Sinking into Debt

Dear Dave, We don't have a lot of debt. Right now it's just the house and a student loan of about $9,000. My father just asked if I wanted to buy his boat. We talked it over, and I could take the cash from my spending money each month and pay him a little. Would this be okay? Robert Dear Robert, I can't believe you just asked Dave Ramsey if it's okay to have a boat payment. I'm the guy who yells NO DEBT all the time, remember? Basically, what you're talking about here is going into debt to your dad to buy a boat. I love boats and being out on the water. If I were going to cave in on anything, it would be a boat. But there's not a chance in the world I'm going to tell you it's okay to have a stupid boat payment! In this kind of situation, you'd be taking on more debt PLUS it would create an awkward situation with your dad. It doesn't matter if the debt is to a finance company or a family member. The borrower is always slave to the lender, Robert. Trust me, that Fourth of July cookout would taste and feel a lot different if you were sitting down with your master instead of just plain old dad. Having a boat is really cool and lots of fun, but first things first. Get out of debt, then save up! Dave
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