despite the extraordinary sacrifice she had to make.