DAVE RAMSEY

Dave Ramsey says: A lesson he’ll remember for the rest of his life

Feb 6, 2024, 1:00 PM

Person taps to pay or purchase....

(Pexels File Photo)

(Pexels File Photo)

Dear Dave,

Our 21-year-old son is in college, and we’ve always warned him to stay away from credit cards. Despite our warnings, we recently learned he got a store-branded credit card. The good news is he has stayed under the credit limit. The bad news is he has never made any payments on the purchases he made, and now he owes about $3,800. He’s a good student, and my husband and I want to look at this as a young person’s one-time mistake. Do you think we should pay off the card for him just this once?

Melinda

Dear Melinda,

Believe me, I understand you wanting to help him out. It means you’ve got a good heart, and you love him. No parent likes seeing their child in a bad situation.

There’s a reality here, though, I hope you won’t overlook. It’s his debt, not yours. He knew what he was doing when he signed up for that credit card. He knew what it meant, what was expected, and he’s the one who should make good on the repayment. There’s nothing unfair about that.

Now, you’re right. This is a typical young person’s mistake. And like a lot of mistakes our kids make, it’s one that’s bad and wonderful at the same time. It’s bad because if he had just listened to you and his dad, he would’ve avoided the whole mess. It’s wonderful, though, because it gives you two the opportunity to provide him with a real world, teachable moment.

At this point, my advice is for both of you to give him a great big hug, and lovingly explain where he went wrong and why it was a bad idea. If you want, you can even go a step further, and help him find a part-time job if he doesn’t have one right now, so he can pay off his debt and get out of this mess. It’ll take some planning and discipline on his part, but leave the payments to him. Hopefully, by the time he finishes working his tail off—and scrimping and saving to pay this debt—he will have learned a lesson he’ll remember for the rest of his life.

—Dave

Dave Ramsey

Mortgage, debt, stock market: Financial advice for 2025...

Dave Ramsey

Dave Ramsey says: Senior mother’s mortgage advice and the best-laid plans about debt

Do you have concerns about mortgage, debt and the stock market? Dave Ramsey has a variety of answers for concerned.

5 days ago

Emergency fund, getting out of debt: 2025 Dave Ramsey advice...

Dave Ramsey

Dave Ramsey says: Make your money safe and easily accessible – How to get out of debt quickly

One reader asks Dave Ramsey about an emergency fund strategy, while another is curious about getting out of debt. Here's his advice for both.

12 days ago

Employees don't care about your mission statement? Try this...

Dave Ramsey

Dave Ramsey says: How to make your employees care about your company mission

Are you a business owner who has ever said, "My employees don't care about my company's mission statement"? Check out this article.

14 days ago

should a teenager have an emergency fund 205...

Dave Ramsey

Dave Ramsey says: Should a teenager have an emergency fund, too?

One of Dave Ramsey's followers wonders if he should encourage his teenager, who has a part-time job, to create an emergency fund.

19 days ago

Sales management job caught your eye? 2 email tips to follow...

Dave Ramsey

Dave Ramsey says: How many follow-up emails should you send after a job interview?

In this letter, a listener of the Dave Ramsey Show asks him how many follow-up emails she should sent after applying to a sales management job.

26 days ago

financial obligations Phoenix Arizona money...

Dave Ramsey

Dave Ramsey says: Honor your financial obligations

Financial expert Dave Ramsey shares a letter from a reader and shares advice on why it's important to honor your financial obligations.

1 month ago

Sponsored Articles

...

Bright Wealth Management

How to start your retirement planning early and avoid costly mistakes

Retirement planning can feel overwhelming, but with the right guidance, you can avoid costly pitfalls.

...

Bright Wealth Management

How to save money on retirement planning following 2024 election

PHOENIX -- With the 2024 election over, economic changes could impact how people plan for retirement as 2025 is on the horizon.

...

Sanderson Ford

Sanderson Ford’s Operation Santa Claus: Spreading holiday cheer through pickleball

Phoenix, AZ – Sanderson Ford, a staple in the Arizona community, is once again gearing up for its annual Operation Santa Claus charity drive.

Dave Ramsey says: A lesson he’ll remember for the rest of his life