We Can’t Cover That Debt!

How drastically will going to a debt consolidation place mess up Clay's fiance's credit, since she has a loan she can't cover?

QUESTION: Clay is getting married in November, and his future wife has some debt that she can’t cover because she’s been denied for a loan due to a debt consolidation. Should he get a loan to cover her? Dave gives him the answer he was expecting.

ANSWER: If she put this debt into one of these nonprofit debt consolidation places, that will trash her credit. These companies that say they pay the bills for you; they pay the bills, but it messes up your credit bureau report. After you’re married, then attack this debt together. But don’t do it before you’re married. Never sign for someone else’s debts.