Sky high interest rate

Question: Aubrey is driving and paying for a car that is not in her name with a 16% interest rate. They make $42,000 a year, with $2,000 in credit car debt. They want to build their credit and want the car payments in their name. Dave fusses, gives his advice and tells her to never do this again.

Dave Ramsey's advice: Why are we doing this deal ... undo this deal! I don't want to keep this car; it's a credit card with wheels. It's a horrible deal at 16%. You're not building your credit history by paying someone else's bill. The biggest thing is to get the stinking car in your name. Have a garage sale, work 3 jobs and pay this car off in 2 months, and then get the freaking title!

You are 20 years old and I don't want to fuss at you, but this is a really stupid deal that you're in. There are 9 million things that can go wrong here. If you can't pay the car off in 6 months and get the title, then you need to give the car back to them and tell them to sell it. Get in touch with the car owner and tell them to make plans to sign the title over to you. Then go to the credit union and get a loan to buy the car.

• Hear Dave talk about this credit card on wheels!