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A new relationship can be exciting. It can also cloud financial judgment more quickly than expected.
For Cody, 30, from New York, the trouble arose just four months into dating. HE said On “The Ramsey Show,” his 19-year-old girlfriend asked him to finance a car for her after taking himself “a few baby steps back.”
Personal finance expert “You just defined sugar daddy” Dave Ramsey in question.
Cody said he recently financed $33,400 on a truck and made only two payments, versus about $4,000 a month.
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His girlfriendMeanwhile, even though he already owned a car, after an inspection he asked to finance one that he believed would last at least another year.
He was bringing home about $800 a week, while she was making about $120,000 a year. co-host Rachel Cruze He warned that taking on someone else’s debt carries serious risk, especially this early in the relationship. “Putting your name on someone else’s debt is a big risk,” he said.
Cody said he already knew the answer before he called. Ramsey said debt was off the table and turned to what the decision would do to the state. relationship.
He said financing the car would change the dynamic from two independent adults to one adult with Cody taking charge.
“There’s no explanation for this, Cody, we’re taking debt off the table,” Ramsey said. Saying no wouldn’t create tension, he said, but accepting the deal would make things worse.
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Ramsey said Cody wouldn’t actually be co-signing. In his opinion, a debt in his name for a car that his girlfriend would use.
He would still be liable if he missed payments, and if the relationship ended he would have to try to get the car back from his ex-girlfriend.
“There’s no scenario that would come out positive from this,” Ramsey said.
Situations like these underscore how quickly emotional decisions can turn into long-term financial obligations, especially when debt and personal relationships overlap. Understanding the risks involved in taking on additional liabilities and how they fit into a broader financial picture is an important part of making informed choices.
Platforms like Financial Advisors provides guidance that focuses on structure rather than emotion by connecting individuals with fiduciary advisors who help evaluate financial decisions in the context of long-term goals, debt risk, and overall financial stability.
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