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Money can bring problems to you even if your intentions were good. More specifically this could happen to you if you agreed to co-sign a loan with a friend or anyone else.
Co-signing a loan?
The word would make you shiver, right? Why? Coz the risk outweighs the benefits.
You might think “OK! It’s only for my spouse or my kid”! Nope! Even this would give you the hardest time ever.
– All the risk, very little reward: Your spouse/kid/friend would be happy and relaxed but it is you who would become under fire if the payments were delayed or stopped for any reason.
No matter what is said to you, do not do it. The lender will sue you first if payments are not made. It is money.
– You can destroy a friendship or family relationship: Once you are on the hook, you need to make sure the other party makes the required payments and makes those payments on time. Monitoring those payments can cause you unbelievable stress, let alone losing a good family bond.
– Facing tax consequences if the debt is settled.
The lender might not want to go through the trouble of suing you and agree to settle the balance owed. This means a negative mark on your credit report.
– Co-signing could make approval of a loan you might need impossible.
If anything went wrong, you’d lose your chance to get a loan for yourself in the future.
– You’ll be making that payment if your co-signer defaults.
Be prepared to make the loan payment when your spouse fail in paying this money.
Getting into a lawsuit in order to get some help with the monthly payment could be painful, time consuming, and expensive.
– Burden of organizing too many money threads you should not be responsible for in the first place.
As you can see, I believe you should never co-sign!
There is a lot to learn about loans and how they could best work for you. Therefore, until we talk again, just stay tuned to our topics, with our hugs and kisses ❤
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