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Finance Tip of the Day

Why You Should Never Co-Sign, Part 4

  • 2016 30 Mar
Why You Should Never Co-Sign, Part 4


Why You Should Never Co-Sign, Part 4

You're Putting Your Relationships at Risk

It’s no secret that money can put strain on the best of relationships. Co-signing for a loan and than having to work though the borrowers inability to repay can destroy friendships or even family relationships. In order to protect those relationships stay away from co-signing, and if you really want to help someone, consider different ways of helping.

You could for example give a personal, no interest loan to the individual in need. Loan the amount you can personally handle without exposing yourself or your family financially. As you loan the money, accept the fact that you may never get those funds back. Commit to preserve the relationship regardless.

Today's tip brought to you by Mvelopes and Money4Life Coaching.