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 signature but the same relationship wasn’t respected when the person who took out the loan stopped paying. In many cases, the person who stopped paying never told the co-signer, so the co-signer was totally surprised when they received a call from a debt collector who then began to garnish their wages.
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