Why You Need to Think Twice Before Co-Signing

In Frugal, Phenomenal

To cosign or not to cosign?  This the question. Over the years I have heard so many horror stories where people have either co-signed on a loan, apartment, line of credit, or rental car and then the individual who asked them to co-sign stopped paying. In all of the cases that I know about the person who asked the other to co-sign was a close family member. Also, in all cases the person was pressured through guilt or obligation into co-signing because of the family relationship. This presents an interesting challenge because the person’s emotional connection was leveraged to obtain the…

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